During the year, equipment with a net book value of \(HK\$5,000\) was sold for \(HK\$3,000\). New equipment was purchased for \(HK\$15,000\). What is the depreciation expense for the year?
第 2 題
1 分
Ms. Linda operates a small merchandising business and maintains incomplete accounting records. The following information relates to the year ended 31 December 2024:
Statement of Financial Position Data:
1 January 2024 (HK$)
31 December 2024 (HK$)
Trade Receivables
60,000
72,000
Bank Balance
15,000 (Overdraft)
10,000 (Overdraft)
Summary of Transactions for 2024:
Additional capital introduced (bank)
HK$50,000
Cash sales
HK$80,000
Payments to trade payables
HK$200,000
Operating expenses paid (bank)
HK$45,000
Drawings (bank)
HK$30,000
Additional Information:
Discounts allowed to trade receivables during the year amounted to \(HK\$4,000\).
Bad debts written off during the year amounted to \(HK\$3,000\).
What were the total sales (cash sales plus credit sales) for Ms. Linda's business for the year ended 31 December 2024?
第 3 題
3 分
A business started the year with capital of HK$100,000. During the year, the owner made drawings of HK$20,000 and introduced additional capital of HK$10,000. If the capital at the end of the year was HK$150,000, calculate the net profit for the year using the statement of affairs method.
先自己寫一次答案，再對照解題步驟。
第 4 題
4 分
A business maintains incomplete records. For the year ended, the balances were: Trade payables (opening) HK$40,000 and Trade payables (closing) HK$55,000. Payments made to suppliers amounted to HK$180,000, and discount received was HK$5,000. Calculate the total credit purchases for the year.
先自己寫一次答案，再對照解題步驟。
第 5 題
8 分
Mr. Sam Ho operates a retail business, 'Healthy Bites', but does not maintain a full set of double-entry accounting records. The following information was extracted from his business records for the year ended 31 December 2024:
Total cash sales for the year were \( \$ 80,000 \). Apart from the bank deposits, the remaining cash was used to pay for miscellaneous office expenses (included in operating expenses).
On 1 January 2024, an old piece of equipment was sold for \( \$ 10,000 \). This equipment had an original cost of \( \$ 20,000 \) and accumulated depreciation of \( \$ 12,000 \) as at that date.
During the year, Mr. Ho took goods from the business for personal use. These goods had a cost of \( \$ 2,000 \). No entries have been made for this.
Bad debts of \( \$ 3,000 \) are to be written off at year-end.
Depreciation on equipment is provided at 20% per annum using the reducing balance method.
Required:
(a) Prepare the Statement of Affairs as at 1 January 2024. (b) Calculate the total sales and total purchases for the year ended 31 December 2024. (c) Prepare the Income Statement for the year ended 31 December 2024. (d) Prepare the Statement of Financial Position as at 31 December 2024.
先自己寫一次答案，再對照解題步驟。
第 6 題
8 分
Mr. Ho is the owner of Elite Electronics, a sole proprietorship. He does not maintain a complete set of double-entry accounting records. The following information was available for the year ended 31 December 2023:
(1) Assets and Liabilities:
1 January 2023
31 December 2023
Equipment (at cost)
\( \$ 200,000 \)
\( \$ 170,000 \)
Accumulated depreciation - Equipment
\( \$ 40,000 \)
?
Inventory
\( \$ 55,000 \)
\( \$ 62,000 \)
Trade receivables
\( \$ 48,000 \)
\( \$ 54,000 \)
Trade payables
\( \$ 31,500 \)
\( \$ 28,900 \)
Prepaid insurance
\( \$ 2,400 \)
\( \$ 3,000 \)
Accrued salaries
\( \$ 3,200 \)
\( \$ 4,500 \)
Cash at bank
\( \$ 12,600 \)
?
(2) Summary of Bank Transactions:
Receipts from credit customers: \( \$ 460,000 \)
Payments to credit suppliers: \( \$ 280,000 \)
Salaries paid: \( \$ 65,000 \)
Insurance premiums paid: \( \$ 15,000 \)
General expenses paid: \( \$ 22,000 \)
Drawings: \( \$ 36,000 \)
Proceeds from sale of old equipment: \( \$ 12,000 \)
8% Bank loan (taken on 1 October 2023): \( \$ 50,000 \)
(3) Additional Information:
Cash sales and cash purchases for the year were \( \$ 95,000 \) and \( \$ 12,000 \) respectively.
The old equipment sold on 1 July 2023 had an original cost of \( \$ 30,000 \) and accumulated depreciation of \( \$ 18,000 \) as at 1 January 2023.
Depreciation is provided at 10% per annum on the straight-line basis. A pro-rata charge is made for the year of disposal.
Bad debts of \( \$ 2,000 \) were to be written off. Discounts allowed and discounts received were \( \$ 4,000 \) and \( \$ 2,500 \) respectively.
Interest on the bank loan remained unpaid at year-end.
Required: (a) Calculate the capital of Elite Electronics as at 1 January 2023. (b) Calculate the total sales and total purchases for the year ended 31 December 2023. (c) Calculate the profit or loss on the disposal of equipment. (d) Prepare the Income Statement for the year ended 31 December 2023.