Reference no: EM132691122
Problem 1: Calculate the net profit from the following:
RM
Motor vehicle purchased 30, 200
Motor vehicle repairs 4, 560
Drawings 25, 000
Salaries and wages 18, 000
Utilities 15, 900
Insurance 8, 000
Gross profit 81, 000
A. RM182, 660
B. RM9, 540
C. RM34, 540
D. RM4, 340
Problem 2: Which of these best described non-current assets?
A. Items bought to be used by the business
B. Items which will wear out quickly
C. Expensive items bought for the business
D. Items having a long life and not bought specifically for resale
Problem 3: Net profit is calculated in
A. Trading account
B. Profit and loss account
C. Trial balance
D. Statement of financial position
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