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VICAccountingQuick questions
Unit 3: Financial accounting for a trading business
Quick questions on Classified accounting reports for a trading business (VCE Accounting Unit 3)
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is net profit?Show answer
Gross Profit = 90,000 minus 50,000 = 40,000 dollars. Net Profit = 40,000 minus 22,000 = 18,000 dollars.
What is closing owner's equity?Show answer
Closing capital = opening capital 60,000 plus net profit 18,000 minus drawings 12,000 = 66,000 dollars.
What is closing bank?Show answer
Closing bank = opening bank 5,000 plus net cash flow 3,000 = 8,000 dollars, which is the cash reported as a current asset in the Balance Sheet.
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