At the

\begin{ning}of the

year, assets were Tk. 12,000 and owner's equity was Tk. 10,000. During the year, assets increased by Tk. 5,000 and liabilities increased by Tk. 2,000. What will be the closing owner's equity? The equation for owner's equity is given by

$$\text{Owner's Equity} = \text{Assets} - \text{Liabilities}$$

.

1.If the opening balance of accounts payable is Tk. 5,000, the closing balance is Tk. 8,000, purchase return is Tk. 2,000, and payment to creditors is Tk. 20,000, what is the amount of credit purchases?

2.Which of the following is a revenue expenditure?

3.What will be the value of closing inventory?

4.If a cheque issued to a creditor is not yet presented at the bank, what is such a cheque called?

5.If "Installation cost of machinery" is wrongly credited to the machinery account, what is the correction journal entry?

6.Errors are generally corrected— i. Before trial balance preparation ii. After trial balance preparation iii. After journal posting Which of the following is correct?

7.Sale proceeds from old furniture is—

8.Which account's balance becomes zero after preparing the closing journal entry?

9.If total sales during the year were Tk. 4,00,000 and sales returns were Tk. 10,000, the gross profit margin is 40%, and net profit is 30% of gross profit, then what is the amount of indirect expenses?

10.What adjustment needs to be made?

11.Which is the most suitable method to calculate depreciation on fixed assets like buildings, furniture, and machinery?

12.If the opening balance of a adjusted purchase account appears in the trial balance, which of the following will not be included in the trial balance? Option 1: Closing cash balance Option 2: Closing bank balance Option 3: Opening inventory Option 4: Closing inventory