Exam 3: Balancing the Basics

Josh has been trading for one year as at 31 December 2024 and during that year he paid electricity bills amounting to £760. On 14 January 2025 he received an electricity bill for the three months to 31 December 2024 for £310. He eventually paid the bill on 31 January 2025. His accounts for the year ended 31 December 2024 should show:

Which of the following is a current liability?

Lucy had the following balances on her trial balance at 30 June 2024: Trade receivables of £21,000, inventories of £34,500, balance at bank of £2,020, accruals of £1,200, loan of £11,000 repayable on 31 March 2025, and motor vehicles with a value of £30,000. What is the value of Lucy's non-current assets and current assets at 30 June 2024?

Which of the following is NOT a current asset?

A statement of financial position aims to show:

Which of the following would be a non-current asset of a bakery?

The closing capital account balance is always equal to:

Arjun's business pays rent quarterly in advance. The business year end is 31 December 2023 and the trial balance at that date shows a figure for rent of £2,150, before any adjustments. On 1 December 2023, Arjun had paid rent of £570 for the three months to the end of February 2024. His accounts for the year ended 31 December 2023 should show the following:

Which of the following statements regarding trade receivables is true?

Which of the following would NOT be classified as a liability on the statement of financial position?