Practice: incomplete records and cash flows

The first five questions are about Gülnarə's stall (the case above), in order: opening capital, credit sales, cash sales through the mark-up, drawings through the cash summary, and profit through the accounting equation. The rest are stand-alone Section A questions.

The layouts you need:

• receivables: opening + credit sales = cash from customers + write-offs + contras + closing;
• payables: payments + discounts received + closing = opening + purchases;
• cash: opening float + cash takings − cash payments − bankings − drawings = closing float;
• a 25% mark-up: cost 100, sales 125, so the margin is 25/125 = 20%.

Exam. Before any profit-percentage calculation, ask: "a percentage of what: cost or sales?"