BA3 Exam Dumps - Fundamentals of financial accounting
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Refer to the exhibit.
The trial balance of Monchu Partnership, as at 30 June 2006, has a suspense account. Subsequent investigations revealed that:
(1) A payment of £352 to Mr. Tan was posted as £325.
(2) A remittance of £450 received from Arumugam was credited to Armits accounts.
(3) Salaries of £12000 have not been posted from the cash book.
Monchu suggested the following adjustments:
The appropriate journal entries are:
ABC Limited had a gross profit margin of 55%, while a direct competitor, XYZ Limited, has a gross profit margin of 60%.
Which THREE of the following would be an acceptable explanation for this?