Gce Model Questions Vol1 2017 Financial Accounting Question 2
Practice objective / multiple choice question 2 from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
An authority's cash receipts for the year consist of revenue receipts of £2,500,000 and a capital grant of £300,000. Cash payments are £2,200,000 for expenditure (excluding depreciation) and £30,000 interest on borrowings. Accrued revenue income of £80,000 has not yet been received and accrued expenditure of £70,000 has not yet been paid. The authority started the year with borrowings of £400,000, repaid £120,000 during the year and incurred no other borrowing. Using an accrual basis, determine the net borrowing for the year (i.e., the change in borrowings, expressed in £'000).
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About This Question
This is Gce Model Questions Vol1 2017 Financial Accounting Question 2. It is one of the objective questions from the 2017 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Hard .
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