CIE Accounting Paper-1: Specimen Questions 83 - 85 of 214
Aieno bought fixed asset at a cost of $50000 on 1st Aprils 2014. Calculate its net book value as on 31st March 2016 if it is depreciated:
Question number: 83 (4 of 4 Based on Passage) Show Passage
Write in Short
At 15 % per annum on the straight line basis.
The depreciation is charged evenly every year till the effective life of an asset.
Net Book Value as on 31st March 2016=
Question number: 84
Which one of the following is also called Book of final entry or Book of secondary entry?
Ledger is also called as Book of final entry or Book of secondary entry. The ledger contains classified and permanent record of all transactions which are involved in the business. Thus ledger is collection of all transaction.
The following balances were taken from the books of Hason, a sole trader, at 30 April 2015. $
Revenue through rent 210 000
Purchases 75 000
Stock 1 May 2014 11 500
Bills receivables 2 300
Bills payables 2 900
Machinery 8 400
Office expenses 30 600
Bank (overdraft) 4 100
Capital 12 500
Drawings 6 600
Hason’s inventory at 30 April 2015 was $20 100.
Question number: 85 (1 of 2 Based on Passage) Show Passage
Write in Short
Write a short note on suspense account
The suspense account is an imaginary and temporary account. It is created when difficult to locate the mistake before preparing the final account and the difference in the trial balance is transferred to the suspense account. This account is prepared to avoid delay in the preparation of final accounts.