CIE Accounting Paper-2: Specimen Questions 77 - 79 of 103

Passage

Susan Ltd was registered on April 1^st 2011 with a capital of £10000000 divided into £1000000 shares of £10 each. The company offered 44000 shares of which 40000 shares were taken up by the public. £1 was received with application. On May 2^nd these shares were allotted and by 31^st may £2 per share was received as allotment money. First call of £3 per share was made on 30^th June, and call money was received with an exception of 100 shares. Final call was made £4 per share and call money was received by 30^th September with an exception of 400 shares.

Question number: 77 (4 of 5 Based on Passage) Show Passage

Essay Question▾

Describe in Detail

Prepare the balance sheet of Susan Ltd as on 30^th September 2011.

Explanation

**Balance sheet of Susan Ltd as on 30.09. 2011**
Table of Balance sheet of Susan Ltd as on 30.09. 2011
LIABILITIES	AMOUNT	AMOUNT	ASSETS	AMOUNT	AMOUNT
Share Capital:			Current Assets:
Authorized Capital			Cash@bank		398100
1000000 shares of £10 each		10000000
Issued Capital
40000 shares of £10 each		400000
Subscribed Capital:
40000 shares of £10 each	400000
Less: unpaid 1^st call@£3 for 100 shares	300
	399700
Less: unpaid fianl call@£4 for 400 shares	1600
		398100

		398100			398100

Question number: 78 (5 of 5 Based on Passage) Show Passage

Essay Question▾

Describe in Detail

Susan Ltd issued 44000 shares and public took only 40000 shares. What are these called as and explain them briefly.

Explanation

Susan Ltd issued 44000 shares and public took only 40000 shares; this means Susan Ltd wanted to raise stock value for its company for 44000 shares. This is called as issued capital. The public took only 40000 shares refer to the interest of the public in the company’s stock. This is called as Subscribed share capital.

Passage

Royal cosmetics have the following cash transactions during the month of January 2016.

**Find out amount of Royal cosmetics have the following cash transactions**
Royal cosmetics have the following cash transactions during the month of January 2016.
Date	Particulars	Amount	Date	Particulars	Amount
1	Opening balance (imprest System)	1000	9	Cartage	100
2	Stamps	120	10	travelling expenses	250
3	Wages for cleaner	150	11	Courier sent	150
4	Taxi fare	160	12	Entertainment of salesman	200
5	Office tea	150	13	Repair of cycle	100
6	Repairs of cycle	100	14	Printing	50
7	Advertisement	300	15	Stationery	30
8	Drew imprest from head cashier		16	Drew imprest from head cashier

Question number: 79 (1 of 5 Based on Passage) Show Passage

Short Answer Question▾

Write in Short

What would be the imprest amount drawn by the cashier from the head cashier on 16^th January 2016?

Explanation

The cashier withdraws an amount of £880 from the head cashier on 16^th January 2016.

SOLUTION:

**Petty cash book of Royal cosmetics for the month of January 2016**
Table of Petty cash book of Royal cosmetics for the month of January 2016
Date	Particulars	Total	Date	Particulars	Postage	Repairs	Travelling expenses	Cartage	Printing & stationery	Misc. Expenses	Total
1	To balance b/d	1000	2	Stamps	120						120
			3	Wages for cleaner						150	150
			4	Taxi fare			160				160
			5	Office tea						150	150
			6	Repairs of cycle		100					100
			7	Advertisement						300	300
			8	Balance c/d							20

		1000			120	100	160	-	-	600	1000

8	To balance b/d	20	9	Cartage				100			100
	To cash from head cashier	980	10	travelling expenses			250				250
			11	Courier sent	150						150
			12	Entertainment of salesman						200	200
			13	Repair of cycle		100					100
			14	Printing					50		50
			15	Stationery					30		30
			16	Balance c/d							120

		1000			150	100	250	100	80	200	1000

16	To balance b/d	120
	To cash from head cashier	880