CIE Accounting Paper-2: Specimen Questions 77 - 79 of 103
Passage
Susan Ltd was registered on April 1st 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 2nd these shares were allotted and by 31st may £2 per share was received as allotment money. First call of £3 per share was made on 30th 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 30th September with an exception of 400 shares.
Question number: 77 (4 of 5 Based on Passage) Show Passage
Describe in Detail
Prepare the balance sheet of Susan Ltd as on 30th September 2011.
Explanation
LIABILITIES | AMOUNT | AMOUNT | ASSETS | AMOUNT | AMOUNT |
Share Capital: |
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| Current Assets: |
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Authorized Capital |
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| Cash@bank |
| 398100 |
1000000 shares of £10 each |
| 10000000 |
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Issued Capital |
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40000 shares of £10 each |
| 400000 |
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Subscribed Capital: |
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40000 shares of £10 each | 400000 |
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Less: unpaid 1st call@£3 for 100 shares | 300 |
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| 399700 |
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Less: unpaid fianl call@£4 for 400 shares | 1600 |
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| 398100 |
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| 398100 |
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| 398100 |
Question number: 78 (5 of 5 Based on Passage) Show Passage
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.
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 |
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| 16 | Drew imprest from head cashier |
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Question number: 79 (1 of 5 Based on Passage) Show Passage
Write in Short
What would be the imprest amount drawn by the cashier from the head cashier on 16th January 2016?
Explanation
The cashier withdraws an amount of £880 from the head cashier on 16th January 2016.
SOLUTION:
Date | Particulars | Total | Date | Particulars | Postage | Repairs | Travelling expenses | Cartage | Printing & stationery | Misc. Expenses | Total |
1 | To balance b/d | 1000 | 2 | Stamps | 120 |
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| 120 |
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| 3 | Wages for cleaner |
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| 150 | 150 |
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| 4 | Taxi fare |
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| 160 |
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| 160 |
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| 5 | Office tea |
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| 150 | 150 |
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| 6 | Repairs of cycle |
| 100 |
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| 100 |
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| 7 | Advertisement |
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| 300 | 300 |
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| 8 | Balance c/d |
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| 20 |
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| 1000 |
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| 120 | 100 | 160 | - | - | 600 | 1000 |
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8 | To balance b/d | 20 | 9 | Cartage |
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| 100 |
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| 100 |
| To cash from head cashier | 980 | 10 | travelling expenses |
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| 250 |
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| 250 |
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| 11 | Courier sent | 150 |
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| 150 |
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| 12 | Entertainment of salesman |
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| 200 | 200 |
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| 13 | Repair of cycle |
| 100 |
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| 100 |
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| 14 | Printing |
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| 50 |
| 50 |
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| 15 | Stationery |
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| 30 |
| 30 |
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| 16 | Balance c/d |
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| 120 |
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| 1000 |
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| 150 | 100 | 250 | 100 | 80 | 200 | 1000 |
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16 | To balance b/d | 120 |
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| To cash from head cashier | 880 |
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