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

Essay Question▾

Describe in Detail

Prepare the balance sheet of Susan Ltd as on 30th 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

[email protected]

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 1st 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 16th January 2016?

Explanation

The cashier withdraws an amount of £880 from the head cashier on 16th 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

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