A-AS Level (CIE) Accounting Paper-2: Specimen Questions with Answers 47 - 48 of 53

Question 47

Write in Short

Short Answer▾
Balance Sheet
2016$2016$
April 1To balance b/d12,100April 4By return inwards A/c2,000
April 3To sales a/c80,000
April 30To interest a/c200April 6By Bank A/c50,000
April 6By Disc Allowed A/c1,500
April 20By Purchases A/c20,000
April 30By Balance c/d18,800
92,30092,300

Explanation

Journal Entries
DateParticularsLFAmount (Dr.)Amount (Cr.)
2016
April 3Smith80,000
To Sales A/c80,000
April 4Return Inwards A/c2,000
To Smith2,000
April 6Bank A/c50,000
Discount Allowed A/c1,500
To Smith51,500
April 20Purchases A/c20,000
To Smith20,000
April 30Smith200
To Interest A/c200

Question 48

Write in Short

Short Answer▾

From the following trial balance of PRINTING PLUS, prepare the income statement for the month ended on January 31st, 2019.

Account, Debit and Credit
AccountDebitCredit
Cash$ 24,800
Accounts receivables1,200
Interest Receivables140
Supplies400
Equipment3,500
Acc. Dep: Equipment$ 75
Accounts payable500
Salaries payable1,500
Unearned revenue3,400
Common stock20,000
Dividends100
Interest revenue140
Service Revenue10,100
Supplies expense100
Depreciation Expense:
Equipment75
Salaries Expense5,100
Utility Expense300
Total35,71535,715

Explanation

Printing Plus

Income statement

For the month ended January 31st, 2019

Printing Plus Income Statement for the Month Ended January 31st , 2019
ParticularsAmount ($)Amount ($)
Revenues:
Interest Revenue140
Service revenue10,100
Total Revenue$ 10,240
Expenses
Supplies Expenses100
Depreciation Expenses
Equipment75
Salaries Expenses5,100
Utility Expense300
Total Expense$ 5,575
Net Income$ 4,665

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