IGCSE Accounting Paper-1: Specimen Questions with Answers 269 - 271 of 338

Passage

The bank column of Abhay Nigam’s cash book had a credit balance brought down of $1450 on 1 April 2019. The bank statement on the same date showed a debit balance of $230.

Following things were discovered by Abhay when he compared his cash book with the bank statement-

Items on the bank statement but not in the cash book-

Bank charges of $100

Dividend received $500

Insurance premium paid by bank $200

Direct deposit of $1000 by Robert, a customer

Items in the cash book but not in the bank statement-

Cheque received from Kundan of $250 was recorded twice in the cash book.

Cheque issued to Namrata $850, a credit supplier

Cash deposited $120

Question number: 269 (6 of 6 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Prepare the bank reconciliation statement at 1 April 2019. (Marks 4)

Abhay

Bank Reconciliation Statement at 1 April 2019

Bank Reconciliation Statement at 1 April 2019Bank Reconciliation Statement at 1 April 2019

$

Explanation

Bank Reconciliation Statement at 1 April 2019

Bank Reconciliation Statement at 1 April 2019Bank Reconciliation Statement at 1 April 2019

$

Bank Balance as per Cash Book

(500)

Add: Chque issued to Namrata but not yet presented

850

350

Less: Cash deposited but not yet credited

(120)

Bank Balance as per Bank Statement

230

Question number: 270

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One Liner Question▾

Write in Brief

State any two methods of depreciation

(I) ________

(II) ________ (2)

Explanation

(I) Straight line Method

(II) Diminishing Balance Method

The various methods of depreciation are-

The various methods of depreciation

The Various Methods of Depreciation

Question number: 271

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One Liner Question▾

Write in Brief

State the meaning of provision. (Marks 1)

Explanation

  • Provision is an amount of set aside from profits to cover a known liability that may arise in future.

  • For Ex- making a provision for bad debts when it is known that some of the debtors may fail to pay their debts.

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