IGCSE Accounting Paper-1: Specimen Questions with Answers 68 - 71 of 338

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Question 68

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Rectify the following errors:

Name the classification of errors.

Explanation

Single sided errors and double sided errors.

The errors which affect one side of an account are known as single side errors account. The errors which affect both the accounts in a transaction are known as double side errors.

Question 69

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Jasmine keeps her petty cash on the imprest system with an imprest of $ 120. She paid expenses in the month of December of $ 90.50.

(i) What was the amount of petty cash remaining at 31 December?

Explanation

$ 29.50

Under the imprest system the amount which may be needed during the specific period with respect to the small payments is ascertained and fixed as Imprest sytem. Thus it is calculated as

Passage

Income statement of the Paul Jackson as on 31st march 2015.

Income Statement of the Paul Jackson as on 31st March 2015
Particulars$$
Revenue – Credit Sales

Cash sales

135300

26800

162100
Less Cost Sales

Opening stock

Purchases

Carriage inwards

Closing stock

17800

95600

2800

116200

19200

________

97000
Gross Profit65100
Rent

Electricity

Insurance

Wages

6000

3600

5800

1370

29100
Net Profit36000

Question 70 (1 of 3 Based on Passage)

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Short Answer▾

Calculate Paul Jackson՚s percentage of net profit to sales for the year ended 31st March 2015. Show your calculation with exact percentage.

Explanation

22 %

Net profit is calculated after deducting the operation expenses and adding the operating income with the gross profit of the business.

Question 71 (2 of 3 Based on Passage)

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Paul Jackson did not include his additional credit sales of $ 15000 which were, therefore, not included in his income statement.

Recalculate the new percentage of gross profit to sales.

Explanation

45 %

The revised gross profit includes gross profit with credit sale $ 15000 and same amount will be added to the sales of during year.

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