IGCSE Accounting Paper-1: Specimen Questions with Answers 83 - 85 of 338

Passage

Aieno bought fixed asset at a cost of $ 50,000 on 1st Aprils 2,014. Calculate its net book value as on 31st March 2,016 if it is depreciated:

Question 83 (4 of 4 Based on Passage)

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Write in Short

Short Answer▾

At 15% per annum on the straight line basis.

Explanation

$ 35,000

The depreciation is charged evenly every year till the effective life of an asset.

Net Book Value as on 31st March 2,016=

Question 84

Question

MCQ▾

Which one of the following is also called Book of final entry or Book of secondary entry?

Choices

Choice (4)

a.

Trial Balance

b.

Journal

c.

Balance sheet

d.

Ledger

Answer

d.

Explanation

Ledger is also called as Book of final entry or Book of secondary entry. The ledger contains classified and permanent record of all transactions which are involved in the business. Thus ledger is collection of all transaction.

Passage

The following balances were taken from the books of Hason, a sole trader, at 30 April 2,015. $

Revenue through rent 210 000

Purchases 75 000

Stock 1 May 2,014 11 500

Bills receivables 2 300

Bills payables 2 900

Machinery 8 400

Office expenses 30 600

Bank (overdraft) 4 100

Capital 12 500

Drawings 6 600

Hason’s inventory at 30 April 2,015 was $ 20 100.

Question 85 (1 of 2 Based on Passage)

Write in Short

Short Answer▾

Complete the following trial balance for Hason at 30 April 2,015.

Trial Balance of Hason as on 30th April 2,015

Finding a DR and CR Value to the Table
DR

$

CR

$

Stock 1 May 2,014

Bills receivables

Bills payables

Machinery

Office expenses

Bank (overdraft)

Capital

Drawings

Revenue through rent

Purchases

Suspense account

Explanation

The total balance of trial balance is $ 229,500

Inseart in to DR and CR Value to the Table
DR

$

CR

$

Stock 1 May 2,014

11 500

Bills receivables

2 300

Bills payables

2 900

Machinery

8 400

Office expenses

30 600

Bank (overdraft)

4 100

Capital

12 500

Drawings

6 600

Revenue through rent

210,000

Purchases

75,000

Suspense account

95,100

229,500

229,500

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