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)
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
| 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
| 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 |