IGCSE Accounting Paper-1: Specimen Questions with Answers 99 - 100 of 338

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Question 99

Question

MCQ▾

On January 1st 2015, $ 10000 given to petty cashier. He has spent $ 8600 during the month of January. On February 1st to make the imprest, he will receive cheque for $ ________.

Choices

Choice (4)

a.

$ 1000

b.

$ 10000

c.

$ 1400

d.

$ 8600

Answer

d.

Explanation

Money advanced on loan against the imprest method of petty cash system. The amount required to meet out various petty expenses is estimated and given to petty cashier at the beginning of the month.

Question 100

Write in Short

Short Answer▾

Monisha is a customer. Her trader issues three business documents to Monisha. Mention the book in which prime entry will be recorded.

Calculate the Record in Given Table
DocumentBook of prime entry
Purchase invoicePurchase Journal
Debit notePurchase return
Statement of affairsNo entry

Explanation

Calculate the Record in Given Table like Book of Prime Entry
DocumentBook of prime entry
Purchase invoicePurchase Journal
Debit notePurchase return
Statement of affairsNo entry

Purchase invoice is issued when the goods are purchased on credit. The transaction automatically recorded in the purchase journal. Debit note will be issued when goods are returned to the traders.

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