IGCSE Accounting Paper-1: Specimen Questions with Answers 145 - 146 of 214

Question number: 145

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MCQ▾

Question

The bank statement shows an overdrawn balance of $2500. A cheque for $500 drawn in favour of a creditor has not yet been present for payment. When the creditor presents the cheque for payment the bank balance will be ________

Choices

Choice (4) Response

a.

$3000 (Overdrawn)

b.

$3000

c.

$2000

d.

$2000 (Overdrawn)

Answer

a.

Explanation

The bank statement shows an overdrawn balance of $2500. A cheque for $500 drawn in favour of a creditor has not yet been present for payment. When the creditor presents the cheque for payment the bank balance will be $3000

he creditors are presenting their cheque for payment and balance per pass book

shows a particuler amount in given table

Particulars

Amount $

Amount$

Balance as per pass book

(2500)

Less: Cheque drawn not yet presented for payment

500

500

Overdraft balance as per pass book

2500

Passage

Kiran has a trading business and pays the repair expenses of running a motor van. At 1st May 2015 he had accrued repair expenses of $300. For the year ended 30st April 2015 he paid repair expenses of $3400 by cheque and at 30 April 2015 he had an unpaid bill for repair of $500.

Question number: 146 (1 of 2 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

In the below table, put a tick (√) mark under the heading to show the right category of each asset shown on Kiran’s balance sheet

Findout asset value in the table

calculate number of assets columns

Assets

Non-current intangible asset

Non-current tangible asset

Current asset

Goodwill

Patent

Furniture and fixtures

Pre-paid Insurance Premium

Table Title: List of assets shown on Kiran’s balance sheet

Explanation

Finding a table in assets values of the table.

Calculate asset table value.

Assets

Non-current intangible asset

Non-current tangible asset

Current asset

Goodwill

Patent

Furniture and fixtures

Pre-paid Insurance Premium

Goodwill and patent are non-current intangible assets and Furniture and fixtures are comes under the non-current tangible asset. This is also known as fixed assets. The current assets includes pre-paid insurance premium.