IGCSE Accounting Paper-1: Specimen Questions with Answers 146 - 147 of 338

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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 146 (1 of 2 Based on Passage)

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Write in Short

Short Answer▾

Write up Kiran՚s rent expenses account for the year ended 30st April 2015. Show the transfer to the income statement for the year and any balance carried down at 1 May 2015.

Explanation

Income statement as $ 3600 and Balance carried down at 1 May 2015 is $ 500

Repair Expenses Account of Kiran as on 30th April 2015
Repair Expenses Account
DateParticularAmoun $DateParticularAmount $
1st May 2015Balance b/d300
30th April 2015Bank

Balanced c/d

3400

500

3900

30th April 2015Income Statement (Balancing figure)3600

3900

Balance b/d500

Question 147 (2 of 2 Based on Passage)

Write in Short

Short Answer▾

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
AssetsNon-current intangible assetNon-current tangible assetCurrent 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
AssetsNon-current intangible assetNon-current tangible assetCurrent 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.

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