IGCSE Accounting Paper-1: Specimen Questions with Answers 181 - 184 of 338

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Question 181

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Explain what is meant by “Petty Cash Book” ?

Explanation

The word Petty means “small” . The small recurring payments are maintained in the Petty cash book. Small recurring payments like carriage, postage and telegram, printing and stationery are recorded and maintained by the petty cashier. Petty cashier is a person other than main cashier.

Passage

The following transaction were took place in the book of Manisha:

Shows Following Transaction Were Took Place in the Book
Sold goods to Angel on credit$ 17500
Bought goods for cash from Charles$ 22500
Met travelling expenses$ 2000
Received $ 40000 from Santosh as loan-
Paid wages to workers$ 3000

Question 182 (1 of 2 Based on Passage)

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Mention any two sources of documents.

Explanation

The few examples of source documents are

  • Cash memo
  • Invoice or bill
  • Receipts
  • Debit note
  • Credit Note
  • Pay-in-slip
  • Cheque
  • Vouchers
  • Bills receivables
  • Bills payable
  • Wage sheet
  • Salary register
  • Correspondence

Question 183 (2 of 2 Based on Passage)

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List out the items which will involve cash transaction

Explanation

  1. Purchases
  2. Travelling expenses
  3. Wages
  4. Santosh՚s loan

The following transactions were involved in cash treatment:

Shows Table in Finding a Transaction Were Took Place in the Book
Bought goods for cash from Charles$ 22500
Met travelling expenses$ 2000
Received $ 40000 from Santosh as loan-
Paid wages to workers$ 3000

Passage

Aiona՚s trial balance at 31st March 2015 included the following items:

Perticulars Item Name
Particulars$
Sales150000
Sales returns20000
Opening stock30000
Purchases70000
Purchases returns10000
Closing stock5000

Question 184 (1 of 2 Based on Passage)

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Calculate Aiona՚s gross profit ratio. Show your calculation and give your answer to decimal places.

Explanation

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