IGCSE Accounting Paper-1: Specimen Questions with Answers 188 - 192 of 214

Passage

Terry and Candy are partners of a firm sharing profit and loss in the ratio of 7: 5.

The Goodwill is to be valued at 2 years purchases of four years average profit which were $40000, $32000, $15000 and $13000 respectively.

Question number: 188 (2 of 2 Based on Passage) Show Passage

One Liner Question▾

Write in Brief

Calculate the goodwill for the above transaction:

Explanation

$50000

Solution:

Question number: 189

One Liner Question▾

Write in Brief

Write any two characteristics of a company.

Explanation

The following are characteristics of a company:

Common Seal
Freely transferable shares
Limited liability of members
Perpetual Succession
Separate legal entity

Passage

The following transaction took place in the book of Raneesh.

**shows following transaction took place in the book of Raneesh.**

finding transaction took place in the book of Raneesh.
2015 July 5	Sold on credit to S. S. Traders [with 10 % Discount]
	10 Chairs@$100
	10 Tables@$150
2015 July 8	Sold to Rakesh for cash
	15 Chairs@$100

Question number: 190 (1 of 2 Based on Passage) Show Passage

Essay Question▾

Describe in Detail

Mention the two transactions which are not entered in the Sales Book.

Explanation

The following two transactions are not recorded in the Sales Book:

Cash Sales
Cash sale of assets
Credit sale of assets

Question number: 191 (2 of 2 Based on Passage) Show Passage

Essay Question▾

Describe in Detail

Prepare Sales Book of Raneesh for July 2015

Explanation

$2500

**Sales book of Raneesh as on July 2015**

calculate a Sales book of Raneesh as on July 2015
Date	Particulars	Invoice No.	Amount in $ Details	Amount in $ Total
2015 July 5	S. S. Traders & Co 10 Chairs@$100 10 Tables@$150 Total		1000 1500	2500 2500

Passage

Rahul and Husain are agreed to form the partnership from 1 April 2014 to sell Furnitures.

Question number: 192 (1 of 3 Based on Passage) Show Passage

Short Answer Question▾

Write in Short

Partners in a partnership firm are charged with interest on drawings at 12 % p. a during the year ended 31^st December 2015, a partner drew as follows:

Feb 1 2500

May 1 3500

June 30 2000

October 31 5000

December 31 4500

Calculate the interest chargeable to the partner?

**Calculation of interest on drawings**

calculate the given table and find out the interest on drawings
Date of Drawings	Amount	Months upto 31^st December 2015	Products $

Explanation

$775

**finding a value of Date of Drawings, Amount, Months upto 31^st December 2015 and Products $**

showing a given table in Date of Drawings, Amount, Months upto 31^st December 2015 and Products $
Date of Drawings	Amount	Months upto 31^st December 2015	Products $
01 - 02 - 2015	2500	11	27500
01 - 05 - 2015	3500	8	28000
30 - 06 - 2015	2000	6	12000
31 - 10 - 2015	5000	2	10000
31 - 12 - 2015	4500	0	0
Total			77500

= $775