IGCSE Accounting Paper-1: Specimen Questions with Answers 185 - 189 of 338

Get unlimited access to the best preparation resource for Bank-PO : get questions, notes, tests, video lectures and more- for all subjects of Bank-PO.

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 185 (2 of 2 Based on Passage)

Edit

Write in Brief

One Liner▾

Calculate Aiona՚s Cost of goods sold:

Explanation

$ 85000

Solution: Calculation of Cost of goods sold:

Question 186

Write in Brief

One Liner▾

Ramesh is a retailer. Complete the following table by using a (√) to specify how each item would be classified as capital expenditure or revenue expenditure:

The List of Capital and Revenue Expenditure
ParticularCapital expenditureRevenue expenditure
Delivery costs
Repair costs
Installation costs
Renewal expenses
Replacement costs

Explanation

Shows this Table in List of Capital and Revenue Expenditure
ParticularCapital expenditureRevenue expenditure
Delivery costs
Repair costs
Installation costs
Renewal expenses
Replacement costs

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 187 (1 of 2 Based on Passage)

Edit

Write in Brief

One Liner▾

Find the four years average profit:

Explanation

$ 25000

Solution: The four years average profit is as follows:

Profit for four years:

Find the Four Years Average Profit
I year40000
II Year32000
III Year15000
IV Year13000
Total100000

Question 188 (2 of 2 Based on Passage)

Edit

Write in Brief

One Liner▾

Calculate the goodwill for the above transaction:

Explanation

$ 50000

Solution:

Question 189

Edit

Write in Brief

One Liner▾

Write any two characteristics of a company.

Explanation

The following are characteristics of a company:

  1. Common Seal
  2. Freely transferable shares
  3. Limited liability of members
  4. Perpetual Succession
  5. Separate legal entity

🎯 Select Paper 📂

🚀 Consider Exploring

Developed by: