IGCSE Accounting Paper-1: Specimen Questions with Answers 190 - 192 of 338

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Passage

The following transaction took place in the book of Raneesh.

Shows Following Transaction Took Place in the Book of Raneesh
2015 July 5Sold on credit to S. S. Traders [with 10 % Discount]
10 Chairs @ $ 100
10 Tables @ $ 150
2015 July 8Sold to Rakesh for cash
15 Chairs @ $ 100

Question 190 (1 of 2 Based on Passage)

Edit

Describe in Detail

Essay▾

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

Explanation

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

  1. Cash Sales
  2. Cash sale of assets
  3. Credit sale of assets

Question 191 (2 of 2 Based on Passage)

Edit

Describe in Detail

Essay▾

Prepare Sales Book of Raneesh for July 2015

Explanation

$ 2500

Sales Book of Raneesh as on July 2015
DateParticularsInvoice No.Amount in $

Details

Amount in $

Total

2015 July 5S. 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 192 (1 of 3 Based on Passage)

Write in Short

Short Answer▾

Partners in a partnership firm are charged with interest on drawings at 12 % p. a during the year ended 31st 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
Date of DrawingsAmountMonths upto 31st December 2015Products

$

Explanation

$ 775

Finding a Value of Date of Drawings, Amount, Months upto 31st December 2015 and Products $
Date of DrawingsAmountMonths upto 31st December 2015Products

$

01 - 02 - 201525001127500
01 - 05 - 20153500828000
30 - 06 - 20152000612000
31 - 10 - 20155000210000
31 - 12 - 2015450000
Total77500

= $ 775

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