IGCSE Accounting Paper-1: Specimen Questions with Answers 193 - 195 of 214

Passage

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

Question number: 193 (2 of 3 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

State the rules applicable in the absence of partnership deed.

Explanation

  1. Profit sharing ratio
  2. Interest on Loan
  3. Interest on Capital
  4. Salary to partners
  5. Interest on Drawings.

Question number: 194 (3 of 3 Based on Passage) Show Passage

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Essay Question▾

Describe in Detail

Mention the clauses in partnership deed.

Explanation

Every partnership deed should contain the following clauses:

  1. Name of the firm and nature of the business
  2. Name and addresses of the partners.
  3. The duration, if any, of partnership firm.
  4. The total capital of the firm and the share of each partner.
  5. The ratio of sharing profits and losses
  6. Whether capitals are to be fixed or fluctuating
  7. Rate of interest on advances
  8. The audit of the accounts
  9. Admission of new partners and expulsion of the existing ones.
  10. The amount of salaries or some allowance, if any, payable to the partners.
  11. The method of ascertaining the share of goodwill of a partner on his retirement or death.
  12. The period after which the final accounts are to be prepared.

Passage

Mr. Shah have the following transaction in the month of April 2015:

Mr. Shah have the following transaction in the month of April 2015

shows given table is represent aplril

April

1

Shah started business with cash $20000

2

Cash purchases $5000

3

Goods sold to Naresh on credit $4500

4

Paid carriage $1000

5

Purchases by cheque $6000

Question number: 195 (1 of 4 Based on Passage) Show Passage

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Essay Question▾

Describe in Detail

Make necessary entries in the bank and cash columns on the credit side of Mr. Shah’s cash book as on April 2015.

Mr. Shah

Cash book April 2015

Credit side of cash book of Mr. Shah as on April 2015

showing table in Credit side of cash book of Mr. Shah as on April 2015

Date

Particular

Cash Cr $

Bank Cr $

Explanation

Mr. Shah

Cash book April 2015

calculate value of date, Particular, Cash Cr $, Bank Cr $

shows table in Date, Particular, Cash Cr $, Bank Cr $

Date

Particular

Cash Cr $

Bank Cr $

2 - 4-2015

By Purchases A/c

5000

4 - 4-2015

By Carriage A/c

1000

5 - 5-2015

By Purchases

6000