IGCSE Accounting Paper-1: Specimen Questions with Answers 212 - 215 of 338

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Passage

The following errors were found out after preparing the trial balance of the Mathew as on 31 - 03 - 2015

  1. Purchases $ 5000 from Sheethal wrongly entered in the sales book.
  2. Goods taken by the proprietor $ 1500 not recorded in the books at all.
  3. $ 5200 paid for the purchase of furniture was charged to office account.

Question 212 (1 of 3 Based on Passage)

Describe in Detail

Essay▾

From the following table put a tick mark (√) under the correct heading to show how

Correcting each of the above errors would change the profit for the year.

Changes in the Profit Account of the Mr. Mathew
IncreaseDecreaseNo effects
Error 1
Error 2
Error 3

Explanation

Finding a Different Values of the Arrors
IncreaseDecreaseNo effects
Error 1
Error 2
Error 3

Question 213 (2 of 3 Based on Passage)

Describe in Detail

Essay▾

ass journal entries for rectification of errors:

Mathew

Journal

Journal Entries of the Mr. Mathew After Rectification of Errors
S. NoDetailsDr

$

Cr

$

a.
b.
c.

Explanation

Mathew

Journal

Calculate the Table Value to Depend on a Passage
S. NoDetailsDr

$

Cr

$

a.Purchases A/c Dr

Sales A/c

To Sheethal

5000

5000

5000
b.Drawings A/c Dr

To Purchases A/C

15001500
c.Furniture A/c Dr

To Office expenses A/c

52005200

Question 214 (3 of 3 Based on Passage)

Edit

Describe in Detail

Essay▾

Mention the errors what are not disclosed by trial balance.

Explanation

Error not disclosed by trial balance:

  1. Errors of complete omission
  2. Errors in the books of original entry
  3. Errors of principle
  4. Compensating errors
  5. Errors of posting to wrong account in the right side with correct amount.

Question 215

Question

MCQ▾

Mahira has the following Assets and Liabilities-

Mahira Has the Following Assets and Liabilities
$
Machinery18000
Inventory12000
Receivables7000
Payables11200
Cash6000

She has invested fresh capital $ 5000 in the business. What is her new capital now?

Choices

Choice (4)

a.

$ 48000

b.

$ 16200

c.

$ 26800

d.

$ 21800

Answer

c.

Explanation

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