IGCSE Accounting Paper-1: Specimen Questions with Answers 220 - 221 of 338

Passage

Kamran is a trader who maintains a three column cash book.

He had the following transactions for November 2019.

Nov 2: Purchased goods worth $500 for cash.

Nov 7: Received a cheque from Abrar, $400 in full settlement of his debt of $415

Nov 12: Issued a cheque to Rabia, $291 for settlement of her account less 3 % cash discount.

Nov 16: Deposited $300 into the bank

Nov 18: Sold an old furniture for cash in $800

Nov 22: Withdrawn cash, $250 for personal use

Nov 26: Cash sales, $320 of which $120 was paid directly into the bank

Nov 30. Cash in excess of $2000 was deposited into the bank

Question number: 220 (2 of 5 Based on Passage) Show Passage

Edit

Short Answer Question▾

Write in Short

State any two differences between Cash A/c and Cash book (Marks 2)

Explanation

  • Cash book is a book of original entry whereas Cash A/c is a ledger Account. First of all, transactions are recorded under books original entry then after that they are posted to the ledger accounts.

  • Further, we can have a double column or triple column (Cash column, bank column & discount Column) cash book but Cash A/c can have only one column (relating to cash alone).

Question number: 221 (3 of 5 Based on Passage) Show Passage

Edit

Short Answer Question▾

Write in Short

Prepare a BRS at 30 November 2019. (Marks 5)

Kamran

Bank Reconciliation Statement at 30 November 2019

Explanation

Kamran

Bank Reconciliation Statement at 30 November 2019

Bank Reconciliation Statement at 30 November 2019Bank Reconciliation Statement at 30 November 2019

$

$

Bank Balance as per the cash book

3779

Add: Cheques issued to Rabia but not yet presented

291

4070

Less: Amounts not credited-

Cheque from Abrar not yet collected

(400)

Cash deposited but not yet credited

(3450)

(3850)

Bank balance as per the bank statement

220

Kamran’s ledger is divided into a sales ledger, a purchases ledger and a general ledger.

Choose Paper