IGCSE Accounting Paper-1: Specimen Questions with Answers 235 - 236 of 338

Question 235

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Write in Brief

One Liner▾

Show the entries which would be made in the Stationery A/c in October 2019. (Marks-2)

Shri Ram

Stationery A/c

The Stationery A/c in October 2019The Stationery A/c in October 2019
DateDetails$DateDetails$

Explanation

Shri Ram

Stationery A/c

The Stationery A/c in October 2019The Stationery A/c in October 2019
DateDetails$DateDetails$
2019 Oct 1Petty Cash A/c1
Oct 17Petty Cash A/c1

Shri Ram balanced his cash book on 31st October 2019. The bank column showed that he had $6180 in the bank while on the same date the bank statement showed a balance of $6020.

Question 236

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Question

MCQ▾

A business provides the following information for the year ended 31st December 2020.

The year ended 31st December 2020The year ended 31st December 2020
Details$
Cost of Goods Sold12000
Sales20000
Direct Expenses3000
Indirect Expense2000

What is the gross profit for the year ended 31st December 2020?

Choices

Choice (4)
a.$5000
b.$8000
c.$3000
d.$6000

Answer

b.

Explanation

Note-

  • Direct Expenses are already included in the Cost of Goods Sold so need not deduct them separately.
  • Indirect Expenses are not deducted from Gross Profit to get Net Profit

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