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

Question number: 235

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One Liner Question▾

Write in Brief

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

Date

Details

$

Date

Details

$

Explanation

Shri Ram

Stationery A/c

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

Date

Details

$

Date

Details

$

2019

Oct 1

Petty Cash A/c

1

Oct 17

Petty Cash A/c

1

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 number: 236

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MCQ▾

Question

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 Sold

12000

Sales

20000

Direct Expenses

3000

Indirect Expense

2000

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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