IGCSE Accounting Paper-1: Specimen Questions with Answers 243 - 247 of 338

Passage

Arjun is a trader whose financial year ends on 31 December.

He made the following entries in his purchases journal and purchases returns journal in December 2019.

Arjun

Purchases Journal

Purchases Journal and Purchases Returns Journal in December 2019
DateDetails$$
7 Dec 2019ABC Ltd.

Goods

Less: Trade Discount

8000

800

7200
21 Dec 2019XYZ Ltd.

Goods

Less: Trade Discount

3000

450

2550
31 Dec 2019Monthly Total9750

Arjun

Purchases Returns Journal

Purchases Journal and Purchases Returns Journal in December 2019
DateDetails$$
17 Dec 2019ABC Ltd.

Goods

Less: Trade Discount

650

65

595
25 Dec 2019XYZ Ltd.

Goods

Less: Trade Discount

400

60

340
31 Dec 2019Monthly Total935

Arjun made the following payments by cheque.

Arjun Made the Following Payments by Cheque
6 Dec 2019ABC Ltd. 4000 in full settlement of the amount due on that date
31 Dec 2019XYZ Ltd. to settle the amount. Cash Discount Received 2 %

Question 243 (4 of 6 Based on Passage)

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Write in Brief

One Liner▾

Name the following documents: (Marks 1)

The document issued by Arjun on 17 Dec 2019

Explanation

Arjun returns some goods to ABC Ltd. on 17 Dec 2019, so he will issue a debit note to ABC Ltd.

Question 244 (5 of 6 Based on Passage)

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Write in Brief

One Liner▾

State one reason of ABC Limited allowing Arjun trade discount on his purchases on 7 Dec 2019. (Marks 1)

Explanation

Trade discount is allowed on bulk purchases. As Arjun has made purchases for $ 8000, he has received discount on that.

Question 245 (6 of 6 Based on Passage)

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Write in Brief

One Liner▾

Calculate the percentage of trade discount ABC Limited allowed Arjun on his purchases on 7 December 2019.

Explanation

Question 246

Write in Brief

One Liner▾

Make the double entry to restore the petty cash imprest on 1stOctober 2019. (Marks-1)

Make the Double Entry to Restore the Petty Cash Imprest on 1stOctober 2019
Debit$Credit$

Explanation

Make the Double Entry to Restore the Petty Cash Imprest on 1stOctober 2019
Debit$Credit$
Petty Cash A/c8To Cash A/c8

Question 247

Write in Short

Short Answer▾

Prepare a bank reconciliation statement for Shri Ram at 31 October 2019 (Marks 4)

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019
$

Explanation

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019
$
Bank Balance as per Cash book6120
Add: Cheque paid to Shaurya not yet presented300
6420
Less: Cheque from Abhinandan not yet collected400
Bank Balance as per the Bank Statement6020

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