IGCSE Accounting Paper-1: Specimen Questions with Answers 242 - 246 of 338

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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
DateDetailsDollar $Dollar $
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
DateDetailsDollar $Dollar $
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 242 (3 of 6 Based on Passage)

Edit

Write in Brief

One Liner▾

Name the following documents: (Marks 1)

(I) the document issued by ABC Limited on 7 December 2019

Explanation

(I) Since ABC Ltd. is the seller, he will issue Arjun a Sales Invoice.

Question 243 (4 of 6 Based on Passage)

Edit

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)

Edit

Write in Brief

One Liner▾

Name the following documents: (Marks 1)

Calculate the percentage of cash discount allowed by ABC Ltd. to Arjun on 6 December 2019

Explanation

(III)

Question 245 (6 of 6 Based on Passage)

Edit

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 246

Write in Brief

One Liner▾

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

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

Explanation

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

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