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
| Date | Details | $ | $ |
| 7 Dec 2019 | ABC Ltd. Goods Less: Trade Discount | 8000 800 | 7200 |
| 21 Dec 2019 | XYZ Ltd. Goods Less: Trade Discount | 3000 450 | 2550 |
| 31 Dec 2019 | Monthly Total | 9750 |
Arjun
Purchases Returns Journal
| Date | Details | $ | $ |
| 17 Dec 2019 | ABC Ltd. Goods Less: Trade Discount | 650 65 | 595 |
| 25 Dec 2019 | XYZ Ltd. Goods Less: Trade Discount | 400 60 | 340 |
| 31 Dec 2019 | Monthly Total | 935 |
Arjun made the following payments by cheque.
| 6 Dec 2019 | ABC Ltd. 4000 in full settlement of the amount due on that date |
| 31 Dec 2019 | XYZ Ltd. to settle the amount. Cash Discount Received 2 % |
Question 243 (4 of 6 Based on Passage)
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)
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)
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)
| Debit | $ | Credit | $ |
Explanation
| Debit | $ | Credit | $ |
| Petty Cash A/c | 8 | To Cash A/c | 8 |
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
| $ |
Explanation
Shri Ram
Bank Reconciliation Statement at 31 October 2019
| $ | |
| Bank Balance as per Cash book | 6120 |
| Add: Cheque paid to Shaurya not yet presented | 300 |
| 6420 | |
| Less: Cheque from Abhinandan not yet collected | 400 |
| Bank Balance as per the Bank Statement | 6020 |