IGCSE Accounting Paper-1: Specimen Questions with Answers 240 - 243 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 2019Purchases journal and purchases returns journal in December 2019

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

Purchases journal and purchases returns journal in December 2019Purchases journal and purchases returns journal in December 2019

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.

Arjun made the following payments by chequeArjun 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 number: 240 (1 of 6 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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

Explanation

Question number: 241 (2 of 6 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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 number: 242 (3 of 6 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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 number: 243 (4 of 6 Based on Passage) Show Passage

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Essay Question▾

Describe in Detail

Enter the transactions for December in the following ledger accounts.

Close the accounts on 31 December 2019 by balancing or by making a transfer to the income statement.

Arjun

ABC Limited account

The Balancing or by making a transfer to the income statement

Date

Details

$

Date

Details

$

2019

Dec 1

Balance b/d

4125

XYZ Limited account

The Balancing or by making a transfer to the income statement

Date

Details

$

Date

Details

$

2019

Dec 1

Balance b/d

1750

Purchases Account

The Balancing or by making a transfer to the income statement

Date

Details

$

Date

Details

$

2019

Dec 1

Balance b/d

46500

Purchases Returns Account

The Balancing or by making a transfer to the income statement

Date

Details

$

Date

Details

$

2019

Dec 1

Balance

Explanation

Arjun

ABC Limited account

The Table of ABC Limited account

Date

Details

$

Date

Details

$

Dec 6

Bank A/c

4000

2019

Dec 1

Balance b/d

4125

Dec 6

Discount A/c

125

Dec 7

Purchases A/c

7200

Dec 17

Purchases Return A/c

595

Dec 31

Balance c/d

6605

11325

11325

XYZ Limited account

The Table of ABC Limited account

Date

Details

$

Date

Details

$

2019

Dec 25

Purchases Returns A/c

340

1 Dec 2019

Balance b/d

1750

Dec 31

Discount A/c

79

Dec 21

Purchases A/c

2550

Dec 31

Bank A/c

3881

4300

4300

Discount Received from XYZ Ltd.

Purchases Account

The Table of ABC Limited account

Date

Details

$

Date

Details

$

2019

Dec 1

Balance b/d

46500

Dec 31

Profit & Loss A/c

56250

Dec 7

ABC Ltd.

7200

Dec 21

XYZ Ltd

2550

56250

56250

Purchases Returns Account

The Table of ABC Limited account

Date

Details

$

Date

Details

$

2019

Dec 31

Profit & Loss A/c

8160

2019

Dec 1

Balance b/d

7225

Dec 17

ABC Ltd.

595

Dec 25

XYZ Ltd.

340

8160

8160

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