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

 Date Details \$ \$ 7 Dec 2019 ABC Ltd.GoodsLess: Trade Discount 8000800 7200 21 Dec 2019 XYZ Ltd.GoodsLess: Trade Discount 3000450 2550 31 Dec 2019 Monthly Total 9750

Arjun

Purchases Returns Journal

 Date Details \$ \$ 17 Dec 2019 ABC Ltd.GoodsLess: Trade Discount 65065 595 25 Dec 2019 XYZ Ltd.GoodsLess: Trade Discount 40060 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 number: 240 (1 of 6 Based on Passage) Show Passage

Edit
One Liner Question▾

Write in Brief

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

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

Edit
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

Edit
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

(III)

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

Edit
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

 Date Details \$ Date Details \$ 2019Dec 1 Balance b/d 4125

XYZ Limited account

 Date Details \$ Date Details \$ 2019Dec 1 Balance b/d 1750

Purchases Account

 Date Details \$ Date Details \$ 2019Dec 1 Balance b/d 46500

Purchases Returns Account

 Date Details \$ Date Details \$ 2019Dec 1 Balance

Explanation

Arjun

ABC Limited account

 Date Details \$ Date Details \$ Dec 6 Bank A/c 4000 2019Dec 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

 Date Details \$ Date Details \$ 2019Dec 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