# IGCSE Accounting Paper-1: Specimen Questions with Answers 241 - 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

 Date Details Dollar \$ Dollar \$ 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 Dollar \$ Dollar \$ 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 241 (2 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

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

## Question 242 (3 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

(III)

## Question 243 (4 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 244 (5 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 245 (6 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 246

### Write in Brief

One Liner▾

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

 Debit \$ Credit \$

### Explanation

 Debit \$ Credit \$ Petty Cash A/c 8 To Cash A/c 8

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