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
DateDetails$$
7 Dec 2019ABC Ltd. Goods Less: Trade Discount8000 8007200
21 Dec 2019XYZ Ltd. Goods Less: Trade Discount3000 4502550
31 Dec 2019Monthly Total9750

Arjun

Purchases Returns Journal

Purchases journal and purchases returns journal in December 2019Purchases journal and purchases returns journal in December 2019
DateDetails$$
17 Dec 2019ABC Ltd. Goods Less: Trade Discount650 65595
25 Dec 2019XYZ Ltd. Goods Less: Trade Discount400 60340
31 Dec 2019Monthly Total935

Arjun made the following payments by cheque.

Arjun made the following payments by chequeArjun 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 240 (1 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.

Explanation

Question 241 (2 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 242 (3 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 243 (4 of 6 Based on Passage)

Edit

Describe in Detail

Essay▾

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
DateDetails$DateDetails$
2019 Dec 1Balance b/d4125

XYZ Limited account

The Balancing or by making a transfer to the income statement
DateDetails$DateDetails$
2019 Dec 1Balance b/d1750

Purchases Account

The Balancing or by making a transfer to the income statement
DateDetails$DateDetails$
2019 Dec 1Balance b/d46500

Purchases Returns Account

The Balancing or by making a transfer to the income statement
DateDetails$DateDetails$
2019 Dec 1Balance

Explanation

Arjun

ABC Limited account

The Table of ABC Limited account
DateDetails$DateDetails$
Dec 6Bank A/c40002019 Dec 1Balance b/d4125
Dec 6Discount A/c125Dec 7Purchases A/c7200
Dec 17Purchases Return A/c595
Dec 31Balance c/d6605
1132511325

XYZ Limited account

The Table of ABC Limited account
DateDetails$DateDetails$
2019 Dec 25Purchases Returns A/c3401 Dec 2019Balance b/d1750
Dec 31Discount A/c79Dec 21Purchases A/c2550
Dec 31Bank A/c3881
43004300

Discount Received from XYZ Ltd.

Purchases Account

The Table of ABC Limited account
DateDetails$DateDetails$
2019 Dec 1Balance b/d46500Dec 31Profit & Loss A/c56250
Dec 7ABC Ltd.7200
Dec 21XYZ Ltd2550
5625056250

Purchases Returns Account

The Table of ABC Limited account
DateDetails$DateDetails$
2019 Dec 31Profit & Loss A/c81602019 Dec 1Balance b/d7225
Dec 17ABC Ltd.595
Dec 25XYZ Ltd.340
81608160

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