IGCSE Accounting Paper-1: Specimen Questions with Answers 245 - 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

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: 245 (6 of 6 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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 number: 246

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One Liner Question▾

Write in Brief

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

Make the double entry to restore the petty cash imprest on 1stOctober 2019Make the double entry to restore the petty cash imprest on 1stOctober 2019

Debit

$

Credit

$

Explanation

Make the double entry to restore the petty cash imprest on 1stOctober 2019Make the double entry to restore the petty cash imprest on 1stOctober 2019

Debit

$

Credit

$

Petty Cash A/c

8

To Cash A/c

8

Question number: 247

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Short Answer Question▾

Write in Short

Prepare a bank reconciliation statement for Shri Ram at 31 October 2019 (Marks 4)

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019Bank Reconciliation Statement at 31 October 2019

$

Explanation

Shri Ram

Bank Reconciliation Statement at 31 October 2019

Bank Reconciliation Statement at 31 October 2019Bank 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

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