IGCSE Accounting Paper-1: Specimen Questions with Answers 256 - 258 of 338

Question 256

Question

MCQ▾

Receipts and Payments A/c of a non-profit organization shows a payment for stationary amounting to $ 400 and there is opening and closing stationery amounting to $ 120 and $ 150 respectively. What is the amount to be considered as an expense in the Income & Expenditure A/c? (Marks 1)

Choices

Choice (4)

a.

$ 150

b.

$ 370

c.

$ 520

d.

All of the above

Answer

b.

Explanation

Consumption (Expense)

Passage

Shri Ram maintains a columnar Petty Cash Book on the imprest system. The imprest amount is $ 10. From the following information, show how his petty cash book would appear for the month of October 2,019.

Shri Ram Maintains a Columnar Petty Cash Book on the Imprest System
1 - 10 - 2,019

Balance in hand

$ 2

Received Cash to make up the imprest

Bought Printing Papers

$ 1

8 - 10 - 2,019

Miscellaneous Expenses

$ 1

10 - 10 - 2,019

Repairs

$ 2

13 - 10 - 2,019

Travelling

$ 1

17 - 10 - 2,019

Stamps

$ 1

30 - 10 - 2,019

Miscellaneous Expenses

$ 2

Repairs

$ 1

Question 257 (1 of 2 Based on Passage)

Edit

Write in Brief

One Liner▾

State the amount required to restore the imprest on 1stOctober 2,019

________ (Marks 1)

Explanation

The imprest amount is $ 10 while the opening balance of petty cash is $ 2. So Shri Ram needs to restore the imprest.

Question 258 (2 of 2 Based on Passage)

Edit

Write in Brief

One Liner▾

Enter these transactions in Shri Ram’s petty cash book and bring the balance on 1stDecember 2,019 (Marks 10)

Explanation

Shri Ram’s Petty Cash Book and Bring the Balance on 1stDecember 2,019
Sri Ram

Petty Cash Book

Repairs

$

Miscellaneous Expense $

Travelling

$

Stationery

$

Total Paid $

Details

Date

Total Received $

Shri Ram’s Petty Cash Book and Bring the Balance on 1stDecember 2,019

Sri Ram

Petty Cash Book

Repairs

$

2

1

3

Miscellaneous Expense $

1

2

3

Travelling

$

1

1

Stationery

$

1

1

2

Total Paid $

1

1

2

1

1

2

1

9

1

10

Details

Balance b/d

Cash Reimbursement

Stationery

Miscellaneous Expenses

Repairs

Travelling

Stationery

Miscellaneous Expenses

Repairs

Balance c/d

Balance b/d

Date

1 - 10 - 2,019

8 - 10 - 2,019

10 - 10 - 2,019

13 - 10 - 2,019

17 - 10 - 2,019

30 - 10 - 2,019

30 - 10 - 2,019

1 - 11 - 2,019

Total Received $

2

8

10

1

🎯 Choose Paper