IGCSE Accounting Paper-2: Specimen Questions with Answers 100 - 101 of 189

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Passage

The following entries are found in the books of Mr. Iyer for the year ending 31.12. 2010.

Purchases £ 1500000, Sales £ 2500000, Opening stock £ 500000, Returns Outward £ 45000, Returns Inward £ 20000, Carriage Inwards £ 45000, Cash in hand £ 778000, Cash at bank £ 608000, Wages £ 24000, Printing & Stationery £ 45000, Discount allowed £ 4000, Bad debts £ 15000, Insurance £ 25000, Investments £ 320000, Debtors £ 530000, Bills receivable £ 200000, Postage £ 4000, Commission £ 2000, Interest £ 10000, Repairs £ 4400, Lighting Charges £ 5000, Telephone £ 1000, Carriage outwards £ 4000, Car £ 250000, Interest received £ 35000, Discount received £ 4000, Creditors £ 1250000, Bills Payable £ 60400, Capital £ 1000000

He also stated the below mentioned adjustments, which are to be taken into consideration.

(i) Further bad debts £ 10000, Provision for doubtful debts@5 % and discount on debtors £ 5000

(ii) Interest is received on investments@5 %

(iii) Depreciation on car was@5 %

(iv) Interest and wages was outstanding at £ 2000 and £ 1000 respectively

(v) Closing stock was valued at £ 325000

Question 100 (2 of 5 Based on Passage)

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Essay▾

What is the Gross profit of Mr. Iyer for the year ending 31.12. 2010?

Explanation

The Gross Profit of Mr. Iyer for the Year Ending 31.12. 2010 is £ 775000 Trading Account of Mr. Iyer for the Year Ended 31.12. 2010
PARTICULARSAMOUNTAMOUTPARTICULARSAMOUNTAMOUNT
To Opening Stock500000By Sales2500000
To Purchases1500000Less: Returns Inwards200002480000
Less: Returns Outwards450001455000By Closing Stock325000
To Carriage inwards45000
To Wages24000
Add: O/S Wages100025000
To Lighting Charges5000
To Gross Profit775000
28050002805000

Question 101 (3 of 5 Based on Passage)

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Describe in Detail

Essay▾

Help Mr. Iyer in preparing the Final balance sheet as on 31.12. 2010?

Explanation

Balance Sheet of Mr. Iyer as on 31.12. 2010
LIABILITIESAMOUNTAMOUNTASSETSAMOUNTAMOUNT
Capital1000000Cash in hand778000
Add: Net profit6601001660100Cash at bank608000
Creditors1250000Bills receivable200000
Bills Payable60400Clsoing stock325000
O/S Wages1000Car250000
O/S Interest2000Less: Depreciation@5 %12500237500
Investments320000
Add: Interest@5 %16000336000
Debtors530000
Less: Bad debts10000
520000
Less: Provision for doubtful debts@5 %26000
494000
Less: Discount on debtors5000489000
29735002973500

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