IGCSE Accounting Paper-2: Specimen Questions with Answers 12 - 14 of 189

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Passage

ABC & Co. started business on 1st January 2014 with a capital of £ 240000.

During the month, the following transactions took place:

2nd Bought goods from XYZ on credit £ 60000

5th Sold goods to MNO £ 75000

5th Cash Purchases £ 75000

8th Cash Sales £ 45000

9th Goods returned to XYZ £ 6000

15th Bought Furniture £ 45000

16th Cash paid to XYZ £ 36000

16th Loan taken from Mr. K £ 90000

17th Goods Returned by MNO £ 9000

20th ABC takes stock for personal use £ 9000

21st Cash received from MNO £ 36000

25th Salary paid £ 15000

28th Purchase of Stationery £ 3000

29th Amount paid to Mr. K on loan Account £ 54000

30th Interest received £ 12000

Question 12 (2 of 5 Based on Passage)

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Describe in Detail

Essay▾

What is the purpose of preparing a trial balance?

Explanation

The first step required in the preparation of final accounts is the preparation of trial balance. The purpose of preparing trial balance is to check the arithmetical accuracy of the double entry system of book keeping. When the totals of the debits and credits of trial balance are equal, it is an indication that there are no errors in the ledger accounts.

Question 13 (3 of 5 Based on Passage)

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Describe in Detail

Essay▾

Prepare the trial balance of ABC & Co for the month ended 31.01. 2014

Explanation

Trial Balance of ABC & Co as on 31.01. 2014
PARTICULARSLFDEBIT AMOUNT

£

CREDIT AMOUNT

£

Cash A/C195000
Capital A/C240000
Stock A/C9000
XYZ A/C18000
MNO A/C30000
Furniture A/C45000
Loan from Mr. K A/C36000
interest A/C12000
Salaries A/C15000
Drawings A/C9000
Stationery A/c3000
Total306000306000

Question 14 (4 of 5 Based on Passage)

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Describe in Detail

Essay▾

Prepare the stock ledger A/C

Explanation

Table Title: Stock Ledger a/C in the Books of ABC & Co
DATEPARTICUALRSJFAMOUNT

£

DATEPARTICUALRSJFAMOUNT

£

02.01. 2014To XYZ A/C6000005.01. 2014By MNO A/C75000
05.01. 2014To cash A/C7500008.01. 2014By Cash A/C45000
17.01. 2014To MNO A/C900009.01. 2014By XYZ A/C6000
20.01. 2014By drawings A/C9000
31.01. 2014By balance C/D9000
144000144000
01.02. 2014To balance B/D9000

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