IGCSE Accounting Paper-2: Specimen Questions with Answers 113 - 117 of 189

Passage

The assets and liabilities of Aparajita’s business included the following:

The assets and liabilities of Aparajita’s business included The assets and liabilities of Aparajita’s business included

$

(I) Cash

1500

(II) Unearned Income

2000

(III) Trade Receivables

10000

(IV) Inventory

15000

(V) Prepaid Expenses

4000

(VI) Trade Payables

6000

(VII) Bank Overdraft

5500

Question number: 113 (3 of 5 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

Calculate Aparajita’s Working Capital Ratio (Marks 1)

Explanation

Question number: 114 (4 of 5 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

Calculate Aparajita’s Quick Ratio (Marks 3)

Explanation

Question number: 115 (5 of 5 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Calculate Aparajita’s Working Capital (Marks 4)

Explanation

Passage

The following trial balance was extracted from the books of Asmita & Sons as at 31 December 2019-

Extracted from the books of Asmita & Sons as at 31 December 2019-Extracted from the books of Asmita & Sons as at 31 December 2019-

Debit Balances

$

Credit Balance

$

Capital

56000

Drawings

6000

Premises

35000

Opening Stock

10000

Purchases

55000

Plant & Machinery

21000

Insurance

700

Cash

2800

Direct Wages

14000

Salaries

11000

Discount Received

1000

Sales

120000

Trade Debtors

36000

Trade Creditors

12000

Carriage Inward

1500

Bank Overdraft

7200

General Expenses

3200

196200

196200

Additional Information:

(I) Closing Stock is valued at $15000 (cost), (market value $20,000)

(II) Wages amounting to $4000 and salaries amounting to $1600 are outstanding

(III) Prepaid Insurance amounted to $300

(IV) Plant & machinery is to be depreciated@10 % pa

Question number: 116 (1 of 4 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Calculate correct to two decimal places inventory turnover ratio of Asmita & Sons for the year ended 31 December 2019. (Marks 2)

Explanation

Question number: 117 (2 of 4 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Prepare the Balance Sheet of Asmita & Sons as at 31 December 2019.

Asmita & Sons

Balance Sheet as at 31 December 2019

Balance Sheet as at 31 December 2019Balance Sheet as at 31 December 2019

Assets

$

$

Capital & Liabilities

$

$

(Marks 12)

Explanation

Asmita & Sons

Balance Sheet as at 31 December 2019

Balance Sheet as at 31 December 2019Balance Sheet as at 31 December 2019

Assets

$

$

Non-Current Assets:

Premises

35000

Plant & Machinery $21000

Less: Provision for Dep $ 2100

18900

53900

Current Assets:

Closing Stock

15000

Trade Debtors

36000

Prepaid Insurance

300

Cash

2800

54100

Total Assets

108000

Capital & Liabilities

$

$

Capital $56000

Less: Drawings $ 6000

$50000

Add: Net Profit $ 33200

83200

Current Liabilities:

Trade Creditors

12000

Outstanding Expenses (Wages + Salaries)

5600

Bank Overdraft

7200

24800

Total Liabilities

108000

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