IGCSE Accounting Paper-2: Specimen Questions with Answers 120 - 122 of 189
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Passage
Ananya, provides the following information about her business.
| At 1 April 2018 | At 31 March 2020 | |
| Dollar $ | Dollar $ | |
| Fixed assets | 10000 | 15000 |
| Current assets | 4000 | 6000 |
| Current liabilities | 3000 | 4000 |
Question 120 (1 of 3 Based on Passage)
Question 121 (2 of 3 Based on Passage)
Write in Short
Short Answer▾Prepare a Balance Sheet for Ananya as at 1 April 2018. (Marks 4)
Balance Sheet as at 1 April 2018
| Capital & Liabilities | Dollar $ | Assets | Dollar $ |
Explanation
Balance Sheet as at 1 April 2018
| Capital & Liabilities | Dollar $ | Assets | Dollar $ |
| Capital | 11000 | Fixed Assets | 10000 |
| Current Assets | 4000 | ||
| Current Liabilities | 3000 | ||
| 14000 | 14000 |
The following additional information is also provided for the year ended 31 March 2019.
(1) Ananya՚s drawings for the year ended 31 March 2019 were $ 2000.
(2) Fixed assets at 31 March 2019 are to be depreciated by 10 % .
Question 122 (3 of 3 Based on Passage)
Write in Short
Short Answer▾Prepare a Balance Sheet for Ananya as at 31 March 2019, showing her profit or loss for the year ended on that date. (Marks 10)
Balance Sheet as at 31 March 2019
| Capital & Liabilities | Dollar $ | Assets | Dollar $ |
Explanation
Balance Sheet as at 31 March 2019
| Capital & Liabilities | Dollar $ | Assets | Dollar $ |
| Capital $ 11000 Add: Net Profit $ 6500 $ 17500 Less: Drawings $ 2000 | 15500 | Fixed Assets $ 15000 Less: Dep@10 % $ 1500 | 13500 |
| Current Liabilities | 4000 | Current Assets | 6000 |
| 19500 | 19500 |