IGCSE Accounting Paper-2: Specimen Questions with Answers 123 - 125 of 189

Passage

Hemlata is a sole trader who buys all her goods for resale on credit. She sells to cash and credit customers.

Hemlata does not keep full accounting records, but provides the following information for the year ended 31st March 2020.

Hemlata is a sole trader who buys all her goods for resale on creditHemlata is a sole trader who buys all her goods for resale on credit
1st April 2019 $31st March 2020 $
Stock40007000
Debtors800010000
Creditors60008000
Hemlata is a sole trader who buys all her goods for resale on creditHemlata is a sole trader who buys all her goods for resale on credit
$
Receipt from debtors40000
Payment to Creditors35000
Cash Sales8000
Carriage Inward4000

Question 123 (1 of 3 Based on Passage)

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Write in Short

Short Answer▾

Prepare Hemlata’s Trading Account below. (Marks 5)

Hemlata’s Trading A/c for the year ended 31st March 2020

Explanation

Hemlata’s Trading A/c for the year ended 31st March 2020

Hemlata’s Trading A/c for the year ended 31st March 2020Hemlata’s Trading A/c for the year ended 31st March 2020
$$
Opening Stock4000Sales50000
Purchases37000Closing Stock7000
Carriage Inward4000
Gross Profit12000
5700057000

Question 124 (2 of 3 Based on Passage)

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Short Answer▾

Calculate Hemlata’s stock turnover ratio for the year ended 31st March 2020. Show your calculations (Marks 3)

Explanation

times

Question 125 (3 of 3 Based on Passage)

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Write in Short

Short Answer▾

Calculate Hemlata’s sales and purchases for the year ended 31st March 2020. Also show your calculations. (Marks 9)

(I) Sales

(II) Purchases

Explanation

(I)

Calculate Hemlata’s sales and purchases for the year ended 31st March 2020Calculate Hemlata’s sales and purchases for the year ended 31st March 2020
Credit sales is calculated as follows-$
Receipt from Debtors40000
Add: Closing Debtors10000
50000
Less: Opening Debtors8000
Credit Sales42000

(II)

Calculate Hemlata’s sales and purchases for the year ended 31st March 2020Calculate Hemlata’s sales and purchases for the year ended 31st March 2020
Purchases:$
Payment to Creditors35000
Add: Closing Creditors8000
43000
Less: Opening Creditors6000
Purchases37000

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