IGCSE Accounting Paper-2: Specimen Questions with Answers 127 - 128 of 189

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Question 127

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On 30 June 2019 the bank balance shown in a Avinash cash book was $ 8000 (Dr) . (Marks 3)

(I) Amounts paid into his bank account, but not yet entered on the bank statement, totaled $ 700.

(II) Cheque issued to customers but not paid into their accounts summed up $ 600

Calculate the balance shown on the Avinash՚s bank statement on 30 June 2019. Show your workings.

Explanation

On 30 June 2019 the Bank Balance Shown in a Avinash Cash Book Was $ 8000
$
Balance as per Cash Book8000
Less: Amount paid into bank but not yet collected700
7300
Add: Cheque issued to customers but not yet paid600
Balance as per Bank Statement7900

Question 128

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Name the final account to which the total of the Carriage Outward Account is transferred at the end of the financial year. (Marks 1)

Explanation

P&L A/c

  • Carriage Outward is an indirect expense and indirect expenses are debited to P&L A/c.
  • Expenses which are not directly related to production or which do not form part of cost of goods sold are Indirect Expenses. Carriage Outward is the cost of transporting the goods to the buyer՚s place. It is related to sale not production. So it is an indirect expense.

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