IGCSE Accounting Paper-2: Specimen Questions with Answers 126 - 127 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

$

Stock

4000

7000

Debtors

8000

10000

Creditors

6000

8000

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 debtors

40000

Payment to Creditors

35000

Cash Sales

8000

Carriage Inward

4000

Question number: 126 (3 of 3 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

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 Stock

4000

Sales

50000

Purchases

37000

Closing Stock

7000

Carriage Inward

4000

Gross Profit

12000

57000

57000

Question number: 127

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Short Answer Question▾

Write in Short

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 On 30 June 2019 the bank balance shown in a Avinash’ cash book was $8000

$

Balance as per Cash Book

8000

Less: Amount paid into bank but not yet collected

700

7300

Add: Cheque issued to customers but not yet paid

600

Balance as per Bank Statement

7900

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