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.
1st April 2019 $ | 31st March 2020 $ | |
Stock | 4000 | 7000 |
Debtors | 8000 | 10000 |
Creditors | 6000 | 8000 |
$ | |
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
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
$ | $ | ||
Opening Stock | 4000 | Sales | 50000 |
Purchases | 37000 | Closing Stock | 7000 |
Carriage Inward | 4000 | ||
Gross Profit | 12000 | ||
57000 | 57000 |
Question number: 127
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
$ | |
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 |