IGCSE Accounting Paper-2: Specimen Questions with Answers 136 - 138 of 189
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Passage
Fiza and Sara are in partnership. Their financial year ends on 30 September. The following balances remained on the books After the preparation of their Trading and Profit and Loss Account for the year ended 30 September 2019-
| $ | |
| Capital Accounts: | |
| Fiza | 10000 |
| Sara | 6000 |
| Current Accounts: | |
| Fiza | 3000 |
| Sara | 1000 (Dr) |
| Fixed assets at cost | 17000 |
| Provision for depreciation of fixed assets | 2000 |
| Inventory | 1400 |
| Receivables | 2800 |
| Bank balance | 1000 (Dr) |
| Payables | 2400 |
| Cash | ? |
Question 136 (2 of 3 Based on Passage)
Write in Short
Short Answer▾Prepare the Balance Sheet of the partnership as at 30 September 2019 and find out the balance of cash. (Marks 12)
Fiza and Sara
Balance Sheet as at 30 September 2019.
| Liabilities | $ | Assets | $ |
Explanation
Fiza and Sara
Balance Sheet as at 30 September 2019.
| Liabilities | $ | Assets | $ |
| Capital Accounts- $ | Sara՚s Current A/c | 1000 | |
| Fiza 10000 | Fixed Assets $ 17000 | ||
| Sara 6000 | 16000 | Less: Pro. for dep. 2000 | 15000 |
| Fiza՚s Current A/c | 3000 | Inventory | 1400 |
| Payables | 2400 | Receivables | 2800 |
| Bank balance (overdraft) | 1000 | Cash | 2200 |
| 22400 | 22400 |
Question 137 (3 of 3 Based on Passage)
Write in Brief
One Liner▾State the possible reason as to why Sara՚s Current A/c has a debit balance (Marks 1)
Explanation
Sara՚s drawings and interest on drawings for the year might be more than her interest on capital, salaries, share of profits for the year.
Question 138
Write in Short
Short Answer▾A fixed asset was purchased for $ 25000 on 1st April 2019. Depreciation was charged on the machine at the rate of 20 % using the diminishing balance method.
Calculate the machine՚s net book value on 31 March 2021. (Marks 3)