IGCSE Accounting Paper-2: Specimen Questions with Answers 145 - 149 of 189

Passage

The Balance Sheet of Abdul is given below with some figures missing.

Balance Sheet as at 31st December 2019

Balance Sheet as at st December 2019
Liabilities$$Assets$$
Capital as at

1 Jan 2019

30000Fixed Assets

at cost (I)

________
Add: Profit (II)________40000Less: Dep.300015000
Current Liabilities-Current Assets- (III)
Sundry Creditors (IV)________Stock15000
Bills Payables4000Debtors10000
Outstanding Exp300010000Prepaid Insurance (V)________
Cash7000________
5000050000

Question 145 (3 of 6 Based on Passage)

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Write in Short

Short Answer▾

Enter the missing figures in the blanks (I) to (V) on the Balance Sheet. (Marks 5)

Explanation

Balance Sheet as at 31st December 2019

Balance Sheet as at st December 2019
Liabilities$$Assets$$
Capital as at

1 Jan 2019

30000Fixed Assets

at cost (I)

18000
Add: Profit (II)1000040000Less: Dep.300015000
Current Liabilities-Current Assets- (III)
Sundry Creditors (IV)3000Stock15000
Bills Payables4000Debtors10000
Outstanding Exp300010000Prepaid Insurance (V)3000
Cash700035000
5000050000

(I)

(II)

(III)

(IV)

(V)

Question 146 (4 of 6 Based on Passage)

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Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 2)

(I) Abdul՚s current ratio

Explanation

Question 147 (5 of 6 Based on Passage)

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One Liner▾

Calculate, showing your workings, (Marks 2)

Abdul՚s Cash ratio

Explanation

Question 148 (6 of 6 Based on Passage)

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Write in Brief

One Liner▾

Calculate Abdul՚s working capital. Show your workings. (Marks 2)

Explanation

Question 149

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Write in Brief

One Liner▾

The balance of the Carriage Inwards account is transferred to which account at the end of the financial year. (Marks 1)

Explanation

Trading Account

  • All the direct expenses are transferred to trading account whereas the indirect expenses are transferred to Profit & Loss A/c.
  • Direct Expenses form part of Cost of Goods Sold and varies directly with the level of output. Carriage Inward is a direct expense.

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