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
| Liabilities | $ | $ | Assets | $ | $ |
| Capital as at 1 Jan 2019 | 30000 | Fixed Assets at cost (I) | ________ | ||
| Add: Profit (II) | ________ | 40000 | Less: Dep. | 3000 | 15000 |
| Current Liabilities- | Current Assets- (III) | ||||
| Sundry Creditors (IV) | ________ | Stock | 15000 | ||
| Bills Payables | 4000 | Debtors | 10000 | ||
| Outstanding Exp | 3000 | 10000 | Prepaid Insurance (V) | ________ | |
| Cash | 7000 | ________ | |||
| 50000 | 50000 |
Question 145 (3 of 6 Based on Passage)
Edit
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
| Liabilities | $ | $ | Assets | $ | $ |
| Capital as at 1 Jan 2019 | 30000 | Fixed Assets at cost (I) | 18000 | ||
| Add: Profit (II) | 10000 | 40000 | Less: Dep. | 3000 | 15000 |
| Current Liabilities- | Current Assets- (III) | ||||
| Sundry Creditors (IV) | 3000 | Stock | 15000 | ||
| Bills Payables | 4000 | Debtors | 10000 | ||
| Outstanding Exp | 3000 | 10000 | Prepaid Insurance (V) | 3000 | |
| Cash | 7000 | 35000 | |||
| 50000 | 50000 |
(I)
(II)
(III)
(IV)
(V)
Question 146 (4 of 6 Based on Passage)
Explanation
Question 147 (5 of 6 Based on Passage)
Explanation
Question 148 (6 of 6 Based on Passage)
Explanation
Question 149
Edit
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.