IGCSE Accounting Paper-2: Specimen Questions with Answers 142 - 143 of 189

Question number: 142

Edit

Short Answer Question▾

Write in Short

For the financial year ended 31st March 2019, Insurance A/c of ABC Ltd. showed the following-

For the financial year ended 31st March 2019, Insurance A/c of ABC LtdFor the financial year ended 31st March 2019, Insurance A/c of ABC Ltd

$

1st April 2018

Balance b/d

5000

4th July 2019

Paid premium for 12 months

20,000

Calculate the amount of the charge for insurance shown in the Profit and Loss Account for the year ended 31st March 2019. Show your workings

Explanation

For the financial year ended 31st March 2019, Insurance A/c of ABC LtdFor the financial year ended 31st March 2019, Insurance A/c of ABC Ltd

$

Opening Balance of Insurance A/c

5000

Add: Premium paid on 4th July 2019 for 12 months

20000

25000

Less: Prepaid Insurance

5000

Premium charged to P&L A/c

20000

Passage

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

Balance Sheet as at 31st December 2019

Balance Sheet as at 31st December 2019Balance 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 number: 143 (1 of 6 Based on Passage) Show Passage

Edit

Short Answer Question▾

Write in Short

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 31st December 2019Balance 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)

Choose Paper