# IGCSE Accounting Paper-2: Specimen Questions with Answers 142 - 146 of 189

## Question 142

### Write in Short

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

 \$ 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

 \$ Opening Balance of Insurance A/c 5000 Add: Premium paid on 4th July 2019 for 12 months 2000025000 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

 Liabilities Dollar \$ Dollar \$ Assets Dollar \$ Dollar \$ Capital as at1 Jan 2019 30000 Fixed Assetsat 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 143 (1 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 2)

(I) Abdul՚s current ratio

## Question 144 (2 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 2)

Abdul՚s Cash ratio

## Question 145 (3 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 3)

Abdul՚s quick ratio

## Question 146 (4 of 6 Based on Passage)

Edit

### 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

 Liabilities Dollar \$ Dollar \$ Assets Dollar \$ Dollar \$ Capital as at1 Jan 2019 30000 Fixed Assetsat 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)

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