# IGCSE Accounting Paper-2: Specimen Questions with Answers 142 - 145 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 142 (1 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 \$ \$ 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 143 (2 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

State any two uses of working capital. (Marks 2)

### Explanation

Two uses of working capital are-

• Meeting day to day expenses: Working Capital is used for paying off routine expenses like purchase of raw materials, payment of wages, salaries and other day to day operating expenses.
• Short term Investment: Excess working capital can also be used for purchasing short term profitable securities.

## Question 144 (3 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 2)

Abdul’s Cash ratio

## Question 145 (4 of 6 Based on Passage)

Edit

### Write in Brief

One Liner▾

Calculate, showing your workings, (Marks 3)

Abdul’s quick ratio