IGCSE Accounting Paper-2: Specimen Questions with Answers 154 - 154 of 189

Passage

Pihu Jaiswal opened a laptop shop on 1 Jan 2020 with the following assets:

Pihu Jaiswal opened a laptop shop on 1 Jan 2020 Pihu Jaiswal opened a laptop shop on 1 Jan 2020

$

Freehold shop premises

45000

Stock of laptop

10000

Cash (paid into a business bank account)

4000

Pihu obtained a loan of $12000 from her friend, Komal on the same date and paid this into the bank account.

Question number: 154 (4 of 5 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Pass Journal entries of the above transactions (without narratives). (Marks 7)

Pihu

Journal

Pass Journal entries of the above transactions Pass Journal entries of the above transactions

Date

Dr

$

Cr

$

2020

Jan 1

Explanation

Pihu

Journal

Pass Journal entries of the above transactions Pass Journal entries of the above transactions

Date

Dr

$

Cr

$

2020

Jan 1

Shop Premises

45000

Stock

10000

Bank (II)

16000

Capital (III)

59000

Komal’s Loan

12000

Working Notes-

(I) When Assets and Liabilities are brought in a business, Respective Assets Accounts are debited and the liabilities are credited, the balance remaining on the credit is the amount of Capital and the same is credited to the Capital A/c.

(I) Bank A/c will include cash paid by Pihu into the bank as well as loan amount from Komal i. e.

(II)

During Jan 2020 Pihu found the following matters.

(I) The purchase of a laptop for shop’s use $4000 had been entered in the Purchases account.

(II) Goods bought on credit from Rehan, $3000, had been entered in

Rohan’s A/c.

(III) A sale on credit to Sanyukta, $240 had been entered in the Sales account and in Sanyukta’s account as $420.

(IV) New shop fittings had been purchased on credit from Gautam Supplies for $8500, but no entry had been made in Pihu’s books

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