IGCSE Accounting Paper-2: Specimen Questions with Answers 175 - 177 of 189

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Question 175

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Write in Brief

One Liner▾

Abhay sold goods on credit to Vikram for $ 1000, offering a discount of 3 % for payment within 15 days. Vikram paid within 15 days. Calculate the amount paid by Vikram.

(Marks 2)

Explanation

Passage

The following balances were extracted from Alexa՚s books on 31 December 2019.

Alexa՚s Books on 31 December 2019
Dollar $
Opening Stock3500
Sales75000
Purchases50000
Debtors7000
Creditors10000
Administration Expenses8000
Cash at bank4000
Drawings6000
Machinery50000
Provision for depreciation on Machinery15000
Capital?

Question 176 (1 of 3 Based on Passage)

Write in Short

Short Answer▾

Prepare Alexa՚s Statement of Financial Position as at 31 December 2019 (Marks 14)

Statement of Financial Position

As at 31 December 2019

Prepare Alexa՚s Statement of Financial Position as at 31 December 2019
AssetsDollar $
Liabilities & CapitalDollar $

Explanation

Statement of Financial Position

As at 31 December 2019

Prepare Alexa՚s Statement of Financial Position as at 31 December 2019
AssetsDollar $
Current Assets:
Cash at bank4000
Debtors7000
Closing Stock2500
Non-Current Assets:
Machinery $ 50000
Less: Provision for Dep. (I) $ 1800032000
45500
Liabilities & CapitalDollar $
Current Liabilities:
Creditors9500
Capital $ 34000
Less: Drawings $ 6000
28000
Add: Profit 800036000
45500

Working Notes:

(I) Provision for depreciation includes the old provision plus the current years provision-

i.e..

Question 177 (2 of 3 Based on Passage)

Write in Short

Short Answer▾

Prepare Alexa՚s Statement of Income for the year ended 31 December 2019. (Marks 12)

Income Statement

For the year ended 31 December 2019

For the Year Ended 31 December 2019
$$

Explanation

Income Statement

For the year ended 31 December 2019

For the Year Ended 31 December 2019
$$
Sales75000
Less: Cost of Goods Sold-
Purchases50000
Add: Opening Stock3500
53500
Less: Closing Stock250051000
Gross Profit24000
Less: Operating Expenses-
Administration Expenses8000
Depreciation (I)800016000
Net Profit8000

Working Notes:

(I) Depreciation for current year- 20 % on Reduced balance i.e.. on

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