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

Question number: 175

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One Liner Question▾

Write in Brief

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 2019Alexa’s books on 31 December 2019

$

Opening Stock

3500

Sales

75000

Purchases

50000

Debtors

7000

Creditors

10000

Administration Expenses

8000

Cash at bank

4000

Drawings

6000

Machinery

50000

Provision for depreciation on Machinery

15000

Capital

?

Question number: 176 (1 of 3 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

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 2019For the year ended 31 December 2019

$

$

Explanation

Income Statement

For the year ended 31 December 2019

For the year ended 31 December 2019For the year ended 31 December 2019

$

$

Sales

75000

Less: Cost of Goods Sold-

Purchases

50000

Add: Opening Stock

3500

53500

Less: Closing Stock

2500

51000

Gross Profit

24000

Less: Operating Expenses-

Administration Expenses

8000

Depreciation (I)

8000

16000

Net Profit

8000

Working Notes:

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

Question number: 177 (2 of 3 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

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 2019Prepare Alexa’s Statement of Financial Position as at 31 December 2019

Assets

$

Liabilities & Capital

$

Explanation

Statement of Financial Position

As at 31 December 2019

Prepare Alexa’s Statement of Financial Position as at 31 December 2019Prepare Alexa’s Statement of Financial Position as at 31 December 2019

Assets

$

Current Assets:

Cash at bank

4000

Debtors

7000

Closing Stock

2500

Non-Current Assets:

Machinery $50000

Less: Provision for Dep. (I) $ 18000

32000

45500

Liabilities & Capital

$

Current Liabilities:

Creditors

9500

Capital $ 34000

Less: Drawings $ 6000

28000

Add: Profit 8000

36000

45500

Working Notes:

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

i. e.

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