IGCSE Accounting Paper-2: Specimen Questions with Answers 179 - 182 of 189

Passage

MS Dhoni owns a sports shop. His Trading and Profit and Loss Account for the year ended 31 March 2019 is shown as follows-

MS Dhoni

Trading and Profit & Loss Account for the year ended 31 March 2019

Trading and Profit & Loss Account for the year ended 31 March 2019Trading and Profit & Loss Account for the year ended 31 March 2019
$$$
Sales25000
Less: Cost of Goods Sold
Opening Stock(I) ________
Purchases15000
Less: (II) ________25014750
16000
Less: (III) ________200014000
Gross Profit11000
Add: Discount (IV) ________(V) ________
12000
Less: General Expenses500
Rent paid1000
Depreciation(VI) ________3000
Net Profit9000

Question 179 (2 of 3 Based on Passage)

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Write in Brief

One Liner▾

Calculate Dhoni’s net profit ratio. (Marks 2)

Explanation

Question 180 (3 of 3 Based on Passage)

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One Liner▾

On 31 March 2019, Dhoni’s capital was $14000. He also had a long-term loan from his bank of $6000.

Calculate Dhoni’s Return on Investment.

(Marks 3)

Explanation

Passage

The Lion Club was formed in 2015. The club has 50 members. The annual subscription is $100. The club rents a clubhouse. The monthly rent is $200.

The following information was available on 1 Jan 2018.

The following information was available on 1 Jan 2018The following information was available on 1 Jan 2018
$
Accumulated fund8720
Furniture at book value4500
5 % Bank loan4000
Cash at bank6540
Insurance prepaid to 31 January 2018100
Clubhouse rent accrued200
Subscriptions prepaid1500

The amounts received and paid during the year ended 31 December 2018 were as follows.

The amounts received and paid during the year ended 31 December 2018 The amounts received and paid during the year ended 31 December 2018
$
Subscriptions for the year ended 31 December 20182520
Purchase of new Furniture2500
Proceeds of sale of old furniture (book value $2000)1800
General expenses8610
Loan interest paid600
Rent of clubhouse3000
Net receipts from open day850
Bank charges50

All receipts were paid into the bank and all payments were made by cheque.

Question 181 (1 of 2 Based on Passage)

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Short Answer▾

Prepare the receipts and payments account of the Lions Club for the year ended 31 December 2018. (marks 10)

Lions Club

Receipts and Payments Account for the year ended 31 October 2014

Receipts and Payments Account for the year ended 31 October 2014Receipts and Payments Account for the year ended 31 October 2014
DateDetails$DateDetails$

Explanation

Lions Club

Receipts and Payments Account for the year ended 31 October 2014

Receipts and Payments Account for the year ended 31 October 2014Receipts and Payments Account for the year ended 31 October 2014
DateDetails$DateDetails$
2018 Jan 1Balance b/d65402018 Dec 31Furniture2500
2018 Dec 31Subscriptions2520General Expenses8610
Sale of Furniture1800Loan Interest600
Open day receipts850Rent3000
Balance c/d3050Bank Charges50
1476014760
2019 Jan 1Balance b/d3050

Question 182 (2 of 2 Based on Passage)

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Short Answer▾

Write up the subscriptions account for the year ended 31 December 2018. Balance the account and bring down the balance on 1 Jan 2019. (Marks 5)

Lions Club

Subscriptions account

Subscriptions accountSubscriptions account
DateDetails$DateDetails$

Explanation

Lions Club

Subscriptions account

Subscriptions accountSubscriptions account
DateDetails$DateDetails$
2018 Dec 31Income & Expenditure5000 (I)2018 Jan 1Balance b/d1500
Dec 31Bank2520
Dec 31Balance c/d980
50005000
2019 Jan 1Balance b/d980

Workings-

(I) Annual Total Subscription for the year

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