IGCSE Accounting Paper-2: Specimen Questions with Answers 178 - 180 of 189

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: 178 (3 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.

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

$

$

$

Sales

25000

Less: Cost of Goods Sold

Opening Stock

(I) ________

Purchases

15000

Less: (II) ________

250

14750

16000

Less: (III) ________

2000

14000

Gross Profit

11000

Add: Discount (IV) ________

(V) ________

12000

Less: General Expenses

500

Rent paid

1000

Depreciation

(VI) ________

3000

Net Profit

9000

Question number: 179 (1 of 3 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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

Explanation

Question number: 180 (2 of 3 Based on Passage) Show Passage

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One Liner Question▾

Write in Brief

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

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