IGCSE Accounting Paper-2: Specimen Questions with Answers 181 - 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

$

$

$

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: 181 (3 of 3 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

Fill in each of the blanks numbered from (I) to (VI) the missing words or figures.

Explanation

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

1250

Purchases

15000

Less: Purchases Returns

250

14750

16000

Less: Closing Stock

2000

14000

Gross Profit

11000

Add: Discount Received

1000

12000

Less: General Expenses

500

Rent paid

1000

Depreciation

1500

3000

Net Profit

9000

(I)

(II) Purchases Returns is subtracted from Purchases to get Net purchases. Purchases Returns included goods already purchased returned to the supplier.

(III) Closing Stock do not form part of cost of goods sold so they are deducted while calculating cost of goods sold.

(IV) Indirect Incomes are added to Gross Profit to get the Net Profit. Discount Received is an indirect income.

(V)

(VI)

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 fund

8720

Furniture at book value

4500

5 % Bank loan

4000

Cash at bank

6540

Insurance prepaid to 31 January 2018

100

Clubhouse rent accrued

200

Subscriptions prepaid

1500

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 2018

2520

Purchase of new Furniture

2500

Proceeds of sale of old furniture (book value $2000)

1800

General expenses

8610

Loan interest paid

600

Rent of clubhouse

3000

Net receipts from open day

850

Bank charges

50

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

Question number: 182 (1 of 2 Based on Passage) Show Passage

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Short Answer Question▾

Write in Short

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

Date

Details

$

Date

Details

$

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

Date

Details

$

Date

Details

$

2018

Jan 1

Balance b/d

6540

2018

Dec 31

Furniture

2500

2018

Dec 31

Subscriptions

2520

General Expenses

8610

Sale of Furniture

1800

Loan Interest

600

Open day receipts

850

Rent

3000

Balance c/d

3050

Bank Charges

50

14760

14760

2019

Jan 1

Balance b/d

3050

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