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Practice Question

Practice questions for IDBS

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14 views

Practice Question

Practice questions for IDBS

Uploaded by

framework4092
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Question 1

a) Complete the columns to show the effects of the following transactions:

State the effect upon; Assets, Liabilities and Capital

Effect upon Assets Liabilities Capital


(i) We pay a creditor $70 in cash.
(ii) Bought fixtures $200 paying by cheque.
(iii) Bought goods on credit $275.
(iv) The proprietor introduces another $500 cash into the firm.
(v) J Walker lends the firm $200 in cash.

(5 marks)

Question 2

Complete the gaps (with question marks) in the following table:

Assets Liabilities Capital


$ $ $
a) 20 000 3 400 ?
b) 55 000 16 900 ?
c) ? 17 200 34 400
d) 36 100 ? 28 500
e) 119 500 15 400 ?
f) 88 000 ? 62 000
g) ? 49 000 110 000
h) 23 000 8 800 ?
i) ? 18 500 51 900
j) 8100 ? 6 500 (10 marks)

Question 3

a) Process Journal entries for the transactions below

b) Write up the following transactions in the T-accounts (double entry) of Pedzisai and balance them
off:

Feb 1 Started in business with $ 22 000 in the bank and $ 3 200 cash.

2 Bought goods on credit: Felistas $ 1 660; Lesley $ 1 220; Pamela $ 1 180.

3 Bought goods for cash $ 740.

1|Page Theory Ass 1, 2024


4 Paid rent in cash $ 150.

5 Bought stationery paying by cheque $ 124.

6 Sold goods on credit: Mebo $ 740; Elian $ 580; Susan $ 820.

7 Paid wages in cash $ 320.

10 We returned goods to Lesley $ 390.

11 Paid rents in cash $ 150.

13 Elian returns goods to us $ 70.

15 Sold goods on credit to: Blessing $ 410; Liliosa $ 560; Bigboy $ 852.

16 Paid business rates by cheque $ 1 940.

18 Paid insurances in cash $ 560.

19 Paid rents by cheque $ 150.

20 Bought vans on credit from Edina $ 12 200.

21 Paid motor expenses in cash $ 48.

23 Paid wages in cash $ 340.

24 Received part of amount owing from Susan by cheque $ 500.

28 Received refund of business rates $ 50 by cheque.

28 Paid by cheque: Felistas $ 1 660; Lesley $ 830; Edina $ 12 200.

29 Received commission by cheque $ 600

(25 marks)

2|Page Theory Ass 1, 2024

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