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Cambridge IGCSE Accounting practice

Paper 2 structured question: Other payables and other receivables

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2

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3

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Topic

Other payables and other receivables

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Paper 2Structured Written Paper3 marks

A business has received $500 in advance for services to be provided next month.

Description

Prepaid Income

The business must record this transaction appropriately in its accounts.

  1. a

    Explain how this transaction affects the financial statements.

    Aim for approximately 3 distinct marking points.

    [3]

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Paper 2 structured question: Other payables and other receivables

Paper 2Structured Written Paper2 marks

Description

Accrued Expenses

The company needs to record these expenses in its financial statements for the current period.

  1. a

    Calculate the journal entry required to record the accrued expenses.

    Aim for approximately 2 distinct marking points.

    [2]