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15. The foundation of Aksum's wealth was based on O A. trade. OB. conquest. O C. tribute. D. free markets.

Question

  1. The foundation of Aksum's wealth was based on O A. trade. OB. conquest. O C. tribute. D. free markets.
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Solution

The foundation of Aksum's wealth was based on A. trade. Aksum was a major trade center with routes to the Mediterranean, Red Sea, and Indian Ocean, which allowed it to grow wealthy from the exchange of goods.

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Akilan business purchased goods for Rs. 44 000 on credit basis from Aathi business including 10% VAT.Out of these goods, goods at value Rs. 22 000 including 10% VAT were returned to Aathi business. 50%of remaining goods were sold for Rs. 33 000 to Athira business, including VAT 10%. Rs. 31 000 wasreceived in cash from Athira business from the receivables and the remaining receivable amount waswritten off as bad debt.For Examiner’s Use onlyFor paper IQ.Nos. Marks01 – 1516 - 25Totalnjhz;ilkhdhW ntspf;fs epiyak; elhj;Jk;,uz;lhk; jtizg; guPl;ir - 2022Conducted by Field Work Centre, Thondaimanaru2st Term Examination - 2022FWCTime: 3 Hours & 10 MinutesAccounting - IGrade :- 12 (2023)Index Number: .....................................Grade - 12 (2023) – 2023 FWC - 2 - Accounting- I04. Select the answer which contains the correct order of source documents used to be recorded the abovetransactions in the accounting books of Akilan business.(1) purchase invoice, credit note, sales invoice, receipt, journal voucher(2) purchase invoice, debit note, sales invoice, voucher, journal voucher(3) purchase invoice, credit note, receipt, journal voucher, sales invoice(4) sales invoice, debit note, purchase invoice, receipt, journal voucher(5) purchase invoice, debit note, sales invoice, receipt, journal voucher05. What is balance of VAT account after the above transactions?(1) Rs. 800 credit (2) Rs. 800 debit (3) Rs. 1 000 credit(4) Rs. 1 000 debit (5) Rs. 900 debit06. What is increase or decrease in net assets due to the above transactions?(1) Rs. 11 000 (2) Rs. 9 000 (3) Rs. 10 100(4) Rs. 5 000 (5) Rs. 12 100

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