CSEC Principles of Accounts · January 2010 · Paper 2

29 questions and parts from this paper. Open one to see it in full, then practise it on Quelpr and get it marked against the mark scheme.

1. 1(a)14 marksPrepare the trial balance for Woodruffe Enterprise, including the balancing figure for capital.
2. 1(b)6 marksPost the entries from the Sales Day Book provided into the appropriate ledgers.
3. 2(a)(i)12 marksWrite up and balance Clouden's three-column cash book.
4. 2(a)(ii)1 markIndicate what the closing balance on the Bank Account signifies.
5. 2(b)(i)6 marksRecord the invoices received by Mr. Clouden in the appropriate Day Book showing correct net amounts owed.
6. 2(b)(ii)1 markIf Mr. Clouden pays L. J. Enterprises within the month, what would be the amount of his cash discount?
7. 3(a)(i)5 marksDraw up the Suspense Account and correct the errors that caused the difference in Beck Hammond's Trial Balance.
8. 3(a)(ii)5 marksDraft the journal entries necessary to correct the errors which do not affect the Suspense Account.
9. 3(a)(iii)3 marksDraw up a statement to show the revised net profit.
10. 3(b)(i)6 marksPrepare the Debtors Control Account for March 2009.
11. 3(b)(ii)1 markState ONE reason why Lara Bryan prepares a Control Account for debtors.
12. 4(a)8 marksPrepare the Provision for Bad Debts Account for the three years.
13. 4(b)(i)5 marksPrepare the Rent Expense Account, clearly showing the amount to be transferred to the Income Statement.
14. 4(b)(ii)5 marksPrepare the Commission Revenue Account, clearly showing the amount to be transferred to the Income Statement.
15. 4(c)2 marksShow the Classified Balance Sheet Extract at December 31, 2009 for the Prepaid Rent and Accrued Commission Revenue.
16. 5(a)5 marksPrepare a statement showing the Accumulated Fund at September 1, 2008.
17. 5(b)4 marksPrepare the Subscriptions Account.
18. 5(c)4 marksPrepare a statement showing the profit or loss made on refreshments.
19. 5(d)7 marksPrepare an Income and Expenditure Account for the year ended August 31, 2009.
20. 6(a)(i)2 marksDefine the term 'Statutory deductions' and give ONE example.
21. 6(a)(ii)2 marksDefine the term 'Voluntary deductions' and give ONE example.
22. 6(b)11 marksOn the answer sheet provided, complete the hours breakdown and calculate Nalini's gross pay for the week.
23. 6(c)5 marksCalculate Kevin's monthly net pay, showing all workings.
24. 7(a)(i)2 marksIdentify TWO essential features of co-operatives.
25. 7(a)(ii)2 marksState TWO similarities between co-operatives and corporations (Limited Liability Companies).
26. 7(b)4 marksPrepare the journal entry to show the 'start up' of the co-operative.
27. 7(c)(i)6 marksPrepare the Credit Union's Appropriation of Profits Account for the year ended June 30, 2009.
28. 7(c)(ii)3 marksCalculate the dividend that was paid on EACH share, showing your workings.
29. 7(c)(iii)3 marksCalculate the Return on Capital Employed, showing your workings.