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CSEC Principles of Accounts · January 2011 · Paper 2

28 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.

Practise this paper
  1. 1(a)3 marksWrite the narratives required to complete the journal entries on May 1, May 8 and May 25.
  2. 1(b)(i)3 marksIdentify THREE journals (day books), other than the General Journal, which JZ Variety Store can use.
  3. 1(b)(ii)3 marksExplain the use of EACH journal (day book) identified in (b)(i).
  4. 1(c)7 marksFrom the information in the General Journal, draw up a Trading and Profit and Loss Account for JZ Variety Store for the month of May 2010.
  5. 1(d)4 marksList the creditors and debtors of JZ Variety Store as at May 31, 2010.
  6. 2(a)11 marksPrepare the Appropriation Account for C. Wynn and T. Bain for the year ended December 31, 2010. (Show all working clearly)
  7. 2(b)7 marksUsing columnar style, prepare the Current Accounts for C. Wynn and T. Bain.
  8. 2(c)2 marksDraw up a statement showing the net worth of EACH partner as at December 31, 2010.
  9. 3(a)(i)9 marksPrepare and balance the personal accounts appearing in the ledgers of Smallmoon Enterprises as at December 31, 2010.
  10. 3(a)(ii)4 marksPrepare and CLOSE the Sales and Purchases Accounts in the General Ledger of Smallmoon Enterprises as at December 31, 2010.
  11. 3(b)7 marksRewrite the Trial Balance for Metal Works Enterprises in good style, including an amount for capital.
  12. 4(a)15 marksPrepare the Sales Ledger Control Account and the Purchases Ledger Control Account for Mr Best, for the year ended December 31, 2010.
  13. 4(b)5 marksWrite up the Suspense Account showing the correction of the errors.
  14. 5(a)14 marksPrepare the Manufacturing Account for E. Sandiford's business for the year ended December 31, 2010 clearly identifying totals for: Cost of raw materials consumed, Prime cost, Factory overheads, and Cost of goods…
  15. 5(b)3 marksPrepare a list of costs incurred by E. Sandiford's office to arrive at total office costs.
  16. 5(c)3 marksE. Sandiford made 480 computer tables for the year ended December 31, 2010. Calculate the unit cost of manufacturing one computer table. (Show all working clearly.)
  17. 6(a)(i)5 marksPrepare the Creditors (Total) Account to calculate the amount of credit purchases for the period.
  18. 6(a)(ii)2 marksCalculate the total purchases figure for Collins' Smart Mart for the period January 1 to March 31, 2010. (Show all working clearly.)
  19. 6(a)(iii)3 marksGiven that J. Collins normally operates at a gross profit margin of 20%, find the cost of sales for the period January 1 to March 31, 2010. (Show working.)
  20. 6(a)(iv)9 marksPrepare the Income Statement (Trading Account) for Collins' Smart Mart for the period ended March 31, 2010. Show clearly the value of the inventory (Closing Stock) lost in the fire on March 31, 2010.
  21. 6(b)1 markState the name given to the relationship between gross profit and cost of sales.
  22. 7(a)(i)1 markUsing a phrase or sentence, state the accounting concept NOT being followed: At the end of the year, Mrs Chin Lee owes $2 000 in wages to an employee. She made no entry for the amount owing.
  23. 7(a)(ii)1 markUsing a phrase or sentence, state the accounting concept NOT being followed: Mr Harris, a long-standing customer, promised to make a purchase of $5 000 early in the next year. This amount was included in sales.
  24. 7(a)(iii)1 markUsing a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee uses the straight line method of depreciation on a yearly basis and provides…
  25. 7(a)(iv)1 markUsing a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee paid insurance on her house amounting to $7 500 and recorded it as a business expense.
  26. 7(a)(v)1 markUsing a phrase or sentence, state the accounting concept NOT being followed: Mrs Chin Lee changes her stock valuation method every year.
  27. 7(b)5 marksMrs Chin Lee recorded net profit of $36 500 for the year ended December 31, 2010. With reference to items (a)(i) to (iv) above, prepare a statement of corrected net profit.
  28. 7(c)10 marksList THREE external users and TWO internal users of accounting information and state ONE need of EACH user.

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