Quelpr

CSEC Principles of Accounts · January 2014 · Paper 2

27 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)14 marksPrepare Isa's Income Statement (Profit and Loss Account) for the year ended 30 April 2013.
  2. 1(b)5 marksCalculate the total value of Isa's Current Assets as at 30 April 2013, showing all working clearly.
  3. 1(c)1 markCalculate the monthly rental amount.
  4. 2(a)6 marksPrepare a statement showing the correct inventory figure for the year ended 31 December 2013, showing clearly the effect of EACH item.
  5. 2(b)13 marksComplete the stock valuation worksheet to calculate the value of ending inventory for Go-Low Ltd using the LIFO method.
  6. 2(c)1 markState whether the value of ending inventory would be higher or lower if Go-Low had used the FIFO method.
  7. 3(a)10 marksPrepare the Profit and Loss Appropriation Account of Jack and Genny for the year ended 31 December 2013.
  8. 3(b)8 marksPrepare the partners' Current Accounts on 31 December 2013.
  9. 3(c)2 marksCalculate Jack's net worth at 31 December 2013.
  10. 4(a)(i)4 marksCalculate the depreciation expense to be charged for EACH of the TWO years ending 31 December 2011 and 31 December 2012.
  11. 4(a)(ii)5 marksDraw up the Provision for Depreciation Account for the TWO years.
  12. 4(a)(iii)4 marksPrepare the Fixed Assets section of the balance sheet for the limousine as at 31 December 2011.
  13. 4(b)1 markState the heading in the balance sheet under which 'Prepaid Rental Revenue' would appear.
  14. 4(c)6 marksSteve Treft owed Mary Jane 6 000 for services received and was declared bankrupt. On 31 December 2012, he paid a dividend of 0.25 on every dollar owed in full settlement. Draw up Steve Treft's account.
  15. 5(a)7 marksClassify EACH cost item as either Manufacturing Account or Income Statement. For EACH item classified as Manufacturing Account, indicate whether it is a Direct or Indirect cost.
  16. 5(b)(i)5 marksCalculate the Cost of Raw Materials Consumed for Blings & Tings Manufacturing for the year ended 30 November 2013.
  17. 5(b)(ii)3 marksCalculate the Prime Cost for Blings & Tings Manufacturing for the year ended 30 November 2013.
  18. 5(b)(iii)5 marksCalculate the Cost of Production for Blings & Tings Manufacturing for the year ended 30 November 2013.
  19. 6(a)6 marksPrepare the Subscription Account for the year ended 31 December 2013.
  20. 6(b)4 marksPrepare the Snack Bar Trading Account for the year ended 31 December 2013.
  21. 6(c)10 marksPrepare the Club's Income and Expenditure Account for the year ended 31 December 2013.
  22. 7(a)(i)3 marksFill in the steps of the accounting cycle in the correct sequence on the flow chart provided.
  23. 7(a)(ii)2 marksState ONE purpose for EACH of the following steps in the accounting cycle: • Trial balance • Source documents
  24. 7(b)8 marksPrepare the journal entries to record the issue of shares.
  25. 7(c)(i)3 marksCalculate the Profit Percentage for Designers Inc., rounding off to the nearest whole number. Show formula working.
  26. 7(c)(ii)3 marksCalculate the Return on Investment for Designers Inc., rounding off to the nearest whole number. Show formula working.
  27. 7(c)(iii)1 markBriefly comment on the profitability of Designers Inc.

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