CSEC Principles of Accounts · January 2016 · Paper 2

25 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)12 marksUsing the order of permanence, prepare a classified Statement of Financial Position (Balance Sheet) for J. Lampjack as at 31 December 2015.
2. 1(b)8 marksComplete the table to show the effect of each transaction on the opening balances of Assets, Liabilities, and Capital for St Jude's business using plus (+) and minus (-) signs appropriately, and compute the closing…
3. 2(a)8 marksPrepare the Profit and Loss Appropriation Account for the partnership for the year ended 31 December 2015.
4. 2(b)10 marksPrepare the partners' Current Accounts in columnar style.
5. 2(c)2 marksExplain the significance of the balance on each partner's Current Account.
6. 3(a)(i)1 markState what type of discount was given on May 2.
7. 3(a)(ii)14 marksRecord the given transactions in the Cash Book and balance the Cash Book at month end.
8. 3(a)(iii)2 marksPrepare and close the Discount Allowed Account using the given ledger format.
9. 3(a)(iv)1 markExplain the significance of the balance remaining in Mr Martinez's bank account at month end.
10. 3(b)2 marksList and calculate the total value of Revenue Expenditure in the month of May for Mr Martinez.
11. 4(a)(i)7 marksStarting with the balance on 1 January 2013, prepare the Provision for Bad and Doubtful Debts Account for the two years ended 31 December 2014, showing dates and balancing the account at the end of each year.
12. 4(a)(ii)3 marksPrepare a Balance Sheet extract for Gargar Mell Company for 2014 showing the effect of the provision on Accounts Receivable.
13. 4(b)6 marksPrepare the Rent Expenses Account for the year ended 31 December 2015.
14. 4(c)(i)1 markState under which heading in the Balance Sheet of the previous year the $2 500 would have been recorded.
15. 4(c)(ii)3 marksPrepare the Commission Revenue account for the year ending 31 December 2015.
16. 5(a)11 marksPrepare an Income Statement (Profit and Loss Account) for the quarter ended 31 March 2015 for DD's Jam Shoppe, beginning with Gross Income.
17. 5(b)(i)4 marksDraw up the list of Current Assets, using the order of permanence.
18. 5(b)(ii)3 marksDraw up the list of Current Liabilities.
19. 5(b)(iii)2 marksCalculate the Working Capital, showing all workings.
20. 6(a)9 marksPrepare the journal entry to record the issue of the shares and another journal entry to record the issue of debentures.
21. 6(b)7 marksPrepare the Appropriation Account for Intergalactic Voyages Company Ltd for the year ended 31 March 2015.
22. 6(c)2 marksExplain how the issue of debentures affected the Net Operating Profit and by how much, showing workings clearly.
23. 6(d)2 marksList any four steps in the accounting cycle.
24. 7(a)10 marksPrepare a corrected Trial Balance for 'The Blue Co-operative' for the year ending 31 December 2015.
25. 7(b)10 marksStarting with the opening bank balance, post the given transactions to the appropriate accounts in the relevant ledgers.