CSEC Principles of Accounts · January 2018 · Paper 2

18 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)10 marksPrepare a Classified Statement of Financial Position (Balance Sheet) for the year ended 31 December 2017, using the order of liquidity.
2. 1(b)4 marksIn the table provided, state the effect of each of the following transactions on the balance sheet equation (Assets, Liabilities, Capital): (i) The owner deposited an additional…
3. 1(c)6 marksUsing the provided ledger form, prepare the cash account and balance the account at the end of the month.
4. 2(a)(i)5 marksComplete the table showing Hours Worked (Monday–Friday), Total Pay (Monday–Friday), Hours Worked (Saturday and Sunday), Total Pay (Saturday and Sunday), and Gross Pay for U. Marsh, I. Stop, D. Park, and H. Drive.
5. 2(a)(ii)6 marksPrepare the payroll for the four employees, calculating Gross Pay, NI Deductions (5%), Pension Deduction (3%), Taxable Income, Income Tax (25%), and Net Pay.
6. 2(b)(i)1 markState ONE example of a statutory deduction.
7. 2(b)(ii)2 marksDefine the term bonus.
8. 2(c)6 marksDraw up the Appropriation Account for the partnership of Parris and London for the year ended 31 December 2017.
9. 3(a)4 marksPrepare a trading account for the Sweet Serve Company for the period, showing clearly inventories, cost of goods sold and gross profit.
10. 3(b)(i)5 marksUsing the T-account format, prepare the Rent Revenue account for Sweet Serve for the year ending December 31 2017.
11. 3(b)(ii)5 marksUsing the T-account format, prepare the Insurance Expense account for Sweet Serve for the year ending December 31 2017.
12. 3(c)6 marksPrepare the company's Provision for Bad Debts Account for the three years, 2015–2017.
13. 4(a)5 marksPrepare journal entries to record the issue of the shares and debentures on 1 January 2017. (Narratives are not required.)
14. 4(b)9 marksPrepare a statement to show the appropriation of profits for the six months ending 30 June 2017.
15. 4(c)6 marksPrepare the capital reserve section of Green Land's Statement of Financial Position (Balance Sheet) as at 30 June 2017.
16. 5(a)5 marksPrepare a Statement of Affairs for the club as at 1 January 2017.
17. 5(b)6 marksUsing the T-account format, prepare the Subscriptions Account for the year ended 31 December 2017.
18. 5(c)9 marksPrepare a statement showing the profit or loss made on the competition taking account of the following: (i) The cost of prizes totalled $400. (ii) The secretary spent 5% of her time organizing the competition.