CSEC Principles of Accounts · May/June 2011 · 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.

1. 120 marksPrepare a classified Statement of Financial Position (Balance Sheet) for Mikail Jack, as at March 31, 2011, using the order of permanence in classifying assets.
2. 2(a)3 marksPrepare the journal entry to record the admission of Telford into the partnership.
3. 2(b)7 marksPrepare an extract of the Partnership Appropriation Account up to the share of remaining profit for the year ended December 31, 2010.
4. 2(c)3 marksComplete the worksheet provided to arrive at the share of remaining income or profit earned by EACH partner.
5. 2(d)7 marksPrepare the Current Accounts of the partners as at December 31, 2010.
6. 3(a)9 marksDraw up the three-column Cash Book for Chris Luder and Sons for the month of April 2011.
7. 3(b)8 marksUsing the worksheet provided, draw up the Petty Cash Book for Chris Luder and Sons for the month of April 2011.
8. 3(c)3 marksPost the TOTALS of the office supplies and cleaning expenses columns in the appropriate ledger.
9. 4(a)10 marksComplete the worksheet provided for the required adjustments numbered 2 to 7 by: (i) entering EACH item from B. C. Yen's Trial Balance which requires adjustment, and (ii) showing how EACH item is to be adjusted and the…
10. 4(b)10 marksPrepare the Fixed and Current Assets sections of B. C. Yen's Balance Sheet as at December 31, 2010 showing clearly any changes taken into account.
11. 5(a)10 marksPrepare the Manufacturing Account for Martha's Cakes & Confectionery, showing clearly: (i) Prime cost, (ii) Factory overheads, (iii) Total cost of production.
12. 5(b)8 marksPrepare the Income Statement for Martha's Cakes & Confectionery for the year ended December 31, 2010, classifying costs appropriately.
13. 5(c)2 marksMartha reports an average unit cost of $10 per baked item. Compute the number of baked items produced for the year ended December 31, 2010, showing all working clearly.
14. 6(a)6 marksPrepare the journal entries to record the monies collected for: Registration fees, and Share purchase.
15. 6(b)8 marksPrepare the Appropriation Account for the Goodlands Housewives Cooperative for the year ended April 30, 2011.
16. 6(c)(i)2 marksCalculate the amount of the patronage refund due to Mrs Cunningham, showing all working clearly.
17. 6(c)(ii)3 marksCalculate the TOTAL amount that should be paid to her, by the cooperative, out of this year's surplus, showing all working clearly.
18. 6(d)1 markState ONE benefit, to the housewives, of joining the Goodlands Housewives Cooperative Society.
19. 7(a)(i)3 marksCalculate the amount of units held as unsold stock at year end.
20. 7(a)(ii)2 marksCalculate the value of closing stock using the: a) FIFO method, b) LIFO method.
21. 7(a)(iii)5 marksCalculate the Gross Profit for Cartel Vee using the LIFO value for closing stock.
22. 7(a)(iv)1 markState the MAIN reason why it is necessary to know the stock valuation method being used by a firm.
23. 7(a)(v)4 marksCalculate the cost price that would be used for the AVCO method in valuing closing stock.
24. 7(a)(vi)1 markWhat ratio can be calculated to measure how quickly Cartel Vee sells his stock?
25. 7(b)(i)1 markWhich of the ratios above measures control of costs?
26. 7(b)(ii)1 markWhich of the ratios above measures a firm's ability to meet its short-term debts?
27. 7(b)(iii)2 marksPrepare a short report, using both ratios, comparing Cartel Vee's performance with that of his competitor.