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CSEC Principles of Accounts · May/June 2013 · 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)12 marksPrepare an Income Statement for ConEct for the year ended 31 January 2012.
  2. 1(b)8 marksPrepare a classified Balance Sheet for ConEct as at 31 January 2012.
  3. 2(a)6 marksCopy and complete the table to show the Book of Original Entry for EACH given source of information for Debtors' Ledger Control Accounts.
  4. 2(b)9 marksPrepare the Purchases Ledger Control Account for L. Somerset for the month of October 2012.
  5. 2(c)5 marksUse the general journal to correct the TWO errors. Narrative for EACH journal entry is required.
  6. 3(a)(i)2 marksUsing the formula for current ratio, calculate the current assets as at 30 June 2011.
  7. 3(a)(ii)2 marksUsing the formula for current ratio, calculate the current liabilities as at 30 June 2012.
  8. 3(b)(i)2 marksUsing the appropriate formula, calculate average stock for Reisse Holdings.
  9. 3(b)(ii)2 marksUsing the appropriate formula, calculate stock turn for Reisse Holdings.
  10. 3(b)(iii)2 marksUsing the appropriate formula, calculate gross profit percentage for Reisse Holdings.
  11. 3(c)6 marksPrepare a summarized balance sheet for Reisse Holdings as at 30 June 2012, showing all necessary details in the capital section.
  12. 3(d)2 marksCalculate the return on capital employed for Reisse Holdings for the year ended 30 June 2012.
  13. 3(e)2 marksUsing any of the ratios calculated above, comment on the performance of Reisse Holdings for the year ended 30 June 2012.
  14. 4(a)8 marksAfter calculating missing figures, prepare an account or statement for Fashion Forward to show the cost of raw materials consumed.
  15. 4(b)4 marksAfter calculating missing figures, prepare a cost of direct labour statement for Fashion Forward for the year ended 31 December 2012.
  16. 4(c)8 marksStarting with cost of raw materials consumed and direct labour cost calculated in (a) and (b), prepare the Manufacturing Account for the year ended 31 December 2012. Show all working clearly.
  17. 5(a)(i)3 marksCalculate the gross pay for Mark.
  18. 5(a)(ii)7 marksCalculate the gross pay for John.
  19. 5(b)8 marksUsing your answers from (a) above and the additional information provided, complete the payroll form provided as an insert.
  20. 5(c)2 marksState ONE difference between 'statutory deductions' and 'voluntary deductions'.
  21. 6(a)(i)2 marksList the items which are considered fixed assets of Sautec Credit Union.
  22. 6(a)(ii)2 marksList the items which are considered current liabilities of Sautec Credit Union.
  23. 6(a)(iii)3 marksDraft the Balance Sheet extract to show the Capital section of the Balance Sheet for Sautec Credit Union as at 1 January 2013.
  24. 6(b)(i)7 marksPrepare the journal entries to record the sale of shares and the receipt of registration fees.
  25. 6(b)(ii)6 marksPrepare the Bank Account of Sautec Credit Union to record the receipts and payments on 2 January 2013, including the opening bank balance as at 1 January 2013.
  26. 7(a)2 marksFrom the given transactions, identify ONE item of revenue expenditure and ONE item of capital expenditure for Bacolet Gray.
  27. 7(b)(i)3 marksOpen the T-accounts in the appropriate ledgers for: a) S. Francis, b) V. Taylor, c) Bank.
  28. 7(b)(ii)15 marksIn EACH account opened, record the transactions which affect that account. Balance the accounts at the end of the month.

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