CSEC Principles of Accounts · May/June 2014 · 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)1 markState the amount of capital contributed by Thirst.
2. 1(b)12 marksPrepare the Appropriation Account of the partnership for the six months ended 30 June 2013.
3. 1(c)7 marksPrepare columnar Current Accounts of the partners for the six months ended 30 June 2013.
4. 2(a)1 markState ONE reason why Control Accounts would be useful to JT Enterprises.
5. 2(b)(i)8 marksPrepare the Purchases Ledger (Accounts Payable) Control Account for JT Enterprises.
6. 2(b)(ii)11 marksPrepare the Sales Ledger (Accounts Receivable) Control Account for JT Enterprises.
7. 3(a)6 marksPrepare Jack Rapper's Statement of Affairs as at 01 January 2013.
8. 3(b)4 marksUsing an account, determine the sales for the year.
9. 3(c)10 marksPrepare Jack Rapper's Income Statement for the year ended 31 December 2013.
10. 4(a)(i)2 marksDefine fixed asset and provide ONE example.
11. 4(a)(ii)2 marksDefine useful life and provide ONE example.
12. 4(a)(iii)2 marksDefine net book value and provide ONE example.
13. 4(b)(i)3 marksCalculate the depreciation charge on the delivery van for the year ended 30 April 2014 using the straight line method, showing working clearly.
14. 4(b)(ii)4 marksDraw up a balance sheet extract for the van showing cost, accumulated depreciation and net book value as at 30 April 2014.
15. 4(b)(iii)3 marksCalculate the depreciation charge on the industrial stove for the year ended 30 April 2014 using the reducing balance method, showing working clearly.
16. 4(b)(iv)4 marksDraw up the Provision for Depreciation Account for the industrial stove starting with the accumulated depreciation balance brought forward as at 01 May 2013.
17. 5(a)16 marksPrepare a Manufacturing Account for JB Manufacturing Company for the year ended 31 December 2013, showing clearly: Prime cost, Total factory overheads, and Cost of production.
18. 5(b)4 marksPrepare the Trading Account for the company to determine its gross income.
19. 6(a)7 marksPrepare the journal entries, including narrations, to record the formation transactions.
20. 6(b)(i)4 marksCalculate the cost of drinks sold for the BBQ fundraising activity.
21. 6(b)(ii)6 marksPrepare the Income Statement for the BBQ fundraising activity to show the profit made from this event.
22. 6(b)(iii)3 marksCalculate the amount of income for the month of March 2014, showing working clearly.
23. 7(a)2 marksList TWO basic source documents used in preparing payrolls.
24. 7(b)2 marksDistinguish between 'voluntary deductions' and 'statutory deductions'.
25. 7(c)16 marksComplete the Pets Plus Payroll Sheet for the week ended 26 April 2014 using the provided rates: overtime at 1.5 × normal rate, social security 5% (tax deductible), pension fund 1% (tax deductible), income tax 10%.