CSEC Principles of Accounts · May/June 2015 · Paper 2

30 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)16 marksFrom 01 April 2014, analyse and record EACH of the transactions in appropriate accounts in the General Ledger provided on pages 3-6. (Round off all figures to the nearest whole number.)
2. 1(b)4 marksExtract a Trial Balance for Len Hanson at 30 April 2014.
3. 2(a)2 marksState TWO distinguishing features of a partnership.
4. 2(b)2 marksState the significance of the brought down balance on EACH partner's current account.
5. 2(c)9 marksPrepare the Profit and Loss Appropriation Account of Barney and Swiper for the year ended 31 March 2015.
6. 2(d)7 marksPrepare the partners' Current Accounts on 31 March 2015, after the appropriation.
7. 3(a)(i)4 marksPrepare an Income Statement for the year ended 31 December 2014, showing clearly the amount for Cost of goods sold.
8. 3(a)(ii)2 marksIn the Income Statement, show clearly the amount for Insurance expense.
9. 3(a)(iii)2 marksIn the Income Statement, show clearly the amount for Miscellaneous expenses.
10. 3(b)(i)2 marksPrepare a list showing Total non-current (fixed) assets as at 31 December 2014, showing clearly how you arrived at the dollar amount.
11. 3(b)(ii)2 marksPrepare a list showing Total current assets as at 31 December 2014, showing clearly how you arrived at the dollar amount.
12. 3(b)(iii)2 marksPrepare a list showing Total current liabilities as at 31 December 2014, showing clearly how you arrived at the dollar amount.
13. 3(c)4 marksName and use an appropriate ratio to decide whether Seris Lann should or should not be given the bank loan. (Show your calculation and give your reason.)
14. 3(d)2 marksState ONE advantage and ONE disadvantage of using a computer system to maintain accounts.
15. 4(a)6 marksPrepare the updated Cash Book to show the adjusted balance.
16. 4(b)5 marksStarting with the updated cash book balance, draw up a Bank Reconciliation Statement for Orvie Elwin for the month of October 2014.
17. 4(c)(i)5 marksRecord the transactions in the correctly labelled day books provided. (Include folio references.)
18. 4(c)(ii)4 marksTotal EACH day book at the end of the period. (Narratives required.)
19. 5(a)(i)6 marksUsing the information provided, prepare the Accounts Receivable Control Account for the year ended 31 August 2014.
20. 5(a)(ii)5 marksUsing the information provided, prepare the Accounts Payable Control Account for the year ended 31 August 2014.
21. 5(b)(i)5 marksPrepare a manufacturing account for Sedeno Knitted Goods for the year ended 30 November 2014 showing clearly the total cost of production.
22. 5(b)(ii)4 marksPrepare a trading account for Sedeno Knitted Goods for the year ended 30 November 2014.
23. 6(a)(i)5 marksComplete the worksheet to calculate Subscriptions outstanding at 01 January 2014 and at 31 December 2014, and Subscriptions in advance at 01 January 2014 and at 31 December 2014.
24. 6(a)(ii)8 marksPrepare and complete the Subscriptions Account for the PPP party for the year ended 31 December 2014.
25. 6(b)4 marksOn the form provided, classify EACH expenditure item as capital or revenue, and insert a check mark to indicate whether it is reported in the Income & Expenditure Account or in the Balance Sheet.
26. 6(c)3 marksPrepare the Receipts and Payments Account of the PPP party for the period ended 31 December 2014, using relevant information from (a)(ii) and (b).
27. 7(a)11 marksPrepare the co-operative Appropriation Account for the year ended 31 December 2014. (Show working clearly).
28. 7(b)(i)4 marksPrepare the Co-operative Balance Sheet Extract for the capital section only, for the year ended 31 December 2014.
29. 7(b)(ii)a)3 marksIdentify and total Non-current (fixed) assets for Flat Lands Cane Farmers' Co-operative.
30. 7(b)(ii)b)2 marksIdentify and total Current assets for Flat Lands Cane Farmers' Co-operative.