CSEC Principles of Accounts · May/June 2016 · Paper 2

31 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)2 marksState TWO other features, apart from the profit/loss sharing ratio, that may be included in a partnership agreement.
2. 1(b)1 markState the rate to be used to share net profit or loss when the partnership agreement is silent.
3. 1(c)9 marksPrepare the Profit Appropriation Account for Metevier and Moreno for the year ended 31 December 2015.
4. 1(d)(i)4 marksPrepare the Statement of Financial Position (Balance Sheet) as at 31 December 2015 for Metevier and Moreno showing clearly the firm's working capital.
5. 1(d)(ii)4 marksShow clearly the details of each partner's earnings in the Capital section of the Statement of Financial Position.
6. 2(a)4 marksShow the changes needed to provide a more accurate value for Tova Joyce's closing inventory using a T-account or written format.
7. 2(b)3 marksCompute the new bank overdraft balance using the bank account format.
8. 2(c)5 marksCalculate Tova Joyce's net profit for the year ended 31 December 2015 after taking into consideration all necessary changes and corrections.
9. 2(d)8 marksPrepare the classified Statement of Financial Position (Balance Sheet) for Tova Joyce as at 31 December 2015 based on the provided information and adjustments.
10. 3(a)(i)9 marksPrepare Grenade's updated Cash Book as at 30 September.
11. 3(a)(ii)4 marksPrepare Grenade's Bank Reconciliation Statement for the month of September.
12. 3(b)2 marksList TWO bank statement items which would be used to adjust the net income if net income was calculated before the bank statement was received.
13. 3(c)2 marksList ONE internal user and ONE external user of accounting information.
14. 3(d)3 marksIdentify the accounting concept or principle violated in each of the three given situations.
15. 4(a)(i)4 marksPrepare the Manufacturing Account for the year ended 31 December 2015, showing clearly the cost of raw materials used.
16. 4(a)(ii)3 marksShow clearly the prime cost in the Manufacturing Account.
17. 4(a)(iii)4 marksShow clearly the total production cost in the Manufacturing Account.
18. 4(b)(i)4 marksPrepare the Income Statement for the year ended 31 December 2015, showing clearly the Gross Income.
19. 4(b)(ii)3 marksShow clearly the Net Income in the Income Statement.
20. 4(c)2 marksCalculate the unit cost of production for the year given that 12 900 sets were manufactured.
21. 5(a)7 marksPrepare the Club's Statement of Affairs as at 01 July 2014.
22. 5(b)(i)3 marksPrepare the subscription account for the year ended 30 June 2015, showing clearly the amounts transferred to the Income & Expenditure Account.
23. 5(b)(ii)4 marksShow clearly the payments received during the year in the subscription account.
24. 5(c)6 marksPrepare the bar's Trading Account for St Andrews Archery Club for the year ended 30 June 2015.
25. 6(a)3 marksList THREE essential features or principles of a cooperative.
26. 6(b)8 marksPrepare the Appropriation Account for the Delcer High School Cooperative for the year ended 31 December 2015.
27. 6(c)9 marksPrepare a Statement of Financial Position (Balance Sheet), using the vertical style, for the Delcer High School Cooperative as at 31 December 2015.
28. 7(a)7 marksCalculate the income after tax for each employee using the provided form.
29. 7(b)8 marksCalculate the net income for each employee incorporating statutory and compulsory deductions using the provided form.
30. 7(c)(i)2 marksDistinguish between statutory and non-statutory deductions.
31. 7(c)(ii)3 marksName THREE basic source documents of the payroll.