CSEC Principles of Accounts · May/June 2017 · Paper 2

18 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)(i)2 marksList any two journals that would provide some of the given information.
2. 1(a)(ii)7 marksPrepare the Accounts Payable Control Account for Rahali Security for the month ended May 2017, clearly labelling the balancing figure.
3. 1(a)(iii)4 marksPrepare the Accounts Receivables Control Account for Rahali Security for the month ended May 2017, clearly labelling the balancing figure.
4. 1(b)7 marksPrepare the General Journal entries showing how these events affect the Income Statement at the end of the accounting year. (Narratives are not required.)
5. 2(a)(i)5 marksUsing the provided ledger accounts, identify one example of each of the following types of accounts: Nominal Account, Personal Account, Current Liability, Non-current Asset, and Long-term Liability.
6. 2(a)(ii)5 marksWrite a narrative explaining the transactions occurring on each of the specified dates: 01 May, 03 May, 06 May, and 07 May.
7. 2(b)(i)1 markState what kind of entry is represented by the transaction on 03 July 2016.
8. 2(b)(ii)9 marksPrepare the two-column Cash Book of Phoenix Processors for the month of July 2016, incorporating the transactions of the first week and the remainder of the month.
9. 3(a)3 marksCalculate the selling price for each fruit punch.
10. 3(b)4 marksCalculate the gross profit earned on each fruit punch.
11. 3(c)10 marksDraw up the Income Statement for Kwame for the year ended 30 June 2016.
12. 3(d)3 marksCalculate the percentage of each sales dollar paid out in labour costs.
13. 4(a)12 marksPrepare a classified Statement of Financial Position (Balance Sheet) in vertical style for House and Home Partners as at 31 December 2016.
14. 4(b)8 marksPrepare the partners' Current Accounts showing the changes in their balances over the year ended 31 December 2016.
15. 5(a)(i)4 marksPrepare the Income and Expenditure Account for StoreCraft Cooperative for the year ended 31 March 2016.
16. 5(a)(ii)5 marksPrepare StoreCraft Cooperative's Income Appropriation Account for the year ended 31 March 2016.
17. 5(b)(i)2 marksState the proper names of any two payment methods used by StoreCraft Cooperative.
18. 5(b)(ii)9 marksComplete the payroll register form on page 25 for March 2016, rounding off amounts to the nearest whole dollar and showing workings.