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Income Statements and Balance Sheets for Sole Traders · CSEC Principles of Accounts

33 past-paper questions on Income Statements and Balance Sheets for Sole Traders, part of Section 5: The Preparation and Analysis of Financial Statements of the Sole Trader, from every CSEC Principles of Accounts paper on Quelpr.

Practise Income Statements and Balance Sheets for Sole Traders
  1. 3(c)8 marks· CSEC Principles of Accounts · January 2009 · Paper 2Prepare L. Marcus' Trading and Profit and Loss Account for the year ended December 31, 2008.
  2. 4(c)1 mark· CSEC Principles of Accounts · January 2009 · Paper 2Calculate the total revenue earned from the sale of the benches, assuming Lipset Enterprise sells all 1 000 benches at $500 EACH.
  3. 4(d)3 marks· CSEC Principles of Accounts · January 2009 · Paper 2Calculate the profit made by Lipset Enterprise for the period, showing all your workings.
  4. 6(c)(i)1 mark· CSEC Principles of Accounts · January 2009 · Paper 2State what a negative working capital indicates about the financial position of a business.
  5. 1(c)7 marks· CSEC Principles of Accounts · January 2011 · Paper 2From the information in the General Journal, draw up a Trading and Profit and Loss Account for JZ Variety Store for the month of May 2010.
  6. 6(a)(ii)2 marks· CSEC Principles of Accounts · January 2011 · Paper 2Calculate the total purchases figure for Collins' Smart Mart for the period January 1 to March 31, 2010. (Show all working clearly.)
  7. 6(a)(iv)9 marks· CSEC Principles of Accounts · January 2011 · Paper 2Prepare the Income Statement (Trading Account) for Collins' Smart Mart for the period ended March 31, 2010. Show clearly the value of the inventory (Closing Stock) lost in the fire on March 31, 2010.
  8. 1(a)4 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the Income Statement of VIP Enterprises for the year ended 30 November 2011.
  9. 1(b)12 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the classified Balance Sheet for VIP Enterprises as at 30 November 2011 in vertical style, identifying clearly the business' working capital.
  10. 2(b)8 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the Income Statement for Partners A and B for the period ended 31 December 2011.
  11. 1(c)5 marks· CSEC Principles of Accounts · January 2013 · Paper 2Given that R. Robin withdrew $65 000 during the first year of operation, calculate his profit for the year using the closing capital. Show your working clearly.
  12. 3(c)7 marks· CSEC Principles of Accounts · January 2013 · Paper 2Prepare James Johnson's Income Statement for the year ended 31 December 2012.
  13. 4(a)10 marks· CSEC Principles of Accounts · January 2013 · Paper 2Using the vertical style of presentation, prepare a classified Balance Sheet for K.A.M. Enterprise as at 31 December 2012.
  14. 5(b)10 marks· CSEC Principles of Accounts · January 2013 · Paper 2Prepare the Income Statement (Trading and Profit and Loss Account) of Roy Co. for the year ended 31 December 2012 showing clearly the cost of sales and total expenses.
  15. 1(a)14 marks· CSEC Principles of Accounts · January 2014 · Paper 2Prepare Isa's Income Statement (Profit and Loss Account) for the year ended 30 April 2013.
  16. 1(b)5 marks· CSEC Principles of Accounts · January 2014 · Paper 2Calculate the total value of Isa's Current Assets as at 30 April 2013, showing all working clearly.
  17. 1(c)1 mark· CSEC Principles of Accounts · January 2014 · Paper 2Calculate the monthly rental amount.
  18. 5(a)11 marks· CSEC Principles of Accounts · January 2016 · Paper 2Prepare an Income Statement (Profit and Loss Account) for the quarter ended 31 March 2015 for DD's Jam Shoppe, beginning with Gross Income.
  19. 5(b)(iii)2 marks· CSEC Principles of Accounts · January 2016 · Paper 2Calculate the Working Capital, showing all workings.
  20. 2(c)7 marks· CSEC Principles of Accounts · January 2017 · Paper 2Using the information from the inventory form, prepare the Trading Account for Mhalal and Jack for the three months ended 31 March 2016.
  21. 3(a)9 marks· CSEC Principles of Accounts · January 2017 · Paper 2Prepare Stress Ease Enterprises' Income Statement for the year ended 31 March 2016.
  22. 3(a)4 marks· CSEC Principles of Accounts · January 2018 · Paper 2Prepare a trading account for the Sweet Serve Company for the period, showing clearly inventories, cost of goods sold and gross profit.
  23. 3(b)(ii)9 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Prepare an Income Statement for Khalel's Gardening Centre for the year ended January 31, 2010.
  24. 6(b)7 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Prepare a Trading Account for the month ending October 31, 2009.
  25. 4(b)10 marks· CSEC Principles of Accounts · May/June 2011 · Paper 2Prepare the Fixed and Current Assets sections of B. C. Yen's Balance Sheet as at December 31, 2010 showing clearly any changes taken into account.
  26. 1(b)8 marks· CSEC Principles of Accounts · May/June 2013 · Paper 2Prepare a classified Balance Sheet for ConEct as at 31 January 2012.
  27. 3(c)10 marks· CSEC Principles of Accounts · May/June 2014 · Paper 2Prepare Jack Rapper's Income Statement for the year ended 31 December 2013.
  28. 5(b)4 marks· CSEC Principles of Accounts · May/June 2014 · Paper 2Prepare the Trading Account for the company to determine its gross income.
  29. 3(a)(i)4 marks· CSEC Principles of Accounts · May/June 2015 · Paper 2Prepare an Income Statement for the year ended 31 December 2014, showing clearly the amount for Cost of goods sold.
  30. 3(a)(ii)2 marks· CSEC Principles of Accounts · May/June 2015 · Paper 2In the Income Statement, show clearly the amount for Insurance expense.
  31. 3(a)(iii)2 marks· CSEC Principles of Accounts · May/June 2015 · Paper 2In the Income Statement, show clearly the amount for Miscellaneous expenses.
  32. 2(a)4 marks· CSEC Principles of Accounts · May/June 2016 · Paper 2Show the changes needed to provide a more accurate value for Tova Joyce's closing inventory using a T-account or written format.
  33. 2(d)8 marks· CSEC Principles of Accounts · May/June 2016 · Paper 2Prepare the classified Statement of Financial Position (Balance Sheet) for Tova Joyce as at 31 December 2015 based on the provided information and adjustments.

Related topics in Section 5: The Preparation and Analysis of Financial Statements of the Sole Trader