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Limited Liability Companies · CSEC Principles of Accounts

44 past-paper questions on Limited Liability Companies, part of Section 9: Accounting for Limited Liability Companies, Co-operatives and Non-Profit Organisations, from every CSEC Principles of Accounts paper on Quelpr.

Practise Limited Liability Companies
  1. 4(b)6 marks· CSEC Principles of Accounts · 2022 · Paper 2Prepare general journal entries to record the three transactions for Payne Ltd (narratives not required).
  2. 4(c)6 marks· CSEC Principles of Accounts · 2022 · Paper 2Prepare an extract showing the shareholders' equity section of Payne Ltd's statement of financial position as at 30 April 2022.
  3. 4(d)3 marks· CSEC Principles of Accounts · 2022 · Paper 2Calculate the amount paid out in dividends for the year ended 30 April 2022 for ordinary shares and preference shares.
  4. 4(e)(i)1 mark· CSEC Principles of Accounts · 2022 · Paper 2Calculate the additional number of 8% preference shares that the company can issue.
  5. 4(e)(ii)1 mark· CSEC Principles of Accounts · 2022 · Paper 2Calculate the total value of these additional preference shares.
  6. 6(a)5 marks· CSEC Principles of Accounts · January 2009 · Paper 2Prepare the Profit and Loss Appropriation Account for Serve-Me-Well Ltd. for the year ended November 30, 2008.
  7. 6(b)13 marks· CSEC Principles of Accounts · January 2009 · Paper 2Prepare a Classified Balance Sheet in vertical style for Serve-Me-Well Ltd. as at November 30, 2008.
  8. 6(c)(ii)1 mark· CSEC Principles of Accounts · January 2009 · Paper 2Identify ONE method, other than issuing shares, which Serve-Me-Well could have used to finance the business.
  9. 6(a)8 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the Income Statement for Flavour Fruit Ltd. for the year ending 31 December 2010.
  10. 6(b)7 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the Appropriation Account for Flavour Fruit Ltd. for the year ending 31 December 2010.
  11. 6(c)5 marks· CSEC Principles of Accounts · January 2012 · Paper 2Prepare the Capital & Reserve Section of the Flavour Fruit Ltd. Balance Sheet as at 31 December 2010.
  12. 7(a)(i)5 marks· CSEC Principles of Accounts · January 2013 · Paper 2Prepare the journal entry to record the issue of the shares.
  13. 7(a)(ii)1 mark· CSEC Principles of Accounts · January 2013 · Paper 2State ONE difference between ordinary shares and preference shares.
  14. 7(b)6 marks· CSEC Principles of Accounts · January 2013 · Paper 2Prepare a statement of MMC Company Ltd's Profit and Loss Appropriation Account for the year ended 31 December 2012.
  15. 7(c)(i)a)2 marks· CSEC Principles of Accounts · January 2013 · Paper 2Calculate the Return on the capital invested at 1 January 2012 for MMC Company Ltd.
  16. 7(c)(i)b)4 marks· CSEC Principles of Accounts · January 2013 · Paper 2Calculate the Dividend rate (percentage) for ordinary shareholders for MMC Company Ltd.
  17. 7(c)(ii)2 marks· CSEC Principles of Accounts · January 2013 · Paper 2Compare your calculated return on capital invested and ordinary dividend rate to the industry averages (30.82% and 10.5%), and write a statement on MMC's performance for EACH ratio.
  18. 7(b)8 marks· CSEC Principles of Accounts · January 2014 · Paper 2Prepare the journal entries to record the issue of shares.
  19. 7(c)(i)3 marks· CSEC Principles of Accounts · January 2014 · Paper 2Calculate the Profit Percentage for Designers Inc., rounding off to the nearest whole number. Show formula working.
  20. 7(c)(ii)3 marks· CSEC Principles of Accounts · January 2014 · Paper 2Calculate the Return on Investment for Designers Inc., rounding off to the nearest whole number. Show formula working.
  21. 7(c)(iii)1 mark· CSEC Principles of Accounts · January 2014 · Paper 2Briefly comment on the profitability of Designers Inc.
  22. 6(a)9 marks· CSEC Principles of Accounts · January 2016 · Paper 2Prepare the journal entry to record the issue of the shares and another journal entry to record the issue of debentures.
  23. 6(b)7 marks· CSEC Principles of Accounts · January 2016 · Paper 2Prepare the Appropriation Account for Intergalactic Voyages Company Ltd for the year ended 31 March 2015.
  24. 6(c)2 marks· CSEC Principles of Accounts · January 2016 · Paper 2Explain how the issue of debentures affected the Net Operating Profit and by how much, showing workings clearly.
  25. 7(a)(i)2 marks· CSEC Principles of Accounts · January 2017 · Paper 2List TWO advantages of creating a limited liability company rather than a partnership.
  26. 7(a)(ii)2 marks· CSEC Principles of Accounts · January 2017 · Paper 2List TWO disadvantages of creating a limited liability company rather than a partnership.
  27. 7(b)(i)5 marks· CSEC Principles of Accounts · January 2017 · Paper 2Prepare F and W's Bank Account to show the balance of receipts and payments as at 1 January 2016.
  28. 7(b)(ii)9 marks· CSEC Principles of Accounts · January 2017 · Paper 2Prepare the detailed Appropriation Account for F and W Company Limited for the year ended 31 December 2016, showing all working clearly.
  29. 7(b)(iii)2 marks· CSEC Principles of Accounts · January 2017 · Paper 2List FOUR items which will appear in the Capital section of F and W's Statement of Financial Position as at 31 December 2016.
  30. 4(a)5 marks· CSEC Principles of Accounts · January 2018 · Paper 2Prepare journal entries to record the issue of the shares and debentures on 1 January 2017. (Narratives are not required.)
  31. 4(b)9 marks· CSEC Principles of Accounts · January 2018 · Paper 2Prepare a statement to show the appropriation of profits for the six months ending 30 June 2017.
  32. 4(c)6 marks· CSEC Principles of Accounts · January 2018 · Paper 2Prepare the capital reserve section of Green Land's Statement of Financial Position (Balance Sheet) as at 30 June 2017.
  33. 4(a)7 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Prepare the Appropriation Account of the company for the year ended November 30, 2009, showing all workings.
  34. 4(b)13 marks· CSEC Principles of Accounts · May/June 2010 · Paper 2Prepare a classified Balance Sheet as at November 30, 2009, for Cancun Guest House Limited.
  35. 7(b)(iii)1 mark· CSEC Principles of Accounts · May/June 2010 · Paper 2Identify the type of business organisation described: Shareholders cannot sell their shares in the company on the stock market.
  36. 5(a)(i)1 mark· CSEC Principles of Accounts · May/June 2012 · Paper 2Explain, in ONE sentence, the meaning of: The owners of a corporation benefit from limited liability.
  37. 5(a)(ii)1 mark· CSEC Principles of Accounts · May/June 2012 · Paper 2Explain, in ONE sentence, what the Board of Directors of Aries Limited does.
  38. 5(a)(iii)1 mark· CSEC Principles of Accounts · May/June 2012 · Paper 2Explain, in ONE sentence, the meaning of: The Registrar of Companies has received the documents required to start up the new corporation.
  39. 5(b)(i)5 marks· CSEC Principles of Accounts · May/June 2012 · Paper 2Draft General Journal entries to record the issue of the remaining ordinary shares at $1.50 each (narratives not required).
  40. 5(b)(ii)2 marks· CSEC Principles of Accounts · May/June 2012 · Paper 2Draft General Journal entries to record the issue of the remaining preference shares at $1.00 each (narratives not required).
  41. 5(b)(iii)3 marks· CSEC Principles of Accounts · May/June 2012 · Paper 2Draft General Journal entries to record the reduction in debentures (narratives not required).
  42. 5(c)7 marks· CSEC Principles of Accounts · May/June 2012 · Paper 2Prepare the Appropriation Account for Aries Limited for the year ended 31 May 2011, showing all working.
  43. 3(c)6 marks· CSEC Principles of Accounts · May/June 2013 · Paper 2Prepare a summarized balance sheet for Reisse Holdings as at 30 June 2012, showing all necessary details in the capital section.
  44. 6(b)(i)7 marks· CSEC Principles of Accounts · May/June 2013 · Paper 2Prepare the journal entries to record the sale of shares and the receipt of registration fees.

Related topics in Section 9: Accounting for Limited Liability Companies, Co-operatives and Non-Profit Organisations