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6 marksThe Balance Sheet and Accounting Equation

CSEC Principles of Accounts · May/June 2014 · Paper 2 · Question 3(a)

Jack Rapper did not keep proper accounts. Bank summary and asset/liability balances are provided for 2013. Motor vehicles depreciate at 5% on cost per year. All purchases and sales were on credit; purchases totalled $38 300.

Prepare Jack Rapper's Statement of Affairs as at 01 January 2013.

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Other parts of this question

  1. 3(b)Using an account, determine the sales for the year.[4 marks]
  2. 3(c)Prepare Jack Rapper's Income Statement for the year ended 31 December 2013.[10 marks]

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