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4 marksIncome Statements and Balance Sheets for Sole Traders

CSEC Principles of Accounts · May/June 2016 · Paper 2 · Question 2(a)

Accounting adjustments and errors for Tova Joyce, a sole trader, for the year ended 31 December 2015, including inventory revisions, bank record errors, depreciation, and drawings/donations.

Show the changes needed to provide a more accurate value for Tova Joyce's closing inventory using a T-account or written format.

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Other parts of this question

  1. 2(b)Compute the new bank overdraft balance using the bank account format.[3 marks]
  2. 2(c)Calculate Tova Joyce's net profit for the year ended 31 December 2015 after taking into consideration all necessary changes and corrections.[5 marks]
  3. 2(d)Prepare the classified Statement of Financial Position (Balance Sheet) for Tova Joyce as at 31 December 2015 based on the provided information and adjustments.[8 marks]

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