Quelpr
4 marksCo-operatives

CSEC Principles of Accounts · May/June 2014 · Paper 2 · Question 6(b)(i)

Young Achievers Credit Union Co-operative provided a Receipts and Payments Account for March 2014, including a fundraising BBQ event with ticket sales 6 840, meat purchases 950, drinks purchases 1 200, advertising 200, wages 750. Opening drinks stock on 01 March was 650; unsold drinks at end were 1 170. Other receipts: deposit interest 4 240, loan interest $3 960.

Calculate the cost of drinks sold for the BBQ fundraising activity.

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Other parts of this question

  1. 6(a)Prepare the journal entries, including narrations, to record the formation transactions.[7 marks]
  2. 6(b)(ii)Prepare the Income Statement for the BBQ fundraising activity to show the profit made from this event.[6 marks]
  3. 6(b)(iii)Calculate the amount of income for the month of March 2014, showing working clearly.[3 marks]

More practice: the rest of this paper · more Co-operatives questions · all CSEC Principles of Accounts past papers