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2 marksAccounting Concepts and the Accounting Cycle

CSEC Principles of Accounts · May/June 2010 · Paper 2 · Question 3(a)(i)

Khalel kept only single entries for Khalel's Gardening Centre and provided asset and liability balances as at February 01, 2009 and January 31, 2010 along with additional transaction details.

State TWO limitations of single entry records.

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Other parts of this question

  1. 3(a)(ii)Prepare a Statement of Affairs as at February 01, 2009, to convert Khalel's Gardening Centre's single entry records.[5 marks]
  2. 3(b)(i)Prepare a Sales Total (Control) Account for Khalel's Gardening Centre to calculate the total Credit Sales for the period ended January 31, 2010.[3 marks]
  3. 3(b)(ii)Prepare an Income Statement for Khalel's Gardening Centre for the year ended January 31, 2010.[9 marks]
  4. 3(b)(iii)In which classification section of the Balance Sheet should Khalel record the loan from his sister?[1 mark]

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