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7 marksThe Balance Sheet and Accounting Equation

CSEC Principles of Accounts · January 2013 · Paper 2 · Question 3(a)

James Johnson does not keep full accounting records but provided a Bank Account summary and opening/closing asset and liability balances for the year ended 31 December 2012.

Using all relevant information, prepare James Johnson's Statement of Affairs as at 31 December 2011 to determine his capital.

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Other parts of this question

  1. 3(b)(i)Calculate by means of an account or statement the total credit purchases for the year.[3 marks]
  2. 3(b)(ii)Calculate by means of an account or statement the total credit sales for the year.[3 marks]
  3. 3(c)Prepare James Johnson's Income Statement for the year ended 31 December 2012.[7 marks]

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