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3 marksBooks of Original Entry and Discounts

CSEC Principles of Accounts · January 2011 · Paper 2 · Question 1(a)

The owner of JZ Variety Store starts business on May 1, 2010. General Journal entries for May 2010 are provided. Closing stock is $5 000.

Write the narratives required to complete the journal entries on May 1, May 8 and May 25.

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Other parts of this question

  1. 1(b)(i)Identify THREE journals (day books), other than the General Journal, which JZ Variety Store can use.[3 marks]
  2. 1(b)(ii)Explain the use of EACH journal (day book) identified in (b)(i).[3 marks]
  3. 1(c)From the information in the General Journal, draw up a Trading and Profit and Loss Account for JZ Variety Store for the month of May 2010.[7 marks]
  4. 1(d)List the creditors and debtors of JZ Variety Store as at May 31, 2010.[4 marks]

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