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2 marksThe Balance Sheet and Accounting Equation

CSEC Principles of Accounts · January 2013 · Paper 2 · Question 1(a)(i)

An individual started a business on 1 May 2012 with $80 000 in the bank, and provided Balance Sheets for 1 May, 2 May, and 3 May 2012.

Describe the transaction that occurred on 2 May.

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Other parts of this question

  1. 1(a)(ii)Describe the transaction that occurred on 3 May.[2 marks]
  2. 1(b)Using the order of permanence, draw up a classified Balance Sheet (Statement of Financial Position) for R. Robin at the close of business on 31 May 2012,…[11 marks]
  3. 1(c)Given that R. Robin withdrew $65 000 during the first year of operation, calculate his profit for the year using the closing capital. Show your working clearly.[5 marks]

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