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15 marksIncomplete Records and Non-Commercial Accounts

CAPE Accounting Unit 1 · 2011 · Paper 2 · Question 2(a)

The bookkeeper of Manuel Congo Company prepared a draft balance sheet as of July 31, 2010. Additional notes provide adjustments regarding petty cash and bond sinking fund, accounts receivable debit/credit balances and allowance for doubtful accounts, mortgage interest and installments, and equipment cost and accumulated depreciation.

Use the available information to adjust the account balances as appropriate and prepare a corrected classified balance sheet for Manuel Congo Company as at July 31, 2010, in good form.

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Other parts of this question

  1. 2(b)Identify ONE benefit that will arise when operating a business under EACH type of entity: Proprietorship, Partnership, Company / Corporation, Non-Governmental…[4 marks]
  2. 2(c)Prepare a multiple-step Income Statement, in good form, for the year ended December 31, 2010.[16 marks]

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