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11 marksThe Balance Sheet and Accounting Equation

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

R. Robin started a restaurant on 1 June 2011 with capital of $307 800 and presented certified balances as at 31 May 2012.

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, including closing capital.

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Other parts of this question

  1. 1(a)(i)Describe the transaction that occurred on 2 May.[2 marks]
  2. 1(a)(ii)Describe the transaction that occurred on 3 May.[2 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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