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10 marksRecording Financial Information

CAPE Accounting Unit 1 · 2014 · Paper 2 · Question 1(a)

Shareholders' equity balances for Douglas Spencer Ltd (DS Ltd) at December 2013 and transactions occurring during 2014 are provided.

Prepare journal entries to record the transactions (i) to (iv) for Douglas Spencer Ltd (DS Ltd) during 2014. Narratives are not required.

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Other parts of this question

  1. 1(b)Prepare the journal entry to record the sale of 5 000 shares of Mango Pulp Company by The National Gas Corporation on 27 March 2013.[5 marks]
  2. 1(c)(i)Give TWO reasons why it became necessary to develop IFRS for SMEs.[4 marks]
  3. 1(c)(ii)Name ONE Institute of Chartered Accountants in the Caribbean whose main function is to ensure members adopt and implement IAS / IFRS for SMEs.[1 mark]
  4. 1(d)(i)Identify the internal control principle that is being violated for situations 2 through 6 using Table 1.[5 marks]
  5. 1(d)(ii)Suggest ONE corrective measure that could be employed and give your reason for situations 2 through 6 using Table 1.[10 marks]

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