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7 marksLimited Liability Companies

CSEC Principles of Accounts · May/June 2012 · Paper 2 · Question 5(c)

Additional account balances and year-end director resolutions are given for Aries Limited at 31 May 2011.

Prepare the Appropriation Account for Aries Limited for the year ended 31 May 2011, showing all working.

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Other parts of this question

  1. 5(a)(i)Explain, in ONE sentence, the meaning of: The owners of a corporation benefit from limited liability.[1 mark]
  2. 5(a)(ii)Explain, in ONE sentence, what the Board of Directors of Aries Limited does.[1 mark]
  3. 5(a)(iii)Explain, in ONE sentence, the meaning of: The Registrar of Companies has received the documents required to start up the new corporation.[1 mark]
  4. 5(b)(i)Draft General Journal entries to record the issue of the remaining ordinary shares at $1.50 each (narratives not required).[5 marks]
  5. 5(b)(ii)Draft General Journal entries to record the issue of the remaining preference shares at $1.00 each (narratives not required).[2 marks]
  6. 5(b)(iii)Draft General Journal entries to record the reduction in debentures (narratives not required).[3 marks]

More practice: the rest of this paper · more Limited Liability Companies questions · all CSEC Principles of Accounts past papers