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5 marksClassification of Accounts and Ledger Posting

CSEC Principles of Accounts · May/June 2017 · Paper 2 · Question 2(a)(i)

Extracts from the General Ledger of Orilda's Unisex Hair Salon are provided showing accounts for Purchases, Emily's Hair Products, Motor Vehicles, Easy Motors Company, Wages, and 6% Five-Year Bank Loan.

Using the provided ledger accounts, identify one example of each of the following types of accounts: Nominal Account, Personal Account, Current Liability, Non-current Asset, and Long-term Liability.

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Other parts of this question

  1. 2(a)(ii)Write a narrative explaining the transactions occurring on each of the specified dates: 01 May, 03 May, 06 May, and 07 May.[5 marks]
  2. 2(b)(i)State what kind of entry is represented by the transaction on 03 July 2016.[1 mark]
  3. 2(b)(ii)Prepare the two-column Cash Book of Phoenix Processors for the month of July 2016, incorporating the transactions of the first week and the remainder of the…[9 marks]

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