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4 marksIncome Statements and Balance Sheets for Sole Traders

CSEC Principles of Accounts · January 2018 · Paper 2 · Question 3(a)

Fire destroyed the records of Sweet Serve Company. Available records for the period: Sales 200 000, Purchases 125 000, Beginning inventory $40 000, Gross profit margin 30%.

Prepare a trading account for the Sweet Serve Company for the period, showing clearly inventories, cost of goods sold and gross profit.

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Other parts of this question

  1. 3(b)(i)Using the T-account format, prepare the Rent Revenue account for Sweet Serve for the year ending December 31 2017.[5 marks]
  2. 3(b)(ii)Using the T-account format, prepare the Insurance Expense account for Sweet Serve for the year ending December 31 2017.[5 marks]
  3. 3(c)Prepare the company's Provision for Bad Debts Account for the three years, 2015–2017.[6 marks]

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