Documentos de Académico
Documentos de Profesional
Documentos de Cultura
FORM TP 22141
MAY/JUNE 2002
C AR I B B E AN E X AM I N AT I O N C O U N C I L
SECONDARY EDUCATION CERTIFICATE
EXAMINATION
PRINCIPLES OF ACCOUNTS
Paper 02 General Proficiency
3 hours
28 MAY 2002 (a.m.)
1.
Answer ALL the questions in Section I and TWO questions from Section II.
2.
3.
4.
Silent electronic calculators may be used, but ALL necessary working should be
clearly shown.
5.
001092/F 2002
-2SECTION I
Answer all THREE questions in this section.
1.
Returns outwards
Discount received
Cheques paid to suppliers
Purchases journal
Cheques from customers dishonoured
Returns inwards
Discounts allowed
Bad debts written off
Amounts received from customers
Credit sales to customers
July 1 2001 balances were:
Purchases Ledger debit balance
Purchases Ledger credit balance
Sales Ledger debit balance
Sales Ledger credit balance
(a)
2 775
37 500
9 150
450
(16
marks)
(b)
(c)
would this
(2 marks)
(2 marks)
001092/F 2002
-32.
(a)
The following balances were taken from the books of Allwood Enterprises on
March 31 2002.
Bank overdraft
Bank savings account
Provision for bad debt
Bad debt
Cash on hand
Debtors
Creditors
Long term loan
Carriage inwards
Carriage outwards
Commissions received
Commissions paid
Equipment
Motor vehicle
Salaries
Opening stock
Purchases
Sales
Miscellaneous expenses
Returns outwards
Returns inwards
$
15 000
30 000
5 000
3 500
2 500
25 000
48 000
22 000
2 800
2 900
2 200
11 200
20 000
34 000
40 000
11 500
58 000
120 000
18 000
1 500
1 200
Prepare the Trial Balance for Allwood Enterprises including appropriate heading
and the amount for Capital.
(15
marks)
(b)
Give the difference between Bad Debt and Provision for Bad Debt. (1 mark)
(c)
(1 mark)
(d)
(2 marks)
(e)
(1 mark)
(a)
The Accountant at Marvin Chin Enterprises prepared the Cash Book summary
for the month of November 2001:
A cheque for $423 was drawn on Marvin Chins account and entered in
error as a receipt in the cash book.
(2)
The bank returned a cheque for $162 with the notation return to
drawer which was NOT yet written back in the cash book.
(3)
There was an error in the amount of balance brought forward in the cash
book. The correct amount should be $13 230.
(4)
Cash sales amounting to $13 878 had NOT yet been credited by the bank
(5)
Cheques paid to the following suppliers had NOT yet been presented to
the bank:
Stacey
Varena
Lucille
marks)
$1 926
$3 330
$ 270
(6)
Bank charges of $315 shown on the Bank Statement was NOT entered in
the Cash Book.
(7)
(8)
(i)
Make ALL the necessary adjustments in the Cash Book of Marvin Chin.
(8 marks)
(ii)
Bold and Grusome bought a motor van for $45 000 and estimated its scrap value
at $3 000 and its useful life as 5 years. Depreciation is charged on the
line method.
(i)
(ii)
(iii)
(iv)
(v)
(5 marks)
(a)
books of the
$
32 500
50 000
22 000
2 000
67 500
37 500
64 375
135 000
542 500
75 000
7 500
44 000
33 750
93 500
4 750
2 000
1 875
Prepare the Balance Sheet of the Co-operative as a September 30 2001 using the
Horizontal Format.
(17
marks)
(b)
(1 mark)
(c)
If Loan Interest owing represents interest for the year, what is the rate of interest
being charged on the loan?
(1 mark)
(d)
(1 mark)
Identify the source of additional revenue for the Co-operative based on the
information given.
Betton and Harris are in partnership sharing profits and losses in proportion to their
respective capitals.
On September 30 2000 the following information was taken from their books:
Capital Account
Current Account
Betton
Harris
$50 000
350 Dr
$75 000
2 875 Cr
The net profit for the year ended September 30 2001 amounted to $75 000.
Prepare the following:
(a)
The partnerships Appropriation of Profit Account for the year ending September
30 2001.
(7 marks)
(b)
(c)
Make the Journal Entry to record the admission of Dalbert into the partnership.
(3 marks)
(d)
(9 marks)
(1 mark)
You are provided with the following information by the treasurer of Never Again Sports
Club:
Never Again Sports Club
Receipts and Payments Account
For the month of August 2001
_______________________________________________________________________
$
$
Balance b/d
175
Purchases for bar
550
Subscription received
304
Rent
115
Cash sales at bar
760
Office maintenance
150
Donations
200
Office chair
170
Concert ticket sales
520
Entertainment expense
100
____
Balance c/d
874
1 959
1 959
Never Again Sports Club
Income and Expenditure A/c
For the month ending August 31 2001
________________________________________________________________________
$
$
$
$
Rent
115
Subscriptions
304
Less arrears
15
Less arrears
70
100
234
Office maintenance
150
Add outstanding
6
Entertainment exp.
100
240
Depreciation
8
Income from bar
214
Surplus
816
Donations
200
____
Concert tickets sales
520
1 174
1 174
Opening stock of bar supplies at August 1 2001
Closing stock of bar supplies at August 31 2001
Fixed assets excluding office chair 1/8/2001
Office chair was NOT depreciated
$ 64
$ 68
$480
(4 marks)
(b)
(5 marks)
(c)
(d)
What is the MAIN difference between the Receipt and Payments Account and
the Income and Expenditure Account?
(1
(10 marks)
mark)
GO ON TO THE NEXT PAGE
001092/F 2002
-97.
(a)
(1)
DR
$
2 144
CR
$
Y Cardice a/c
To Suspense a/c
2 144
Amount omitted from Cardices a/c
________________________________________________________________________
(2)
Suspense a/c
6 064
To Discounts Received a/c
6 064
For reversal of entry in Discount Received a/c
________________________________________________________________________
(3)
Suspense a/c
108
To Carol Suzanns a/c
108
To correct amount mis-posted
________________________________________________________________________
(4)
Bank a/c
144
To Suspense Account
144
To correct amounts of overdraft overstated in bank a/c
________________________________________________________________________
(5)
Motor vehicle a/c
4 000
To Purchases a/c
4 000
To correctly record the purchase of machine
________________________________________________________________________
(6)
A Suppliers a/c
1 896
To Suspense a/c
1 896
To record discount not posted to a Suppliers a/c
________________________________________________________________________
(i)
(ii)
(iii)
What was the difference in the Trial Balance of Suzettes Corporation BEFORE
the errors were corrected?
(8
marks)
G Miller is a manufacturer of computer tables. For the month of August 2001 the
following information was made available:
$
Wages of factory workers
18 340
Factory power
1 400
Factory rental
2 200
Carriage on raw material
1 200
Purchase of raw material
19 200
Factory Managers salary
6 400
Stock at August 1 2001:
Raw Material
3 000
Work in progress
800
Stock at August 31 2001:
Raw Material
2 540
Work in progress
2 000
Prepare the Manufacturing Account and state the production cost per computer
table if 500 tables were completed during the month.
(12 marks)
END OF TEST
001092/F 2002