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TST CSECPoag 01239020 January2022

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219 views28 pages

TST CSECPoag 01239020 January2022

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Ashleigh Jarrett

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CARIBBEAN E XAM I NAT I O N S COUNCIL

CARIBBEAN SECONDARY EDUCATION CERTIFICATE®

EXAMINATION
‘‘*’’Barcode Area”*”
Front Page Bar Code
06 JANUARY 2022 (a.m.)

FILL IN ALL THE INFORMATION REQUESTED CLEARLY IN CAPITAL LETTERS.

TEST CODE
0 1 2 3 9 0 2 0

SUBJECT PRINCIPLES OF ACCOUNTS – Paper 02

PROFICIENCY GENERAL

REGISTRATION NUMBER

SCHOOL/CENTRE NUMBER

NAME OF SCHOOL/CENTRE

CANDIDATE’S FULL NAME (FIRST, MIDDLE, LAST)

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D D M M Y Y Y Y
Current Bar Code

DATE OF BIRTH

SIGNATURE __________________________________________________

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TEST CODE 01239020
FORM TP 2022028 JANUARY 2022

CARIBBEAN E XAM I NAT I O N S COUNCIL

CARIBBEAN SECONDARY EDUCATION CERTIFICATE®

EXAMINATION

PRINCIPLES OF ACCOUNTS

Paper 02 – General Proficiency

3 hours

READ THE FOLLOWING INSTRUCTIONS CAREFULLY.

1. This examination consists of FIVE questions.

2. Answer ALL questions.

3. Write your answers in the spaces provided in this answer booklet.

4. Do NOT write in the margins.

5. Show ALL working clearly.

6. You may use a silent, non-programmable calculator to answer questions.

7. You are advised to take some time to read through the paper and plan your answers.

8. If you need to rewrite any answer and there is not enough space to do so on the
original page, you must use the extra lined page(s) provided at the back of this
booklet. Remember to draw a line through your original answer.

9. If you use the extra page(s) you MUST write the question number clearly in
the box provided at the top of the extra page(s) and, where relevant, include
the question part beside the answer.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO.

Copyright © 2020 Caribbean Examinations Council

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Answer ALL questions.

Write your answers in the spaces provided in this booklet.

1. (a) State ONE reason why a retail store owner should prepare a control account for accounts
payable.

...............................................................................................................................................

...............................................................................................................................................
(1 mark)

The following information was extracted from the books of a retail store owned by Satie
at 31 March 2021.

Dr Cr
Opening balances at 1 March $ $
Accounts receivable 8 500 65

Accounts payable 8 800

Closing balances at 31 March

Accounts receivable 8 168 1 253

(b) State ONE reason why the accounts receivable account would have a credit balance.

.............................................................................................................................................

.............................................................................................................................................
(1 mark)

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Additional information taken from Satie’s books at 31 March 2021 is as follows.

$
Total cash received from debtors 250
Total cheques received from debtors 10 000
Total cheques paid to suppliers 74 025
Credit sales for the month 9 975
Discounts received from suppliers 1 450
Purchases 68 000
Returns outwards 1 325
Bad debts written off 650
Dishonoured cheque 55
Returns inwards 190
Discount allowed 460

Use the information provided on pages 4 and 5 to prepare the following ledger accounts. Balance
the accounts appropriately at the end of the month.

Satie
Accounts Payable Control Account
for the Month Ended March 2021
Amount Amount
Date Details Date Details
$ $

(6 marks)

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(ii) Prepare Satie’s accounts receivable control account for March 2021, using the
form provided below.

Satie
Accounts Receivable Control Account
for the Month Ended March 2021
Amount Amount
Date Details Date Details
$ $

(12 marks)

Total 20 marks

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2. (a) (i) State the purpose of accounting.

.................................................................................................................................

.................................................................................................................................
(1 mark)

(ii) List TWO duties of an accountant.

.................................................................................................................................

.................................................................................................................................
(2 marks)

The following table identifies four ethical principles of accounting, which are labelled A–D.

Letters Ethical Principles of Accounting

A Professional competency and due care
B Professional behaviour
C Confidentiality
D Objectivity

(iii) Complete the table below by writing the letter A, B, C or D, which BEST represents
the ethical principle reflected in EACH statement.

Statements Letter

Accountants must not allow bias, conflict of interest or the undue influence
of others to override their professional and business judgements.
Accountants must not use accounting information for their personal
advantage or the advantage of third parties.
To exercise sound judgement, accountants must stay abreast with relevant
laws, regulations and technical standards.
Accountants must comply with relevant laws and regulations, and avoid
any action that discredits the profession.
(4 marks)

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(b) Define the term ‘statutory deduction’.

..............................................................................................................................................

.............................................................................................................................................

..............................................................................................................................................
(1 mark)

James Bolo is a machine operator at Zimbo Construction Company. The following is

Mr Bolo’s information for the year ended 31 December 2021.

James Bolo’s Information

for Year Ended 31 December 2021

Annual salary $80 000

Personal allowance $18 000
Income tax rate 20%
Deductions:
National insurance 5% of gross pay

Pension plan contribution 4% after income tax

Contribution to health scheme
$600
Contribution to saving scheme
$1 000

(3 marks)
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(ii) Calculate James Bolo’s net pay for the year ended 31 December 2021. Show all
working clearly.

James Bolo’s Net Pay for the Year

$ $

(9 marks)

Total 20 marks

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3. Patches Enterprises provided the following information regarding two non-current assets.

Non-Current
1 2
Assets
Equipment Motor Vehicle

Cost Price $18 500 $80 000

Acc. prov. for depreciation
1 May 2021 Purchase date
$20 000
Equipment is to be depreciated over a Vehicles are depreciated by
Depreciation four-year period using the straight line 25% per annun using the
Policy method. The expected scrap value at reducing balance method.
the end of its useful life is $500.

(a) (i) Calculate the annual depreciation charge for equipment for the year ended 30 April
2021 in the books of Patches Enterprises.

(3 marks)

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(ii) Use the form provided below to prepare an extract showing equipment, as it will
appear on the statement of financial position of Patches Enterprises as at 30 April
2021. Include ALL appropriate headings or labels.

Patches Enterprises
Statement of Financial Position
as at 30 April 2021
$ $ $

(3 marks)

(b) (i) Calculate the amount that will be recorded in the books of Patches Enterprises as
the depreciation expense for motor vehicle for the year ended 30 April 2021.

(3 marks)

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(ii) Use the form provided below to prepare the provision for depreciation on motor
vehicle account, as it will appear in the books of Patches Enterprises, for the year
ended 30 April 2021.

Balance off the account at year end and bring down the opening balance for the
start of the next accounting period.

Provision for Depreciation — Motor Vehicle

Date Details $ Date Details $

(4 marks)

(iii) State the amount that will be transferred to the accumulated provision for
depreciation on motor vehicle account, to the statement of financial position at
30 April 2021.

(1 mark)

$
Sales 650 000
Gross profit 195 000
Expenses is 20% of sales.

Use the data for Patches Enterprises to calculate the amounts on page 13. Show all
working clearly.

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(i) Total expenses for the year

(2 marks)

(ii) Net income for the year

(1 mark)

(iii) Percentage of net profit to sales for the year

(3 marks)

Total 20 marks

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4. The following errors were discovered after the preparation of a draft income statement on
31 December 2021 in the books of Jardie Parks.

Details of Errors Discovered

A. credit purchase of goods for $670 from A Turi had been recorded
A
as $607.
Purchase of furniture for $5 600 for use in the business had been
B
debited to the purchases account.
C Closing inventory had been undervalued by $500.

(a) Prepare journal entries on 31 December 2021 to correct the errors above. Narratives are
not required.

General Journal
Debit Credit
Date Details Folio
$ $

(7 marks)

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Jardie Parks’ transactions for the month of December 2021 included the following.

Bought goods on credit from Mala Ltd; list

4 December
price $1 000, less 20% trade discount.

Paid the amount owing to Mala Ltd by cheque

12 December
less 2½ % cash discount.

(b) (i) State ONE benefit of the trade discount to Mala Ltd on 4 December.

..............................................................................................................................

..............................................................................................................................
(1 mark)

(ii) State ONE benefit of the cash discount to Jardie Parks on 12 December.

................................................................................................................................

.................................................................................................................................

.................................................................................................................................
(1 mark)

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NOTHING HAS BEEN OMITTED.

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The following is a statement of financial position for the year ended 31 December 2021. It was
prepared by an accounting student, who was an intern at Jardie Parks, and contains several errors.

Jardie Parks
Statement of Financial Position
as at 31 December 2021
Provision for Net Book
Cost
Depreciation Value
$
$ $
Assets
Motor vehicles 100 000 25 000 125 000
Office equipment 92 000 (35 200) 56 800
Bank overdraft 1 980
Inventory 45 000
Accounts receivable 32 700
Drawings 18 998
Total Assets 280 478

Liabilities and Captial

Mortgage 75 908
Accounts payable 24 900
Jardie Parks, opening capital 136 610
Net loss 10 900
Total Liabilities and Capital 248 318

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(c) Use the statement of financial position on page 17 to correctly prepare a classified statement
of financial position for Jardie Parks as at 31 December 2021. Use the vertical style of
presentation and show the working capital.

Jardie Parks
Statement of Financial Position as at 31 December 2021
$ $ $

(11 marks)

Total 20 marks

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5. (a) Name ONE ratio which can be used to determine business efficiency.

...............................................................................................................................................
(1 mark)

Gee & Bee Retail Ltd provided you with the following list of balances which were taken
from its books on 31 December 2021, the end of the financial year.

$
Total current assets 145 600
Net profit for the year 140 000
Total current liabilities 49 600
Inventory 102 944
Captial at start 700 000

Use the appropriate information from the table above to calculate EACH of the two ratios
below. In EACH case, state the formula used and show all working clearly.

(b) (i)
Acid Test Ratio

Formula

Working

(3 marks)

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(ii)
Return on Investment

Formula

Working

(3 marks)

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Gee & Bee Retail Ltd provided the following additional information.

$
Credit sales 378 000
Credit purchases 469 000
Accounts receivable 37 256
Accounts payable 45 000

(c) Use the appropriate information from the table above to calculate EACH of the time periods
below. In EACH case, state the formula used and show all working clearly.

(i)
Receivable Collection Period

Formula

Working

(2 marks)

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(ii)
Payable Payment Period

Formula

Working

(2 marks)

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Gee & Bee Retail Ltd sells a popular electronic device for toddlers called WEEPAD. The following
information is available about the item for the month of December 2021.

Date Inventory Received Inventory Sold

2021

Dec 1 60 units @ $20 each

Dec 15 40 units @ $22 each

Dec 29 75 units @ $60 each

(d) Use the FIFO method of inventory valuation to complete the inventory card below.

WEEPAD INVENTORY CARD

Inventory Inventory Unsold Value of
In Out Inventory Inventory
Date Cost Cost
No. of No. of Price No. of
Price Price $
Units Units $ Units
$ $

2021

Dec 1

Dec 15

Dec 29

(9 marks)

Total 20 marks

END OF TEST

IF YOU FINISH BEFORE TIME IS CALLED, CHECK YOUR WORK ON THIS TEST.

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EXTRA SPACE

If you use this extra page, you MUST write the question number clearly in the box provided.

Question No.

...........................................................................................................................................................................

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EXTRA SPACE

If you use this extra page, you MUST write the question number clearly in the box provided.

Question No.

...........................................................................................................................................................................

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EXTRA SPACE

If you use this extra page, you MUST write the question number clearly in the box provided.

Question No.

...........................................................................................................................................................................

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CANDIDATE’S RECEIPT

INSTRUCTIONS TO CANDIDATE:

1. Fill in all the information requested clearly in capital letters.

TEST CODE:
0 1 2 3 9 0 2 0

SUBJECT: PRINCIPLES OF ACCOUNTS – Paper 02

PROFICIENCY: GENERAL

REGISTRATION NUMBER:

FULL NAME: ________________________________________________________________

(BLOCK LETTERS)

Signature: ____________________________________________________________________

Date: ________________________________________________________________________

2. Ensure that this slip is detached by the Supervisor or Invigilator and given to you when you
hand in this booklet.

3. Keep it in a safe place until you have received your results.

INSTRUCTION TO SUPERVISOR/INVIGILATOR:

Sign the declaration below, detach this slip and hand it to the candidate as his/her receipt for this booklet
collected by you.

I hereby acknowledge receipt of the candidate’s booklet for the examination stated above.

Signature: _____________________________
Supervisor/Invigilator

Date: _________________________________

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TST CSECPoag 01239020 January2022

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TST CSECPoag 01239020 January2022

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CARIBBEAN E XAM I NAT I O N S COUNCIL

CARIBBEAN SECONDARY EDUCATION CERTIFICATE®

FILL IN ALL THE INFORMATION REQUESTED CLEARLY IN CAPITAL LETTERS.

SUBJECT PRINCIPLES OF ACCOUNTS – Paper 02

CANDIDATE’S FULL NAME (FIRST, MIDDLE, LAST)

CARIBBEAN E XAM I NAT I O N S COUNCIL

CARIBBEAN SECONDARY EDUCATION CERTIFICATE®

Paper 02 – General Proficiency

READ THE FOLLOWING INSTRUCTIONS CAREFULLY.

1. This examination consists of FIVE questions.

2. Answer ALL questions.

3. Write your answers in the spaces provided in this answer booklet.

4. Do NOT write in the margins.

5. Show ALL working clearly.

6. You may use a silent, non-programmable calculator to answer questions.

DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO.

Copyright © 2020 Caribbean Examinations Council

Write your answers in the spaces provided in this booklet.

Accounts payable 8 800

Closing balances at 31 March

GO ON TO THE NEXT PAGE

Additional information taken from Satie’s books at 31 March 2021 is as follows.

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2. (a) (i) State the purpose of accounting.

(ii) List TWO duties of an accountant.

Letters Ethical Principles of Accounting

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James Bolo is a machine operator at Zimbo Construction Company. The following is

James Bolo’s Information

Annual salary $80 000

Pension plan contribution 4% after income tax

James Bolo’s Net Pay for the Year

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Cost Price $18 500 $80 000

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Provision for Depreciation — Motor Vehicle

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(i) Total expenses for the year

(ii) Net income for the year

(iii) Percentage of net profit to sales for the year

GO ON TO THE NEXT PAGE

Details of Errors Discovered

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Bought goods on credit from Mala Ltd; list

Paid the amount owing to Mala Ltd by cheque

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GO ON TO THE NEXT PAGE

Liabilities and Captial

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Date Inventory Received Inventory Sold

Dec 1 60 units @ $20 each

Dec 15 40 units @ $22 each

Dec 29 75 units @ $60 each

WEEPAD INVENTORY CARD

1. Fill in all the information requested clearly in capital letters.

SUBJECT: PRINCIPLES OF ACCOUNTS – Paper 02

FULL NAME: ________________________________________________________________

3. Keep it in a safe place until you have received your results.

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