Free CXC Principles of Accounts Paper 3 May/June 2006 past paper from 2006. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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CSEC Principles of Accounts Paper 3 May/June 2006 - Free CXC Past Paper with Answers
Free CXC Principles of Accounts Paper 3 May/June 2006 past paper from 2006. Includes a worked answer key. Open the PDF, take a timed test, and study with AI on Caribbean AI.
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Every question from this paper as text. See the answers and worked solutions. Questions are the property of the Caribbean Examinations Council; Caribbean AI is not affiliated with CXC.
Prepare the Trading and Profit and Loss Account for the school's cafeteria as if there were no stock damage.
[7 marks]
Calculate the Gross Profit Mark-up on cost of the cafeteria. (Show your workings.)
[2 marks]
Calculate the rate of Stock Turnover for the cafeteria. (Show your workings.)
[2 marks]
What would a Return on Capital Employed of 190% indicate about the profitability of the school?
[2 marks]
The insurance claim for the damaged stock was submitted and a cheque was received for the full amount of stock lost. Show the journal entry to record the settlement.
[4 marks]
Other than stock, name TWO items that Top Hill should consider insuring.
[2 marks]
Other than Provision for Depreciation, what other provision should the owner of Top Hill Secondary create in his accounts? Give a reason for your recommendation.
[2 marks]
Top Hill has applied for a 5 year 8% bank loan of $60 000. What is the meaning of "5 year" and "8%"?
[2 marks]
Assuming no other fixed assets are purchased, show the Provision for Depreciation Account for August 31, 2005 and August 31, 2006.
[4 marks]
In July 2006, how should the school record the information regarding uncollected fees from students who migrated in September 2005?
[2 marks]
Prepare the Balance Sheet of Top Hill Secondary keeping in mind that the overall Net Profit is $86 200.
[10 marks]
Calculate the Current Ratio from the Balance Sheet.
[1 mark]