Free CXC Principles of Accounts Paper 3 May/June 2007 past paper from 2007. 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 2007 - Free CXC Past Paper with Answers
Free CXC Principles of Accounts Paper 3 May/June 2007 past paper from 2007. 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.
Calculate Mr. Grill's opening capital? (Show workings).
[3 marks]
How much of the start-up capital did Mr. Grill contribute? (Show workings).
[2 marks]
Identify Mr. Grill's most liquid asset and his most permanent fixed asset on March 8.
[2 marks]
List the books of original entry in which Mr. Grill will record the following: (i) Cash sales (ii) Purchase of the sugar-cane juicer.
[2 marks]
If Mr. Grill decides to merge his business with a sugar-cane farmer, what type of business entity would they be operating?
[1 mark]
Give TWO possible reasons why Mr. Grill would want to merge with a sugar-cane farmer?
[2 marks]
Name ONE revenue expenditure and ONE capital expenditure item incurred by Mr. Grill on March 7.
[2 marks]
Prepare Mr. Grill's Balance Sheet as at March 7, 2006 after the week's transactions occurred.
[9 marks]
Calculate total sales in the first year of operations.
[2 marks]
Calculate total sales in the second year of operation.
[2 marks]
Calculate the percentage increase in total sales in the second year over the first year (show working).
[2 marks]
Calculate Mr. Grill's average stock for the second year of operations. (Show workings).
[1 mark]
Prepare the Trading and Profit and Loss Account for the end of the second year of operations.
[8 marks]
Calculate Mr. Grill's return on his investment at the end of the second year.
[2 marks]