CSEC Principles of Accounts Paper 3 May/June 2012 - Free CXC Past Paper with Answers

State the name of the ledger in which the following accounts would appear:

persons owing Steve for gardening jobs

Prepare a classified Balance Sheet as at 1 January 2012, in vertical style, including the calculation of Steve's capital as at that date.

Steve intends to expand his business in the next six months. Suggest why he might receive assistance from a lender or investor if he presents a balance sheet for the business.

In the 3 months of operation, October 2011 to December 2011, Steve's net profit was $ 4 834 and his drawings were $2 700. Using this information and information in the list of balances above, calculate (a) Steve's opening capital as at 1 October 2011 (b) the return on opening capital employed (ROCE) for the three months ended 31 December 2011. (Show working)

State the name of the source document used by Steve when receiving or making payments by cheque.

Starting with the opening balance from the list of balances above, prepare a Bank Account, for EACH month, balancing the account as at 31 March 2012 only.

Name ONE item of capital expenditure and ONE item of revenue expenditure shown in the Cash Book.

Copy the table below into your answer booklet and using the first-in-first-out (FIFO) method, calculate the value of the stock of flowerbed starters as at 31 March 2012. (N.B. include the stock of flowerbed starters at 1 January 2012.)

Units available for use
Units used
Units unused
Value of units unused

Calculate the amounts to be shown in the Profit and Loss Account for the period 1 April 2012 to 30 June 2012 for (a) the Provision for Depreciation on the motorized lawn mower (b) the Provision for Bad Debts Account.

Prepare the Insurance Expense Account for Steve, as at 31 March 2012, showing (a) the amount paid (b) the adjustment to be made for the information above (c) the entry to close the account.

CSEC Principles of Accounts Paper 3 May/June 2012 Questions

Question 1 (2 marks)

Question 2 (9 marks)

Question 3 (1 marks)

Question 4

Question 5 (1 marks)

Question 6 (10 marks)

Question 7 (2 marks)

Question 8 (4 marks)

Question 9 (2 marks)

Question 10 (4 marks)