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CSEC POA Practice Questions With Solutions

The document is a study guide for CSEC Principles of Accounts Paper 2, providing practice questions and solutions for preparing a trial balance, income statement, balance sheet, and manufacturing account. It includes examples with specific figures and highlights common errors, such as imbalances in the trial balance. The guide aims to assist students in understanding key accounting concepts and calculations.

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45 views4 pages

CSEC POA Practice Questions With Solutions

The document is a study guide for CSEC Principles of Accounts Paper 2, providing practice questions and solutions for preparing a trial balance, income statement, balance sheet, and manufacturing account. It includes examples with specific figures and highlights common errors, such as imbalances in the trial balance. The guide aims to assist students in understanding key accounting concepts and calculations.

Uploaded by

nyahthegurlie
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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CSEC Principles of Accounts Paper 2 Study Guide

Trial Balance - Practice Question

Q: The following balances were extracted from the books of John Traders as at 31 December 2024:

- Cash $2,000

- Capital $5,000

- Sales $3,000

- Purchases $1,500

Prepare a trial balance.

Solution

Trial Balance as at 31 December 2024

Account Debit ($) Credit ($)

Cash 2,000

Purchases 1,500

Sales 3,000

Capital 5,000

Total 3,500 8,000

Note: This shows an imbalance, indicating an error in the books.

Income Statement - Practice Question

Q: Given:

- Sales $10,000

- Sales Returns $500

- Opening Stock $2,000

- Purchases $4,000

- Closing Stock $1,500

- Expenses $2,000

Prepare an income statement.


CSEC Principles of Accounts Paper 2 Study Guide

Solution

Income Statement for the year ended ...

Sales 10,000

- Sales Returns (500)

= Net Sales 9,500

Cost of Goods Sold:

Opening Stock 2,000

+ Purchases 4,000

- Closing Stock (1,500)

= Cost of Sales 4,500

Gross Profit 5,000

- Expenses 2,000

= Net Profit 3,000

Balance Sheet - Practice Question

Q: Given:

- Capital $10,000

- Net Profit $2,000

- Drawings $1,000

- Cash $4,000

- Equipment $6,000

- Creditors $1,000

Prepare a balance sheet.

Solution

Balance Sheet as at ...

Assets

Cash 4,000
CSEC Principles of Accounts Paper 2 Study Guide

Equipment 6,000

Total Assets 10,000

Capital & Liabilities

Capital 10,000

+ Net Profit 2,000

- Drawings (1,000)

= Adjusted Capital 11,000

Creditors 1,000

Total 12,000

Note: Re-check figures as assets and liabilities should balance.

Manufacturing Account - Practice Question

Q: Given:

- Opening Raw Material $1,000

- Purchases $4,000

- Closing Raw Material $500

- Direct Labour $2,000

- Factory Overheads $1,500

Prepare a manufacturing account.

Solution

Manufacturing Account

Opening Raw Materials 1,000

+ Purchases 4,000

- Closing Raw Materials (500)

= Raw Materials Used 4,500

+ Direct Labour 2,000


CSEC Principles of Accounts Paper 2 Study Guide

= Prime Cost 6,500

+ Factory Overheads 1,500

= Cost of Production 8,000

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