A-AS Level (CIE) Accounting Paper-2: Specimen Questions with Answers 1 - 2 of 53

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Question 1

Following are the financial statements of Kyoor ltd.

Following Are the Financial Statements of Kyoor Ltd
Net Sales Less: cost of sales Gross Profit Less: Operating Expenses Net profit Cash and Bank Balance Debtors Stock Prepaid Expenses Fixed Assets Creditors Bills payable Mortgage loan Equity share capital Reserve and surplus	1992 1,82, 500 1,42, 500 40,000 25,000 15,000 5,000 30,000 50,000 5,000 2,10, 000 3,00, 000 40,000 10,000 70,000 1,50, 000 30,000

Calculate the following ratios:

The following balances have been extracted from the books of Jennings Company Limited as at 31^st December, 2018.

The Following Balances Have Been Extracted from the Books of Jennings Company Limited as at 31^st December, 2018
Machinery Land and Building Depreciation on Machinery Purchases (adjusted) Closing Stock Wages Sales Salaries Bank overdraft 10% Debentures (issued on 1.1. 04) Equity share capital-2000 shares of $ 100 each-fully paid Preference share capital-1000,6% shares of $ 100 each- fully paid.	Dr. 1,60, 000 6,74, 000 16,000 4,00, 000 1,50, 000 1,20, 000 80,000	Cr. 10,00, 000 2,00, 000 1,00, 000 2,00, 000 1,00, 000
	16,00, 000	16,00, 000

The board of directors of the Jennings Company Limited has decided to make the following appropriations:

Prepare the Profit and loss account for the year ended 31^st December, 2018.

Profit and Loss Account for the Year Ended 31^st December, 2018
To Purchases To Wages To Gross Profit c/d To Depreciation To Salaries To Debenture interest outstanding To Net Profit c/d	$ 4,00, 000 1,20, 000 4,80, 000 10,00, 000 16,000 80,000 10,000 3,74, 000 4,80, 000	By sales By Gross Profit b/d	$ 10,00, 000 10,00, 000 4,80, 000 4,80, 000