ZIMSEC A Level Accounting Paper 2 Past Papers

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Process Costing Partnership Accounts Ratios and Interpretation Incomplete Records Company Accounts and Share Capital Cash Budgeting Depreciationcorrection of errors and suspense accountControl Accounts Investment Appraisal

Explained questions

Maria had trade payables of $19,840 at 1 January 2015. During the year ended 31 December 2015 she paid $354,240 to trade payables in cash, and her trade payables balance increased by $10,560 to $30,400 by 31 December 2015 (no discounts or returns affected the account). Calculate Maria's credit purchases for the year.
Maria's opening inventory on 1 January 2015 was $54,400 and her closing inventory on 31 December 2015 was $35,200. Her credit purchases for the year were $364,800, and she made no cash purchases of goods for resale. Calculate her cost of sales for the year ended 31 December 2015.
Maria's cost of sales for the year ended 31 December 2015 was $384,000. She marks up her goods sold by 33⅓% on cost. What was her gross profit for the year?
Green Limited has 60,000 4% redeemable preference shares of $1 each. On 30 May 2015 a full year's preference share dividend was declared and paid. Calculate the amount of the preference dividend.
Green Limited had 140,000 ordinary shares of $1 each in issue. On 30 June 2015 it made a rights issue of one new ordinary share for every ten ordinary shares held, at a price of $1.60 per share. Calculate the total cash proceeds from the rights issue.
Green Limited had 60,000 4% redeemable preference shares of $1 each. On 30 June 2015 it redeemed 25% of these preference shares at a premium of 10%. What amount in total was paid to redeem the shares?
In Process I of Shaba Limited, 5,000 litres of direct material were input for the quarter. Normal loss is 20% of input. Calculate the normal loss in litres for Process I.
In Process I of Shaba Limited, 5,000 litres of direct material were input and normal loss is 20% of input. The actual output from Process I for the quarter was 3,800 litres. Calculate the abnormal loss in litres.
In Process I of Shaba Limited, direct materials were 5,000 litres at $0.50 per litre, direct labour was $800, and production overhead was charged at 200% of direct labour. Normal loss is 20% of input and any loss can be sold as scrap for $0.30 per litre. What is the cost per litre of the expected output in Process I, after deducting the scrap value of the normal loss?
In Process II of Shaba Limited, the transfer from Process I was 3,800 litres valued at $1.15 per litre. Additional direct materials were 4,000 litres at $0.80 per litre, direct labour was $1,753, and production overhead was charged at 100% of direct labour. Normal loss is 10% of input, with any loss sold as scrap for $0.70 per litre. There was no work in progress. Calculate the cost per litre (per complete unit) of Process II's expected output.
During October 2015, James Limited received $335,426 through the bank from amounts recorded against trade receivables. This total included a cheque for $48 that actually related to commission received, not a receipt from a credit customer. Calculate the amount that should actually be credited to the sales ledger control account as cash received from trade receivables.
A credit customer of James Limited was granted a monthly rebate of 5% on purchases of $800. Calculate the amount of the rebate.
Which of the following is a genuine benefit of preparing a sales ledger control account and a purchases ledger control account?
In accounting, a master budget is best described as:
A firm forecasts September sales revenue of $180 000, of which 30% is for cash. Cash customers pay in the month of sale and are allowed a 5% cash discount. Calculate the cash received from cash sales in September.
A company plans to issue 20 000 ordinary shares of $1 each in October at an issue price of $1.20 per share. Calculate the total cash proceeds expected from the share issue.
On dissolution of a partnership, trade receivables of $27 000 paid their accounts in full after receiving a 5% cash discount. Calculate the amount of cash received from trade receivables.
Freehold property with a book value of $130 000 was sold on dissolution of a partnership at 10% above its book value. Calculate the sale proceeds received for the freehold property.
On dissolution of a partnership, trade payables of $26 000 were settled and a 10% discount was received from them. Calculate the amount of discount received.
A manufacturer completed 3 000 units during the year at a unit cost of $100. Completed goods are transferred to the trading account at a mark up of 20% on cost. Calculate the profit on manufacture for the year.
A business sold 2 950 units for $442 500. Its opening inventory of finished goods at transfer value was $24 000, goods transferred in from the factory during the year were $360 000, and closing inventory of finished goods at transfer value was $30 000. Calculate the gross profit for the year.
Cumulative preference shares are preference shares on which:
Henry started a business by paying $26 000 into the bank, and later paid a bank loan of $21 200 into the same account. All other bank receipts were takings banked from the cash till. Payments out of the bank during the year totalled $512 396 and the bank balance at the year end was $32 600. Calculate the amount banked from the cash till during the year.
State what the prudence concept requires a business to do when it prepares its financial statements.
A club received $6 000 in subscriptions during the year. Subscriptions in arrear were $1 920 at the start of the year and nil at the end, and subscriptions in advance were $270 at the start and $360 at the end. Calculate the subscriptions income for the year.
How does the accounting treatment of a bad debt differ from that of a doubtful debt?
A club's receipts and payments account for the year ended 31 December 2013 shows a debit balance of $79 978. A subscription of $60 that had been credited in the bank account was not entered in the receipts and payments account, and a direct debit of $245 for stationery was also omitted. Calculate the updated cash and bank balance at 31 December 2013.
A trader banked $379 360 received from trade receivables during the year ended 31 December 2014 and used a further $96 300 of receipts for cash payments without banking it. Trade receivables were $90 310 at 1 January 2014 and $86 240 at 31 December 2014. Calculate the sales for the year.
P. Moyo, a sole trader, had the following at 1 January 2015: premises at cost $80 000, fixtures and fittings at valuation $8 000, motor vehicles at net book value $7 000, inventory $22 000, trade receivables $13 750, rent prepaid $600, petty cash $500, bank$ 16 500, trade payables $16 500 and wages accrued $1 000. Calculate his capital at 1 January 2015.
A bookkeeper posts the cost of a new delivery van to the motor expenses account. The trial balance still agrees. What kind of error is this?
State one use of absorption costing in a manufacturing business.
In budgetary control, what is meant by the principal budget factor?
What is standard costing?

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