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ZIMSEC A Level · 6001/2 · J2018

Accounting Paper 2 June 2018

Questions
13
Time allowed
105 min
Syllabus code
6001/2

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Questions
13
Pass mark
8
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Answer every question in the printed order, get marked at the end, then see the answers.

The questions

Question 101

[1 marks]Financial statements - sole trader
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.

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Question 102

[1 marks]Financial statements - sole trader
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.

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Question 103

[1 marks]Financial statements - sole trader
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?
  1. A$76,800
  2. B$96,000
  3. C$115,200
  4. D$128,000

Question 201

[1 marks]Company accounts - share capital and redemption
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.

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Question 202

[1 marks]Company accounts - share capital and redemption
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.

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Question 203

[1 marks]Company accounts - share capital and redemption
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?
  1. A$15,000
  2. B$15,750
  3. C$16,500
  4. D$19,800

Question 301

[1 marks]Process costing
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.

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Question 302

[1 marks]Process costing
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.

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Question 303

[1 marks]Process costing
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?
  1. A$1.15
  2. B$1.225
  3. C$1.35
  4. D$1.425

Question 304

[1 marks]Process costing
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.

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Question 401

[1 marks]Control accounts
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.

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Question 402

[1 marks]Control accounts
A credit customer of James Limited was granted a monthly rebate of 5% on purchases of $800. Calculate the amount of the rebate.

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Question 403

[1 marks]Control accounts
Which of the following is a genuine benefit of preparing a sales ledger control account and a purchases ledger control account?
  1. AIt helps identify posting errors by comparing the control account balance to the total of the individual ledger balances.
  2. BIt calculates the total gross profit earned from credit sales after deducting the related cost of sales for the period.
  3. CIt automatically corrects posting errors found in the individual customer accounts once they are identified.
  4. DIt shows the individual balance owed by each credit customer, providing a full list of debtors' accounts for reference.

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