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ZIMSEC O Level · 7112/2 · N2015

Principles of Accounting Paper 2 November 2015

Questions
10
Total marks
88
Syllabus code
7112/2

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Questions
10
Pass mark
6
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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]Final accounts of a sole trader
Chiedza Fashion Boutique's Income Statement for the year ended 31 December 2014 showed an adjusted gross profit plus other income of $499 848, and total expenses of $226 294. What was the net profit for the year?

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Question 102

[1 marks]Final accounts of a sole trader
In Chiedza Fashion Boutique's Statement of Financial Position as at 31 December 2014, non-current assets totalled $331 480 and current assets totalled $112 130. What was the total assets figure?
  1. A$112 130
  2. B$331 480
  3. C$411 770
  4. D$443 610

Question 201

[1 marks]Ledger accounts and books of original entry
In S. Saka's sales ledger, T. Tasara's account was credited with $1 050 for 'Bad debts' on 28 December 2012, writing off the remaining balance owed. In which subsidiary book (book of original entry) would this write-off first have been recorded?
  1. ASales returns and allowances journal
  2. BGeneral journal
  3. CCash book
  4. DSales journal

Question 202

[1 marks]Ledger accounts and books of original entry
In S. Saka's sales ledger, T. Tasara's account shows a 'Balance b/d' entry of $1 800 on 1 December 2012. What does this entry represent?
  1. AThe balance owed by T. Tasara, brought forward from the previous period
  2. BA payment received in cash from T. Tasara
  3. CDiscount allowed to T. Tasara in December
  4. DGoods returned by T. Tasara during December

Question 301

[1 marks]Departmental accounts, correction of errors and bank reconciliation
Thokozani Sibanda's Furniture department had a turnover (sales less returns inwards) of $900 000 and cost of sales of $600 000 for the year ended 31 December 2014. What was the Furniture department's gross profit?
  1. A$300 000
  2. B$380 000
  3. C$600 000
  4. D$900 000

Question 302

[1 marks]Departmental accounts, correction of errors and bank reconciliation
N. Chuma's net profit for the year was $369 000 before five errors were corrected. After correcting all five errors -- including removing a $35 000 van sale wrongly credited to Sales, and adding purchases of $45 000 from V. Vennon that had been completely omitted -- the corrected net profit was calculated. What was N. Chuma's corrected net profit?

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Question 303

[1 marks]Departmental accounts, correction of errors and bank reconciliation
Which of the following is an example of capital expenditure rather than revenue expenditure?
  1. APaying the annual insurance premium on a building
  2. BRepairing a delivery van's engine after a breakdown
  3. CThe installation cost of a newly purchased machine
  4. DBuying fuel for a delivery van

Question 401

[1 marks]Accounting ratios and limited company accounts
K. Kudakwashe had sales of $1 950 000 and returns inwards of $150 000 for the year ended 31 December 2014. What was the turnover for the year?
  1. A$1 650 000
  2. B$1 800 000
  3. C$1 950 000
  4. D$2 100 000

Question 402

[1 marks]Accounting ratios and limited company accounts
K. Kudakwashe's turnover for the year ended 31 December 2014 was $1 800 000, and the gross profit margin was 33 1/3% of turnover. What was the gross profit for the year?

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Question 403

[1 marks]Accounting ratios and limited company accounts
Kwaedza Limited's net profit for the year ended 31 December 2013 was $436 000. After transferring $200 000 to the General Reserve and providing dividends totalling $225 000 (preference $120 000, ordinary interim $65 000, ordinary final $40 000), what was the retained profit for the year (before adding the opening Profit and Loss balance of $270 000)?
  1. A$11 000
  2. B$225 000
  3. C$236 000
  4. D$281 000

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