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Chapter - 4 Test Answers

The document discusses chapters and concepts from the textbook Principles of Accounts for CSEC® 2nd edition. It provides examples of completed ledger accounts and a trial balance for a business called Natasha Mohammed. It tests the student's understanding with multiple choice questions and a marking scheme for the examples given.

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Veronica Bailey
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Download as PDF, TXT or read online on Scribd
26 views

Chapter - 4 Test Answers

The document discusses chapters and concepts from the textbook Principles of Accounts for CSEC® 2nd edition. It provides examples of completed ledger accounts and a trial balance for a business called Natasha Mohammed. It tests the student's understanding with multiple choice questions and a marking scheme for the examples given.

Uploaded by

Veronica Bailey
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Principles of Accounts for CSEC®

2nd edition

Chapter 4: Ledgers and the trial balance


1. B (1 mark)
2. A (1 mark)
3. D (1 mark)
4. B (1 mark)
5. (a)

Natasha Mohammed
General ledger
Capital account
$ $
Jan 31 Bal c/d 20 000 Jan 1 Bank 20 000
Feb 1 Bal b/d 20 000

Bank account
$ $
Jan 1 Capital 20 000 Jan 14 Rawl & Co. 9 600
Jan 7 Kaden 3 000 Jan 31 Bal c/d 25 340
Jan 20 Kaden 1 940
Jan 30 Caribbean Bank Ltd 10 000
34 940 34 940
Feb 1 Bal b/d 25 340

Rawl & Co. account


$ $
Jan 12 Purchases Returns 4 000 Jan 4 Purchases 14 000
Jan 14 Bank 9 600
Jan 14 Discount received 400
14 000 14 000

Purchases account
$ $
Jan 1 Rawl & Co. 14 000 Jan 31 Bal c/d 14 000
14 000 14 000
Feb 1 Bal b/d 14 000

1 Principles of Accounts for CSEC® 2nd edition © Oxford University Press 2019
Chapter 4: Ledgers and the trial balance
Kaden account
$ $
Jan 7 Sales 5 000 Jan 7 Bank 3 000
Jan 20 Bank 1 940
Jan 20 Discount allowed 60
5 000 5 000

Sales account
$ $
Jan 31 Bal c/d 9 000 Jan 7 Kaden 5 000
Jan 28 Cash 4 000
9 000 9 000
Feb 1 Bal b/d 9 000

Caribbean Bank Ltd account


$ $
Jan 31 Bal c/d 10 000 Jan 20 Bank 10 000
10 000 10 000
Feb 1 Bal b/d 10 000

Furniture and fittings account


$ $
Jan 10 Desi & Co. 11 000 Jan 31 Bal c/d 11 000
11 000 11 000
Feb 1 Bal b/d 11 000

Desi & Co. account


$ $
Jan 31 Bal c/d 11 000 Jan 10 Furniture & fittings 11 000
11 000 11 000
Feb 1 Bal b/d 11 000

Purchases returns account


$ $
Jan 31 Bal c/d 4 000 Jan 12 Rawl & Co. 4 000
4 000 4 000
Feb 1 Bal b/d 4 000

Discount received account


$ $
Jan 31 Bal c/d 400 Jan 14 Rawl & Co. 400
400 400
Feb 1 Bal b/d 400

2 Principles of Accounts for CSEC® 2nd edition © Oxford University Press 2019
Chapter 4: Ledgers and the trial balance
Discount allowed account
$ $
Jan 20 Kaden 60 Jan 31 Bal c/d 60
60 60
Feb 1 Bal b/d 60

Cash
$ $
Jan 28 Sales 4 000 Jan 31 Bal c/d 4 000
4 000 4 000
Feb 1 Bal b/d 4 000

Mark Scheme

•• Opened at least 8 accounts, 1 mark for every 4 a/cs opened: max. 2 marks
•• Debit entries correctly entered in accounts, 1 mark for every 2 correct Dr entries:
max. 6 marks
•• Credit entries correctly entered in accounts, 1 mark for every 2 correct Cr entries:
max. 6 marks
•• Any 6 accounts correctly balanced, 1 mark for every 3 correct: max 2 marks
(16 marks)

(b)
Natasha Mohammed
Trial balance as at 31 January 2018
Dr Cr
$ $
Capital 20 000
Bank 25 340
Purchases 14 000
Sales 9 000
Caribbean Bank Ltd 10 000
Furniture and fittings 11 000
Desi & Co. 11 000
Purchases returns 4 000
Discount received 400
Discount allowed 60
Cash 4 000
54 400 54 400

Mark Scheme

•• Correct heading: 1 mark


•• Debit entries correct, 1 mark for every 3 correct entries: max. 1 mark
•• Credit entries correct, 1 mark for every 3 correct entries: max. 2 marks
(4 marks)
3 Principles of Accounts for CSEC® 2nd edition © Oxford University Press 2019

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