CANDIDATE'S RECEIPT I INSTRUCTIONS TO CANDIDATE 1. Fillin all the information requested clearly in capital letters. rest cove | 0 suBiEct PRINCIPLES OF ACCOI PROFICIENCY GENERAL REGISTRATION NUMBER FULL NAME, (BLOCK LETTERS) SIGNATURE DATE. ‘hand in this booklet, 3. Keep it in a safe place until you have received your results. INSTRUCTION TO SUPERVISOR/INVIGILATOR Sign the declaration below, detach this slip and hand ito the candidate as his/her receipt for this booklet collected by you {hereby acknowledge receipt of the candidates booklet for the examination stated above. Signature Super isorinvillator Date iE | CARIBBEAN EXAMINATIONS COUNCIL (CARIBBEAN SECONDARY EDUCATION CERTIFICATE? EXAMINATION (5 JANUARY 2023 (a.m) FILL IN ALL THE INFORMATION REQUESTED CLEARLY IN CAPITAL LETTERS. restcove [o]1]2 SUBIECT _PRINCIPLES OF ACCOUNTS ~Paper 032 PROFICIENCY GENERAL _ REGISTRATION NUMBER 'SCHOOLICENTRE NUMBER NAME OF SCHOOLICENTRE (CANDIDATE'S FULL NAME (FIRST, MIDDLE, LAST) DATE OF BIRTH SIGNATUREr “Me | EXTRA SPACE, you use this extra page, you MUST write the question number clearly inthe box provided. Question No. 01239032//CSEC 2023, a DONOT WRITE? NTH REA “Donor WE AREA DONOT WRITE IN: FORM TP 2023030 R rest coe 01239032 ~ | JANUARY 2023 CARIBBEAN EXAMINATIONS COUNCIL CARIBBEAN SECONDARY EDUCATION CERTIFICATE? EXAMINATION PRINCIPLES OF ACCOUNTS Paper 032 ~ General Proficiency READ THE FOLLOWING INSTRUCTIONS CAREFULLY. 1. Answer ALL questions 2. Write your answers in the spaces provided in tis answer booklet. 3. Do NOT writ in the mari 4. Show ALL working clearly 1 hour 30 minutes 5. Yeumay use a silent, non-programmable calculator to answer question, 6. Youareadvisedto take some timeto read through the paper and plan your answers. 7. Ifyou need to rewrite any answer and there isnot enough space to do soon the original page, you must use the extra lined page(s) provided a the back of this booklet. Remember to draw a line through your original answer. 8. Ifyou use the extra page(s), you MUST write the question number clearly the box provided atthe top of the extra page(s) and, where relevant, include ‘the question part beside DONOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO. Copyright © 2022 Caribbean Examinations Council L. exsvormessc ms All igh eserved. maei “ 7 "This paper consists ofa case study and FIVE questions. Read the caseand answer ALL the questions ‘that follow inthe spaces provided inthis booklet. CASE STUDY Calvin Rig sa recent graduate of Beersie University, St Joseph. He is unemployed and decided to open ‘ business in January 2022. ‘The busines is called SAG Engineering (SAGE) and offers consulting and ‘engineering services to small businesses, Calvin is the only investor and he intends to use proceeds from his inheritance to operate the business 1. @_List ONE main section Calvin Rig could include in e business plan. mar) GO ON TO THE NEXT PAGE 012390321N/CSEC 2023 E MPAA al HF WRETE IN THUS AREA | _DONOT WRITE IN THIS AREA DO AREA [De Nor Warten THis nea _ BO NOT WRITE IN eh Wine IN Ti : 2 = = = i 5 a : 3 ir os a (©) Caloulate SAGE's net proft percentage at 31 December 2022, (marks) ‘Total 40 marks END OF TEST IF YOU FINISH BEFORE TIME IS CALLED, CHECK YOUR WORK ON THIS TEST. (01239032/0/CSEC 2023 _ee a. | iE a. iE 7 to 5 ‘SAGE's revenues and expenses for the first year of operation are as follows, k (b) Calvin Rig prepared SAGE's forecasts of cash receipts and payments for the first TWO. as ‘months ending February 2022, as aa] In the follwing table, inser the missing figures inte ells numbered () 1 (vi 0 Revense 300 500 lee complete the cashflow reas or the TWO months ending Februnty 202 Transporation of workers a job ses 20000 a Wages 120000 Be ae, Electricity 30.000 ie For the Two Months Ending February 2022 Discount allowed 10000 ae “anwar Foray Rent 14 000 2: Cash Ttows s 5 etuns nvards 300, g Constancy ae engineering 120 000 750000 “otal Iniows 0 T5000 Adina Information + Prgidrent s2.000 igs Cash Outs em cons, lied ae Purchase of equipment 105 000 95000, ‘gs Purchase of wols 5000 (@) Use the information above to prepare SAGE's income statement for the year ended — ou i 51 Desemer 2022 Use the fom provided Below gs se = ee es expense 1500 aacE g& Total Oulows 116500 |) Income Statement 55 For the Year Ended 31 December 2022 a3 $ s | Inflow/Outflow 7 Net now Ou r Gist) a feet igs s 8 =e ‘Cash Balances ‘pein 125000 6a & Closing ii) wii) (6 mar marks) fs coontorienextace «88 oon To THe NExtPAGE o1239032//CSEC 2023 ———__onnsso32:esec 2023FE : a --| & Catia igre e lig ie on e212 (Pepe SAGE's duces rac sg thefom pov ae ee aera rare ‘aa aie 3 a —_ Revised Purchases Ledger Control Account — eacon! Date Details s Date Details s Die lg an =o i wee ac 7500 Sacarenraaes 2200 eerie i009 rans 2 : om ge (©) State the journal which provides information about the ‘dishonoured cheques’ in the sales ae encanta ia ge (mark) ae S (©) _ State ONE measure SAGE can use to manage its accounts receivable. 28 — ge ‘ina : 21S ce ae Ee GO ON TO THE NEXT PAGE a a GO ON TO THE NEXT PAGE oraosauesce ses : ecmanesec as L mun =] fe 4i “w a 4. Bree is employed by SAGE as the accounts assistant, She has difficulty constructing contr accounts. Bree prepared the purchases ledger control account shown below but some erors Were made Purchases Ledger Control Account Date Details s_| Dae Details 3 2022 000 | 2022 3022 | Discount received 2.000 | 2022 | Balance bid 20.000 Ot [Balance bid (overpayment) | 400 Returns He eee 5.000 31___| Credit purchases 18750 31___| Bank (payment to suppliers) [10 000 Additional information + Am invoice for $5000 less 25% trade discount for goods to be received inthe next financial ‘year has been included in the eredit purchases amount + Arretums outward of $250 was recorded inthe returns inwards account, GOON TO THE NEXT PAGE, =| (01239032/0/CSEC 2023 le _ | poNoT WRITE INAS, | BO NOTHRITE IN THISAREA, ae DO NOT WRITE IN THIS AREA. NOT WRITE IN FHS AREA DO! : : : : 2 E s 2 RITEIN DO NOT) r Prepare aclassifed statement of financial 5 ition for SAGE as at | January 2022, The statement should show the working and opening capital forthe period. Use the space provided below. 01239032//CSEC 2023, (@ mars) GO ON TO THE NEXT PAGE, |r * 4 3. (@) Identify the “book of original entry" in which Calvin Rig would have entered the record to start the business (mark) (©) SAGE provided the following transations from the first month’ operation. 20m 2 January | Withdrew $6 000 cash fom the bank for business use 3 ‘Paid 14 months’ reat by cheque $14 000. 20 Calvin withdrew $7 000 by cheque for private use, 2 ‘Services rendered on ered for $150 000 to Southwest Construction for consultaney and engineering services. 25 ‘Received cheque totalling $145 000 a a fll seitlement from Southwest Construction, 2 Paid wages of $10 000 by cheque 30 aid electricity bill of $3 000 by cas, Use the information in the table above and from Question 2 on page 6 to prepare SAGE's thee-column cash book for forthe month of January 2022. Balance and rule the cash book a the end ofthe month and bring down the opening balance forthe next month GO ON TO THE NEXT PAGE (01239032//CSEC 2023 . AMARA el RO a ee 8 Cash | Bank s Discount Received Details Date SAGE Cash Book Bank s For the month of January 2022 Cash s Discount Allowed Details (01239032/0/CSEC 2023 lie GO ON TO THE NEXT PAGE |