ACCOUNTING LYCEUM
  • Home
  • CAPE® Suggested Solutions
  • CSEC® Suggested Solutions
  • Tutorials & Tips
  • Home
  • CAPE® Suggested Solutions
  • CSEC® Suggested Solutions
  • Tutorials & Tips
Search
Csec Principles of Accounts

Suggested Solutions

Csec: May 2018, Question #1

4/27/2019

5 Comments

 
No. 1(a): Preparation of Cash Book for the month of 31st March 2018.
Workings:
1. 
26th March 2018 the total of the cheque to Jeff’s Air-Con:
Cheque will equal $7,500 less a 5% discount.
The discount equals 5% x $7500 = $375.
Therefore the cheque total equals = $7,500 - $375 = $7,125.

2. 30th March 2018 the total of the cheque received from Layby Stores:
​Invoice total on the 13th March sent to Layby Stores equals $2,250 less 20% trade discount.
The discount equals 20% x $2,250 = $450.
Therefore the invoice total equals = $1,800.
19th March 2018 the total of the credit note sent to Layby Stores equals $200 less 20% trade discount.
The discount equals 20% x $200 = $40.
Therefore the credit note total equals $200 - $40 = $160.
This means that the total on Layby Store’s account on the 30th March 2018 = $1800 - $160 = $1640.
Layby Stores was given a cash discount of $150 therefore the cheque received from Layby will equal
$1640 - $150 = $1,490.
Now that the workings has been completed the Cash Book for the month ended 31st March, 2018 can be prepared.

Read More
5 Comments

Csec: May 2013, Question #2

4/3/2018

0 Comments

 
No. 2(a): Below is the completed table showing the book of original entry for each of the source information given:
Picture

Read More
0 Comments

    Author

    The author holds a Bsc (Hons) Degree in Applied Accounting from Oxford Brookes University, England and enjoys a successful career as an Accounting Supervisor and a private tutor.

    Archives

    November 2021
    April 2021
    April 2019
    April 2018
    March 2018
    February 2018

    Categories

    All
    Bad And Doubtful Debts
    Bank Reconciliation Statements
    Books Of Original Entry
    Company Accounts
    Control Accounts
    Cooperative Accounts
    General Ledgers
    Manufacturing Accounts
    Partnership Accounting
    Payroll Accounting
    Ratio Analysis
    Sole Trader Accounts
    Trial Balance

    RSS Feed

    Picture
    Suggested Solutions for CSEC POA May/June 2019 only US$2.99! Available on Amazon.
    Picture
    Suggested Solutions for CSEC POA May/June 2018 only US$2.99! Available on Amazon.
Powered by Create your own unique website with customizable templates.
  • Home
  • CAPE® Suggested Solutions
  • CSEC® Suggested Solutions
  • Tutorials & Tips