Download and practise with this ZIMSEC O-Level Principles of Accounts Paper 2 November 2021 question paper. Useful for exam revision, past paper practice, and preparation in Zimbabwe.
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This is the ZIMSEC O-Level Principles of Accounts question paper for Paper 2 from November 2021. Use it for exam practice under timed conditions. The paper code is 4051/2.
2
(1) Charles and Don are trading as partners. The following information was available from their books on 31 December 2017.
available from their books on 31 December | $
| 25000
Net profit for the year | 40000
Land and buildings at cost | 35000
Fixtures and fittings at cost | 12000
Motor Van at valuation | 10000
Provision for depreciation: Fixtures and fittings, 01/01/2017 | 14000
Trade receivables | 9000
Trade payables | 500
Provision for doubtful debts | 7200
Inventory | 2300
Cash at bank | 200
Prepaid Insurance | 700
Accrued wages | 33000
Capital accounts, 1 Jan 2017: Charles | 22000
The following current accounts were also given on 31 December 2017.
| Charles $ | Don $ | & Charles $ | Don S
2017 | & | 2017 | &
Jan 1 Balance b/d | & 700 | Jan 1 Balance b/d | 4200 |
Dec 31 Drawings | 2000 | 3000 | Dec 31 Interest on capital | 1650 | 1100
Interest on drawings | 40 | 60 | Salary | & 8000
Salary | & 5000 | Share of profits | 8610 | 5740
Balance c/d | 12420 | $\underline{6080}$ | & |
| 14460 | 14840 | & 14460 | 14840
The partnership depreciates fixtures and fittings at 20\% per annum on net book value.
The motor van was brought into the business by Charles on 31 December 2017 as additional capital.
(a) Prepare the partnership appropriation account for the year ended 31 December 2017,
[4]
(b) Prepare a statement of financial position as at 31 December 2017.
[13]
4051/2 N2021
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