Download and practise with this ZIMSEC O-Level Principles of Accounts Paper 3 June 2013 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 3 from June 2013. Use it for exam practice under timed conditions. The paper code is 9197/3.
Each scenario in this case study describes an event in the life of a business and is followed by a question. Answer all questions. You are advised to answer the questions in the order in which they are set.
Scenario 1
Coffee and Tea have been in partnership for some time, sharing profits and losses in the ratio of $2: 1$ respectively. Table 1(a) shows the partnership's statement of financial position(balance sheet) as at 30 September 2008.
\begin{table}
\captionsetup{labelformat=empty}
\caption{Table 1(a)}
Non-current assets | $ | $
Freehold premises | & 31250
Plant and equipment | & $\underline{10000}$
| & 41250
Current assets | &
Inventory(stock) | 13750 |
Trade receivables(debtors) | 7500 |
Bank | $\frac{2500}{23750}$ |
Less: Current liabilities: | &
Trade payables(creditors) | 2500 | 21250
| & 62500
10\% Loan from Coffee | & (5000)
| & 57500
Capital accounts: Coffee | 30000 |
Tea | $\underline{20000}$ |
| & 50000
Current accounts: Coffee | 9000 |
Tea | (1500) | 7500
| & 57500
\end{table}
The partners decided to sell their business to a limited company, CC Ltd. CC Ltd's statement of financial position(balance sheet) at 30 September 2008, before the purchase of the partnership business, is also given in Table 1(b).
9197/3 J2013
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