Download and practise with this ZIMSEC O-Level Principles of Accounts Paper 3 June 2015 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 2015. Use it for exam practice under timed conditions. The paper code is 9197/3.
Instructions 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 John is a sole trader who does not keep proper accounting records. His assets and liabilities on 1 April 2010 were: | $ Equipment (net book value) | 10000 Motor vehicles (net book value) | 4000 Machinery (net book value) | 2500 Bank | 15000 Inventory | 18000 Trade receivables | 19000 Cash | 500 Trade payables | 16800 10\% Loan from Agribank (2015) | 2000 His bank statement for the year ended 31 March 2011 showed the following receipts and payments: Cheques paid to suppliers | $$$ Part payment for motor van | 56000 General expenses | 16000 Cash withdrawn for own use | 18400 Cash and cheques banked | 4200 Rent paid | 82400 | 6800 However, it was also discovered that cheques worth $$ 4600$ had not been presented for payment. John also provides the following information: (i) Included in the amount banked was $$ 1900$ for the sale of machinery. (ii) Prior to banking the takings, $$ 21000$ was used to pay wages for the year. John took $1000 for own use. (iii) Part of the cash available at the beginning, $$ 400$, was used for buying stationery. (iv) Debit notes issued to suppliers amounted to $$ 800$. (v) Cash discounts received from suppliers totalled $$ 900$. (vi) Credit notes issued to customers amounted to $$ 1100$. (vii) Cash discounts allowed to customers were $$ 1300$. 9197/3 J2015 Scanned by CamScanner