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CAPE Accounting Unit 2 2015 P2

CAPE

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Sachin Bahadoorsingh
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664 views

CAPE Accounting Unit 2 2015 P2

CAPE

Uploaded by

Sachin Bahadoorsingh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF or read online on Scribd
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Ce. test cope 02201020 FORM TP 2015127 MAY/JUNE 2015 ‘o CARIBBEAN EXAMINATIONS COUNCIL CARIBBEAN ADVANCED PROFICIENCY EXAMINATION® ACCOUNTING ‘UNIT 2 — Paper 02 2 hours and 45 minutes 08 MAY 2015 (a. | READ THE FOLLOWING INSTRUCTIONS CAREFULLY. 1. This paper comprises THREE questions. EACH question is worth 35 marks. 3. ALL questions are COMPULSORY. : 4. Begin EACH answer on a new page. 5. You may use a silent, non-programmable calculator to answer questions. ALL working must be clearly shown. DO NOT TURN THIS PAGE UNTIL YOU ARE TOLD TO DO SO. Copyright © 2013 Caribbean Examinations Council All Rights Reserved. 02201020/CAPE 2015 1. (a) _Sicard Industries is a small manufacturing business. The following balances were taken from the books of Sicard Industries on 31 December 2014. Inventory | January 2014 s Raw material 113 400 Work-in-progress 11 160 Finished goods 125 600 Inventory 31 December 2014 Raw material 115 100 Work-in-progress 10 100 Finished goods 123 000 Purchase of raw materials 510 000 Work-in-progress 56.000 Purchase of finished goods 84.600 Carriage on raw materials 13.000 Carriage on sales 12.400 Sale of finished goods 1.250 000 Purchases return on raw materials 1600 Sales return on finished goods 11400 Depreciation of delivery vehicle 11200 Depreciation of factory equipment 14400 Factory heat and light 17500 Rent and rates of factory 19.000 Rent and rates of office 13 000 Selling expenses 24 800 Manufacturing wages 122. 800 Audit fee 10 400 Advertising 12000 Depreciation of factory machinery 5300 Administrative salaries 24 000 General expenses (Factory) 28 000 Factory manager’s salary 25 900 GO ON TO THE NEXT PAGE 02201020/CAPE 2015 (Prepare a schedule of cost of goods manufactured for the year ended 31 December 2014. [20 marks} (ii) Caleulate Sicard Industries’ cost of goods sold (Cost of Sales) for the year ended 31 December 2014. [6 marks (iii) Prepare a scheduleof Sicard Industries’ selling and distributions costs for the year ended 31 December 2014. [5 marks} (b) _Intimes of inflation, the market price of purchased materials increases. Explain what happens under the FIFO stock valuation method to the value of (i) the materials issued [2 marks} (ii) closing inventories. [2 marks] Total 35 marks GO ON TO THE NEXT PAGE 02201020/CAPE 2015

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