Tampines Sec 4E Prelim 2023 Paper 1 (Questions)

This document consists of 9 printed pages © TPSS/7087/01/2023/SEC4E5NA/Prelims TAMPINES SECONDARY SCHOOL Secondary Four Express and Five (Normal Academic) PRELIMINARY EXAMINATION 2023 NAME CLASS REGISTER NUMBER PRINCIPLES OF ACCOUNTS 7087/01 Paper 1 13 September 2023 1 hour Candidates answer on the Question Paper. No Additional Materials are required. Additional Instructions READ THESE INSTRUCTIONS FIRST Write your name, class and register number on all the work you hand in. Write in dark blue or black pen. You may use an HB pencil for any rough working. Do not use staples, paper clips, glue or correction fluid. The use of an approved calculator is allowed. Answer all questions. The businesses described in this question paper are entirely fictitious. The number of marks is given in brackets [ ] at the end of each question or part question. [Turn over O For Examiner’s Use

2 1 Answer all questions. Shirley is a sole trader. After preparing the accounts for the year ended 31 December 2022, she discovered the following errors. 1 Credit sales of $2 500 to Ling Ling was recorded in Ming Ming’s account. 2 Receipt of $300 cheque for commission income has been debited to the commission income account and credited to the cash at bank account. 3 $120 of utilities paid by cheque was recorded as $102 in both accounts. 4 Purchase of a delivery van for business use for $80 000 has been recorded in the fixtures and fittings account. The statement of financial performance for the year ended 31 December 2022 showed a profit of $12 360 before the errors were discovered. REQUIRED (a) Prepare the journal entries to correct errors 1 and 2. Narrations are not required. Debit $ Credit $ Error 1 Error 2 [4]

3 (b) Prepare a statement to show the adjusted profit for the year ended 31 December 2022. Shirley Statement to show adjusted profit for the year ended 31 December 2022 ……………………………………………………………………………………………………………….. ……………………………………………………………………………………………………………..... ………………………………………………………………………………………………………………. …………………………………………………………………………………………………………….... ………………………………