MJR 4E5N PRE POA P2 2023

Name Register Number Class Calculator Model MANJUSRI SECONDARY SCHOOL PRELIMINARY EXAMINATION 2023 Subject: Principles of Accounts Paper: 7087 / 02 Level: Secondary 4 Express / 5 Normal (Academic) Date: 28 August 2023 Duration: 2 hours Setter: Miss Tan Ai Hua Additional Materials: Writing Paper (4 sheets) READ THESE INSTRUCTIONS FIRST Write your Register Number, Name and Class on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use an HB pencil for rough working. Do not use staples, paper clips, glue or correction fluid. Answer all questions. The use of an approved calculator is allowed. The businesses described in this question paper are fictitious. The number of marks is given in brackets [ ] at the end of each question or part question. This document consists of 7 printed pages and 1 blank page. [Turn over For Examiner’s Use Q1 /20 Q2 /16 Q3 /10 Q4 /14 Total /60

2 4E5NA/7087/02/PRELIM/2023 [Turn over Answer all questions. 1 The following balances were extracted from the books of Qi Qi Trading on 3 0 April 2023. $ Equipment at cost 80 000 Motor vehicles at cost 40 000 Accumulated depreciation: Equipment 12 000 Motor vehicles 10 000 Sales revenue 294 650 Sales returns 11 250 Cost of sales 78 230 Wages and salaries 20 300 Motor vehicle expenses 8 960 Rent and rates 25 000 Discount allowed 10 630 Insurance expense 19 800 Commission received 2 150 Trade receivables 46 700 Trade payables 36 290 Cash at bank (debit balance) 2 890 Inventory 36 200 Capital 40 470 Drawings 15 600 Additional information 1 Monthly rent and rates expense was $2 500. 2 The insurance relates to a fifteen-month period ending on 31 July 2023. 3 Commission owing to the company was $1 200. 4 Equipment is depreciated at 2 0% per annum using the straight -line method. Motor ve hicles are depreciate d at 25% per annum using the reducing -balance method. 5 The accountant reviewed the trade receivables and found that 6% of the balance was unlikely to be collectible. 6 Cost of repairs to Qi Qi ’s perso nal car, $1 60 0, was included in mo tor vehicle expenses. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 April 2023 . [10] (b) Prepare the statement of financial position as at 30 April 2023. [10] [Total: 20]

3 4E5NA/7087/02/PRELIM/2023 [Turn over 2 Jun Ming is a retailer o f computers. At 1 April 2022, his inventory valuation was $20 000 for 80 computers. Jun Ming ’s purchases for the financial year ended 31 March 2023 we