Outram Sec Prelim 2022 Ans

1 | Page OSS POA 4E5N PRELIM PAPER 1 & PAPER 2 2022 MARK SCHEME OUTRAM SECONDARY SCHOOL POA 4E5N PRELIM EXAM PAPER 1 2022 MARK SCHEME Question 1 (a) Cash at bank account 2022 Dr ($) Cr ($) Bal ($) Jul 31 Balance b/d 8 030 DR Jul 31 Utilities 170 [1] 7 860 DR Jul 31 Equipment (error) 80 [1] 7 940 DR Jul 31 Trade receivable, Anyang (Dis Chq) 2 220 [1] 5 720 DR Jul 31 Bank charges 60 [1] 5 660 DR Aug 1 Balance b/d 5 660 DR [1] [5m] (b) Busan Bank reconciliation statement as at 31 July 2022 $ $ Balance as per bank statement 6 110 [½] LESS: Cheques not yet presented [½] Trade payable, Sejong Trading (cheque 334363) (450) [1] Adjusted balance as per cash at bank account 5 660 [1] [3m] (c) The business refers to money kept with the bank as an asset. [1] The bank refers to the money that the business keeps with the bank as a liability. [1] [2m] [Total: 10m] Busan on statemmmmmmmmmeeeeeneenenenenenenenenenntttttt t t t t t t aaasaasasaaasasasasasssssssss aaaaaaaaaaaaaaaaaaaaaat tttttt tttttttttttt tttttt 3131313131313131313131313131313131133 July yyyyyyyy 200200000000000000002222222222222222222222222222222222222 $$$$$$$$$$$$$$$$$$$$ $ 6 d [½]]]½]]]]]]]]]]]]] Tradddddddddddddddddddddinninnnninnininnninnninniinnninininiiningggggggggggggggg gggggggg gggggggggg (c(c(c(c(c(((((((((((((( heheheheheququququque 334333333333333333333333333333333363636333363363333333333333363363333333) cash aaaaaaaaaaaaaaaaaaaaaatt t tttt bbbbbabbbbbbbbbbbbbbbbbbbbbbbbbankknkkkkkkkkkkkkkkkkkkkkk aaaaaaaaaaaaaaaaaaaaaaaaaaccccccccccccccccccccouououououoooooooo ntnnnnnnnnnnnnnnnnnnnnnnn ss refeeeeeeeeeeeeeeeeee errrrrrrs s s ssss tototototototo monnnnnnnnnnnnnnnnnnnnneyeyeyeyyyeyyeyeyeyeyyyyeyyeyyyy kkkkkkept withthththhhthththttthttthtttttt tttttttheeeeeeeeeeeeeeeeeeeeeee bbbbbbbbbbbbbbbbbbbbbbbbbbbbbannnnnnnnnnnnnnnnnnnnnnnnkkkkkk kkkkkkkkkkkkkkkkkkkkkk aaaaasaaaa aaaaaaaaaaannnnnnnnnnnnnnnnnn asasasasasasasasasasasasasasaasasassasassaaasaaaasssssssessssssssssss t. k refeeererereereerereeeeeeeeeeeeeeee sssssssssssssssssssssss to theheheheeee mmmmmmmonoooooo eyeyeyeyeyeyeyeyeyeyeyeyyeyyyyyyyyyyyyyy tttttttttttttttttttttttthahhhhhhhhhhhhhhhhhhh t the eeeeeeeeee e eeeeeee bubububububbubbbbbbbubbbbbbbbbubusissiisiisisiiiisiiinennnnnn ss keepsppsppppspspsppppppsppspsppppppppp wwwwwwwwwwwith thtthtththththhhhhthhthhthhe ee e ee ee eeeeeeeeeeeeeee bbbbbbabbbbbbbb www.KiasuExamPaper.com 259 2 | Page OSS POA 4E5N PRELIM PAPER 1 & PAPER 2 2022 MARK SCHEME Question 2 (a) Trade receivables collection period (days) = Average net trade receivables X 365 daysNet credit sales revenue 31 August 2021 31 August 2022 Workings (12000+16000) ÷2 x 365 days [1] (16000+22000)÷2 x 365 days [1] 178000 198000 Trade receivables collection period (days) 28.71 days [1] 35.03 days [1] [4m] (b) 1 Itaewon’s trade receivables collection period has worsened from 28.71 days in 2021 to 35.03 days in 2022. [1] 1 mark per suitable comment to a maximum of 3 marks. 2 This shows that t