2022 CTSS 4N Prelim P2 QN

Name: _________________________________RegisterNumber: ______ Class: ______ Clementi TownSecondarySchoolPreliminaryExamination2022Secondary4Normal (Academic) PRINCIPLESOFACCOUNTS 7086/02Paper 2 29July20222hours Candidatesansweronwritingmaterialsprovided. CLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOLCLEMENTITOWNSECONDARYSCHOOL READTHESEINSTRUCTIONSFIRST Writeyour name, register number andclassonall theworkyouhandin.Writeindarkblueor blackpenonbothsidesof thepaper.YoumayuseanHBpencil for anyroughworking.Donot usestaples, paper clips, glueor correctionfluid.Theuseof anapprovedcalculator isallowed.DONOTWRITEONANYBARCODE. Answer all questions. Thebusinessesdescribedinthisquestionpaper arefictitious. Thenumber of marksisgiveninbrackets[ ] at theendof eachquestionor part question. ___________________________________________________________________________________ Thisquestionpaperconsistsof8printedpagesincludingthiscoverpage.

2 Answer all questions. 1 Thefollowingbalanceswereextractedfromthebooksof Joe’sbusinesson30June2022: $Fixtureandfittings, at cost 75000Motor vehicles, at cost 100000Accumulateddepreciation:Fixtureandfittings 1500Motor vehicles 10000Salerevenue 177400Salesreturns 3400Cost of sales 45000Insuranceexpense 24000Inventory 8000Cashat bank 5300 creditBankloan 30000Bankloaninterest 500Drawings 39000Capital 1July2021 130400Tradereceivables 24200Cashinhand 2000Marketingexpense 68000Rent income 34500 Additional information 1 On30June2022:(i) Insuranceexpensepayableamountedto$800.(ii) Rent incomereceivablewas$700. 2 Annual depreciationischargedon:(i) Fixtureandfittingsat 10%usingthestraight-linemethod.(ii)Motor vehiclesat 20%usingthereducingbalancemethod. 3 Following a review of trade receivables on 30 June 2022, 5%was estimated to beuncollectible. 4 Arepayment of $10000onthebankloanwouldbedueinOctober 2022. 5 Joewithdrewgoodsworth$600for hisownuse. Thiswasnot recordedinthebooks.

3 REQUIRED (a) Preparethestatement of financial performancefor theyear ended30June2022. [8] (b) Preparethestatement of financial positionasat 30June2022. [12] [Total: 20]

4 2 HoppaSnack, aretailer of Koreansnackshaditsfinancial year endon31May2022. Thefollowingerrorswerediscoveredon31May2022. (i) Stationerycosting$150wasclassifiedasafixtureandfittings. (ii) $280 cash paid for the owner’s home utilities was recorded under utilitiesexpense. (iii) Commission income earnedof $900wasyet tobereceivedon31May2022andnoadjustment wasmade. (iv) A cheque of $360 received from Tibits Store had been recorded in theaccoun