JYSS 4E5N POA PRELIM 2022 P1

This document consists of 11 printed pages and 1 blank page. [Turn over JUNYUAN SECONDARY SCHOOL PRELIMINARY EXAMINATION 2022 SECONDARY FOUR EXPRESS/ FIVE NORMAL ACADEMIC CANDIDATE NAME CLASS PRINCIPLES OF ACCOUNTS 7087/01 13 September 2022 1 hour Candidates answer on the Question Paper. No Additional Materials are required. READ THESE INSTRUCTIONS FIRST Write your name, class and index number in the spaces at the top of this page. Write in dark blue or black pen. You may use an HB pencil for any diagrams or graphs. Do not use staples, paper clips, glue or correction fluid. Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. For examiner’s use only Question number Mark 1 / 9 2 / 12 3 / 12 4 / 7 Total /40 INDEX NUMBER Paper 1

2 7087/01/4E5N/PRELIM/2022 1 Sparkling Hardware Pte Ltd provided the following account balances on 1 August 2021. Shareholders’ equity $ Share capital, 200 000 ordinary shares 500 000 Retained earnings 143 600 The financial year of Sparkling Hardware Pte Ltd ends on 31 July 2022. REQUIRED (a) Explain the following terms: (i) retained earnings ................................................................................................................................. .............................................................................................................................[1] (ii) dividends ................................................................................................................................. .............................................................................................................................[1] The following transactions took place for the year ended 31 July 2022. Date 2021 Nov 8 50 000 shares were issued at $2.50 per share. All the shares were sold and fully paid. 2022 May 15 Dividends of $0.03 per share were declared. The amount would be paid on 31 August 2022. July 31 Profit for the year was $22 790. REQUIRED (b) Prepare the journal entry to record the issuance of shares on 8 November 2021. A narration is not required. Particulars Debit $ Credit $ [2]

3 7087/01/4E5N/PRELIM/2022 [Turn over (c) Prepare the retained earnings account for the year ended 31 July 2022. Retained earnings account ......................................................................................................................................... ......................................................................................................................................... .............................................................................................