2022 Broadrick 4E PRELIM P2 with ANS

Name Class Index Number BROADRICK SECONDARY SCHOOL SECONDARY 4 EXPRESS SECONDARY 5 NORMAL ACADEMIC PRELIMINARY EXAMINATION 2022 PRINCIPLES OF ACCOUNTS Paper 2 Additional Materials: answer paper (6 sheets) 7087/02 September 2022 2 hours READ THESE INSTRUCTIONS FIRST Write your name, index number 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 a HB pencil for rough working. Do not use staples, paper clips, glue or correction fluid. The use of an approved calculator is allowed. Answer all questions. At the end of the examinations, fasten all your work securely together. The number of marks is given in brackets [ ] at the end of each question or part question. The total of marks for this paper is 60. This document consists of 5 printed pages including the cover page. For Examiner’s Use 60 Actual Grade: Target Grade: Parent’s Signature: ________________________

2 Broadrick Secondary School, Preliminary Examination 2022, Sec 4E5N, Principles of Accounts, Paper 2 Setter(s) : Mr. Lim Shi Hao Answer all questions. 1 The following balances were extracted from Unity Pte Ltd as at 31 May 2022. $ Share capital, 40 000 ordinary shares 40 000 Retained earnings, 1 June 2021 220 100 Consultancy fee income 208 400 Fixtures and fittings 466 000 Accumulated depreciation of fixtures and fittings 128 000 Rent income 29 400 Salary expense 92 400 Trade receivables 64 000 Allowance for impairment of trade receivables 5 000 Cash at bank 162 500 2% Bank loan 100 000 Trade payables 54 000 Additional information 1 $6 000 of rent income was earned but not yet received. $4 000 of salary expense was owing. 2 The allowance for impairment of trade receivables is to be maintained as 5% of trade receivables. 3 Fixtures and fittings are to be depreciated using the straight-line method over a useful life of five years. The estimated scrap value is $2 400. 4 Interest expense has not been paid. 5 20% of the bank loan had to be repaid on 31 December 2022. 6 The company declared a dividend at $0.05 per share. The dividend will be paid on 1 July 2022. REQUIRED (a) Prepare the statement of financial performance for the year ended 31 May 2022. [8] (b) Prepare the statement of financial position as at 31 May 2022. [12] [Total : 20]

3 Broadrick Secondary School, Preliminary Examination 2022, Sec 4E5N, Principles of Accounts, Paper 2 [Turn over 2 Gregory runs a retail business with a financial year end of 31 March. The following ledger account has been prepared at 31 March 2022. Sale of motor vehicles Date 2022 Particulars Debit ($) Credit ($) Balance ($) Mar 31 Motor vehicles 38 0