2022 Broadrick 4E PRELIM P1 with ANS

Name Class Index Number BROADRICK SECONDARY SCHOOL SECONDARY 4 EXPRESS SECONDARY 5 NORMAL ACADEMIC PRELIMINARY EXAMINATION 2022 PRINCIPLES OF ACCOUNTS Paper 1 Candidates answer on the Question Paper. No Additional Materials are required. 7087/01 September 2022 1 hour READ THESE INSTRUCTIONS FIRST Write your name, index number and class 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 graph. Do not use staples, paper clips, glue or correction fluid. You may use a calculator. Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. The total mark for this paper is 40. This document consists of 8 printed pages including the cover page. Setter(s) : Mr. Lim Shi Hao [Turn over Parent’s Signature: ________________________ For Examiner’s Use 40 Actual Grade: Target Grade:

2 Broadrick Secondary School, Preliminary Examination 2022, Sec 4E5N, Principles of Accounts, Paper 1 Answer all questions. 1 Lucien runs a business trading in books. Its financial year ends on 31 May every year. The business trial balance as at 31 May 2022 is balanced. However , some errors has since been discovered. REQUIRED (a) Explain two purposes of preparing a trial balance. [2] (b) Explain the limitation of a trial balance. [2] (c) State the amount and effect of the following errors on Lucien’s business profit for the year ended 31 May 2022: (i) Purchase of van $900 has been debited to the motor expense account. [2] (ii) Credit note of $670 issued to a customer had been debited to trade receivable account and credited to sales returns account. [2] (d) Name and define one ethical principle. [2] [Total : 10] [Turn over

3 Broadrick Secondary School, Preliminary Examination 2022, Sec 4E5N, Principles of Accounts, Paper 1 2 The cash at bank account and bank statement of Corinthian’s business for the month of April 2022 were as follows: Cash at Bank Account Date Particulars Cheque No. Debit Credit Balance 2022 $ $ $ Apr 1 Balance b/d 5 800 Dr Dr 6 Insurance 415 3 400 2 400 Dr Dr 9 Cash in hand 5 200 7 600 Dr Dr 16 Rent 416 3 200 4 400 Dr Dr 18 Eve 3 040 7 440 Dr Dr 23 Jed 1 600 9 040 Dr Dr 26 Utilities 417 1 040 8 000 Dr Dr May 1 Balance b/d 8 000 Dr Dr Bank Statement Date Particulars Payments Receipts Balance 2022 $ $ $ Apr 1 Balance b/d 6 640 Cr Cr 3 Cheque 414 840 5 800 Cr Cr 9 Cash 5 200 11 000 Cr Cr 21 Cheque deposit 3 040 14 040 Cr Cr 22 Cheque 416 3 200 10 840 Cr Cr 24 Rejected ch