4E5N Greendale Prelim POA 2022 P2

Name:_________________________________ ( ) Class:________ This document consists of 7 printed pages. Greendale Secondary School 2022 GREENDALE SECONDARY SCHOOL Preliminary Examination 2022 PRINCIPLES OF ACCOUNTS 7087/02 SECONDARY 4 EXPRESS/5 NORMAL ACADEMIC 24 Aug 2022 Paper 2 2 hours No additional Materials are required. READ THESE INSTRUCTIONS FIRST An answer booklet will be provided with this question paper. You should follow the instructions on the front cover of the answer booklet. If you need additional answer paper ask the invigilator for a continuation booklet. Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. Examination Marks

Greendale Secondary School 2 Secondary 4 EXP/5 NA Preliminary Examination 2022 Principles of Accounts Paper 2 Question 1 Question 2 Question 3 Question 4 Total 20 14 16 10 60

Greendale Secondary School 3 Secondary 4 EXP/5 NA Preliminary Examination 2022 Principles of Accounts Paper 2 Answer all questions. 1 The following balances were extracted from the books of Bingo Pte Ltd on 30 September 2021. $ Share capital, 100 000 ordinary shares 150 000 Retained earnings, 1 October 2020 18 500 Discount allowed 3 450 10% Bank loan 20 000 Sales revenue 241 330 Sales returns 17 310 Cost of sales 164 930 Cash at bank 12 500 Rent income 300 Rent expense 5 340 Insurance expense 2 800 Furniture 150 000 Motor vehicles at cost 72 000 Accumulated depreciation: Furniture 30 000 Motor vehicles 54 400 Loan interest 850 Inventory 56 000 Trade payables 47 850 Trade receivables 78 400 Allowance for impairment of trade receivables 1 200 Additional information 1 Loan interest for the year on 30 September 2021 was not fully paid up. One quarter of the bank loan is due for repayment on 30 September 2023. 2 Insurance is paid for a 16-month period ending on 31 January 2022. 3 Rent income $1 800 was earned but not received. 4 Furniture is depreciated at 10% per annum using the straight- line method. Motor vehicles are depreciated at 20% per annum using the reducing- balance method. 5 The net realisable value of inventory is $59 000. 6 A review of the trade receivables suggests that 3% of the total trade receivables are likely to be uncollectible. 7 50 000 new ordinary shares were issued and fully paid up at $1.50 per share on 28 February 2021. 8 A dividend of $0.05 for each ordinary share was declared on 25 June 2021 and will be paid on 31 December 2021.

Greendale Secondary School 4 Secondary 4 EXP/5 NA Preliminary Examination 2022 Principles of Accounts Paper 2 REQUIRED (a) Prepare the statement of financial performance for the year ended 30 September 2021. [9] (b) Prepare the statement of fi