4E5N Greendale POA Prelim P1_Sharing

Name:_________________________________ ( ) Class:________ This document consists of 11 printed pages. Greendale Secondary School 2022 GREENDALE SECONDARY SCHOOL Preliminary Examination 2022 PRINCIPLES OF ACCOUNTS 7087/01 SECONDARY 4 EXPRESS/ 5 NORMAL ACADEMIC 30 August 2022 Paper 1 1 hour Candidates answer on the Question Paper. No Additional Materials are required. 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. You may use an HB pencil for any diagrams or graphs. Do not use staples, paper clips, glue or correction fluid. The use of an approved calculator is allowed. Answer all questions. The businesses described in this question paper are entirely fictitious. The number of marks is given in brackets [ ] at the end of each question or part question.

Greendale Secondary School 2 Secondary 4E5N Preliminary Examination 2022 Principles of Accounts Paper 1 Answer all questions. 1 Elise owns a bicycle shop at West Coast Plaza. She provided the following information which took place during the year ended 30 June 2021. 2020 July 1 Balance in the capital account was $25 500. Aug 30 Elise withdrew $400 from the business bank account to pay for her son’s tuition. 2021 Jan 14 Elise issued a business cheque, $200, to pay for her apartment’s electricity bills. May 3 Elise contributed her personal laptop worth $800 for the shop’s use. Jun 30 Loss for the year ended 30 June 2021 was $3 000. REQUIRED (a) Prepare the capital account for the year ended 30 June 2021.

Greendale Secondary School 3 Secondary 4E5N Preliminary Examination 2022 Principles of Accounts Paper 1 [5] (b) Name and explain the accounting theory which is applied to the treatment of drawings. Name: Explanation: [2] (c) Elise is thinking of changing the business structure to a private limited company. Give two advantages a company has over a sole proprietorship. [2] [Total: 9]

Greendale Secondary School 4 Secondary 4E5N Preliminary Examination 2022 Principles of Accounts Paper 1 2 Mathew sells household products on credit. He sells goods to his credit customers on a 60-day credit term. The following information was provided. For the year ended 31 May 2021 $ Credit sales revenue 835 000 Credit sales returns 4 000 Cash sales 75 000 Net trade receivables as at 1 June 2020 143 000 Net trade receivables as at 31 May 2021 237 500 Additional information: The trade receivables collection period for 31 May 2020 was 75.64 days. REQUIRED (a) Calculate the trade receivables collection period for the year ended 31 May 2021. Show your answers to two decimal places. 31 May 2021 Workings Trade receivables collection period (days) [2]

Greendale Secondary School 5 Secondary 4E5N Preliminary Examination 2022 Principles of Acco