BPGHS POA 7087 Paper 2 (Marking Scheme)

1 Bukit Panjang Government High School 2022 Prelim Examination Paper 2 – Secondary 5NA (Syllabus 7087) Answer Key 1(a) Hanz Pte Limited Statement of financial performance for the year ended 31 July 2022 $ $ Sales revenue 358 000 Less: Sales returns (15 500) [1] Net sales revenue 342 500 Less: Cost of sales (32 920) Gross profit 309 580 [1] Add: Other incomes Discount received 739 Commission income (250 - 150) 100 [1] 839 Less: Other expenses Depreciation expense of motor vehicles (25% x [198 000 - 11 200]) 46 700 [1] Depreciation expense of fixtures and fittings (10% x 4 000) 400 [1] Impairment loss on inventory (62 350 - 62 000) 350 [1] Reversal of impairment loss on trade receivables ([4% x (20 000 – 1 800)] - [2 800 - 1 800]) (272) [1] Advertising expenses (8 889 + 889) 9 778 [1] Wages and salaries (46 920/15 x 12) 37 536 [1] Discount allowed 3 030 General expenses 13 500 (111 022) Profit for the year 199 397 [1]

2 1(b) Hanz Pte Limited Statement of financial position as at 31 July 2022 $ $ $ Cost Accumulated Net book Assets depreciation value Non-current assets Motor vehicles 198 000 57 900 140 100 [1] Fixtures and fittings 4 000 2 400 1 600 [1] 141 700 Current assets Inventory 62 000 [1] Trade receivables (20 000 - 1 800) 18 200 [1] Less: Allowance for impairment of trade receivables (4% x [20 000 – 1800]) (728) [1] Net trade receivables 17 472 Prepaid wages and salaries (46 920/15 x 3) 9 384 [1] Cash at bank 38 800 127 656 Total assets 269 356 Equity and Liabilities Shareholders' equity Share capital, 10 000 ordinary shares 10 000 Retained earnings (34 520 + 199 397 - 2 100) 231 817 [1] OF* 241 817 Non-current liabilities Long-term borrowings 12 000 Current liabilities Trade payables 12 400 Advertising expenses payable 889 [1] Commission income received in advance 150 [1] Dividend payables 2 100 [1] 15 539 Total equity and liabilities 269 356 *OF – Students will still be awarded the mark as long as the right working is used even if the profit for the year figure used from part (a) is calculated wrongly to avoid double-penalisation.

3 2(a) (i) Journal Particulars Date Particular Debit Credit 2020 $ $ May 6 Allowance for impairment of trade receivables 450 [1] Trade receivable – Ali Mama Services 450 [1] (ii) Journal Particulars Date Particular Debit Credit 2020 $ $ Dec 20 Cash at bank (0.35 x 10 600) 3 710 [1] Allowance for impairment of trade receivables (0.65 x 10 600) 6 890 [1] Trade receivables – Lozada Trading 10 600 [1] Note: Marks will still be awarded to student can combine journal entries into a single journal (i.e. students can display answer for each components using 1 single journal) 2(b) Lesla Hol