2022 DSS Prelims 4E P2

This document consists of 5 printed pages. Name: Index No. Class: DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL DUNEARN SECONDARY SCHOOL Dunearn Secondary School Preliminary Examination 2022 Principles of Accounts Secondary 4 Express Paper 2 7087/2 13 Sep 2022 815 hr to 1015 hr 2 hours INSTRUCTIONS TO CANDIDATES Do not open this booklet until you are told to do so. Write your name, register number and class on the question paper. Write in dark blue or black pen. Do not use staples, paper clips, highlighters, glue or correction fluid. You may use a calculator. Please show all workings clearly. All calculations must be shown adjacent to the answer. The total number of marks is given in brackets [ ] at the end of each question. Answer all questions. For Examiner’s use 1 (20) 2 (12) 3 (12) 4 (16) TOTAL (60) Setter: Ms Cindy Goh

2 Answer all questions. 1 The following balances were extracted from the books of Dunearn Gems Pte Ltd on 30 June 2021. $ Sales revenue 388 000 Cost of sales 138 500 Sales returns 16 700 Wages and salaries 85 200 Rent 140 000 General expenses 9 200 Advertising expenses 40 700 Equipment at cost 280 000 Motor vehicles at cost 347 000 Accumulated depreciation Equipment 123 000 Motor vehicles 11 800 Trade receivables 36 300 Trade payables 224 900 Allowance for impairment of trade receivables 800 Cash at bank 28 600 Cr Inventory 25 900 Share capital, 200 000 ordinary shares 200 000 Dividends 4 000 Retained earnings 1 July 2020 26 400 5% Bank loan 120 000 Additional information: 1 General expenses of $200 was prepaid. 2 The rent expense covers the period 1 July 2020 to 31 August 2021. 3 New equipment, cost $3 000, had been posted in error to advertising expenses. 4 Equipment is to be depreciated at 10% per annum using the straight-line method. 5 Motor vehicles are to be depreciated at 20% per annum using the reducing-balance method. 6 Mars went bankrupt and his debt of $300 was to be written off. All others debts were deemed to be collectible as at the year end. 7 The interest on bank loan was outstanding. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 June 2021. [8] (b) Prepare the statement of financial position at 30 June 2021. [12] [Total: 20]

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