Admiralty POA 4NA Prelim P2

ADMIRALTY SECONDARY SCHOOL SUBJECT : Principles of Accounts CODE/PAPER : 7086/2 LEVEL/STREAM : Secondary 4 Normal (Academic) DATE : 2 August 2024 TIME : 0800h – 1000h DURATION : 2 hours Paper 2 READ THESE INSTRUCTIONS FIRST This insert contains the data for Question 1. PLEASE DO NOT TURN OVER THE PAPER UNTIL YOU ARE TOLD TO DO SO. ______________________________________________________________________ This document consists of 2 printed pages including this cover page. PRELIMINARY EXAMINATION 2024 INSERT NAME: NO: CLASS:

2 Data for Question 1 Jasper, the owner of Jasper Training Centre, extracted the following balances on 30 June 2023. $ Service fee revenue 43 900 Rental income 8 700 Discount received 760 Office equipment 15 000 Accumulated depreciation – office equipment 4 500 Fixtures and fittings 50 000 Trade payables 7 350 Trade receivables 9 380 Allowance for impairment of trade receivables 1 060 Wages expense 5 400 Cash in hand 8 850 Cash at bank 16 740 Utilities expense 420 Discount allowed 100 Interest income 90 Bank loan 30 000 Drawings 2 000 Capital, 1 July 2022 11 530 Additional Information 1 Rental income of $200 was earned but not yet collected. 2 Wages expense of $350 was owing on 30 June 2023. 3 A review of the trade receivables on 30 June 2023 showed that 10% of the trade receivables may not be collectible. 4 Office equipment is to be depreciated at 20% using the reducing-balance method. 5 Fixtures and fittings are to be depreciated using the straight -line method over a useful life of ten years. The estimated scrap value is $8 000.

ADMIRALTY SECONDARY SCHOOL SUBJECT : Principles of Accounts CODE/PAPER : 7086/2 LEVEL/STREAM : Secondary 4 Normal (Academic) DATE : 2 August 2024 TIME : 0800h – 1000h DURATION : 2 hours Additional Materials: Insert READ THESE INSTRUCTIONS FIRST Write your index number and name in the spaces at the top of this page. Write in dark blue or black pen. Do not use staples, paper clips, glue or correction fluid. The use of an approved calculator is allowed. Answer all questions on the Question Paper. 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. PLEASE DO NOT TURN OVER THE PAPER UNTIL YOU ARE TOLD TO DO SO. ______________________________________________________________________ This document consists of 15 printed pages including this cover page and 1 Insert. PRELIMINARY EXAMINATION 2024 QUESTION PAPER NAME: NO: CLASS: 60

2 Answer all questions. 1 Refer to the Insert for data for Question 1. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 June 2023. Jasper