2024 HGV 4E Prelim Paper 2 - Insert

HILLGROVE SECONDARY SCHOOL PRELIMINARY EXAMINATION 2024 SECONDARY FOUR (EXPRESS) / FIVE (NORMAL ACADEMIC) CANDIDATE NAME ( ) CLASS - CENTRE NUMBER S INDEX NUMBER PRINCIPLES OF ACCOUNTS Paper 2 INSERT 7087/02 27 Aug 2024 2 hours 10.05 AM to 12.05 PM READ THESE INSTRUCTIONS FIRST This insert contains the data for Question 1. This document consists of 2 printed pages.

2 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 2 Data for Question 1 The following balances were extracted from the books of Danish Hairstyling Ltd on 31 December 2023. $ Hairstyling revenue 125 000 Fixtures and fittings 50 000 Hairstyling equipment 14 000 Accumulated depreciation: Fixtures and fittings 19 200 Hairstyling equipment 4 200 Cash in hand 17 600 Cash at bank (Cr) 700 Trade receivables 8 400 Allowance for impairment of trade receivables 500 Share capital, 10 000 ordinary shares 20 000 Retained earnings at 1 January 2023 4 900 Hairstyling supplies expense 12 500 Salaries expense 24 000 Rent paid 37 000 Utilities expense 11 000 Additional information on 31 December 2023 1 Fixtures and fittings are to be depreciated at 10% per annum using the straight-line method assuming a scrap value of $2 000. 2 Hairstyling equipment are to be depreciated at 30% per annum using the reducing-balance method. 3 Utilities of $590 was owing. 4 Annual rent was $36 000. 5 A credit customer, Nickolas, had been uncontactable for more than a year. $400 owing by Nickolas was to be written off. 6 It was decided that 2% of trade receivables were unlikely to be collectible. 7 The company declared a dividend of $0.10 per share. This will be paid on 8 January 2024.