2024 HGV 4E Prelim Paper 2

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 Candidates answer on the Question Paper. Additional Materials: Insert 7087/02 27 Aug 2024 2 hours 10.05 AM to 12.05 PM READ THESE INSTRUCTIONS FIRST Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. For Examiner’s Use Marks 1 2 Parent’s/ Guardian’s Signature: ___________________ 3 Setter: Mdm Grace Ang 4 TOTAL This document consists of 15 printed pages.

2 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 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 31 December 2023. Danish Hairstyling Limited Statement of Financial Performance for the year ended 31 December 2023

3 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 2 [8]

4 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 2 (b) Prepare the statement of financial position as at 31 December 2023. Danish Hairstyling Limited Statement of Financial Position as at 31 December 2023

5 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 2 [12] [Total: 20]

6 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF ACCOUNTS PAPER 2 2 Shengxin Trading is a business that sells premium Japanese watermelons and apples. Shengxin Trading has been buying watermelons from Sean Fruits for the last 10 years and receives a 10% trade discount from Sean Fruits for being a loyal customer. The follow ledger account has been extracted from the books of Shengxin Trading. REQUIRED (a) Calculate the list price of the transaction on 15 June 2024. [1] (b) Interpret the transaction that took place on 25 June 2024. [2] On 1 July 2024, there were 50 boxes of apples costing $500 in Shengxin Trading. The following transactions took place. 2024 Jul 5 Bought 50 boxes of apples at $600 on credit from Shi Tong Trading. Jul 10 Sold 50 boxes of apples at $700 on credit to Hillgrove Secondary School. Jul 15 Bought 50 boxes of apples at $450 and paid by cheque. Jul 20 Sold 50 boxes of apples at $700 on credit to Zheng Yang Ltd. REQUIRED (c) Calculate the cost of sales for July 2024 using the FIFO method. [1] Trade payable: Sean Fruits Date Particulars Dr ($) Cr ($) Bal ($) 2024 Jun 1 Bal b/d 9 000 Cr Jun 15 Inventory 3 600 12 600 Cr Jun 25 Cash at bank 11 970 630 Cr Jun 25 Discount received 630 -

7 HGV PRELIMINARY EXAMINATION 2024 4E/5NA PRINCIPLES OF A