Ahmad Ibrahim 2024 POA Paper 1 and 2 with Answers

AISS PRELIMS 7087/01/2024 AHMAD IBRAHIM SECONDARY SCHOOLGCE O-LEVEL PRELIMINARY EXAMINATION 2024SECONDARY 4 EXPRESS & 5 NORMAL (ACADEMIC) Name:Class:Register No.:PRINCIPLES OF ACCOUNTS7087 / 01Paper 1Candidates answer on the Question Paper.No Additional Materials are required. 20241 hour READ THESE INSTRUCTIONS FIRSTWrite your name, index number and class in the spaces at the top of this page. Write in dark blue or black pen.You may use an HB pencil for any diagrams or graphs.Do not use staples, paper clips, highlighters, glue or correction fluid.QuestionMarks1 2 3Total 40Answer all questions.The number of marks is given in brackets [ ] at the end of each question or part question.

2 AISS PRELIM 7087/01/2024 This paper consists of 8 printed pages.Answer all questions.1Ryan provided the following cash at bank account for May 2024.Cash at bankDateParticularsChequeDebitCreditBalance2024 $$$May 1Balance b/d 340 Cr2Insurance 230 570 Cr 5Sales revenue 300 270 Cr 7Trade receivable, John 700430 Dr 9Trade payable, Arron001002760330 Cr10Transport expense001003460790 Cr11Inventory81020 Dr15Fixtures and fittings001004500480 Cr16Trade receivable, Yen Xi1 9001420 Dr28Trade payable, Nelson1 180240 DrJun 1Balance b/d 240 DrThe following bank statement was received on 3 June 2024.Bank StatementDateParticularsWithdrawalDepositBalance2024 $$$May 1Balance b/d 700 Dr1Cash 360340 Dr3Standing order - insurance 230 570 Dr7Credit transfer - Sam300270 Dr9Cheque no. 701009700430 Cr10Standing order – rent120310 Cr12Cheque no: 4123108101120 Cr13Cheque no: 001002670450 Cr16Cheque no: 00100450050 Dr 20Cheque no. 701009700750 Dr21Cheque deposit - Asthon74010 Dr31Bank charges72 82 DrAdditional informationThe accountant of the business discovered that the entry on 9 May 2024 was wrong.

3 AISS PRELIM 7087/01/2024[Turn over REQUIRED(a)Prepare the adjusted cash at bank account for May 2024. Bring down the balance to the next month. [6](b)Prepare the bank reconciliation statement as at 31 May 2024.

4 AISS PRELIM 7087/01/2024 [4](c)State and explain one internal control over cash, other than bank reconciliation. [2][Total: 12]2Joel is a perfume retailer and uses the First-In-First-Out (FIFO) method of inventory valuation. On 31 May 2024, the inventory of $3 000 is the total cost for 20 bottles of perfume. All transactions were carried with the following terms:1.All sales were made on cash terms. 2.Due to annual promotion, a trade discount of 10% was given to customers for all sales made in the month of June. 3.Business found a new supplier, Pari-Defuse, and made purchases for the month of June from Pari-Defuse on credit. 4.Pari-Defuse offers business a cash discount of 5% for payment made within 5 days of credit purchases.The following transactions took place for the month ended 30 June 2024. PurchasesSalesDateQuantity$DateQuantity$ (list price)20242024Jun 3203 300Jun 7