CHIJ Secondary 2024 POA Paper 1 and 2 with Answers

O CONVENT OF THE HOLY INFANT JESUS SECONDARYPreliminary Examination in preparation forthe General Certificate of Education Ordinary Level 2024CANDIDATENAMECLASSREGISTERNUMBERPRINCIPLES OF ACCOUNTSPaper 1 Candidates answer on the Question Paper.No Additional Materials are required.7087/0127 August 20241 hour READ THESE INSTRUCTIONS FIRSTWrite your name, class and register number in the spaces provided on the work you hand in.Write in dark blue or black pen.You may use an HP pencil for rough working.Do not use staples, paper clips, glue, correction fluid or correction tape.Answer all questions.You may use a calculator.Where layouts are to be completed, you may need all the lines for your answer.The businesses mentioned in this question paper are fictitious.The number of marks is given in brackets [ ] at the end of each question or part question.For Examiner’s Use1234

2 CHIJSEC/2024/PRELIM/4E5N/POA/7087/P1 This document consists of 8 printed pages.[Turn overAnswer all questions.1Thomas Trading buys goods from Ashlyn.The business provided the following information for month of February 2024.Ashlyn accountDateParticularsDrCrBal2024$$$Feb 1Balance b/d2 180 Cr4Inventory1 5003 680 Cr12Cash at bank1 4402 240 Cr12Discount received3601 880 Cr21Inventory6 4208 300 Cr23Inventory5007 800 CrREQUIRED(a)Explain what a trade discount is.……………………………………………………………………………………………….……………………………………………………………………………………………….[1](b)Interpret the entries on the following dates.(i)12 February 2024…………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………[2](ii)23 February 2024……………………………………………………………………………………………………………………………………………………………………………………[1](c)Calculate the rate of discount on 12 February 2024.

3 [Turn overCHIJSEC/2023/PRELIM/4E5N/POA/7087/P1 ……………………………………………………………………………………………….……………………………………………………………………………………………….[1](d)Identify the source document used on the following dates.(i)4 February 2024…………………………………………………………………………………………[1](ii)23 February 2024…………………………………………………………………………………………[1](e)State two non-accounting information Thomas Trading should consider when deciding which supplier to buy from.……………………………………………………………………………………………….……………………………………………………………………………………………….[2][Total: 9]

4 CHIJSEC/2024/PRELIM/4E5N/POA/7087/P1 2Zhi Heng operates a pet supplies business. He supplied the following information for the year ended 31 March 2024.Units$Inventory as at 1 April 20235002 700Sales revenue for the year ended 31 March 20241 2307 600During the year ended 31 March 2024, the following purchases were made.1 July 2023200 units for $1 450 from Ron.15 October 2023350 units for $1 900 from Qi.14 February 2024180 units for $1 200 from Le.17 March 2024100 units for $700 from Xi.Additional information:1.Zhi Heng uses the First-In-First-Out (FIFO) method of inventory valuation.2.All sales and purchases were made on credit.3.The net realisable value of the inventory as at 31 March 2024 was $500.REQUIRED(a)State h