Fuhua Sec 2024 POA Paper 1 and 2 with Answers

1Candidate Name:Class:Index No.: FUHUA SECONDARY SCHOOLSecondary 4 Express/5 Normal Academic PRELIMINARY EXAMINATION 20244E5NFuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School Fuhua Secondary School PRINCIPLES OF ACCOUNTS7087/01Paper 1DATE27 August 2024TIME1000 – 1100DURATION1 hourREAD THESE INSTRUCTIONS FIRSTWrite your class, index number and name 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, glue or correction fluid.Answer all the questions.The use of an approved scientific calculator is allowed.The number of marks is given in brackets [ ] at the end of each question or part question.FOR EXAMINER’S USEPARENT’S SIGNATURE / 40 marksSetter:Mr Tan Boon TeckVetters:Mr Sun Daojun & Ms Diana LimThis document consists of 9 printed pages and 1 blank page.

2Answer all questions. 1 The cash at bank account of Candy Ltd for the month of August 2022 is below.Cash at bank accountDateParticularsDr ($)Cr ($)Balance ($)2022Aug 1Balance b/d5 980 Dr 3Salaries (cheque 116)1 2304 750 Dr7 Inventory (cheque 117)3 1201 630 Dr10 Trade payable – Bonbon Sweets(cheque 118)1 410220 Dr18 Trade receivable – Megan80300 Dr22 Sales revenue8071 107 Dr27Trade payable – Kit Kat (cheque 121)680427 Dr31 Trade receivable – BK Trading300727 DrCandy Ltd received the bank statement dated 31 August 2022 as follows:Bank Statement DateParticularsWithdrawalDepositBalance2022$$$Aug 1Balance b/d5 130 Cr2Cheque (Café Z)1 5106 640 Cr3Cheque 1146605 980 Cr5Cheque 1161 2304 750 Cr5Credit transfer – Mr Lim9505 700 Cr9Cheque 1173 1202 580 Cr10Standing order: rental1 2001 380 Cr11Cheque 1181 41030 Dr20Cheque (Megan)8050 Cr22Cash 807857 Cr24Dishonoured cheque (Megan)80777 Cr31Interest earned12789 Cr

3REQUIRED(a)Compare the opening balances on 1 August 2022 in the cash at bank account and bank statement. Assuming there are no errors, explain why the balances differ. ___________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________[2] (b) Update the cash at bank account for month of August 2022._____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________[4] (c) Prepare the bank reconciliation statement as at 31 August 2022.___________________________________________________________________________________________________________________________________________________________________________________________________ ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________[3]

4(d) Candy Ltd’s unadjusted profit for August 2022 was $10 000. Calculate the adjusted profit for the month after the adjustments from bank reconciliation were made. ___________________________________________________________________________________________________________________________________________________________________________________________________ _______________________________________________________________[1] [Total: 10]2 The following balances were taken from Jolly Bookshop. 30 June 202030 June 2021$$Machinery (net book value)31 00045 000Inventory6 50017 800Trade receivables11 00011 400Trade payables11 70018 680Cash in hand5 4502 560Cash at bank9 800(3 400)Prepaid advertising expenses-1 700General expenses payable730980Rental income received in advance9001 020 REQUIRED(a) Calculate the following ratios as at 30 June 2021. (i) Current ratio _____________________________________________________________ _____________________________________________________________ ___________________________________________________________[2] (ii) Quick ratio _____________________________________________________________ _____________________________________________________________

5 ___________________________________________________________[2]Jolly Bookshop’s current ratio and quick ratio as at 30 June 2020 were:Current ratio2.46 : 1Quick ratio1.97 : 1 REQUIRED(b) Compare and comment on the changes in liquidity position over the two years ended 30 June 2020 and 2021. ___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ _________________________________________________________________[5] (c) State one consequence that a business might face due to declining liquidity. ___________________________________________________________________ _________________________________________________________________[1] (d) Suggest two measures that a business can take to improve its liquidity. _________________________________________________________________________________________________________________________________________________________________________________________________________ _________________________________________________________________[2] [Total:12]

63 On 1 September 2022, Seasons Pte Ltd provided the following balances.$Share capital, 100 000 ordinary shares 500 000Retained earnings 28 000The following transactions took place during the year ended 31 August 2022:2022Oct 11 Dividends of $0.02 per share were declared2023Jan 4 20 000 shares were issued at $100 000Apr 19 The dividends declared on 11 October 20