Presbyterian High 2024 POA Paper 1 and 2 with Answers

Name- ( ) Class PRESBYTERIAN HIGH SCHOOL PRINCIPLES OF ACCOUNTS 7087/01 PAPER 1 23 August 2024 1 hour PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL PRESBYTERIAN HIGH SCHOOL 2024 SECONDARY FOUR EXPRESS / FIVE NORMAL PRELIMINARY EXAMINATION Candidates answer on the Question Paper. No Additional Materials are required. READ THESE INSTRUCTIONS FIRST Write your name, index number and class 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. The use of an approved calculator is allowed. DO NOT WRITE ON ANY BARCODES. Answer all questions. The businesses described in this question paper are entirely fictitious. The number of marks is given in brackets [ 1 at the end of each question or part question. Setter: Miss Chee Bee Seok Vetter: Mr Ha Yeong Fook This document consists of 9 printed pages. Answer all questions. 1. Janice imports hand-embroidered cushion covers from China to sell at her store. On 12 July 2023, she received the following invoice from Si Yun Pte. Ltd. $ 2 000 sets of cushion covers 4 500 Freight, insurance and customs 100 In addition, Janice paid for the following: i) Packing of cushion covers into gift boxes $300 ii) Design of gift box by Art student $100 iii) Promotion pamphlets $150 REQUIRED (a) Calculate the cost of this batch of inventory. [1] Janice provided the following information on her inventory for the month of August 2023. Date Quantity (pieces) Cost ($) Selling price ($) August 1 Unsold cushion covers 800 2 400 - 4 Cushion covers bought on credit , 1 000 2 770 - 10 Cushion covers bought for cash 2 000 2 500 - 12 Cushion covers sold on credit 800 - 4 500 17 Cushion covers imported 3 000 8 100 - 22 Cushion covers sold for cash 3 000 - 12 000 Janice uses First-in, First-out inventory management. REQUIRED (b) Calculate the cost of sales for the month of August 2023. [2]

On 31 August 2023, a fire took place at Janice's store. She discovered that one-third of her inventory was damaged and had to be discarded. The balance of cushion covers had to be repacked at a cost of $200. She was still able to sell them for $6 000. REQUIRED (c) Using an accounting theory, explain how inventory should be valued. [2] (d) Prepare journal entries to record the impairment loss on inventory on 31 August 2023. Narration is not required. [2] Journal Date Particulars ' Dr $ Cr $ Janice made a claim against the insurance company on 1 September 2023. The insurance company agreed to pay Janice $1 000 for the loss in October 2023. R