2024 BPGHS S5 POA P2 (MS)

Name of Candidate: …………………………………………… ( ) Class: …………… This paper consists of 8 printed pages [Turn over BUKIT PANJANG GOVERNMENT HIGH SCHOOL PRELIMINARY EXAMINATION 2024 SECONDARY 5 GCE 'O' LEVEL SYLLABUS PRINCIPLES OF ACCOUNTS Paper 2 7087/02 21 August, 2024 2 hours 0750 h – 0950 h READ THESE INSTRUCTIONS FIRST Do not turn over the cover page until you are told to do so. Write in dark blue or black pen on both sides of the paper. You may use an HB pencil for any diagrams or graphs. Do not use staples, paper chips, glue or correction fluid. The use of an approved calculator is allowed. Answer all the questions. The businesses described in this question paper are entirely fictitious. The number of marks is given in brackets [ ] at the end of each question or part question. FOR EXAMINER’S USE Question 1 / 20 Question 2 / 21 Question 3 / 8 Question 4 / 11 Total: / 60 Candidates answer on the Question Paper Additional Materials: Insert MARKING SCHEME

2 © BPGHS Preliminary Examination 2024 7087/02 1(a) Le-Vince Pte Ltd Statement of financial performance for the year ended 31 March 2024 $ $ Legal fee revenue (40 400 - 3 200) 37 200 [1] Add: Other incomes Commission income 8 000 [1] 45 200 Less: Other expenses Office expenses (6 200 - 1 230) 4 970 [1] Wages and salaries (9 310 + 2 310) 11 620 [1] Rent expense (15 000 / 15 x 12) 12 000 [1] Interest on bank loan (6% x 60 000 x 5/12) 1 500 [1] Depreciation of fixtures and fittings ([55 000 - 3 000] / 10) 5 200 [1] Depreciation of equipment (10% x [150 000 - 28 500]) 12 150 [1] Reversal of impairment loss on trade receivable (780 – 640) (140) [1] (47 300) Loss for the year (2 100) [1]

3 © BPGHS Preliminary Examination 2024 7087/02 [Turn over 1(b) Le-Vince Pte Ltd Statement of financial position as at 31 March 2024 $ $ $ Cost Accumulated Net book Assets depreciation value Non-current assets Equipment (AD: 28 500 + 12 150) 150 000 40 650 109 350 Fixtures and fittings (AD: 15 600 + 5 200) 55 000 20 800 34 200 143 550 [1] Current assets Trade receivables 32 000 Less: Allowance for impairment of trade receivables (2% x 32 000) (640) Net trade receivables 31 360 [1] Prepaid rent expense (15 000 / 15 x 3) 3 000 [1] Prepaid office expenses 1 230 [1] Cash at bank (35 000 + [1 x 25 000]) 60 000 [1] 95 590 Total assets 239 140 Equity and Liabilities Shareholders’ equity Share capital, 125 000 ordinary shares 125 000 [1] Retained earnings (29 230 - 2 100 - [125 000 x 0.05]) 20 880 [1 – OF] 145 880 Non-current liabilities Long-term borrowings 60 000 Current liabilities Trade payables 21 000 Legal fee revenue received in advance 3 200 [1] Interest on bank loan payable (2 500 – 1 000