EVG 2024 POA Prelim 4G3 5G2 P2 Qns

This question paper consists of 12 printed pages and 1 insert. [Turn Over Candidate’s name: ( ) Class: Evergreen Secondary School Preliminary Examination 2024 Principles of Accounts Paper 2 Secondary Four G3/Five Date: 26 August 2024 Duration: 2 hours Marks: 60 READ THESE INSTRUCTIONS FIRST Write your name, index number and class on the spaces provided at the top of this page. Write in dark blue or black pen. You may use a HB pencil for any rough working. Do not use staples, paper clips, glue or correction fluid. The use of an approved calculator is allowed. Answer all questions. The businesses described in this question paper are entirely fictitious. Write all your answers in the spaces provided on the Question Paper. Additional Materials: Insert The number of marks is given in brackets [ ] at the end of each question or part question.

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 2 Answer all questions. 1 Refer to the Insert for data for Question 1. REQUIRED (a) Prepare the statement of financial performance for the year ended 31 March 2024. Alan Statement of Financial Performance for the year ended 31 March 2024

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 3 [11]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 4 (b) Prepare the statement of financial position as at 31 March 2024. Alan Statement of Financial Position as at 31 March 2024

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 5 [9] [Total: 20]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 6 2 Lily owns a fashion retail chain, Lilydale. The following information relates to the business as at 30 June 2022, 2023 and 2024. 2022 2023 2024 $ $ $ Motor vehicles 36 000 28 000 60 000 Cash at bank 48 000 25 900 - Trade receivables 12 500 26 400 33 300 Inventory 15 000 23 600 50 000 Prepaid expenses - - 6 000 Bank overdraft - - 17 800 Trade payables 20 200 33 400 34 100 Current ratio 3.74 ? ? Quick ratio 3.00 ? ? REQUIRED (a) Calculate the current ratios and quick ratios for each of the two years ended 3 0 June 2023 and 2024. Show your answers to two decimal places. [8]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 7 (b) Comment on the business’s liquidity over the three years ended 30 June 2022, 2023 and 2024. Use the given information and your answers to (a). (c) Suggest two ways in which Lily can improve her business’ liquidity. [Total: 16] [6] [2]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 8 3 Leo is a sole trader. His business buys and sells on credit. The following information relates to Kim’s account in Leo’s ledger for the month of July. 2024 July 1 Kim owed Leo, $6 900. 7 Kim bought goods from Leo at a list price of $ 5 4 00 less 10% trade discount. 13 Kim returned goods bought on July 7, $1 300, as faulty. 28 Leo received a cheque $ 10 000 from Kim for full settlement of the amount owing on that date. REQUIRED (a) Prepare Kim’s account for the month of July 2024 in Leo’s ledger. (b) State one reason why Leo offered Kim a trade discount on July 7. (c) State the source document for the transaction on July 13. [6] [1] [1]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 9 (d) Name and e xplain with a relevant accounting theory why source documents are important in a business. [Total: 11] [3]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 2 10 4 Jerry runs a trading business with a financial year end of 31 July. The following ledger account has been prepared. Date Particulars Dr Cr Balance 2024 $ $ $ Jul 31 Equipment 30 000 30 000 Dr Accumulated depreciation 6 000 24 000 Dr Cash at bank 22 000 2 000 Dr (d) ? 2 000 - Sale of non-current asset account REQUIRED (a) State two causes of depreciation (b) State two accounting theories applied when accounting for depreciation. (c) State if there was a gain or loss on sale of non-current asset as at 31 July 2024. (d) State the account name for the transfer of gain or loss on sale of non-current asset. [2] [2] [1] [1]