Zhonghua POA 2024 Sec 5 Prelim Paper 2 answer

1 ZHONGHUA SECONDARY SCHOOL PRELIMINARY EXAMINATION 2024 SECONDARY 5 NORMAL ACADEMIC Candidate’s Name Class Register Number Suggested Marking Scheme PRINCIPLES OF ACCOUNTS 7087/02 9 September 2024 2 hours READ THESE INSTRUCTIONS FIRST Write your name, class and register number on all the work you hand in. Write in dark blue or black pen on both sides of the paper. You may use a soft pencil for any rough working. Do not use paper clips, glue or correction fluid. Answer all questions. You may use a calculator. The businesses mentioned in this question paper are entirely fictitious. Where the columnar format is used, the running balance column should be updated for the first and last entries. Where applicable, the balance should be brought down to the next financial year. At the end of the examination, fasten all your work securely together. The number of marks is given in brackets [ ] at the end of each question or part question. Setter: M Mr John Kok Vetter: Ms Teo Jing Zhi & Ms Destiny See This question paper consists of 6 printed pages (including this cover page) Question Score 1 / 20 2 / 14 3 / 15 4 / 11 Total / 60

2 1 (a) Desire Diamonds Statement of financial performance for the year ended 30 June 2024 $ $ Sales revenue (170270 + 0.95x1000) 171 220 [1] Less: sales return 9 000 Net sales revenue 162 220 Less: Cost of sales 60 700 Gross profit 101 520 Add: Other income Rent income (12/18 x 18000) 12 000 [1] Discount received 1 440 13 440 114 960 Less: Other expenses Advertising 22 700 Salaries and wages (12 x 5 000) 60 000 [1] Loan interest (8% x 50000 x 6/12) 2 000 [1] General expenses 10 380 Discount allowed 4 800 Depreciation of fixtures and fittings (10% x 72000) 7 200 [1] Depreciation of plant and equipment (5% x [288000-50900]) 11 855 [1] Impairment loss on inventory 2 564 [1] (0.3 x 10300 x 0.6 +([0.7 x 10300]-6500)) [1] Reversal of impairment loss on trade receivables (505) [1] (5% x ([31950 + 0.95 X 1000 - 3000])-5000+3000) [1] ________ 120 994 Loss for the year (6 034) (b) Desire Diamonds Statement of financial position as at 30 June 2024 Assets Non-Current assets Cost Accum depn NBV Fixtures and fittings (12000+7200) 72 000 19 200 [1] 52 800 Plant and equipment (50900+11855) 288 000 62 755 [1] 225 245 360 000 81 955 278 045 Current assets Trade receivables (31950+0.95x1000-3000) 29 900 [1] Less: Allowan