Deyi 4E5NA 2024 P2 Insert

1 DEYI SECONDARY SCHOOL PRINCIPLES OF ACCOUNTS 7087/02 Paper 2 5 August 2024 INSERT 1150 – 1350h 2 hours READ THESE INSTRUCTIONS FIRST This insert contains the data for Question 1 Name : DEYI SECONDARY SCHOOL This document consists of 3 printed pages. [Turn over Name: Class: Index No.: Preliminary Examination 2024 Secondary 4 Express / 5 Normal (Academic) O

2 Data for Question 1 1 The following balances were extracted from the books of Clifford Legal Pte Limited on 31 March 2024. $ Office equipment 96 000 Motor vehicles 248 000 Accumulated depreciation: Office equipment 28 000 Motor vehicles 140 000 Trade receivables 80 300 Trade payables 8 000 Allowance for impairment of trade receivables 2 140 Rent expense 12 000 Service fee revenue 35 800 Wages and salaries 18 600 General expense 1 200 Commission income 6 200 Cash at bank 8 000 Cash in hand 3 200 10% bank loan repayable on 31 March 2027 105 000 Interest paid on 10% bank loan 8 000 Share capital, 100 000 ordinary shares 100 000 Retained earnings at 1 April 2023 50 160

3 Additional information 1 Commission income, $600, had been received in advance. 2 The amount for rent expense covers the period from 1 April 2023 to 30 June 2024. 3 Gain on sale of a motor vehicle, $500 was recorded in service fee revenue account. 4 Office equipment, which has a scrap value of $26 000 and is estimated to last 5 years, is to be depreciated using the straight-line method. Motor vehicles are to be depreciated at 15% per annum using the reducing-balance method. 5 One-fifth of the bank loan is to be paid on 31 March 2025. Interest on the bank loan for the year to 31 March 2024 is not yet fully paid. 6 An amount of $2 000 owing by a bankrupt credit customer has not been written off. 7 A review of the trade receivables at year-end indicated that 5% of the balance is likely to become uncollectible. 8 A dividend of $0.03 per share had been declared and will be paid on 28 August 2024.