2024 CTSS Prelim 4E5N P2

Name : _________________________ Index Number : ___________ Class: _________ Clementi Town Secondary SchoolPreliminary Examination 2024Secondary 4 & 5PRINCIPLES OF ACCOUNTS7087/02Paper 2 11 September 20242 hoursCandidates answer on the Question Paper. Additional Materials: InsertCLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOLCLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOLCLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOLCLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOLCLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOL CLEMENTI TOWN SECONDARY SCHOOLREAD THESE INSTRUCTIONS FIRSTDo not open the booklet until you are told to do so. Write your name, index number and class in all the work you hand in.Write in dark blue or black pen. The use of an approved calculator is allowed.Do not use staples, paper clips, glue or correction fluid.Answer all 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.The total number of marks for this paper is 60. ______________________________________________________________________________This question paper consists of 16 printed pages including this over page, and 1 insert. O For Examiner’s Use60

2 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 Answer all questions.1Refer to the Insert for data for Question 1.REQUIRED(a)Prepare the statement of financial performance for the year ended 31 December 2024.Ping Consultancy Services Pte LimitedStatement of Financial Performance for the year ended 31 December 2024…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..

3 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 [Turn over …………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..

4 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 [9]

5 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 [Turn over (b)Prepare the statement of financial position as at 31 December 2024.Ping Consultancy Services Pte LimitedStatement of Financial Position as at 31 December 2024…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..

6 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 …………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….…………………………………………….. [11][Total: 20]

7 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 [Turn over

8 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 2Lisa runs a logistic business with a financial year end of 31 December 2023. The following balances were taken from the books, on 1 January 2023.Motor vehicles $72 000Accumulated depreciation of motor vehicles34 000The business depreciates motor vehicles using the reducing balance method at 10% per annum.On 1 October 2023, the business sold one of its motor vehicles for $4 600 by cheque.The motor vehicle was bought on 1 January 2021, costs $8 000.The business does not charge depreciation in the year of the sale. REQUIRED(a)State two causes of depreciation.…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..……………………………………………………………………………………………….. [2](b)State two sources of non-accounting information that the business might use when deciding which non-current asset to buy.…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..…………………………………………………….……………………………………………..……………………………………………………………………………………………….. [2](c)Name and explain the accounting theory applied by the business when charging depreciation expense.Name …………………………………………………….……………………………………..Explanation …………………………………………………….…………………………………………………………………………………….……………………………………………..…………………………………………………….……………………………………………..

9 Principles of Accounts / Paper 2Secondary 4 & 5Preliminary Examination 2024 [Turn over …………………………………………………….……………………………………………..……………………………………………………