2024 CTSS Prelim 4E5N P2 Insert

Name : _________________________ Index Number : ___________ Class: _________ Clementi Town Secondary SchoolPreliminary Examination 2024Secondary 4 & 5PRINCIPLES OF ACCOUNTS7087/02Paper 2 11 September 2024INSERT2 hoursCLEMENTI 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 FIRSTThis insert contains the data for Question 1. ______________________________________________________________________________This document consists of 2 printed pages. O

Data for Question 1 : Clementi Town 2024 Paper 2 (Insert)Ping runs a consultancy business, Ping Consultancy Services Pte Limited. The following balances were extracted from the books of his business on 31 December 2023.$Fixtures and fittings 90 000 Office equipment 22 000 Accumulated depreciation Fixtures and fittings 35 000 Office equipment 8 000 Consultancy fee revenue115 000Rental expense36 000Utilities expense 23 600 Wages and salaries27 000Trade receivables 22 500 Allowance for impairment of trade receivables 2 200Trade payables 5 900Cash at bank (debit balance)7 400 Share capital, 120 000 ordinary shares 30 000 Retained earnings, 1 January 2023 17 700 Advertising income4 7006% bank loan10 000Additional information1Fixtures and fittings are depreciated using the using the straight-line method. The fixtures and fitting have a scrap value of $20 000 and an estimated useful life of 10 years.2Office equipment is to be depreciated at 15% per annum using the reducing-balance method.3Utilities expense, $600, was prepaid and wages and salaries, $2 000 were owing.4Consultancy fee revenue, $8 200, had been received in advance.5The allowance for impairment of trade receivables is to be maintained at 5% of the trade receivables.6The bank loan was obtained on 1 April 2023. Interest on the bank loan for the year to 31 December 2023 had not yet been paid.7The company declared a dividend of $0.03 per share. This will be paid on 4 January 2024.