2024 Sec 4 POA Prelim Evergreen Secondary with Answer

This question paper consists of 10 printed pages. [Turn Over &DQGLGDWH¶VQDPH ( ) Class: Evergreen Secondary School Preliminary Examination 2024 Principles of Accounts Paper 1 Secondary Four G3/Five Date: 27 August 2024 Duration: 1 hour Marks: 40 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. 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 1 2 Answer all questions. 1 Andy runs a logistics business. The business has a financial year end of 31 March. While preparing the financial statements for the year ended 31 March 2024, Andy identified the following errors. 1 Motor vehicle repairs, $600, had been posted to the motor vehicles account. 2 8WLOLWLHV IRU $QG\¶V SHUVRQDO SURSHUW\ KDG EHHQ GHELWHG WR WKH EXVLQHVV utilities account. 3 A credit purchase from Tom, $900, had been posted to Tim¶VDFFRXQW. 4 Payment for rent, $5 500, had been recorded as $5 600. The profit for the year ended 31 March 2024 before correcting these errors was $990. REQUIRED (a) Complete the following table by indicating the amount of increase or decrease affecting profit for the year after correcting each error. If there is no effect, place a tick (¥) in the No effect column. Calculate the adjusted profit for the year after correcting these errors. No effect Amount of increase $ Amount of decrease $ $ Profit for the year before correction of errors 990 Error 1 Error 2 Error 3 Error 4 Adjusted profit for the year [5]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 1 3 (b) Name the two professional ethics that accountants have to adhere to. [Total: 7] [2]

Evergreen Secondary School Preliminary Examination 2024 Secondary Four G3/Five Principles of Accounts Paper 1 4 2 Sam runs a photography business, which has a financial year end of 30 September. The following ledger account has been provided at 30 September 2023. Date Particulars Dr Cr Balance 2022 $ $ $ Oct 1 Photography fee revenue received in advance 8 500 8 500 Cr Dec 31 Trade receivables 30 000 38 500 Cr 2023 Mar 31 Cash at bank 40 000 78 500 Cr Sep 30 Photography fee revenue received in advance 3 000 75 500 Cr Photography fee revenue account REQ