PSS 2024 POA 4E5N Paper 1 Prelim

EXP/NA PUNGGOL SECONDARY SCHOOL SECONDARY 4/5 EXPRESS / NORMAL ACADEMIC 2024 PRELIMINARY EXAMINATION QUESTION & ANSWER BOOKLET NAME CLASS INDEX NUMBER Principles of Accounts Paper 1 7087/01 26 August 2024 1 hour READ THESE INSTRUCTIONS FIRST Write your class, register number and name on all the work you hand in. Write in dark blue or black ink on both sides of the paper. You may use a soft pencil for any diagrams, graphs, tables or rough working. Do not use staples, paper clips, glue or correction fluid. Answer ALL questions Write your answers in the spaces provided. 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. The use of an approved scientific calculator is expected, where appropriate. For Examiner’s use Parent’s Signature - - - - - - Total /40 This paper consists of 10 printed pages and 0 blank page. Setter(s) : Ms Ng Fulia Vetter : Mr Liao Haoyu

2 Answer all questions. 1 The following information was extracted from the books of Jayden Fishery Pte Ltd. Advertising expense account Date Particulars Debit ($) Credit ($) Balance ($) 2023 Aug 1 Advertising expense payable (i) 5 200 5 200 CR Nov 7 Cash at bank (ii) 19 000 13 800 DR 2024 Apr 9 Cash at bank 22 000 35 800 DR Jul 31 Prepaid advertising expense (iii) 2 800 33 000 DR Income summary 33 000 - REQUIRED (a) Define Expense payable. …………………………………………………………………………………………………… …………………………………………………………………………………………………… [1] (b) Explain the following transactions. (i) 1 August 2023 ………………………………………………………………………………………………….… ………………………………………………………………………………………………….… ………………………………………………………………………………………………….… ……………………………………………………………………………………………………. [2]

3 (ii) 7 November 2023 …………………………………………………………………………………………………… ……………………………………………………………………………………………….…... ……………………………………………………………………………………………….…… …………………………………………………………………………………………………… [1] (iii) 31 July 2024 ………………………………………………………………………………..………………….. ……………………………………………………………………………………………………. ………………………………………………………………………………………………….... …………………………………………………………………………………………………. [2] (c) Explain, using an appropriate accounting theory, the need to adjust for prepaid advertising expense for the year ended 31 July 2022. …………………………………………………………………………………………………… ……………………………………………………………………………………………….…… ……………………………………………………………………………………………….…… ……………………………………………………………………………………………………. [2] [Total:8]

4 2 Hala owns a gocery shop. Details from the cash at bank account and bank statement of the business for the month of March 2024 are as follows: Bank Statement Date Particulars Withdrawal Deposit Balance 2024 $ $ $ Mar 1 Balance b/d 6 290 Cr 4 Credit transfer – Bobo 2 850 9 140 Cr 7 Cheq