PSS 2024 POA 4E5N Prelim Paper 2_answer key

EXP/NA PUNGGOL SECONDARY SCHOOL SECONDARY 4/5 EXPRESS / NORMAL ACADEMIC 2024 PRELIMINARY EXAMINATION ANSWER KEY NAME CLASS INDEX NUMBER Principles of Accounts Paper 2 7087/02 27 August 2024 2 hours 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 /60 This paper consists of 11 printed pages and 1 blank page. Setter(s) : Ms Ng Fulia Vetter : Mr Liao Haoyu

Answer all questions. 1 Refer to the Insert for data for Question 1. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 June 2024. Bradyen Pte Ltd Statement o f Financial Performance for the year ended 30 June 2024 $ $ Sales revenue 960 000 Less: sales return (23 350) Net sales revenue 936 650 [1] Less: cost of sales (405 700) Gross profit 530 950 [1] Add: other income Discount received 12 800 Rent income ($2500 x 6 + $2800 x 6) 31 800 [1] 44 600 575 550 Less: Expenses Discount allowed 21 900 Salaries expense (39 000 /15 x 12) 31 200 [1] Insurance expense 12 500 Utilities expense 12 000 Depreciation – Premises [10% x (450000-80800) 36 920 [1] Depreciation – Motor vehicle (20% x 208000) 41 600 [1] Impairment loss on trade receivables (reversal/0 (1 345) [1] Interest expense 2 700 [1] Impairment loss on inventory (6870-5000) 1 870 [1] (159 345) Profit for the year 416 205 [1] [10]

3 (b) Prepare the statement of financial position as at 30 June 2024. Bradyen Pte Ltd Statement of Financial Position as at 30 June 2024 Cost $ Less: Accumulated Depreciation $ Net book value $ Assets Non-current asset Motor vehicle 208 000 (58 400) 149 600 [0.5] Premises 450 000 (117 720) 332 280 [0.5] Total non-current assets 658 000 (176 120) 481 880 Current assets Cash at bank 10 000 Trade receivables (97 600 – 2700) 94 900 Less: Allowance for impairment of trade receivables (4 745) [1] Net trade receivables 90 155 [1] Inventory (70% x 22 900) 16 030[1] Insurance receivables 5 000 [1] Prepaid Salaries expense (3/12 x 39000) 7800 [1] Total current assets 128 985 Total assets 610 865* Shareholders equity and liabilities Shareholders equity Share capital, 100 000 ordinary shares 100 000 Retained earnings (-900+416 205 -2000 [0.5] 413 305 Total shareholders equity 513 305 Non current liabilities Long term borrowings (2/3 x 90000) 60 000 Curren