2021 7087 GCE O Level Paper 2 Specimen Paper Answers
The 7087 GCE O Level Principles of Accounts POA Specimen Paper 2 can be accessed here.
1a)
| XY Pte Ltd | |||||
| Statement of Financial Performance for the year ended 31 July 2020 | |||||
| $ | $ | ||||
| Sales revenue | 325,000 | ||||
| Less: Sales returns | 2,400 | ||||
| Net sales revenue | 322,600 | ||||
| Less: Cost of sales | 94300 | ||||
| Gross profit | 228,300 | ||||
| Add:Other income | |||||
| Rent income | (1000+500) | 1500 | 1500 | ||
| Less: Other expenses | |||||
| Impairment loss on trade receivables | 200 | ||||
| General expense | (39700-350) | 39350 | |||
| Depreciation of office equipment | (25% x 193,000) | 48250 | |||
| Depreciation of motor vehicles | (20% x [84,000-30,420]) | 10752 | |||
| Equipment repairs | (5600+3000) | 8600 | |||
| Wages and salaries | (78960+560) | 79520 | 186672 | ||
| Profit for the year | 43,128 | ||||
b)
| XY Pte Ltd | |||||
| Statement of financial position as at 31 July 2020 | |||||
| $ | $ | $ | $ | ||
| Non-current assets | Cost | Accumulateddepreciation | Net book value | ||
| Motor Vehicles | 84000 | 40992 | 43044 | ||
| Equipment | 193000 | 146250 | 46750 | ||
| Total non-current assets | 89758 | ||||
| Current assets | |||||
| Inventory | 41320 | ||||
| Trade receivables | 20000 | ||||
| Less: Allowance for impairment of trade receivables | 800 | 19200 | |||
| Rent receivable | 500 | ||||
| Prepaid general expenses | 350 | ||||
| Cash at bank | 24300 | 85670 | |||
| Total Assets | 175,428 | ||||
| Equity & Liabilities | |||||
| Owner’s equity | |||||
| Share capital ,100,000 ordinary shares | 100,000 | ||||
| Retained earnings (18260+43128-12,000) | 49,424 | 149,388 | |||
| Current liabilities | |||||
| Trade payables | 13480 | ||||
| Wages and salaries payable | 560 | ||||
| Dividends payable | 12,000 | 26040 | |||
| Total equity and liabilities | 175,428 |
