Han Chiang High School
E Mid-Year Examination , 2022
STUDENT’S
NAME
STUDENT’S
CLASS
NUMBER
___________________________________________________________________
ACCOUNTING 0452
Paper 2 August 2022
CE1 105 minutes
Candidates answer on the Question Paper.
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READ THESE INSTRUCTIONS FIRST
Write your school number and name on all the work you hand in.
Write in dark blue or black pen.
Do not use staples, paper clips, glues or correction fluid.
Answer ALL questions
You may use a calculator
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.
This document consists of 8 printed pages.
Page 1 of 8
1. Albert is a trader.
Using the following information taken from Albert’s books on 30 June 2021 you are required to:
(a) Prepare an income statement for the year ended 30 June 2021 (22)
(b) Prepare a statement of financial position at 30 June 2021. (30)
$
Capital 54, 400
Drawings 1, 300
Premises 30, 000
Fixtures and fittings 4, 000
Sales 82, 000
Purchases 70, 100
Inventory 1 July 2020 18, 600
Carriage inwards 400
Carriage outwards 1, 500
Trade receivables 14, 000
Trade payables 8, 000
Discount received 260
Insurance 390
Discount allowed 340
Salaries 10, 300
Sales Return 200
Loan interest 1,700
Loan from ABC Enterprise 10, 000
Bank 1, 980
Purchases Return 150
Inventory at 30 June 2021 was valued at $20,100.
Page 2 of 8
Answer sheet for Q1a
Albert
Income Statement for the year ended 30 June 2021
Page 3 of 8
Answer sheet for Q1b
Albert
Statement of financial position as at 30 June 2021
Page 4 of 8
2. Nancy has a business with a financial year end of 31 January. On 1 February 2020
there was a credit balance of $140 on the electricity expense account.
During the year ended 31 January 2021 the following payments were made relating to
electricity.
2020 $
Mar 10 direct debit 210
Jun 7 direct debit 130
Sep 5 direct debit 185
Dec 6 direct debit 205
The cost of electricity for the three months ended 28 February 2021 was estimated to
be $330.
REQUIRED
(a) Prepare the electricity expense account for the year ended 31 January 2021.
Balance the account and bring down the balance on 1 February 2021. (12)
Nancy
Electricity expense account
Date Details $ Date Details $
(b) State what the balance brought down on 1 February 2021 on the electricity
expense account represents.
……………………………………………………………………………………………….
…………………………………………………………………..………………………..(2)
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(c) Name the section of the statement of financial position on 31 January 2021 in
which the balance on the electricity expense account was included.
…………………………………………………………………………………………… (2)
Nancy also rents out some premises.
On 1 February 2020 the tenant owed $1250.
The following amounts for rent were received during the year.
2020 $
May 10 cash 2700
Oct 14 cheque 2800
On 31 January 2021 the tenant owed $1700.
REQUIRED
(d) Prepare the rent receivable account for the year ended 31 January 2021.
Balance the account and bring down the balance on 1 February 2021. (4)
Nancy
Rent receivable account
Date Details $ Date Details $
[6]
(e) Name the section of the statement of financial position on 31 January 2021 in
which the balance on the rent receivable account was included.
………………………………………………………………………………………..…..(2)
Reason ……………………………………………………………………………… (2)
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3. a. State one reason why a business maintains a provision for doubtful debts. (2)
……………………………………………………………………………………………
…………………………………………………………………………………………..
b. On 1 April 2020 Hashim , a trader, had a provision for doubtful debts amounting to
$250.
The following transactions took place during the year ended 31 March 2021.
2020
May 1 Sold goods, $100 on credit to Arthur
July 31 Received a cheque for $80 from Arthur
Sept 1 Received $50 in cash from Jack whose account had been
written off in November 2012
2021
Jan 31 The amount owing by Arthur was written off as a irrecoverable
debt
Mar 31 The provision for doubtful debts was reduced to $200
Write up the following accounts in Hashim’s ledger for the year ended 31 March 2021
i. Arthur account (6)
……………………………………………………………………………………………………
……………………………………………………………………………………………………
…………………………………………………………………………………………………….
……………………………………………………………………………………………………
ii. Irrecoverable debts account (4)
……………………………………………………………………………………………………
……………………………………………………………………………………………………
……………………………………………………………………………………………………
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iii. Irrecoverable debts recovered account (4)
………………………………………………………………………………………………………
………………………………………………………………………………………………………
……………………………………………………………………………………………………….
………………………………………………………………………………………………………..
iv. Provision for doubtful debts account (6)
…………………………………………………………………………………………………….
……………………………………………………………………………………………………..
……………………………………………………………………………………………………..
……………………………………………………………………………………………………..
Prepared by: Mdm Cheow Phaik Gim Checked by: Ms Bu Sheau Wei
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