2014 7092 GCE O Levels POA Suggested Solutions for Paper 2 (Only)

No greater delight is there as a POA tutor to have used super eye-power to spot questions in the last two days for his beloved students!

Unlike before, the crash course this year has been shorten from 18 hours (3 miserable days) last year to a mere 8 hours over 2 days with battle-weary-grouchy-always-hungry-panda-eyes-16-yr-olds.

I have the other subjects to thank for taking time away from my students for POA.

-.-‘’

Ok. Moving on:

Delightful students maketh a delightful tutor.

 

Instead of burning the theory notes and drink studying, these folks chose to take we-fie and spam my phone WHILE I’M TEACHING.

Now I make you famous. Muahahahah. Open-mouthed smile

> 50 students witness the massive bet I took at YMCA and Jurong East on 4th and 5th Nov:

Beside the obvious (Trading, PLA, Current A/C and B/S) and theory, major topics spotting were made plain on the whiteboard the last two days.

Scoreboard:

Topics Spotted Came out
Analysis and Interpretation of final accounts
– Profitability and commentary
YES!
Stock Valuation Partially. Theory
Bank Reconciliation YES!
Capital versus Revenue Expenditure/Receipt Neh.
Incomplete Records (Debtor/Creditor Ctrl) YES!
Capital Structure (WC, CO, CE) YES!
Provision for Doubtful Debts YES!
Correction of Error (Partial emphasis) YES!

 

Also mentioned to not focus on:

P4 Dep + Disposal of Fixed Assets YES!
Amalgamation YES!
Control Accounts No. Sad smile Saved only by revision of incomplete records

 

The Solutions

Of course you didn’t come here to see how delighted my students and I are.

So here’s the draft/suggested/imperfect solutions for Paper 2. I gave up trying to fish for Paper 1. If you have, please what’s app me:

2014 7092 GCE O Levels POA Paper 2 Suggested Solutions

As with previous attempts for solutions, this post gets flamed with questions, doubts and critics even with this caveat and repeated again in the pdf.

I’ll leave you with a quote:

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat. “

So. Bring it on.

To a better tomorrow and the holidays!

Cheers,

Caleb Ho

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I promise to put useful things for you and your friends!

  • Hi, Q2(d) isn’t it current liabilities since it’s a 10CR Bank balance?

  • 5(b) general ledger is it acceptable?

  • student

    hi where is the answers? it says the page is not found .

  • Caleb

    re-uped. paiseh

  • Caleb

    Yes! Updated. 😀

  • thanks 🙂

  • Zhou Ao

    should answer for 5(b) be general ledger?

  • Student

    5b is general ledger. It is the only ans because control acc is only found in general ledger. And control acc came out in q5. Pls update.

  • Caleb

    Thanks! Will do. See if there are any more requests for updates. Will do it at one go. 😀

  • Student

    Shouldnt drawings have no effect on net profit? It’s a general question and it isnt related to the info given (not recorded) since it says ‘of a business’.

  • KunYou

    If made Careless mistakes in Bank reconciliation Updated Cash book,Then The Balance as per updated cash book in the bank recon statement will be wrong.So will there be OF marks since it is a carry-Forward error?How many marks will be lost out of 6?

  • Senthil

    In this case, I think the answer is debatable. Even if we assume that question was a stand-alone question ; meaning it was not related to any of the info given, as you say, even then we would have 2 possible answers. This is because the question just says drawings. Drawings just as it is can be drawings of cash, goods or furniture etc etc… so.. if the drawings were drawings of goods, then it would affect the nett profit of the biz. But, if it were drawings of cash, or from the bank a/c of the biz, then those drawings would not directly affect the biz NP for the year.

  • Noah

    Shouldn’t the date for the updated cash book be June 1 2014 when starting on the question? Since the question said to start with the balance on 1 June 2014. Then bring down the amended balance.

  • Jason

    Caleb! How to calculate WAC??? What is fifo , lifo and retail method???