2013 POA Suggested Solutions for Paper 2!

Hi there!

For those who have put in your fair share of labor, I hope today’s paper was easy for you. :) This year, we have a lag with sources for Paper 1. We will put up the suggested solutions for P1 ASAP. If you are looking for it, head straight below, read the FAQ section and download your answers for review.

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To my 2013 students, I just want to say thanks for making this year one of the most enjoyable and memorable moments in my teaching career.

You’ve been such a delightful and fun cohort to teach. What a privilege it is to share moments with you in the classrooms and outside of them.

They are memories I’ll have with me for a long time. I’m grateful for the sense of joy and anticipation every time I am in the class and I’m so happy to see so many survive my very bad jokes.

Look forward to see you make good of the learning experience we had together (POA or not) and may you excel tremendously in whichever industry you set your eyes on.

I’ll miss you sorely. :)

Your partner in crime,

Caleb

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Frequently Asked Questions

Q: Can you upload the question paper for Paper 1?

A: No, unfortunately. Question papers cannot be uploaded due to copyright reasons. Authorized publishers will make these available at all major bookstores from Feb 2014 onwards.

Q: My presentation is this like my school teacher says, it differs from your answers – will I be marked wrong by Cambridge?

A: I’m not the examiner/guru/genie. This remains as suggested solutions and serves as a point of reference.They are not absolute answers. We can discuss who’s right and wrong till the cows come home but it’s decided by the all-power examiner. :)

Q: I noticed something is wrong with your answer. Did you make a mistake?

A: Well, the mistake could be mine. In fact, assume it’s mine. :)

That’s why I put it up here for discussion. Help better it that all of us can benefit. Tell us your thoughts in the comments section below. I’ll update and upload the new version(s) if there is a need. :)

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When you are ready, right click and choose “Save As” to download:

7092/02 GCE O’ Level Principles of Accounts 2013 Paper 2 Suggested Solutions

Again, we will upload the answers for Paper 1 as soon as we can. :)

Update 1:

8 Nov, 9:48a.m -Solution update:

Adrian Chiam pointed out that insurance expenses was for 15 months. (Thanks)

22 Nov, 5:42p.m

Solutions revised! Credit goes to:

Joshua Ng, Jun Hong, poastudent, Tim, Qq, Green, Chloe and the community on PrinciplesofAccounts.com.sg!

Comments are closed at this time. Check back soon!

74 thoughts on “2013 POA Suggested Solutions for Paper 2!”

  1. The prepayment for insurance covers 3 months but the total period is 15 months :) thank you for the amswers though :)

  2. 1.For Question 2b) , 3 – Is it possible to put Office Equipment Repairs?
    2. I thought it is Purchase of fixed assets on credit ? If is not on credit it will go to cash book

  3. May I also ask, will we be penalized for writing down the closing for General journal and if it is fine if we wrote “computers” instead of “office.equipment”? Thank you :)

  4. It should be ok. Just my opinion though. I believe 2 examiners mark your paper. ‘Computer’ should through fine.

  5. hello there,
    i’ve doubts on your COE Question, part 1.
    since i overstated my bank by $27, should’int i credit bank instead?

  6. Hey just a query. For qn4c) Can I say the balance shows the total opening balances of all individual creditors account placed in the Purchases ledger at that day.

  7. Question 5a, shouldn’t the method for depreciation be reducing balance method instead of straight line method? Since office equipment is an asset that provides more benefits when its new. Just enquiring :)

  8. Hi,Just to check for the provision for depreciation account,in the event if add disposal and the amount is correct,Then will there be marks given?

  9. Hi Caleb! May I ask if I have included the 8/6% loan interest as CL, how much marks will I obtain? And if I did pro-rata for the depn qn, how will I fare? Completely 0 marks for both calculations? thanks in advance!

  10. Source of information refers to the journals where you can find your balances for your plc,it is not source documents

  11. Not false but unfortunately they are asking you for the method used by the question itself so the answer can only be the straight line method.

  12. Sorry but if I calculated interest on loan wrongly and did not adjust in additional info no. 3 how much marks will I lose?( P.S I’m referring to qn1 of paper 2 and still managed to balance like others)

  13. Some people say that it is Accrued Interest On Loan which makes it a liability but it is not as the QNS only indicates that there is a loan , assumption should not be made that the owner has not paid

  14. Hi, for the provision for depreciation for motor vehicles a/c, since the amount is already given, can the working for the first bal b/d(may 1 2011) be (1800+1620)? And for the disposal part(the grey part), if i wrote it, would i be penalised and get marks deducted? Thank you!

  15. Hi Green, the balance sheet will still balance because it’s an error of omission. :) I think it’s 1 mark or 1.5 max. 2 is too harsh.

  16. If I got you correctly, you mean that you included $4878 into the accounting year 1 May 11 to 30 Apr 12?
    If that’s the case, it means you didn’t understand the accounting period that the question is testing. It’s a conceptual error. I wouldn’t award marks. It’s fairly tricky unless one is sharp with the dates.

  17. Hi Qq, sure. It clearly shows your understanding of NBV. For your next question, I’d say that marks will be deducted. It appears to me that this is the tricky part of the whole question, if not the paper.

  18. chloe, thanks for your comment. you know what. let me have a re-look at the question and get back to you.

  19. Ok noted,didn’t adjust due to me being paranoid,thought qn wanna trick me since it didn’t say not recorded in the books

  20. Depends on the marking scheme and how well we did.
    If we did too badly on average, they will mark leniently and accept computers.
    If many candidates put as office equipment, it will be marked wrong.
    -sorry if im too straight, no offences-

  21. But anyway lets give the benefit of doubt that the adjustment is needed ( which i think is not possible ) , the accruals should be more than $2720 as the interest for the bank loan is already more than that.

  22. Hi Caleb. May i ask for the disposal account. Shouldn’t be the disposing date be 2013 April 30 instead of 2013 June 30 for the Loss on disposal?

  23. By right, in the real world, there’s is no such accounts called computers.
    Its also the same concept as there’s no such account called vans (which it should be motor vehicles).
    By left, true, its debatable since now all the accounts name all anyhow name one, depending on how the company likes to name them.

  24. Ok,I understand,But just curious if there are missing or wrong dates,Will The markers minus marks?

  25. Hi Ho! I’m not too clear with what you are asking for the first part of your question. Do you mean the figures to put in P/L and B/S in Q1 or separately for Q3?

    For Depreciation- unfortunately, you cannot pro-rate. The question was very clear on the first line that a full year’s depreciation is charged in the year of purchase but none in the year of sale. Depending on the way you present your workings, there could be some marks. But likely 0.

  26. Very likely. Dates and details are very important in POA. Accounting period concept. Need to account accurately. :)

  27. There is a gap between academics and real life. Haha. There are standardized chart of accounts with fixed wordings in computerised systems – even that, most of them can be customised to fit the business’ needs.

  28. For qn 2c, can i say that the general journal is used to record other transactions that does not appear in other journals?

  29. Hello, Mr Ho. For Q2b-1, why is it debit kim and credit debtor? Wouldn’t that offset each other? I was under the impression that we debit kim and.credit bank. Please.enlighten.me, thank you :)

  30. Oh I just saw your reply to someone below that you were going to update it. Ignore me, sorry. ( and my phone tends to put a fullstop behind every word and please.ignore that “link” too haha)

  31. For Question 2a) Part 1 , it should be DR Debtor Kim and CR Bank instead of your updated answers of DR Kim CR Debtor which is the same thing .

    For part C) , Shouldn’t it be Purchase of Fixed Asset ON CREDIT , because if it is bought by Cash or Cheque it will go into the Cash Book

  32. Hello Caleb, If i accidentally calculated the prepayment of insurance wrongly and input $480 instead of $240 in both my T,P&L and my B/S, how much marks would I likely loose? Thanks in advance! (:

  33. Hi Caleb , may I ask for the additional information it says general expenses inclusive of insurance of $1200. Can I minus 1200 from the general expenses and put insurance in my p &l ??

  34. caleb.. did u even check your work or in the case review the answers before publishing? there s calculations errors in the balance sheet p and l.. the balance figure is also wrong.. I mentioned before that the assessment book u published has a ton of errors.. by trying to make money out of students , u provide them with the wrong answers and solutions… I will report your book to popular and have them remove it from the shelves

  35. I do my best. My source might be able to secure the paper on Monday. I’m traveling at this point. Will do my best to up the solution soon. :)

  36. Hi Weiun, I think that answer is just rephrasing the question – they want to find out what these ‘other transactions’ are.

  37. hi colin, i’m happy to sense your strong passion from the comments from the fact that you are willing to make the effort to repost your comment here.

    Your strong conviction that students get access to quality learning materials is aligned with ours. We can also accept that the book is not free from errors and thank you for the feedback. This is why despite the risk, we put up suggested solutions for mutual learning, leaving comments open for critic and revise the solutions them along the way – all gratis.

    Currently, we are working to get the distributor and retailers on a new guide book, both to replace the current version and also to cover the changes with the upcoming new syllabus. We’d love to have your input on the new one. Let us know how we can involve you to make this better for us all.

  38. Whar… Jason… I’m not too sure. Effectively not wrong but adjusting question 4 said “*INCLUDED* in the general expenses…” minus would mean you excluded by reclassifying insurance as an additional item.

  39. Not a question I’d like to respond to, Barney… I’m not the examiner/genie in the bottle.
    My guess is between 1-2 marks. but that’s anyone’s guess. :)

  40. me not genie, can’t say for sure. but i do think there is a cap for deductions for wrong dates in each question.

  41. I really hope students like me can see the correct answers .. so sorry if i post your mistakes again :l

    1) Question 1 : Profit & Loss A/C – General Expenses is 41537 instead of 41 237 . Total Expenses is 71 968 instead of 71 908
    Balance Sheet : Closing capital should be 122176 instead of 122 236 .
    TOtals of current assets is 30 346 instead of 30 406
    All this are calculation errors.

    2 ) Your general journal the should be Debit Credit , not Credit Debit , i am referring to the headings.

  42. Hi, can I clarify something with you? It’s because I browse through the answer for paper 2 and spotted a calculation mistake in the P/L account. No offense :o For the general expenses, it stated (41,777-(3/15*1200)=41,237, but in actual fact, it is $41,537. Error of original entry :o Thus, the balance sheet is not balanced.

  43. for question 2c i wrote any transactions that doesnt goes into the specialised journals and cash book instead of specific transactions like disposal will i still get the mark?

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