MASTER

PRINCIPLES
Զ
ACCOUNTS
for GCE O/N Levels

CALEB HO B.Acc
& RAVPREET KAUR MANN
First published in the Republic of Singapore
by Jump Grades Education Pte Ltd

Copyright © Caleb Ho, 2016

All rights reserved.
Ho Caleb, Ravpreet Kaur Mann.
Master Principles of Accounts for GCE O/N Levels/Caleb Ho, Ravpreet Kaur Mann.
150p. 17cm x 25cm

ISBN 978-981-09-8552-3

1. O’/N’ Levels Study Guide. 2. Principles of Accounts.

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Master Principles of Accounts for GCE O/N Levels

by Caleb Ho, Ravpreet Kaur Mann Copyright © 2016

This publication is copyrighted. Unauthorised duplication is prohibited by law.

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FIRST EDITION
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ISBN 978-981-09-8552-3
 CONTENTS

FOREWORD

CHAPTER 1 : BOOKKEEPING AND ACCOUNTING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

CHAPTER 2 : ACCOUNTING PRINCIPLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
CHAPTER 3 : ACCOUNTING EQUATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
CHAPTER 4 : DOUBLE ENTRIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
CHAPTER 5 : SOURCE DOCUMENTS AND JOURNALS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
CHAPTER 6 : CASHBOOK AND PETTY CASHBOOK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
CHAPTER 7 : BANK RECONCILIATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
CHAPTER 8 : TRIAL BALANCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
CHAPTER 9 : INCOME STATEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
CHAPTER 10 : BALANCE SHEET AND WORKING CAPITAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
CHAPTER 11 : ACCOUNTING FOR NON-CURRENT ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
CHAPTER 12 : PREPAYMENTS AND ACCRUALS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
CHAPTER 13 : CORRECTION OF ERRORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
CHAPTER 14 : ACCOUNTING FOR INVENTORY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
CHAPTER 15 : TRADE RECEIVABLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77
CHAPTER 16 : CONTROL ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81
CHAPTER 17 : ALLOWANCE FOR IMPAIRMENT ON TRADE RECEIVABLES . . . . . . . . . . . . . . . . . . . . 85
CHAPTER 18 : BUSINESS ENTITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
CHAPTER 19 : NON-CURRENT LIABILITIES AND CURRENT LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . 99
CHAPTER 20 : INCOMPLETE RECORDS (O LEVELS ONLY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
CHAPTER 21 : FINANCIAL ANALYSIS AND INTERPRETATION
OF FINAL ACCOUNTS (O LEVELS ONLY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

APPENDIX A : CONTRA ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

APPENDIX B : RELATION BETWEEN BOOKS OF PRIME ENTRY
AND SOURCE DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
APPENDIX C : TRIAL BALANCE FORMAT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
APPENDIX D : FORMATS OF FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
APPENDIX E : STATEMENT TO SHOW ADJUSTED PROFIT FOR THE YEAR
VERSUS STATEMENT TO SHOW PROFIT FOR THE YEAR . . . . . . . . . . . . . . . . . . . . . . 128
APPENDIX F : FREQUENTLY TESTED ADDITIONAL INFORMATION IN
PAPER 2 QUESTION 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129
APPENDIX G : FINANCIAL RATIOS AND FORMULAS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
APPENDIX H : 61 FREQUENTLY ASKED DOUBLE ENTRIES IN THE EXAMINATION. . . . . . . . . . . . . 133
 FOREWORD

Dear Fellow POA Student,

This book was written for you, the struggling POA student.
I wish there was something to help me understand it in an easy way when I was overwhelmed as
an accounting undergraduate in NTU learning POA the first time.
I believe that the subject is called Principles of Accounts for a reason – because principles are
timeless and they work regardless where you apply them. What you are learning is a useful life-skill
for personal finance, investments or a career in accountancy.
This is why I love teaching POA – there is very little memory work students need to master
double-entries and do well in the exams.
No effort is spared to make this book your best companion POA study aid. We measured the di-
mensions of the book for easy carrying around and engaged a professional layout designer for your
ease of reading. Inside the book you will discover exam tips and common exam mistakes to avoid.

We also highlight key concepts and practical applications in every chapter so you will know exactly
what to focus your revision time on.

Use this book side-by-side with your school’s text/workbook and teachers’ worksheets so that you
can accelerate your learning and improve your grades quickly and dramatically. Practice sample
exam papers with the essential formats and statements using the appendix in this book – it is a
major time-saver!

No decent publication is a solo effort. We want to take this opportunity to thank our 2014 and 2015
batch of students from over 30 different schools, teachers, tutors and accounting-trained parents
who have taken time these two years to proofread and stress-test the materials at various stages of
production of this book.

On a personal note, I would like to thank T. Chew for being my constant motivation and Ms. Kaur, my
co-author, for the endless back and forth editing work and for producing the draft version.

If there remain any errors or omissions, the responsibility is solely mine. I’m excited to hear
your feedback about the book. Feel free to reach us at [email protected] or
[email protected] with your comments.

Caleb Ho
18 April 2016
 CHAPTER 1

BOOKKEEPING
AND ACCOUNTING

KEY TERMS & CONCEPTS

■ Bookkeeping: process of recording transactions accurately and systematically in accordance
with a set of standards and principles
■ Accounting: is the process of recording, analysing, summarising, interpreting and
communicating business activities

DIFFERENCES BETWEEN ACCOUNTING AND BOOKKEEPING

1 Recording Bookkeeping
2 Summarising
Accounting
3 Analysing
4 Interpreting
5 Reporting

ROLES OF ACCOUNTING
● Decision-making: Accounting helps to communicate financial information to the internal
and external users of accounting information to allow them to make decisions.
● Stewardship: A steward does not own but is given the responsibility to manage the business.
The accounting information system provides the owner with information on how the busi-
ness is performing.

PROFESSIONAL ETHICS
● Integrity: Being straightforward and honest in all professional and business relationships

eg The accountant must not create fictitious invoices to increase sales revenue or write off
owner’s personal expenses as business expense even when told by the boss to do so
● Objectivity: Not letting bias, conflict of interest or undue influence of others to override pro-
fessional judgment.
eg Use appropriate accounting treatments to prepare accounts without fear or favor from
the boss or external influences.
CHAPTER 2

ACCOUNTING PRINCIPLES

PURPOSE
Accounting principles are set up to ensure all businesses standardize accounting definitions,
assumptions and methods when recording business transactions

Principle Explanation Application Topics tested in

a. Accounting The business and the Capital contributions and Business entities
(Business) owner are treated as drawings made by the owner
entity two separate entities. are treated as transactions and
therefore needs to be recorded
in the business books.

b. Going The assumption that the Need to assume as most

Concern business will operate businesses do not survive for
indefinitely (forever). more than five years..

c. Prudence The business should Depreciation and allowance Depreciation,

not overstate revenues, for impairment loss on trade Impairment of
profits and assets receivables needs to be provided trade receivables,
and not understate for so as to not overstate assets Inventory
expenses and liabilities. and profits.

d. Consistency The accounting A change of method from Depreciation

treatment applied to straight line method to
an item should be the reducing balance method
same for all accounting will reduce the quality of
periods. accounting information for
comparison over periods.

e. Matching The relevant expenses Major application for Paper Depreciation,

should be matched to 2 question 1 balance day Impairment of
the relevant revenue to adjustment under ‘Additional trade receivables,
determine profits in a Information.’ See Appendix F Accruals and
given accounting period. for a list of balance day prepayments
adjustments
 CHAPTER 5

SOURCE DOCUMENTS
AND JOURNALS

WHAT ARE SOURCE DOCUMENTS?

Source documents are business forms used to record a financial transaction.

PURPOSE
The main purpose of source documents is to provide evidence that a business transaction has occurred.

ACCOUNTING CONCEPT
Objectivity: There must always be objective verifiable evidence for the occurrence of any business
transactions

TYPES OF SOURCE DOCUMENTS

Source Document Explanation

Invoice Issued by the seller to the buyer to notify buyer of the amount that is
outstanding.
Duplicate invoices: Kept by issuer
Original invoice: Given to buyer

Receipt/ Register slip Issued by the seller to the buyer when cash or cheques is received

Debit note Issued by the seller to the buyer to correct an undercharge

Credit note Issued by the seller to the buyer to correct an overcharge. This is
associated with returns of goods to seller (supplier) or buyer (customer)
returning goods.

Bank statement Issued by the bank monthly to inform the company of its account bal-
ances as well as deposits and withdrawals.

Memo Issued in the event the owner withdraws goods for personal use
(drawings) or contributes additional capital into the business.

Payment Voucher Issued as proof that there was a transaction involving payment. This can
also act as a ‘receipt’ when there is an outflow of cash from the business.

Petty cash voucher Issued when payments are related to petty cash
CHAPTER 6

CASHBOOK AND
PETTY CASHBOOK

CASHBOOK
THE DUAL FUNCTION OF CASHBOOK
Below is an extract of the flow of information in the accounting process:

Source
Transaction Journal Ledger
document

Cash book

The cash book is both a journal as well as a ledger.

PURPOSE
● Maintains a record of the amount of money held in cash and the bank balance at any point
in time
● Acts as a ledger account for the cash and bank balances
● A permanent record of money received and payments made into and out of a business

Transactions entered into the cash book must be supported by documentary evidence such as an
invoice, bank statement or receipt.

CAUSES OF DISHONOURED CHEQUES

Dishonoured cheques are cheques that have been rejected by the bank.

This is caused by:

● Insufficient funds in the payer’s account
● Post-dated cheques
● Signature does not match with bank’s records
● Amount written on the cheque in numerals do not match amount written on cheque in
words.
 CHAPTER SIX | CASHBOOK AND PETTY CASHBOOK 25

ADVANTAGES OF CASHBOOK
1. Easy reference to cash in hand and cash at bank transactions

2. Avoids duplication of work in entering cash transaction in journal and then transferring the
same into the ledger.
3. Allows for segregation of duties and increase efficiency. One specific person in charge of
cashbook.

COMPARISON BETWEEN TRADE DISCOUNT AND CASH DISCOUNT

Trade Discount Cash Discount
● Given to encourage bulk purchases ● Given to encourage prompt payment
● Given at point of purchase ● Given at point of payment
● No effect on profit ● Affects profit

COMMON MISTAKE: Cash discounts are recorded in the income

Students open a ‘discount allowed/received’ for statement as:
trade discount when they only need to net off ● Discount allowed (expense) or
the discount to calculate amount owed. ● Discount received (income)

EXAMPLE EXAMPLE
Business purchased $2 000 worth of goods on Business paid supplier for amount owing of
credit. A 10% trade discount was received: $1 800 by cheque. A 5% cash discount was
received for early payment:

Dr Inventory [90% × $200] 1 800 Dr Trade payable 1 800

Cr Trade payables 1 800 Cr Cash at bank 1 710
Cr Discount received 90

JOURNAL ENTRY FOR DISHONOURED CHEQUE FROM CUSTOMERS

No cash discount given earlier Cash discount given earlier

Dr Trade receivables 1 000 Dr Trade receivables 1 000

Cr Cash at bank 1 000 Cr Discount allowed* 500
Cr Cash at bank 9 500

*discount that was previously allowed is now withdrawn

Kaur
says… When asked to describe transactions in a cash book or petty cash book:
● State clearly if that transaction is made with cash or cheque.
● If there is a cash discount indicate
a. The amount paid/received in cash or cheque and
b. The amount of cash discount allowed/received
48 MASTER PRINCIPLES OF ACCOUNTS

Effects of wrong classification of capital and revenue expenditure

Capital expenditure affects the non-current asset amount disclosed in the balance sheet and reve-
nue expenditure affects the profit and loss for the period

Profit Assets Equity

Capital expenditure wrongly allocated to Understated Understated Understated
revenue expenditure
Revenue expenditure wrongly allocated Overstated Overstated Overstated
to capital expenditure

Caleb Whether a particular item is of ‘significant value’ is relative to the size of a

says…
business. A laptop costing $3 000 may be recorded as a non-current asset
in a company that is worth $20 000 but as an expense in a company that is
worth $20 000 000.
Similarly, a stapler may last for more than one accounting period but the
value is insignificant to be recorded as a non-current asset and be subjected
to depreciation. Hence, it is recorded as stationery expense in the income
statement.

EXAMPLE
Malcolm owns a gift-wrapping business. He incurred the following expenditure on his warehouse
and delivery van.
No Transaction Amount ($)
i) Purchase of warehouse 560 000
ii) Legal fees incurred from the purchase of warehouse 7 500
iii) Replacement of light bulbs in warehouse 120
iv) Renovation to increase capacity in warehouse 35 000
v) Purchase of delivery van 40 000
vi) Shipping cost to bring delivery van to Singapore 4 700
vii) Petrol and maintenance costs for van 4 500
viii) Replacement of tyres 2 500
ix) Motor insurance 1 400

REQUIRED
a) State whether the each of the above items are capital or revenue expenditures. Explain your
answers.
b) Calculate the cost of the delivery van and state which section of the balance sheet this amount
will be recorded.
c) State the effect if the petrol and maintenance of motor vehicle of $4,700 was wrongly capital-
ised as motor vehicle.
 CHAPTER FOURTEEN | ACCOUNTING FOR INVENTORY 71

SUMMARY OF INVENTORY LEDGERS & FINANCIAL STATEMENT EXTRACTS

Inventory account (asset)
2015 Particulars Debit $ Credit $ Balance $
Jun 8 Cash in hand (purchased goods with cash) 6 500 6 500 Dr
12 Trade payable (purchased goods on credit) 2 800 9 300 Dr
15 Trade payable (goods returned to suppliers) 900 8 400 Dr
22 Cost of sales (sold goods) 1 400 7 000 Dr
25 Cost of sales (goods returned by customers) 400 7 400 Dr
27 Advertising (goods given out as samples) 200 7 200 Dr
29 Drawings (goods taken for personal use) 150 7 050 Dr
30 Impairment loss on inventory 410 6 640 Dr
Jul 1 Bal b/d 6 640 Dr

Cost of sales account (expense)

2015 Particulars Debit $ Credit $ Balance $
Jun 22 Inventory (sold goods) 1 400 1 400 Dr
25 Inventory (goods returned by customers) 400 1 000 Dr
30 Trading account (transfer to income statement) 1 000 –

Income Statement for year ended 30 June 2015 (extract)

$
Sales revenue xxx
Less: sales returns (xxx)
Net sales revenue Trading portion xxx
Less: cost of sales (1 000)
Gross profit
Less: Expenses
Profit & Loss portion
Impairment loss on inventory 410

Impairment loss on inventory account (expense)

2014 Particulars Debit $ Credit $ Balance $
Jun 30 Inventory 410 410 Dr
30 Transfer to profit and loss 410 –

Balance Sheet as at 30 June 2015 (extract)

Assets $ $
Current assets
Inventory 6 640
Insurance receivable 120
118 MASTER PRINCIPLES OF ACCOUNTS

INVENTORY MANAGEMENT
Inventory turnover is a measure of how efficiently a company can control its merchandise and turn
its inventory into cash. Think about it. Inventory is one of the biggest assets a retailer reports on its
balance sheet. If this inventory cannot be sold, it is worthless to the company. Banks want to know
that this inventory will be easy to sell before deciding to make a loan to the business.

Good inventory management shows the company does not overspend by buying too much inven-
tory and tied up precious funds. Storing non-saleable inventory also incur unnecessary rental costs.

Therefore, , inventory needs to be managed efficiently so that it optimises both liquidity and
profitability of a business.

Inventory Management Ratios

Formulas Example Meaning

Rate of inventory Cost of sales 4 times On average, the inventory is

turnover Average Inventory replenished 4 times a year.

Average Beginning inventory + Ending inventory $35 000 The average value of
inventory 2 inventory over a year

Caleb
says… The speed of inventory turnover depends on the type of business. Fast
moving goods like items in the supermarket may be of lower value or
perishables and need rapid turnover to earn satisfactory profits. On the
other hand, high-margin goods such as luxury watches do not need such
rapid turnovers to be very profitable.

COMMON MISTAKES
● The unit of measure for inventory turnover rate is times and not % or ratio.

COMMENTARY ON INVENTORY MANAGEMENT

Problems with too much inventory
● Additional storage costs would need to be incurred to store inventory.
● Inventory may become obsolete and may be sold at a loss.
● Cash is unnecessarily tied up.

Problems with too little inventory

● Lost sales as not able to meet customers’ demand
● Frequent buying resulting in paying more for delivery and handling charges
● Unable to enjoy trade discount with small quantities purchased from suppliers.

Ways to improve inventory turnover:

● Offer trade discounts and special promotions to encourage customers to buy more.
● Advertise and market aggressively to attract more customers.
APPENDIX D

FORMATS OF FINANCIAL
STATEMENTS

i) Income statement for a Service Organisation

Name of Business
Income statement for the year ended 31 December 2015
$ $
Service fee income D
Discount received X
*Gain on sale of non-current asset X
Commission income X
X1
Less: expenses
Rental expense X
Motor van expense X
Insurance expense Profit & Loss X
General expense Portion X
Carriage outwards X
Discount allowed X
Commission expense X
Depreciation on Motor Vehicle X
Impairment loss on inventory X
*Loss on sale of non-current assets X
**Impairment loss on trade receivables X
**Reversal of impairment loss on trade
receivables
Discount allowed X
X2
Profit for the period D + X1 – X2

* Either gain or loss on sale of non-current. Not both.

** Either Impairment or Reversal of Impairment. Not both.
^ Either profit or loss.
 APPENDIX H

61 FREQUENTLY ASKED
DOUBLE ENTRIES IN THE
EXAMINATION

Starting a business and assets acquisition Debit Credit

1. Started business with cash Cash at bank Capital

2. Started business contributing personal Motor vehicle Capital
motor vehicle
3. Bought machinery with cheque Plant and equipment Cash at Bank
4. Bought furniture from Tabitha Pte Ltd Furniture and fittings Other Payable: Tabitha
Pte Ltd
5. Paid Tabitha for amount owing with cash Other payable: Cash in hand
Tabitha Pte Ltd
6. Borrowed from Leong Financing Cash at bank Long term borrowings
7. Computer dealer took laptop from Office equipment Inventory
warehouse for office use

Trading activities: Purchase and returns of inventory

8. Bought goods and paid with cash/cheque Inventory Cash in hand/at bank
9. Bought goods from Leong, on credit Inventory Trade payable: Leong
10. Returned goods to Leong Trade payable: Leong Inventory
11. Paid Leong for amount owing with cheque Trade payable: Leong Cash at bank
12. Impairment loss on inventory Impairment loss on Inventory
(due to damage/fire/flood) inventory
13. Tan Insurance agreed to pay for Other receivable: Impairment loss on
impairment on inventory Tan Insurance inventory
14. Correcting undervaluation of inventory Inventory Trading
15. Correcting overvaluation of inventory Trading Inventory
 ABOUT THE AUTHORS

CALEB HO, B.Acc

(Nanyang Business School, NTU)
Caleb Ho is a POA Tutor, author of a best-selling study guide,
award-winning business interviewer (Spirit of Enterprise) and host
of one of the premier ideas/education events in Singapore. In
his 10-year teaching experience, more than 80% of his students
who join him with D7s-F9s for POA have emerged with As and Bs
using his 'Jump Grades' systematic approach. His views on tertiary
accounting education were also sought and published by The
Straits Times, April 2015.

With a network of 400 Singapore accounting teachers and trainers built over the past decade,
he has access to the latest developments and resources to keep abreast of the latest changes in the
POA syllabus across secondary schools to postgraduate levels.

What differentiates his approach in teaching Principles of Accounts is his ability to effortlessly translate
textbook accounting concepts to real life application. As a former partner of a local bookkeeping
company, he has intricate understanding of how accounting can be used to forecast the destinies
of small businesses, having worked with some of the top Singapore SMEs and partnered the biggest
names in accounting software including Intuit, Singtel SME marketplace and many more.

RAVPREET KAUR MANN

ACCA Affiliate

Ravpreet Kaur Mann is the A-for-POA specialist and the anchor

POA tutor for students in the Woodlands, Yishun and Sembawang
areas. Known for her highly organised approach, she strategizes
classes to be in tandem with the school teachers' speed so that
students are able to grasp knowledge easier in class.
Having taught in mainstream schools as a POA relief teacher,
Ravpreet hones her acumen in reading students' and teachers'
challenges in a classroom setting. Her uncanny ability to see the struggles from her students
perspective has also won her respect and spark her students' desire to learn POA on their own.

Ravpreet is married to a lawyer and is also training students taking the SPM, STPM, IGCSE, O Levels
in Kuala Lumpur, Malaysia.
COMING SOON…

MASTER
PRINCIPLES
OF ACCOUNTS
WORKBOOK
Online + Print
Familiarize yourself with examination-style
questions. Manage your time in exam conditions.
Practice your way to mastery. Boost your grades.

● More than 500+ carefully selected questions used by Caleb in his small group
classes
● Follows the latest 7175/7088 MOE syllabus and topics
● Adapted from actual test and exam papers from the top schools in Singapore
● Full step-by-step worked solutions, complete with pointers and focus points
● Special section of challenging questions for students who need the extra ‘kick.’
● Professionally formatted for ease of reading and closely resemble exam layouts
for Paper 1 & Paper 2 types of questions.
● Vetted by students, accounting-trained parents and Caleb’s partner tutors
● Regularly updated online whenever errors are discovered

The first 100 customers will get 50% off the normal price.

Sign up at www.principlesofaccounts.com.sg/workbook today!

Attention: Especially for Struggling POA students, “No-hopers” & Mid Year exams
casualties who are on the verge of giving it all up…

“Who Else Wants To Do Better in POA and

Substantially Improve Your Results
Without Memorising A Single Ledger?”
Ledger
The Amazing Thing Of Course Is The Speed At Which Caleb’s “Jump Grades”
System Works. It’s Rather Remarkable That You Can Be Excelling In Principles
of Accounts By Just Using This Single Approach.

Dear Struggling Student,

Two Secondary 3 friends started learning Principles of Accounts at the same time. One day,
one of the students came across and read a little book, “Master Principles of Accounts,” which
describes in detail, chapter after chapter, a logical approach to answer POA questions. It left a
deep impression on him. That week, he enrolled for The POA Holiday Masterclass.
Recently, these students received their mid-year exams results. The one who spent an entire
night prior to exams memorizing got a D7 for his POA paper. The other topped the class.

A Growing Frustration
The first few chapters in POA were easy enough. Then came concepts like contra accounts,
adjusting and transfer entries. Suddenly, POA becomes confusing and starts to overwhelm you.
You sought your friend’s help. You spent a Saturday afternoon struggling to get started.
There’s always something wrong with your working and you can’t quite figure what’s the
problem. In
problem I resignation, you bury your head in your elbow and silently scream.
Stuck, you start to feel like your O/N level grades is in the air. Overwhelmed, you conclude,
“This is a lot harder than I thought.”

What Made The Difference?

The difference in the two students was not of “natural” smartness or talent. It isn’t that one
student worked hard and the other has not.
One student saw that accounting is a principles-based subject and trained himself to see
patterns occurring from chapter to chapter. After mastering the basics, he spent less time
revising and he no longer memorizes pages of notes prior to class tests. The other student
merely memorized formats, statements and ledgers and try to fit in the numbers, betting that
the chapters he memorized will come out in the exam.
Each exam meant more things to memorize than the previous. More mistakes were made as
the number of new ledgers stack up and, on top of that, more carelessness happens because
of the confusing dates in the ledger.
It’s inevitable
The journey of these two students will be repeated in the thousands of POA students, year
after year.

THE SOLUTION:
A Proven Approach That Will Give You Better
Exam Performance And Grades In Your Exams

You see, without a systematic, logical thinking process in place to approach exam questions,
double entries and ledgers are written ad hoc and your answers become disjointed.
The POA Holiday MasterClass takes the memory work out of answering POA exam questions
by building a repeatable process that works for every difficulty level in the exams.
exams
You need not risk guesswork. We will be revealing the exact roadmap, techniques and
approaches to achieve that… no matter how difficult the topic is right now. They are well-
tested, well-proven structures and methods that yield top results.

Principles of Accounts MasterClass, 2010-2015

 A Time-Saving, Results-Proven MasterClass
Would you know the joy of rapid, instead of slow, progress while you still have some time
before the major exams? If so, this is the call of opportunity to you.
Many of your seniors who came before you have trained themselves to seize opportunity
and make the remaining months count tremendously.
You, too, can make them count for you.

“I hated POA when I first took it as a subject. I never passed POA, however

when I started attending Caleb’s classes, my grades jumped from U grade
to an A1! Caleb has been an extremely caring teacher that ignites his passion
towards POA to his students. I can now say that POA is my favorite subject! He
is always ready to answer any student’s dire questions and he is very generous
with his resources... I RECOMMEND YOU TAKE UP POA SESSIONS CONDUCTED
BY HIM. CONFIRM WILL JUMP GRADES!”
Caitlyn Rita,
St Anthony’s Canossian Secondary School, 2015

“Thank Caleb. Without your guidance and assistance, Malcolm wouldn’t

achieved it.

Hope you will help my girl too”

Wong
Mrs Wong, mother of Malcolm Wong,
Top Student in GCE O Level Exam 2015 for Principles of Accounts
Guangyang Secondary School, 2015

“… Please accept our sincere appreciation for your tireless help in the past years
to prepare Nicholas for his N Level exams in 2014.

When we first received his results slip, we were so amazed with his performance.
He aced all his subjects including PoA! We got in touch with you to express
our appreciation then. And I am once again conveying our sincere thanks for
making a difference in his academic journey…

We believe you would look at his achievements and be inspired to touch many
more lives.”
Mrs Cheong, mother of Nicholas Cheong,
Second in cohort for N level results, St. Andrew Secondary, 2014.

… PLUS 100++ more testimonials online!

 Take Action Today
Nothing can help you perform better for POA exams, faster and more efficiently than the
right application of accounting concepts. A few “a-ha” moments you’ll get from this day
could easily equate to an improvement of 10% - 40% improvement in your scores without
additional memory work. If you think this is for you,

APPLY AT
www.MasterPrinciplesofAccounts.com/MasterClass

Now, there’s a physical limitation of how many students we can take each class. You could
not do it earlier two months ago. But it will be your fault if after the holidays you say: “I could
have succeeded like the 40 other D7-F9 students and I did not even check it out.”
The doors are closed – no exception, once the enrollment is full, so I urge you to act quickly.

To Greater Heights,

Caleb Ho

P.S: If you are already scoring As & Bs in your POA class tests and exams and can effortlessly
draw up journal entries and ledgers – this MasterClass is not for you.
P.S.S: We do have a very limited intake for each MasterClass (20 max), so we can focus on
giving the best quality help for our struggling students. It’s like, less than 0.2% of your cohort
will get access to the MasterClass. So sign up today.

Visit www.MasterPrinciplesofAccounts.com/MasterClass today.

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