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Download Actual 2024 AQA A-LEVEL ACCOUNTING 7127/1 Paper 1 Merged Question Paper + Mark Scheme Act and more Exams Accounting in PDF only on Docsity!
Actual 2024 AQA A-LEVEL ACCOUNTING 7127/1 Paper 1 Merged Question Paper + Mark Scheme AQA Please write clearly in block capitals. Centre number Candidate number Surname Forename(s) Candidate signature | declare this is my own work. A-level ACCOUNTING Paper 1 Financial Accounting Thursday 23 May 2024 Afternoon Time allowed: 3 hours Materials Ree For this paper you must have: eee * acalculator. Section Mark Instructions A e Use black ink or black ball-point pen. B Fillin the boxes at the top of this page. c « Answer all questions. TOTAL e You must answer the questions in the spaces provided. Do not write outside the box around each page or on blank pages. e If you need extra space for your answer(s), use the lined pages at the end of this book. Write the question number against your answer(s). ¢ Do all rough work in this answer book. Cross through any work you do not want to be marked. Information « The marks for each question are shown in brackets. e The maximum mark for this paper is 120. JuN247127101 IB/M/Jun24/G4004/V6 7127/1 1 Do not write . outside the Section A box Answer all questions in this section. For multiple-choice questions only one answer per question is allowed. For each question completely fill in the circle alongside the appropriate answer. CORRECT METHOD [eo] WRONG METHODS [e[°Js|/4] If you want to change your answer you must cross out your original answer as shown. Dx If you wish to return to an answer previously crossed out, ring the answer you now wish to select as shown. Which of the following correctly lists items to be shown as debit entries in an income statement? [1 mark] A Carriage inwards; carriage outwards; returns inwards [es] B_ Carriage inwards; carriage outwards; returns outwards [es] C_ Carriage inwards; returns inwards; returns outwards [es] D_ Carriage outwards; retums inwards; returns outwards [es] Which of the following is not shown on a statement of changes in equity? [1 mark] A_ Bonus issue of ordinary shares B_ Debenture interest paid C_ Dividends paid D_ Rights issue of ordinary shares [o) [o} (2) Do) 02 IB/M/Jun24/71271 2 04 A sales ledger control account showed the following for January 2024. Details £ Balance on 1 January 2024 21 450 Contra with purchases ledger control account 190 Credit sales 38 692 Receipts from credit customers 27 955 What was the balance brought down on the sales ledger control account on 1 February 2024? A £31 997 Credit B £31 997 Debit a £32 377 Credit D £32 377 Debit The purchase of a non-current asset has been recorded as administration expenditure. What is the effect on profit in the income statement? A_ Gross profit overstated B_ Gross profit understated C_ Profit for the year overstated D_ Profit for the year understated [a] [o} (9) [2] 0] [=] [=] [=] [1 mark] [1 mark] IB/M/Jun24/71271 Do not write outside the box Do not write outside the [0] 7] Win, Xi and Zang are in partnership. They do not have a partnership agreement. box Which of the following would each partner be entitled to in addition to a third of the profits? [1 mark] A 0% interest on capital; 0% interest on loans Le] B_ 0% interest on capital; 5% interest on loans Le] C 5% interest on capital; 0% interest on loans [=e] D 5% interest on capital; 5% interest on loans Le] Which of the following is not an advantage of a computerised accounting system? [1 mark] > Increased processing speed B Increased reliability a Reduced errors [o) fo} fo) D_ Reduced training costs Turn over for the next question Turn over > 05 IB/M/Jun24/7127/1 5 07 The following information is available for a company: On 1 April 2023 £ Issued share capital of £2 shares 65 000 Share premium 25 000 During the year ended 31 March 2024, £62 400 was received from a rights issue of 26 000 shares. What is the value of share capital and share premium in the statement of financial position at 31 March 2024? Share capital Share premium £ £ A 91 000 35 400 B 91 000 61 400 c 117 000 35 400 D 117 000 61 400 [a] [o} Lo} [o) Turn over for the next question [1 mark] Turn over > IB/M/Jun24/7127/1 Do not write outside the box Do not write outside the [1] 4] Explain the impact on the financial statements when writing off a credit customer’s bok debt as irrecoverable. [3 marks] INN IB/M/Jun24/7127/1 8 10 Do not write outside the box [1[2] Dina’s draft trial balance at 30 April 2024 did not balance. She found the following errors: 1. The purchases account had been undercast by £800. 2. Goods returned to a credit supplier of £40 had been correctly entered in the payables ledger but had been omitted from the returns outwards account. 3. Cash sales of £52 had been debited to the sales account and credited to the cash account. 4. Goods taken by Dina for her own use of £390 had been debited to both the drawings account and the purchases account. [1[2] [1] Prepare journal entries to correct the errors. Dates and narratives are not required. [6 marks] Debit Credit Account £ £ 10 IMiJun24/7127/1 10 11 Do not write outside the Dina calculated a draft profit for the year ended 30 April 2024 of £19 220 before box finding the errors. {1[2] [2] Calculate the revised profit for the year ended 30 April 2024 after correcting for the errors found. [5 marks] Draft profit for the year ended 30 April 2024 19 220 Error 1 Error 2 Error 3 Error 4 Revised profit for the year ended 30 April 2024 Turn over for the next question Turn over > 11 IB/MiJun24/7127/1 11 13 Do not write outside the box Turn over for Section B DO NOT WRITE/ON THIS PAGE ANSWER IN THE/SPACES PROVIDED Turn over > INIA IB/M/Jun24/7127/1 13 14 Do not write . outside the Section B box Answer all questions in this section. 1|4 The accountant of C Ltd is preparing the financial statements for the year ended 31 May 2024. She has provided the following information to enable the preparation of the statement of cash flows. 2024 2023 £ £ Property 1 000 000 800 000 Plant and equipment — net book value 104 000 40 000 Inventory 24 250 18 750 Trade receivables 35 015 31 250 Cash and cash equivalents - 15 525 Ordinary shares of £1 each 720 000 600 000 Share premium 70 000 60 000 Revaluation reserve 200 000 - Bank loan 100 000 150 000 Trade payables 22 875 28 125 Tax payable 7515 16 375 Bank overdraft 9 400 - Additional information 1. During the year the property was revalued. 2. During the year plant and equipment with a net book value of £4 000 was part- exchanged for new plant and equipment costing £100 000. The part-exchange was valued at £3 000. 3. On 30 November 2023 the final dividend for the year ended 31 May 2023 was paid on all shares in issue at 31 May 2023. The dividend was 2p per share. 4. The directors propose a dividend of 1p per share for the year ended 31 May 2024. This would be paid on all shares in issue at 31 May 2024. 5. On 31 March 2024 the directors made a rights issue of shares. 6. The bank loan had a yearly interest charge of £5 000. This was paid in full on 31 May 2024. 7. The accountant has calculated the operating profit for the year ended 31 May 2024 to be £6 965. 8. The tax charge for the year ended 31 May 2024 was £7 515. 1 IMiJun24/7127/1 14 16 Do not write outside the box 16 IBMiJun24/7127/1 16 17 17 C Ltd’s outstanding bank loan of £100 000 is due to be repaid in full on 30 September 2024. The loan has a fixed interest rate of 5% per annum. 10% debenture. The debenture would be repayable between 2034-2036. The Managing Director has suggested that the repayment is funded by issuing a loan repayment. [2] Assess whether the directors of C Ltd should issue the debenture to fund the [6 marks] Turn over > IB/M/Jun24/7127/1 Do not write outside the box 17 19 Do not write outside the {1[5].[14] Prepare the statement of financial position at 31 May 2024. box [14 marks] Steven Statement of financial position at 31 May 2024 Turn over > 9 IB/M/Jun24/7127/1 19 I 20 Do not write outside the box 20 IBMiJun24/7127/1 20 
