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A comprehensive aqa a-level accounting examination paper focusing on financial accounting principles. it includes multiple-choice questions testing knowledge of basic accounting concepts, such as debit and credit entries, accounting ratios, and the preparation of financial statements. the paper also features more complex problems requiring the application of accounting principles to solve practical scenarios, making it valuable for students preparing for advanced accounting exams. The questions cover topics such as partnership accounting, goodwill valuation, and statement of cash flows preparation, providing a thorough assessment of the student's understanding of financial accounting.
Typology: Exams
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Please write clearly in block capitals. Centre number Candidate number Surname Forename(s) Candidate signature I declare this is my own work.
Thursday 23 May 2024 Afternoon Time allowed: 3 hours
For this paper you must have:
jun247127101 IB/M/Jun24/G4004/V6 7127/
Do not write outside the 03 A business owner records goods taken for their own use as drawings. Which accounting concept is being applied? [1 mark] box A Business entity B Consistency C Money measurement D Realisation What is the correct formula for the capital gearing ratio? A Non-current^ liabilities^ × 100 Issued share capital + current liabilities [1 mark] B Non-current^ liabilities^ × 100 Issued share capital + non-current liabilities C Non-current^ liabilities^ × 100 Issued share capital + reserves + current liabilities D Non-current^ liabilities^ × 100 Issued share capital + reserves + non-current liabilities Turn over for the next question Turn over ►
Do not write outside the 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? [1 mark] box A £31 997 Credit B £31 997 Debit C £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? [1 mark] A Gross profit overstated B Gross profit understated C Profit for the year overstated D Profit for the year understated
Do not write outside the 06 Adam and Bea were in a partnership, sharing profits and losses equally. On 31 March 2024 Bea left the partnership and Cooper joined the partnership. On that date goodwill was valued at £60 000. box What is the journal entry to record the goodwill in the accounting records? [1 mark] Account Debit £ Credit £ A B C D
Capital – Adam 30 000 Capital – Bea 30 000 Goodwill 60 000 Current – Adam 30 000 Current – Bea 30 000 Goodwill 60 000 Goodwill 60 000 Capital – Adam 30 000 Capital – Bea 30 000 Goodwill 60 000 Current – Adam 30 000 Current – Bea 30 000
Do not write outside the The following information is available for a company: On 1 April 2023 £ Issued share capital of £2 shares (^65 ) 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? box A B C D Turn over for the next question [1 mark] Turn over ► 07
Share capital £ Share premium £ 91 000 35 400 91 000 61 400 117 000 35 400 117 000 61 400
Do not write outside the 09 Turn over for the next question DO NOT WRITE ON THIS PAGE ANSWER IN THE SPACES PROVIDED box Turn over ►
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. Prepare journal entries to correct the errors. Dates and narratives are not required. [6 marks] Account Debit £ Credit £
1 2 Dina’s draft trial balance at 30 April 2024 did not balance. She found the following errors:
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At 1 April 2023 a business had inventory of £18 150. At 31 March 2024 inventory was valued at a cost of £19 930. This included 95 damaged items valued at a cost price of £4.50 per unit. The damaged items can be sold for £7.10 per unit after repairs costing £3.80 per unit.
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. 1 Prepare the statement of cash flows for the year ended 31 May 2024 to comply with IAS 7. The reconciliation of operating profit to the net cash flow from operating activities for the year ended 31 May 2024 should be shown. box C Ltd Statement of cash flows for the year ended 31 May 2024 [14 marks] Turn over ►
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Do not write outside the Steven is a sole trader who does not keep full accounting records. He is in the process of preparing his financial statements for the year ended 31 May 2024 and is able to provide the following information: As at 31 May 2024 2023 £ £ Motor vehicle – cost 48 000 21 000 Motor vehicle – accumulated depreciation To be calculated 15 000 Inventory To be calculated 8 500 Trade receivables 20 250 20 000 Bank (10 250) 14 400 Trade payables 6 600 8 000 Additional information:
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. 1 Prepare the statement of financial position at 31 May 2024. Steven Statement of financial position at 31 May 2024 [14 marks] box Turn over ►