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A-level
ACCOUNTING
Paper 1 Financial Accounting
Specimen Time allowed: 3 hours
Materials
For this paper you must have:
Instructions
- Use black ink or black ball-point pen.
- Fill in the boxes at the top of this page.
- Answer all questions.
- You must answer the questions in the spaces provided. Do not write outside the box around each page or on blank pages.
- Do all rough work in this answer book. Cross through any work you do not want to be marked.
Advice
- The marks for each question are shown in brackets.
- The maximum marks for this paper is 120. Candidate signature Forename(s) Surname Centre number Candidate number Please write clearly, in block capitals.
SPECIMEN MATERIAL
The owner of a restaurant purchased some equipment on credit for business use, but returned the equipment to the supplier as it was damaged. How should the return of the equipment be recorded in the books of the restaurant? Debit Credit A General journal Equipment Supplier B General journal Supplier Equipment C Purchases returns journal Purchases returns Supplier D Purchases returns journal Supplier Purchases returns [1 mark] A bookkeeper recorded a payment for vehicle repairs in the vehicles account. Which of the following correctly describes the type of error and corrections to be made? Type of error Entries to correct the error Debit Credit A Commission Vehicle repairs Vehicles B Commission Vehicles Vehicle repairs C Principle Vehicle repairs Vehicles D Principle Vehicles Vehicle repairs Version 1. Answer all questions in this section Section A 0 1 0 2
C profit £ D profit £14 000 [1 mark] Version 1.
A sole trader received an order from a credit customer on the last day of the financial year 31 May 2016. No entries were made in the accounting records for the sale of goods until the invoice was raised on 3 June 2016. Which accounting concept is being applied? A consistency B going concern C prudence D realisation [1 mark] Which of the following correctly lists items to be shown in a partnership appropriation account? A drawings, interest on drawings, partnership salaries B interest on drawings, interest on a partner’s loan, shares of residual loss C interest on capital accounts, interest on drawings, partnership salaries D interest on a partner’s loan, partnership salaries, shares of residual profit [1 mark] Yasmin is a partner in a recently established business. Errors were made in completing her current account. The current account is shown below. Version 1.0 Turn over
[1 mark] A retailer has never kept accounting records, but wishes to know the value of the business. Which statement would provide the retailer with the value of the business? A cash flows B changes in equity C financial position D income [1 mark] An extract from a limited company’s statement of financial position is shown below. The company’s directors have decided to make a two-for-five bonus issue of ordinary shares. How many shares will make up the bonus issue? A 120 000 B 180 000 Version 1.0 Turn over
Authorised capital: Ordinary shares of 50p each
Issued capital: Ordinary shares of 50p each
C 240 000 D 360 000 [1 mark] Version 1.
1 1 The owner of a business was preparing financial statements for the year ended 31 December 2015. The following information had yet to be recorded in the business’s general ledger. At 31 December 2015: (1) Insurance, £490, was prepaid; (2) The provision for doubtful debts should be maintained at 5% of trade receivables; at the year ended trade receivables totalled £6740. (3) Rent received for the three months ending 29 February 2016, £2220, was due but unpaid; On 31 December 2015 the balances on the general ledger accounts, prior to making any adjustments, were as follows: £ Insurance 3730 Provision for doubtful debts 382 Rent received 5810
. 1 Record the information given in the ledger accounts shown below. The accounts should be balanced at 31 December 2015. [9 marks] GENERAL LEDGER Dr Insurance account Cr Date Details £ Date Details £ Dr Provision for doubtful debts account Cr Date Details £ Date Details £ Version 1.
Dr Rent received account Cr Date Details £ Date Details £ Turn over for the next question Version 1.0 Turn over
Mike, Nora and Oliver are in partnership sharing profits and losses in the ratio 3:2: respectively. Oliver has decided to retire and the partners have agreed the following. (1) Tangible assets would be revalued creating a surplus of £15 000. (2) Goodwill would be valued at £60 000. It was agreed that a goodwill account would not be maintained in the books of account. (3) The amount due to Oliver on his retirement would be paid in full from the business bank account. (4) Mike and Nora would continue in partnership sharing profits and losses equally. (5) In the new partnership Mike and Nora’s capital account balances would be equal to £75 000 each; this would be achieved by paying or withdrawing cash using the partnership bank account. The balances on the partners’ capital accounts immediately prior to implementing this agreement were: Mike £70 000, Nora £60 000, Oliver £30 000.
. 1 Complete the partnership capital accounts after all these transactions have taken place. Version 1.0 Turn over
Section B Answer all questions in this section HQV plc provided the following information on 30 June 2016. Statement of financial position at 30 June 2016 2015 £000 £000 £000 £000 £000 £ Cost/ Accumulated Net Cost Accumulated Net Valuation Depreciation book Depreciation book value value Assets Non-current assets Property, plant and equipment 21 450 4 845 16 605 14 884 4 113 10 771 Current assets Inventories 779 805 Trade and other receivables 311 214 Cash and cash equivalents 87 Total assets Equity Ordinary share of 50p each 6 300 4 200 Share premium 2 170 1 120 Revaluation reserve 1 830 Retained earnings Total equity Non-current liabilities 8% Debentures (2024) 2 100 1 750 Current liabilities Trade and other payables 345 652 Tax liabilities 557 443 Cash and cash equivalents 61 Total equity and liabilities Version 1.
Version 1.0 Turn over Extra space
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Serena owns a retail clothes business called ‘Looking Sharp’ which was opened on 1 January 2014. Serena does not keep proper books of account. The following information is available for the year ended 31 December 2015. 1 January 2015 31 December 2015 £ £ Inventory 18 940 14 720 Other payables: rent of shop premises 950 Other receivables: rent of shop premises 830 Shop fittings and equipment at book value 32 400 29 600 Trade payables 14 730 16 390 Serena is able to provide the following additional information for the year ended 31 December 2015. (1) Summary of bank statements for year ended 31 December 2015 Debit Credit Balance £ £ £ Balance 2 300 Cash takings banked 228 730 231 030 Payments to trade payables 178 300 52 730 Drawings 21 340 31 390 Sale of shop fittings 390 32 780 Rent of shop premises 14 350 17 430 General expenses 9 470 7 960 (2) At 31 December 2015 there are unpresented cheques for payments to trade suppliers totalling £2330 and amounts for cash takings not yet credited of £1960. (3) Serena remembers that she took some goods for her own use during the year, but she is unsure of the value of these goods. (4) All purchases are made on credit; all sales are on a cash basis. (5) The shop fittings sold during the year had a net book value of £750 at 1 January 2015. (6) Serena’s policy is to have a mark-up on all goods sold of 25%.
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