Pearson Edexcel International GCSE Accounting

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Write your name hereSurnameOther namesPearson EdexcelInternational GCSECentre NumberCandidate NumberAccountingPaper 1Tuesday 24 January 2017 – MorningTime: 2 hours 30 minutesPaper Reference4AC0/01You do not need any other materials.Total MarksInstructionsblack ink or ball-point pen. Usein the boxes at the top of this page with your name, Fillcentre number and candidate number.all questions. Answerthe questions in the spaces provided Answer– there may be more space than you need.InformationThe total mark for this paper is 100. Thefor each question are shown in brackets – usemarksthis as a guide as to how much time to spend on each question. Calculators may be used.Adviceeach question carefully before you start to answer it. Readyour answers neatly in good English. Writeto answer every question. Try Check your answers if you have time at the end.Turn overoverTurnP48370A 2017 Pearson Education Ltd.1/1/1/1/1/1*P48370A0120*

SECTION AAnswer ALL questions.Some questions must be answered with a cross in a box . If you change your mind about ananswer, put a line through the box and then mark your new answer with a cross .1 A business sells goods for cash. What are the entries in the books of the debtorcash(Total for Question 1 1 mark)2 Which item would be recorded on the debit side of a sales ledger control account?A bad debtsB credit salesC payments from debtorsD sales returns(Total for Question 2 1 mark)3 Which transaction would not be entered in a business’s cash book?A purchase of goods from T Patel, paying by chequeB purchase of goods by a customer, paying in cashC purchase of goods from J Walsh on creditD purchase of a new machine, paying by cheque(Total for Question 3 1 mark)2*P48370A0220*

4 A business instructs its bank to make a regular payment of a fixed amount to asupplier. What is this known as?A chequeB credit transferC direct debitD standing order(Total for Question 4 1 mark)5 What is the main purpose of preparing a trial balance?A balance the accounts in the ledgerB calculate the amount of profit or loss madeC ensure the balance sheet is correctD ensure the arithmetical accuracy of the ledger(Total for Question 5 1 mark)6 Which of the following errors would be revealed by preparing a trial balance?A an amount received from J Smith, a debtor, was entered in the account of J SmythB an invoice received from a creditor was not entered in the accountsC a payment received from a debtor for 321 was entered in the cash book as 231D a payment of 761 to a creditor was not posted to their account(Total for Question 6 1 mark)7 A trader always uses the diminishing balance method of depreciation for machinery.Which accounting concept is being applied?A accrualB consistencyC dual aspectD going concern(Total for Question 7 1 mark)*P48370A0320*3Turn over

8 In the accounts of clubs and societies which term represents their capital?A accumulated fundB bank balanceC subscriptionsD surplus(Total for Question 8 1 mark)9 At the start of 2016 a club had subscriptions received in advance of 250. During theyear subscriptions totalling 8 300 were received, and a further 345 was outstandingat the end of the year. What amount should appear in the income and expenditureaccount for 2016?A 7 705B 8 300C 8 550D 8 895(Total for Question 9 1 mark)10 The following information was provided for the year ended 31 December 2016. Sales80 000Cost of sales40 375Stock 1 January 20165 300Stock 31 December 20164 200What was the rate of stock turnover?A 4.25B 7.62C 8.50D 16.84(Total for Question 10 1 mark)TOTAL FOR SECTION A 10 MARKS4*P48370A0420*

BLANK PAGEQUESTION 11 BEGINS ON THE NEXT PAGE.*P48370A0520*5Turn over

SECTION BAnswer ALL questions.11 Charlotte, a sole trader, sells goods only on credit, offering all customers a tradediscount of 10%. All sales are subject to VAT at the rate of 20%.During the month of November 2016 she made the following transactions.6NovemberTransaction2Sold goods to L Homer, list price 2803Sold goods to M Ward, list price 5408L Homer returned goods, list price 7012Sold goods to J Courtney, list price 85021M Ward returned goods, list price 6027Sold goods to C Lion, list price 29030Sold goods to L Homer, list price 350*P48370A0620*

(a) Prepare Charlotte’s sales book and sales returns book for the month of November2016, showing the totals for the month.(9)Sales BookDateNameNet Vat Total Net Vat Total Sales Returns BookDateName(b) Complete the table below to indicate which side of the account the totals of eachday book would be editTotalAccountSales bookSalesVatSalesledgercontrolSales 0A0720*Debit/Credit7Turn over

On 1 November 2016 L Homer owed Charlotte 400. On 7 November 2016 L Homerpaid this amount by cheque after taking a cash discount of 5%.(c) Prepare the account of L Homer for the month of November 2016. Balance theaccount on 30 November 2016 and bring the balance down to 1 December 2016.(7)L Homer AccountDateNarrativeAmount ( )DateNarrativeAmount ( )(d) Identify the source document Charlotte would use to record transactions in thefollowing books of original entry.(3)BookSource DocumentPetty cash bookPurchases bookPurchases returns book(Total for Question 11 25 marks)8*P48370A0820*

BLANK PAGEQUESTION 12 BEGINS ON THE NEXT PAGE.*P48370A0920*9Turn over

12 On 30 September 2016 Ruslan’s purchases ledger control account showed a creditbalance of 5 530. On the same date the total creditors in the purchases ledgeramounted to 4 890.Following an investigation, Ruslan discovered the following errors and omissions.1. The list of balances extracted from the purchases ledger omitted a balance of 290 owed to Anh.2. Ruslan had purchased goods on credit from Sonh costing 420. These had beencorrectly entered in the purchases book but not posted to the account of Sonh.3. A cash discount received from a supplier, 15, had been recorded correctly in thecash book but had been entered on the wrong side of the supplier’s account.4. An allowance for faulty goods received from a supplier, 40, had been correctlyrecorded in the purchases returns book but had not been posted to the supplier’saccount.(a) Complete the table below to reconcile the total of the purchases ledger on30 September 2016 with the balance of the purchase ledger control account.(6) Total of purchases ledger balancesAdjustment1234Purchases ledger control account balance10*P48370A01020*

On 30 September 2016 the following balances were extracted from Ruslan’s books. Machinery5 000Bank overdraft2 382Stock4 238Debtors7 622Creditors5 530Cash in hand211Provision for doubtful debts600Prepayments250(b) Prepare an extract from Ruslan’s balance sheet as at 30 September 2016 showinghis working capital.(10)RuslanBalance Sheet ExtractAs at 30 September 2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .*P48370A01120*11Turn over

(c) Using the figures calculated in (b), and stating the formula used, calculate each ofthe following ratios to two decimal places.(i) Current ratio(2)FormulaCalculation(ii) Acid test ratio(2)Formula12Calculation*P48370A01220*

Ruslan provides the following information for the previous financial year.Year ended 30 September 2015Current ratioAcid test ratio2.5:11.4:1(d) Evaluate the liquidity of the business over the two years and discuss theimplications of this for the business’s creditors.(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Total for Question 12 25 marks)*P48370A01320*13Turn over

13 Adam and Bob are in partnership. Their partnership agreement provides for Adam toreceive a salary of 20 000 per annum.(a) State two advantages of forming a partnership.(2)1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accounting Paper 1 You do not need any other materials. Pearson Edexcel International GCSE Turn over . 2 *P48370A0220* SECTION A Answer ALL questions. Some questions must be answered with a cross in a box . If you change your mind about an answer, put a line through the box and then mark your new answer with a cross . 1 A business sells goods for cash. What are the entries in the books of the .

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