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F 4 Mid Term

A/level Edexcel past paper

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0% found this document useful (0 votes)

97 views52 pages

F 4 Mid Term

A/level Edexcel past paper

Uploaded by

Sachin Tyagi

We take content rights seriously. If you suspect this is your content, claim it here.

Available Formats

Download as PDF, TXT or read online on Scribd

Surname Initial(s)

Centre
Paper Reference
No.

Signature
Candidate
No. 6 0 0 1 0 1
Paper Reference(s)

6001/01 Examiner’s use only

London Examinations GCE Team Leader’s use only

Accounting (Modular Syllabus)

Advanced Subsidiary Question Leave
Number Blank
Unit 1: The Accounting System and
1
Costing 2
Tuesday 8 January 2013 – Afternoon 3
Time: 3 hours 4
5
6
Materials required for examination Items included with question papers 7
Nil Source booklet

Instructions to Candidates
In the boxes above, write your centre number, candidate number, your surname, initial(s) and signature.
Check that you have the correct question paper.
Answer FIVE questions, choosing TWO from Section A and THREE from Section B.
Indicate which question you are answering by marking the box ( ).
If you change your mind, put a line through the box ( ) and then indicate your new question with a
cross ( ).
All calculations must be shown.
Write your answers in the spaces provided in this question paper.
Do not return the insert with the question paper.

Information for Candidates

The marks for individual questions and the parts of questions are shown in round brackets: e.g. (2).
There are 7 questions in this question paper. The total mark for this paper is 200.
There are 36 pages in this question paper. Any blank pages are indicated.
Calculators may be used.
The source material for use with questions 1 to 7 is in the enclosed source booklet.

Advice to Candidates
Write your answers neatly and in good English.
Total
This publication may be reproduced only in accordance with

Turn over
Pearson Education Ltd copyright policy.
©2013 Pearson Education Ltd.
Printer’s Log. No.

P42221A
W850/6001/57570 1/1/1/1/1/e2
*P42221A0136*
Leave
blank
SECTION A

Answer TWO questions from this section.

If you answer question 1, put a cross in this box ( ).

Source material for question 1 is on pages 2 and 3 of the source booklet.

1. (a) Prepare the:

(i) Journal entries to record the purchase of the shop premises in 5. above. Narratives
are not required

................................................................................................................................

(6)

2
*P42221A0236*
Leave
blank
(ii) Departmental Trading Account of Organic Farm Shop showing the profit/loss of
each department for the year ended 31 December 2012

................................................................................................................................

................................................................................................................................
(8)

3
*P42221A0336* Turn over
Leave
blank
(iii) Statement of Comprehensive Income for the business as a whole for the year ended
31 December 2012

................................................................................................................................

................................................................................................................................
(16)

4
*P42221A0436*
Leave
blank
(iv) Statement of Financial Position at 31 December 2012.

................................................................................................................................

5
*P42221A0536* Turn over
Leave
blank
................................................................................................................................

................................................................................................................................

................................................................................................................................
(14)

6
*P42221A0636*
Leave
blank
(b) Evaluate the owner’s decision to purchase the shop premises as an alternative to
renting.

.......................................................................................................................................

.......................................................................................................................................
(8) Q1

(Total 52 marks)

7
*P42221A0736* Turn over
Leave
blank

If you answer question 2, put a cross in this box ( ).

Source material for question 2 is on pages 4 and 5 of the source booklet.

2. (a) Explain the meaning of the debit balance on the Rent receivable account on
1 January 2012.

.......................................................................................................................................

.......................................................................................................................................
(4)

8
*P42221A0836*
Leave
blank
(b) Prepare the following accounts for the year ended 31 December 2012, including the
appropriate transfer to the financial statements:

(i) Sundry expenses account

................................................................................................................................

................................................................................................................................
(4)

9
*P42221A0936* Turn over
Leave
blank
(ii) Premises repairs account

................................................................................................................................

................................................................................................................................
(4)

(iii) Rent receivable account.

................................................................................................................................

................................................................................................................................
(4)

10
*P42221A01036*
Leave
blank
(c) State one accounting concept which:

(i) supports the change of depreciation method proposed by Arpan

(ii) does not support the change of depreciation method proposed by Arpan.

................................................................................................................................

................................................................................................................................
(4)

11
*P42221A01136* Turn over
Leave
blank
(d) Distinguish between capital expenditure and revenue expenditure.

.......................................................................................................................................

.......................................................................................................................................
(4)

12
*P42221A01236*
Leave
blank
(e) State, giving your reasons, whether each of the following is capital expenditure or
revenue expenditure:

.......................................................................................................................................

.......................................................................................................................................
(4)

13
*P42221A01336* Turn over
Leave
blank
(f) Calculate, showing clearly all workings, the:

(i) adjustment required to the provision for depreciation on the machines to

31 December 2011 to account for the change in depreciation method

(ii) depreciation charge on all the machines for the year ended 31 December 2012.

................................................................................................................................

................................................................................................................................
(8)

14
*P42221A01436*
Leave
blank
(g) Prepare, for the year ended 31 December 2012, the:

................................................................................................................................

................................................................................................................................
(3)

................................................................................................................................

................................................................................................................................
(5)

15
*P42221A01536* Turn over
Leave
blank
(h) Evaluate Arpan’s decision to change the basis of charging depreciation on machines
from the straight line method to reducing balance method.

.......................................................................................................................................

.......................................................................................................................................
(8) Q2

(Total 52 marks)

16
*P42221A01636*
Leave
blank

If you answer question 3, put a cross in this box ( ).

Source material for question 3 is on pages 6 and 7 of the source booklet.

3. (a) Explain the following accounting concepts. For each concept give one example from
the draft Statement of Comprehensive Income prepared by Xevena and from the
additional information given, where the concept has not been correctly applied:

(i) Realisation

.......................................................................................................................................

.......................................................................................................................................
(3)
(ii) Accrual (matching)

.......................................................................................................................................

.......................................................................................................................................
(3)
(iii) Going concern.

.......................................................................................................................................

.......................................................................................................................................
(3)

17
*P42221A01736* Turn over
Leave
blank
(b) Redraft the corrected Statement of Comprehensive Income after taking into account
the additional information given for the year ended 31 December 2012.

.......................................................................................................................................

18
*P42221A01836*
Leave
blank
.......................................................................................................................................

.......................................................................................................................................

.......................................................................................................................................
(14)

.......................................................................................................................................

.......................................................................................................................................
(6)

19
*P42221A01936* Turn over
Leave
blank
(d) Prepare the Statement of Financial Position at 31 December 2012.

.......................................................................................................................................

.......................................................................................................................................
(15)

20
*P42221A02036*
Leave
blank
(e) Evaluate the use of accounting concepts when preparing financial statements.

.......................................................................................................................................

.......................................................................................................................................
(8) Q3

(Total 52 marks)
TOTAL FOR SECTION A: 104 MARKS

21
*P42221A02136* Turn over
Leave
blank
SECTION B
Answer THREE questions from this section.

If you answer question 4, put a cross in this box ( ).

Source material for question 4 is on page 8 of the source booklet.

4. (a) Explain the term profitability.

.......................................................................................................................................

.......................................................................................................................................
(4)

22
*P42221A02236*
Leave
blank
(b) Prepare the Statement of Comprehensive Income for the year ended 31 December
2012, showing clearly the:

(i) value of the inventory at 31 December 2012

(ii) profit for the year.

................................................................................................................................

................................................................................................................................
(6)

................................................................................................................................

................................................................................................................................
(3)

23
*P42221A02336* Turn over
Leave
blank
(d) Prepare the Statement of Financial Position at 31 December 2012.

.......................................................................................................................................

.......................................................................................................................................
(9)

24
*P42221A02436*
Leave
blank
(e) Calculate the:

(i) current ratio

................................................................................................................................

(ii) liquid (acid test) ratio.

................................................................................................................................

................................................................................................................................
(6)

25
*P42221A02536* Turn over
Leave
blank

.......................................................................................................................................

.......................................................................................................................................
(4) Q4

(Total 32 marks)

26
*P42221A02636*
Leave
blank

If you answer question 5, put a cross in this box ( ).

Source material for question 5 is on pages 9 and 10 of the source booklet.

5. !
"
#$%"

&#'

*$#*"
+

(i) total overhead cost

................................................................................................................................

................................................................................................................................
(8)

#$%

................................................................................................................................

................................................................................................................................
(4)

27
*P42221A02736* Turn over
Leave
blank
(b) Explain the term labour productivity.

.......................................................................................................................................

.......................................................................................................................................
(4)

(i) Current daywork payment

................................................................................................................................

................................................................................................................................
(4)

(ii) Alternative Option 1

................................................................................................................................

................................................................................................................................
(2)

28
*P42221A02836*
Leave
blank
(iii) Alternative Option 2.

................................................................................................................................

................................................................................................................................
(4)

;

.......................................................................................................................................

.......................................................................................................................................
(2)

"

; "

#$%

.......................................................................................................................................

.......................................................................................................................................
(4) Q5

(Total 32 marks)

29
*P42221A02936* Turn over
Leave
blank

If you answer question 6 put a cross in this box ( ).

Source material for question 6 is on page 11 of the source booklet.

6. (a) Explain:

(i) the term a schedule of debtors

(ii) how the schedule of debtors would be used to calculate the provision for doubtful
debts.

................................................................................................................................

................................................................................................................................
(6)

30
*P42221A03036*
Leave
blank
(b) Prepare the Journal entries, including narrative, recording the bad debt recovery from
Kaab.

.......................................................................................................................................

.......................................................................................................................................
(5)

(c) Prepare, for the month of December, the:

(i) Bad debts account

................................................................................................................................

................................................................................................................................
(3)

31
*P42221A03136* Turn over
Leave
blank
(ii) Bad debts recovered account

................................................................................................................................

................................................................................................................................
(4)

(iii) Sales Ledger Control Account showing clearly the balance of debtors at
31 December 2012.

................................................................................................................................

................................................................................................................................
(7)
32
*P42221A03236*
Leave
blank
(iv) Provision for doubtful debts account.

................................................................................................................................

................................................................................................................................
(3)

(d) Evaluate the use of a provision for doubtful debts account by Taabu.

.......................................................................................................................................

.......................................................................................................................................
(4) Q6

(Total 32 marks)

33
*P42221A03336* Turn over
Leave
blank

If you answer question 7, put a cross in this box ( ).

Source material for question 7 is on pages 12 and 13 of the source booklet.

7. (a) State two reasons why a partnership may dissolve.

.......................................................................................................................................

.......................................................................................................................................
(4)

(b) Explain how the provisions of the 1890 Partnership Act apply to partners’:

(i) salaries

(ii) interest on loans.

................................................................................................................................

................................................................................................................................
(4)

34
*P42221A03436*
Leave
blank
(c) Prepare, at 31 December 2012, the partnership:

(i) Dissolution account

................................................................................................................................

................................................................................................................................
(9)

! <

................................................................................................................................

................................................................................................................................
(4)

35
*P42221A03536* Turn over
Leave
blank
(iii) Bank account.

................................................................................................................................

................................................................................................................................
(7)
(d) Evaluate the need for a partnership agreement.

.......................................................................................................................................

.......................................................................................................................................
(4) Q7

(Total 32 marks)
TOTAL FOR SECTION B: 96 MARKS
TOTAL FOR PAPER: 200 MARKS
END
36
*P42221A03636*
Paper Reference(s)

6001/01
London Examinations GCE
Accounting (Modular Syllabus)
Advanced Subsidiary
Unit 1 – The Accounting System and
Costing
Tuesday 8 January 2013 – Afternoon

Source booklet for use with

Questions 1 to 7.

Do not return the insert with the

question paper.

Printer’s Log. No.

P42221A Turn over

*P42221A*
W850/6001/57570 1/1/1/1/1/e2

SOURCE MATERIAL FOR USE WITH QUESTION 1

1. Organic Farm Shop has three departments: greengrocery, bakery and The Café. The following
balances were extracted from the books for the year ended 31 December 2012:

£
Revenue:
Greengrocery 190 000
Bakery 96 000
The Café 81 000
Inventory 1 January 2012:
Greengrocery 8 150
Bakery 4 700
The Café 850
Purchases:
Greengrocery 126 000
Bakery 60 500
The Café 40 250
Wages:
Greengrocery 32 000
Bakery 21 000
The Café 16 000
Manager’s salary 18 350
Electricity and gas 9 820
General running expenses 2 750
Rent (for 9 months) 8 100
Refurbishment costs of The Café 15 000
Non-current assets at cost:
Equipment 20 000
Fixtures and fittings 10 000
Provisions for depreciation:
Equipment 8 000
Fixtures and fittings 2 000
Trade receivables 32 000
Trade payables 46 870
Bank 43 000 Dr
Capital 60 000
Drawings 16 800
Provision for doubtful debts 1 400

P42221A 2
Additional information at 31 December 2012:

1. Inventory:
Greengrocery £9 450
Bakery £3 600
The Café £1 100

2. During the year, goods were transferred to The Café from the other two departments.
The value, at cost, of the transfers was: Greengrocery £5 700, Bakery £4 300.

3. General running expenses prepaid £250.

4. The refurbishment costs of The Café consisted of new fixtures and fittings £10 000 and
redecoration £5 000.

5. On 1 December 2012 the owner of Organic Farm Shop purchased the shop premises from
Global Property for the purchase price of £250 000. On the same day a 6% Bank loan was
received from Ascot Bank for £200 000, repayable on 30 November 2022. The Bank also
charged an arrangement fee of £4 250 for the loan. No entries had been made in the books to
record these transactions.

6. Depreciation is to be charged on all non-current assets owned at the end of the year, on the
following basis:
Shop premises No depreciation
Equipment 30% per annum reducing balance method
Fixtures and fittings 10% per annum straight line method

7. A debt owed to Organic Farm Shop of £800 was considered irrecoverable. A provision for
doubtful debts is to be maintained at the rate of 5% on the remaining debts.

Required:

(a) Prepare the:

(i) Journal entries to record the purchase of the shop premises in 5. above. Narratives are not
required
(6)

(ii) Departmental Trading Account of Organic Farm Shop showing the profit/loss of each
department for the year ended 31 December 2012
(8)

(iii) Statement of Comprehensive Income for the business as a whole for the year ended
31 December 2012
(16)

(iv) Statement of Financial Position at 31 December 2012.

(14)

(b) Evaluate the owner’s decision to purchase the shop premises as an alternative to renting.
(8)
(Total 52 marks)
Answer space for question 1 is on pages 2 to 7 of the question paper.

P42221A 3 Turn over

P42221A 4
P42221A 6
SECTION B
SOURCE MATERIAL FOR USE WITH QUESTION 4

4. Molara commenced business on 1 January 2012 with inventory £12 000 and bank £25 000. She also
had a five-year 8% bank loan of £15 000 and trade payables of £3 000.

Her objectives for the first year of trading were to:

!
"

#

$

The following information is available for the year ended 31 December 2012:

1. Revenue (sales) £140 000, gross profit £36 000.

2. Purchases £119 000.
3. Non-current assets purchased £15 000 with £3 000 charged as depreciation.
4. Other expenses paid including bank loan interest, £22 000, of which £2 000 was prepaid.
Other expenses accrued were £1 000.
5. Drawings £8 000.
6. Other balances at 31 December 2012:
Trade receivables £7 000
Trade payables £10 000
Bank £1 000
Inventory ?

Required:

(a) Explain the term profitability.

(4)
(b) Prepare the Statement of Comprehensive Income for the year ended 31 December 2012,
showing clearly the:

(i) value of the inventory at 31 December 2012

(ii) profit for the year.
(6)
(c) Calculate the percentage return on capital employed for the year.
(3)

(d) Prepare the Statement of Financial Position at 31 December 2012.

(9)
(e) Calculate the:
(i) current ratio
(ii) liquid (acid test) ratio.
(6)
(f) Evaluate the success of Molara in achieving her financial objectives for the year.
(4)
(Total 32 marks)

Answer space for question 4 is on pages 22 to 26 of the question paper.

P42221A 8
SOURCE MATERIAL FOR USE WITH QUESTION 5

5. Fahl Manufacturing has a machine shop producing products for the building industry. The machine
shop contains six machines, each producing a different product.

The following information relates to one of the machines, Machine 107:

&
' *
Cost £90 000
Delivery £2 000
Installation £8 000
+

!;

#

<

=
>

@

K!;

K
<

remainder of the time is idle time

K
!>>

>

Q!
>
V

#
K$

Additional machine shop information:

Q Y

Q

Z

[#

Z
[#

\
<
$

Required:

(a) Calculate, for Machine 107, for the year ended 31 December 2012, the:

(i) total overhead cost

(8)
(ii) overhead cost per hour of operating Machine 107.
(4)

(b) Explain the term labour productivity.

(4)

Machine 107 requires one machine operator who is paid on a daywork basis and works 40 hours
per week for 50 weeks per year. The rate is £6 per hour and output for the year is 2 400 units.

It has been proposed that the machine operator of Machine 107 should be paid by a bonus scheme
in future. The two alternatives are:

Alternative Option 1 Payment for each unit completed. The rate would be £3 per unit. Output
for the year is estimated to be 4 800 units.

Alternative Option 2 A bonus consisting of an hourly payment of £3.50 per hour for all hours
worked, plus £1.50 per unit produced. Output is estimated to be 3 600
units.

P42221A 9 Turn over

Required:

(i) Current daywork payment

(4)
(ii) Alternative Option 1
(2)
(iii) Alternative Option 2.
(4)

(d) Identify the most productive of the three payment options for Fahl Manufacturing.
(2)

(e) Evaluate, from the perspective of Fahl Manufacturing, the use of a bonus scheme for
remunerating the operator of Machine 107.
(4)
(Total 32 marks)
Answer space for question 5 is on pages 27 to 29 of the question paper.

P42221A 10
P42221A 12
P42221A 13
BLANK PAGE

P42221A 14
BLANK PAGE

P42221A 15
BLANK PAGE

P42221A 16

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F 4 Mid Term

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F 4 Mid Term

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6001/01 Examiner’s use only

London Examinations GCE Team Leader’s use only

Accounting (Modular Syllabus)

Information for Candidates

Answer TWO questions from this section.

If you answer question 1, put a cross in this box ( ).

Source material for question 1 is on pages 2 and 3 of the source booklet.

1. (a) Prepare the:

If you answer question 2, put a cross in this box ( ).

Source material for question 2 is on pages 4 and 5 of the source booklet.

(i) Sundry expenses account

(iii) Rent receivable account.

(i) supports the change of depreciation method proposed by Arpan

(i) adjustment required to the provision for depreciation on the machines to

If you answer question 3, put a cross in this box ( ).

Source material for question 3 is on pages 6 and 7 of the source booklet.

If you answer question 4, put a cross in this box ( ).

Source material for question 4 is on page 8 of the source booklet.

4. (a) Explain the term profitability.

(i) value of the inventory at 31 December 2012

(ii) profit for the year.

(i) current ratio

(ii) liquid (acid test) ratio.

If you answer question 5, put a cross in this box ( ).

Source material for question 5 is on pages 9 and 10 of the source booklet.

(i) total overhead cost

(i) Current daywork payment

(ii) Alternative Option 1

If you answer question 6 put a cross in this box ( ).

Source material for question 6 is on page 11 of the source booklet.

(i) the term a schedule of debtors

(c) Prepare, for the month of December, the:

(i) Bad debts account

If you answer question 7, put a cross in this box ( ).

Source material for question 7 is on pages 12 and 13 of the source booklet.

7. (a) State two reasons why a partnership may dissolve.

(ii) interest on loans.

(i) Dissolution account

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Source booklet for use with

Do not return the insert with the

Printer’s Log. No.

P42221A Turn over

SOURCE MATERIAL FOR USE WITH QUESTION 1

3. General running expenses prepaid £250.

(a) Prepare the:

(iv) Statement of Financial Position at 31 December 2012.

P42221A 3 Turn over

Her objectives for the first year of trading were to:

1. Revenue (sales) £140 000, gross profit £36 000.

(a) Explain the term profitability.

(i) value of the inventory at 31 December 2012

(d) Prepare the Statement of Financial Position at 31 December 2012.

Answer space for question 4 is on pages 22 to 26 of the question paper.

The following information relates to one of the machines, Machine 107:

Additional machine shop information:

(i) total overhead cost

(b) Explain the term labour productivity.

P42221A 9 Turn over

(i) Current daywork payment

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