AQA A-level ACCOUNTING Paper 1 Financial Accounting BEST FOR 2022 ACTUAL EXAM REVIEW

AQA A-level ACCOUNTING Paper 1 Financial Accounting BEST FOR 2022 ACTUAL EXAM REVIEW Charlotte runs a small retail outlet. She does not keep full accounting records but has been able to provide the following information. 1 February 2018 31 January 2019 £ £ Fixtures and fittings at net book value 40 000 ? Cash 200 150 Other payables (general expenses) 400 0 Trade payables 27 629 28 754 Other receivables (general expenses) 0 150 Inventory 25 183 ? Bank summary for the year ended 31 January 2019. Details £ Details £ Bal b/d 2 400 Wages 15 000 Cash 47 650 General expenses 10 365 Fixtures and fittings 5 500 Fixtures and fittings 14 000 Trade receivables 120 000 Drawings 32 000 Trade payables 103 000 Bal c/d 1 185 175 550 175 550 Additional information 1. Goods are sold with a mark-up of 60%. 2. Total sales were £172 000. Cash sales were £50 400. 3. All purchases were on credit. 4. Charlotte banked all cash sales after deducting cash drawings of £2 500. 5. The fixtures and fittings sold originally cost £13 500 and had been depreciated by £7 500. 6. Depreciation on fixtures and fittings is 1 charged at 33 3 % per annum using the reducing balance method. A full year’s depreciation is charged in the year of acquisition and none in the year of disposal. 7. Charlotte believes a dishonest employee may have stolen some cash. [Turn over] Sebastian, Hamilton and Nando are in partnership together. According to their Deed of Partnership, profits and losses are shared on a 2:2:1 basis respectively. There were no other partnership rules in place. Nando decided to retire at the end of their financial year on 30 November 2018. Any amounts needing to be settled were to be done via the business bank account. An extract of the balances on their books at the year end of 30 November 2018 showed