A
A-level
ACCOUNTING
Paper 1 Financial Accounting
7127/1
Insert
Insert for use in answering Questions 14, 15, 16 and
17.
[Turn over]
, 2
1 4 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
40 000 ?
at net book value
Cash 200 150
Other payables
400 0
(general expenses)
Trade payables 27 629 28 754
Other receivables
0 150
(general expenses)
Inventory 25 183 ?
Bank summary for the year ended 31 January 2019.
Details £ Details £
Bal b/d 2 400 Wages 15 000
General
Cash 47 650 10 365
expenses
Fixtures and Fixtures and
5 500 14 000
fittings fittings
Trade
120 000 Drawings 32 000
receivables
Trade payables 103 000
Bal c/d 1 185
175 550 175 550
, 3
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 % per annum using the reducing
3
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]
, 4
1 5 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
the following information:
£
Property at cost 120 000
Fixture and fittings at cost 46 000
Trade receivables 15 567
Trade payables 9 647
Bank 9 000
Capital account – Nando 18 000
Current account – Nando 2 300 Dr
A-level
ACCOUNTING
Paper 1 Financial Accounting
7127/1
Insert
Insert for use in answering Questions 14, 15, 16 and
17.
[Turn over]
, 2
1 4 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
40 000 ?
at net book value
Cash 200 150
Other payables
400 0
(general expenses)
Trade payables 27 629 28 754
Other receivables
0 150
(general expenses)
Inventory 25 183 ?
Bank summary for the year ended 31 January 2019.
Details £ Details £
Bal b/d 2 400 Wages 15 000
General
Cash 47 650 10 365
expenses
Fixtures and Fixtures and
5 500 14 000
fittings fittings
Trade
120 000 Drawings 32 000
receivables
Trade payables 103 000
Bal c/d 1 185
175 550 175 550
, 3
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 % per annum using the reducing
3
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]
, 4
1 5 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
the following information:
£
Property at cost 120 000
Fixture and fittings at cost 46 000
Trade receivables 15 567
Trade payables 9 647
Bank 9 000
Capital account – Nando 18 000
Current account – Nando 2 300 Dr
