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Exercises

Taxation

Uploaded by

Yati Shaiful

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Available Formats

Download as PDF, TXT or read online on Scribd

Topics covered

Past Paper,
Accounting Concepts,
Financial Analysis,
Accounting Adjustments,
Drawings,
Financial Statements,
Purchases,
Stock Valuation,
Ratios,
Profit and Loss Account

0% found this document useful (0 votes)

33 views24 pages

Exercises

Taxation

Uploaded by

Yati Shaiful

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

Topics covered

Past Paper,
Accounting Concepts,
Financial Analysis,
Accounting Adjustments,
Drawings,
Financial Statements,
Purchases,
Stock Valuation,
Ratios,
Profit and Loss Account

MyStudyBro - Revision Exercise Tool

This Revision Handout includes the Questions and Answers of a total of 4 exercises!

Chapters:
Financial Statements - Paper 1 (Pearson Edexcel)
Page 1 (4AC0) 2016 Winter
Accounting Concepts

Page 4 (4AC0) 2016 Winter - Answer

Also Includes:
Accounting Concepts

Page 6 (4AC0) 2014 Summer

Ratios

Page 9 (4AC0) 2014 Summer - Answer

Also Includes:
Ratios

Page 11 (4AC0) 2013 Summer

Ratios

Page 15 (4AC0) 2013 Summer - Answer

Also Includes:
Ratios

Page 18 (4AC0) 2011 Summer

Accounting Concepts

Page 22 (4AC0) 2011 Summer - Answer

Also Includes:
Accounting Concepts
Winter 2016 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

12 On 31 December 2015 the following balances were extracted from the books of Pip,
a sole trader.

DO NOT WRITE IN THIS AREA

Account Balance
£
Bad debts 3 200
Business rates 4 650
Carriage inwards 12 318
Carriage outwards 28 663
Fixtures and fittings – cost 20 000
General expenses 23 897
Insurance 4 322
Motor expenses 27 690
Motor vehicles – cost 30 000

DO NOT WRITE IN THIS AREA

Opening stock 45 000
Premises – cost 250 000
Provision for depreciation – fixtures and fittings 5 000
Provision for depreciation – motor vehicles 10 000
Purchases 324 897
Returns outwards 12 579
Sales 487 600

The following additional information at 31 December 2015 should be taken into

account.
1. Stock was valued at £56 346.
2. The purchase of a new motor vehicle, £12 000, has been included in the motor
expenses account.
DO NOT WRITE IN THIS AREA

3. Depreciation on fixed assets is to be provided for as follows:

fixtures and fittings 10% per annum using the straight line method
motor vehicles 25% using the reducing balance method
it is company policy to provide a full year’s depreciation on all assets held at the
year end.
4. On 31 December 2015 business rates, £500, were accrued and insurance, £322,
was prepaid.
5. During the year Pip had withdrawn stock to the value of £3 290 for his own
personal use.

10
MSB - Page 1 *P46790A01020*
Winter 2016 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(a) Prepare the trading and profit and loss account for the year ending
31 December 2015.
(20)
DO NOT WRITE IN THIS AREA

Pip
Trading and profit and loss account for year ended 31 December 2015
DO NOT WRITE IN THIS AREA
DO NOT WRITE IN THIS AREA

11
MSB - Page 2 *P46790A01120* Turn over
Winter 2016 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(b) Making appropriate reference to the accounting concepts that you have used,
explain your treatment of additional information (4) and (5).
(5)

DO NOT WRITE IN THIS AREA

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

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

DO NOT WRITE IN THIS AREA

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

(Total for Question 12 = 25 marks)

DO NOT WRITE IN THIS AREA

12
MSB - Page 3 *P46790A01220*
Winter 2016 www.mystudybro.com Accounting Paper 1
Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
12 (a) Pip
Trading and profit and loss account
For year ended 31 December 2015

£ £ £

Sales 487 (1)

600
Cost of sales
Opening stock 45 000
Purchases 324 (1)
897
Returns (12 (1)
outwards 579)
Stock drawings (3 290) (1)
Carriage inwards 12 318 (1)
321
346
366
346
Closing stock 56
346
Cost of goods 310 (1 of)
sold 000
Gross Profit 177 (1 of)
600
Running
expenses
Bad debts 3 200 (1)
Business rates 5 150 (2)
(4 650 + 500)
Carriage 28 663 (1)
outwards
General 23 897 (1)
expenses
Insurance 4 000 (2)
(4 322 – 322)
Motor expenses 15 690 (2)
(27 690 – 12
000)
Depreciation - FF 2 000 (1)
Depreciation – 8 000 (2)
MV
(30 000 + 12
000) (1) - 10
000 x 25% (1)
90 600
Net profit 87 000 (1 (20)
of)

MSB - Page 4
Winter 2016 www.mystudybro.com Accounting Paper 1
Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
12 (b)
Award up to 2 marks for comments relative to the
application of the accruals concept in respect of item 4.

Award up to 2 marks for comments relative to the

application of the business entity concept in respect of
item 5.

Award 1 mark for a concluding statement

Sample answer

It was necessary to adjust business rates and insurance

in order to comply with the accruals concept (1). These
adjustments ensure that the business’ profits are not
understated or overstated (1).

It was necessary to adjust the purchases figure by the

amount of stock withdrawn by the owner of the business
in order to comply with the business entity concept (1).
This adjustment ensures that the correct purchases figure
is shown in the trading thus ensuring that a correct gross
profit figure is shown (1).

All of these adjustments also ensure that the balance

sheet of the business shows a true and fair view of the
business’ assets and liabilities (1). (5)

Question Answer Mark

Number
13 (a)
Omission (1)

Original entry (1)

Commission (1) (3)

MSB - Page 5
Summer 2014 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

+: $D /8-C& ?$ -))-D&+# &+ -8*?&-+ -8 ?$ F8 + @G -C*8 AG.@
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MSB - Page 6 $
Summer 2014 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

01 8/8 ?$ )+ 9$? -8 $D 9 ? @G -C*8 AG.@3

-+:.
#=
&( #8
2 8 9@ *<'1 :@+9

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-9.

-8*B) -8(&+# /&?) 8?&-

++
MSB - Page 7 $
Summer 2014 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

01 C)B? ?$ D-8(&+# /&?) 0B88+?1 8?&- 9??&+# D$?$8 $D D&))
9?&9 & D&?$ ?$&9 &#B83
- .

3 3 3 3 3 3 3 3 3 3 3 3 333333333333333333333333333333333333 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3333333333 333333333333333333333333333333333333333333333333333333333333333 333333333333333333333333333333333333333333333333333333333333333 3333 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3

-8& 1 ;28$*( +: :@ '1%2.

+:
MSB - Page 8 $
Summer 2014 www.mystudybro.com Accounting Paper 1
Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
12(a)

C Shaw
Balance Sheet
at 30 November 2013

£ £ £
Fixed Assets Cost Total Dep. N.B.V.
Fixtures and fittings 50 000 16 000 34 000(1 cf)
Motor vehicles 32 000 10 000 22 000(1 cf)
82 000 26 000 56 000

Current Assets
Stock 41 289(1 cf)
Debtors 48 521 (1 cf)
Petty cash 400 (1 cf)
90 210
Current liabilities
Creditors 24 367 (1 cf)
Bank 5 703 (1 cf)
30 070
Working capital 60 140 (1 of)
116 140
Long term liabilities
Bank loan 20 000 (1 cf)
96140

Financed by
Capital – opening balance 60 000 (1 cf)
Net profit 53 640 (1 cf)
113 640
Drawings 17 500 (1 cf) (12)
96 140

Question Answer Mark

Number
12(b)
Formula Working capital ratio

Current assets/current liabilities (1) 90210/30070 (1 for both of) = 3:1 (1 (3)
of)

4AC0_01
MSB - Page 9 1406
Summer 2014 www.mystudybro.com Accounting Paper 1
Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
12(c) Award (1) mark for indication satisfaction/dissatisfaction with the ratio with a
further (1) mark for any development. Award up to a further (2) marks for an
indication that the current ratio may be too high. A final (1) mark can be awarded
for an appropriate conclusion.

Sample answer

Shaw will be satisfied (1) with this ratio as it indicates that he is able to meet his
short term debts (1)

However Shaw may have too much money tied up in his current assets (1) as a
ratio which exceeds 2:1 can indicate poor management of the current assets (1)

Although ratios between 1.5:1 and 2:1 are generally regarded as satisfactory
consideration also needs to be given to the size and type of the business which
Shaw operates (1) (5)

Question Answer Mark

Number
13(a)
Direct wages is the term used to describe the cost of the wages of the people who
are employed in the factory making the goods (1) whereas indirect wages refers
to the wages of those staff that are not directly involved in the manufacture of the
product such as supervisors (1) (2)

Question Answer Mark

Number
13(b) £ £
Opening stock raw materials 26 000
Purchases raw materials 134 000 (1 cf)
Carriage inwards 1 000 (1 cf)
161 000
Closing stock raw materials 31 000 (1 cf both)
Cost of raw materials consumed 130 000 (1 of)
Direct wages 70 000 (1 cf)
Prime Cost 200 000 (1 of) (6)

4AC0_01
MSB - Page 10 1406
Summer 2013 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

14 The following trial balance was extracted from the accounts of Safiya after the
preparation of the trading, profit and loss account for the year
Safiya
Trial Balance as at 31 March 2013

Debit Credit
£ £
Accruals 875
Bank 8560
Bank loan – payable 2015 16 000
Capital 64 500
Closing stock 6 000
Creditors 15 680
Debtors 4 980
Drawings 21 000
Fixtures and fittings (cost) 40 000
Motor vehicles (cost) 55 000
Net profit 14 366
Prepayments 1 430
Provision for depreciation – fixtures and fittings 5 000
Provision for depreciation – motor vehicles 19 800
Provision for doubtful debts 749
136 970 136 970

(a) Prepare the capital account of Safiya for the year ended 31 March 2013. Balance
the account on that date and bring the balance down to 1 April 2013.
(4)

Capital Account

Date Narration £ Date Narration £

14
MSB - Page 11 *P42233A01420*
Summer 2013 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(b) Prepare the balance sheet as at 31 March 2013.

(12)
Safiya
Balance Sheet
As at 31 March 2013

15
MSB - Page 12 *P42233A01520* Turn over
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Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(c) Using the figures calculated in (b), and stating the formula used, calculate each of
the following ratios to two decimal places.
Current ratio
(2)

Formula Calculation

Quick ratio (acid test)

(2)

Formula Calculation

Safiya provides the following information for the previous financial year.

Current ratio Quick ratio (acid test)

Year ended 31 March 2012 2.5:1 1.4:1

16
MSB - Page 13 *P42233A01620*
Summer 2013 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(d) Evaluate the liquidity of the business over the two years and discuss the
implications of this for the business’s creditors.
(5)

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

(Total for Question 14 = 25 marks)

17
MSB - Page 14 *P42233A01720* Turn over
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Question Answer Mark

Number
13(c) Saul
Manufacturing Account
Year ended 31 December 2012
£ £
Opening stock raw (1 for
materials 24 000 both)
Purchases of raw (1cf)
materials 234 000
258 000
Carriage on raw (1cf)
materials 6 000
264 000
Closing stock raw
materials 34 000
Cost of raw (1of)
materials
consumed 230 000
Direct factory labour 110 000 (1cf)
Royalties 60 000 (1cf)
Prime cost 400 000 (1cf)
Indirect factory (1cf)
expenses 185 000
585 000
(11)
Opening work in (1 for
progress 9 760 both)
Closing work in
progress (10 380)
Production cost (1of)
(1) 584 380

Question Answer Mark

Number
14 (a) Capital account
Date Narration £ Date Narration £
Mar Drawings 21 000 Apr 1 Balance 64 500
31 (1cf) b/d (1cf)
Mar Balance 57 866 Mar Net profit 14 366
31 c/d 31 (1cf)
78 866 78 866
Apr 1 Balance 57 866
b/d (1cf) (4)

MSB - Page 15
Summer 2013 www.mystudybro.com Accounting Paper 1
Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
14 (b) Safiya
Balance Sheet
As at 31 March 2013

£ £ £
Fixed Assets Cost Total N.B.V.
Dep
Fixtures and 40 000 5 000 35 000 (1 cf)
fittings
Motor vehicles 55 000 19 800 35 200 (1 cf)
95 000 24 800 70 200

Current
Assets
Stock 6 000 (1 cf)
Debtors 4 980
Provision for 749
doubtful debts
4 231 2 (cf)
Prepayments 1 430 (1 cf)
Bank 8 560 (1 cf)
20 221
Current
Liabilities
Accruals 875 (1 cf)
Creditors 15 680 (1 cf)
16 555
Working 3 666 (1 of)
capital
73 866
Long term
Liabilities
Bank loan 16 000 ( 1 cf)
57 866
Financed by
Capital – 64500
Opening
balance (12)
Net Profit 14366
78 866
Drawings 21 000
57 866 (1 cf)

MSB - Page 16
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Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

Question Answer Mark

Number
14 (c) Current ratio

Formula: Calculation

Current assets/Current 20 221/16 555 = 1.22:1

liabilities (1) (1 of)

(2)
Quick ratio (acid test)
Formula Calculation

Current assets - (20 221 – 6000)/16 555

stock/Current = 0.86:1 (1 of)
liabilities (1)

(2)

Question Answer Mark

Number
14 (d) Award (1) mark for a general statement regarding the change in
liquidity over the two years; a further (2) marks for a discussion
on the meaning of each individual ratio; (1) mark for the
implication for their creditors and a final (1) mark for a
conclusion.

Sample answer

The liquidity of the business has worsened over the two years
(1) which is evidenced by the reduction in both ratios. The
current ratio indicates that they are just able to cover their short
term debts (1) whereas their quick ratio indicates that they are
below the ideal ratio of 1:1. (1) The implication of this for a
creditor is that the business may experience some difficulty in
meeting its short term debts (1).

The business needs to consider whether it needs to take steps to (5)

invest more cash into the business in order to meet its short
term obligations (1)

MSB - Page 17
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Past Paper This resource was created and owned by Pearson Edexcel 4AC0

13 The following balances were extracted from the ledgers of Omar Bashir on 30 April 2011.

Account Balance £
Bad debts 3 200
Equipment (cost) 15 000
Insurance 4 322
Motor expenses 27 690
Motor vehicles (cost) 50 000
Opening stock 45 000
Premises (cost) 250 000
Provision for depreciation – equipment 5 000
Provision for depreciation – motor vehicles 30 000
Purchases 324 897
Returns inwards 6 500
Returns outwards 4 897
Rates 9 500
Sales 506 500
Sundry expenses 42 156

The following additional information at 30 April 2011 should be taken into account:
1. Stock was valued at £55 000.
2. Provide for depreciation by the reducing balance method on equipment (10%)
and motor vehicles (25%).
3. A motor van purchased during the year for £20 000 has been included in the
motor expenses account.
4. It is Omar’s policy to provide a full year’s depreciation on all assets held at the
year’s end.
5. Allow for business rates due but unpaid, £500, and for insurance paid in
advance, £322.
6. Omar took stock to the value of £5 000 during the year for his own personal use.

16
MSB - Page 18 *P38649A01628*
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Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(a) Prepare the trading and profit and loss account for the year ended 30 April 2011.
(20)
Omar Bashir
Trading and profit and loss account
For year ended 30 April 2011

17
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18
MSB - Page 20 *P38649A01828*
Summer 2011 www.mystudybro.com Accounting Paper 1
Past Paper This resource was created and owned by Pearson Edexcel 4AC0

(b) Making appropriate reference to the accounting concepts that you have used,
explain your treatment of:
(i) Additional information 5 on page 16.
(2)

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

(ii) Additional information 6 on page 16.

(3)

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

(Total for Question 13 = 25 marks)

19
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Question Answer Mar

Number k
13(a) Omar Bashir (20)
Trading and profit and loss account
For year ended 30 April 2011

£ £ £
Sales 506
500(1)
Returns inwards 6 500(1)
500 000
Cost of Sales
Opening stock 45 000(1)
Purchases (324 897* – 5 000*) 319 897
(2)
Returns outwards 4
897(1)
315 000
360 000
Closing stock 55 000(1)
Cost of goods sold 305 000
Gross Profit 195000
(1)
Expenses
Bad debts 3 200(1)
Insurance ( 4 322* – 322*) 4 000(2)
Motor expenses 7 690(1)
Rates (9 500* + 500*) 10 000(2)
Sundry expenses 42 156(1)
Provision for depreciation - 1 000(2cf)
equipment
10 000
motor vehicles (2cf)
78 046
Net Profit 116 954

MSB - Page 22
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Past Paper (Mark Scheme) This resource was created and owned by Pearson Edexcel 4AC0

(1)

Question Answer Mark

Number
13(b)(i) Sample answer
With additional information 5 I have used the accruals (2)
(matching) concept (1), which states that only transactions
relating to the year under consideration should be included
in the final accounts (1).

Question Answer Mark

Number
13(b)(ii) Sample answer (3)
With additional information 6 I have used the business entity
concept (1), which states that only transactions involving the
business should be included in the business books (1). The goods
for own use are drawings and as such, they need to be ignored in
the calculation of cost of sales . Only the purchases used in the
business are recorded (1).

Question Answer Mark

MSB - Page 23

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Exercises

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Page 4 (4AC0) 2016 Winter - Answer

Page 6 (4AC0) 2014 Summer

Page 9 (4AC0) 2014 Summer - Answer

Page 11 (4AC0) 2013 Summer

Page 15 (4AC0) 2013 Summer - Answer

Page 18 (4AC0) 2011 Summer

Page 22 (4AC0) 2011 Summer - Answer

DO NOT WRITE IN THIS AREA

DO NOT WRITE IN THIS AREA

The following additional information at 31 December 2015 should be taken into

3. Depreciation on fixed assets is to be provided for as follows:

DO NOT WRITE IN THIS AREA

DO NOT WRITE IN THIS AREA

(Total for Question 12 = 25 marks)

DO NOT WRITE IN THIS AREA

Question Answer Mark

Sales 487 (1)

Question Answer Mark

Award up to 2 marks for comments relative to the

Award 1 mark for a concluding statement

It was necessary to adjust business rates and insurance

It was necessary to adjust the purchases figure by the

All of these adjustments also ensure that the balance

Question Answer Mark

Original entry (1)

Commission (1) (3)

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Date Narration £ Date Narration £

(b) Prepare the balance sheet as at 31 March 2013.

Quick ratio (acid test)

Current ratio Quick ratio (acid test)

Year ended 31 March 2012 2.5:1 1.4:1

(Total for Question 14 = 25 marks)

Question Answer Mark

Question Answer Mark

Question Answer Mark

Question Answer Mark

Current assets/Current 20 221/16 555 = 1.22:1

Current assets - (20 221 – 6000)/16 555

Question Answer Mark

The business needs to consider whether it needs to take steps to (5)

(ii) Additional information 6 on page 16.

(Total for Question 13 = 25 marks)

Question Answer Mar

Question Answer Mark

Question Answer Mark

Question Answer Mark

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