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Examiners use only

Team Leaders use only

Surname Initial(s)

Signature

Centre

No.

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Candidate

No.

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Paper Reference(s)

6001/01London Examinations GCEAccounting (Modular Syllabus)

Advanced Subsidiary/Advanced Level

Unit 1: The Accounting System andCosting

Friday 21 May 2010 Morning

Time: 3 hours

Materials required for examination Items included with question papers

Nil Source booklet

Instructions to Candidates

In the boxes above, write your centre number, candidate number, your surname, initial(s) and signature.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 witha 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).The total mark for this paper is 200.There are 44 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.

Paper Reference

6 0 0 1 0 1

This publication may be reproduced only in accordance with

Edexcel Limited copyright policy.2010 Edexcel Limited.

Printers Log. No.

M36983AW850/6001/57570 1/1/

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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 to 4 of the source booklet.

1. (a) Prepare for the year ended 30 April 2010 the:

(i) capital accounts of Georgia, Harriet and Ionna

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(ii) profit and loss account of the partnership

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(iii) profit and loss appropriation account

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(iv) current accounts of Georgia, Harriet and Ionna.

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(b) Prepare the balance sheet of the partnership as at 30 April 2010.

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Ionna considered setting up business as a sole trader before agreeing to join the partnership

of Georgia and Harriet.

(c) Evaluate the decision of Ionna to join the partnership of Georgia and Harriet as an

alternative to opening a new business of her own, as a sole trader.

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(8) Q1

(Total 52 marks)

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

Source material for question 2 is on pages 5 to 7 of the source booklet.

2. (a) Prepare the:

journal entries recording the correction of the errors and transfers in (i) to (viii)(narratives are not required)

suspense account following the correction of the errors in (i) to (viii).

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(b) Prepare for Jaida, for the year ended 31 March 2010, the:

(i) Stock account

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(ii) Provision for doubtful debts account

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(iii) Motor vehicles account.

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(c) Re-draft the trading and profit and loss account following correction of the errors

in (a).

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(d) Explain the accounting concept of materiality.

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(e) Evaluate whether it is useful for Jaida to prepare the draft trading and profit and loss

account when the trial balance contains a suspense account.

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(8) Q2

(Total 52 marks)

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

Source material for question 3 is on pages 8 and 9 of the source booklet.

3. (a) Prepare for the year ended 30 April 2010, the manufacturing account, in columnar

format, showing the:

prime cost of producing the Standard and the Super manufacturing cost of producing the Standard and the Super.

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(b) Calculate:

(i) the cost of manufacturing:

one Standard one Super.

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(ii) the total annual gross profit from sales of the:

Standard Super.

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Soller Products is considering ceasing production of the Standard which it considers to be

unprofitable. The Production Manager is concerned at this development and believes that

if overheads were apportioned to production lines, instead of being allocated, this would

show that the Standard was profitable.

Additional information:

Standard SuperEmployees (number) 20 15

Floor area occupied (sq m) 2 500 3 500

Equipment value (000) 10 000 12 000

(c) Calculate, with overheads apportioned instead of allocated, the:

(i) total overhead which would be charged to each production line

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(ii) total annual gross profit from sales for each production line.

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(d) (i) Distinguish between apportionment of overheads and absorption of overheads

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(ii) Explain the circumstances in which there would be over absorption of

overheads.

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(e) Evaluate whether Soller Products should cease the production of the Standard.

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(8)

Q3

(Total 52 marks)

TOTAL FOR SECTION A: 104 MARKS

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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 10 of the source booklet.

4. (a) Prepare for the White Lightning Fan Club the:

(i) receipts and payments account for the year ended 31 March 2010

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(ii) income and expenditure account for the year ended 31 March 2010 showing

clearly the profit or loss made on the raffle of concert tickets and the sales of the

bands album

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(iii) balance sheet as at 31 March 2010.

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(b) Evaluate the decision of the fan club not to write off any bad debts.

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(4) Q4

(Total 32 marks)

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

Source material for question 5 is on page 11 of the source booklet.

5. (a) (i) Explain the term fixed cost.

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(ii) Give one example of a fixed cost to be incurred by Kerrys business.

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(b) Calculate for Kerry, the cost of making:

(i) one Budget vehicle trailer

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(ii) one Superior vehicle trailer.

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