4ac1 01 Que 20240516

Please check the examination details below before entering your candidate information
Candidate surname Other names
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Pearson Edexcel International GCSE

Wednesday 15 May 2024
Afternoon (Time: 2 hours) Paper
reference 4AC1/01
Accounting  
Level 1/2
PAPER 1: Introduction to Bookkeeping and
Accounting
You do not need any other materials. Total Marks
Instructions
•• Use black ink or ball-point pen.
Fill in the boxes at the top of this page with your name,
centre number and candidate number.
•• Answer all questions.
Answer the questions in the spaces provided
– there may be more space than you need.
• Calculators may be used.
Information
•• The total mark for this paper is 100.
The marks for each question are shown in brackets
– use this as a guide as to how much time to spend on each question.
Advice
•• Read each question carefully before you start to answer it.
Try to answer every question.
• Check your answers if you have time at the end.
Turn over
P75836A
©2024 Pearson Education Ltd.
F:1/1/1/1/
*P75836A0120*
SECTION A
Answer ALL questions. Write your answers in the spaces provided.
DO NOT WRITE IN THIS AREA

For questions 1–10, choose an answer A, B, C or D, and put a cross in the box .
If you change your mind about an answer, put a line through the box
and then mark your new answer with a cross .
1 Which book of original entry is used to record small cash payments?
A Journal
B Petty cash book
C Purchases day book
D Three column cash book

(Total for Question 1 = 1 mark)
2 Which transaction will be recorded in the purchases day book?

A Purchase of goods by cash
B Purchase of goods on credit
C Purchase of a machine on credit
D Purchase of stationery by cash
3 Which transaction would cause a decrease in trade payables?
A Purchase of goods from a credit supplier
B Return of goods from a credit customer
C Return of goods to a credit supplier

D Sale of goods to a credit customer

2
*P75836A0220* 
4 Where would the total discounts on the credit side of a cash book be posted?
A Credit discounts allowed

B Credit discounts received
C Debit discounts allowed
D Debit discounts received

5 Which one of the following is not an asset?
A Inventory
B Premises
C Trade payables
D Trade receivables
6 Which accounting concept is described in the statement

‘The business will continue in existence for the foreseeable future’?
A Business entity
B Consistency
C Going concern
D Prudence
7 Which accounting concept is described in the statement

‘Profits and assets are not overstated’?
A Business entity
B Consistency
C Going concern
D Prudence
3
 *P75836A0320* Turn over
8 Which one of the following is not a principle of professional ethics?
A Confidentiality

B Duality
C Integrity
D Objectivity
9 A trader purchases goods with a list price of $600. He receives a trade discount
of 20% and a cash discount of 5%. What amount should be entered in the
purchases account?
A $600
B $570
C $480

D $456
10 A business sells a non-current asset for $3 500. The non-current asset had an original
cost of $12 500 and had been depreciated by $8 000
Identify the profit or loss on disposal.
A $1 000 profit
B $1 000 loss
C $4 500 profit
D $4 500 loss

4
*P75836A0420* 
11 State the source document for each transaction.
Transaction Source document
Returned goods to a credit supplier
Purchased refreshments for office
Received bank interest
Purchased non-current asset on credit
Issued cheque for personal use
(Total for Question 11 = 5 marks)
12 Identify, indicating with a tick (), whether each item represents capital expenditure
or revenue expenditure when purchasing a motor vehicle for use in the business.
Capital expenditure Revenue expenditure
Cost of motor vehicle
Delivery cost
Extended warranty
Fuel
Insurance

5
 *P75836A0520* Turn over
13 Shahid maintains a provision for irrecoverable debts of 4% of trade receivables.
The balance of the provision at 1 April 2023 was $1 205

At 31 March 2024 the balance of the trade receivables ledger control account
was $28 750. This included a debt of $450 due from a credit customer that
was irrecoverable.
(a) Prepare a journal entry to write off the irrecoverable debt. A narrative is
not required.
(2)
Journal
Date Debit Credit

Account
2024 $ $
March 31

(b) Calculate the change in the provision for irrecoverable debts at 31 March 2024
stating clearly whether the change is an increase or decrease in the provision.
(3)
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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TOTAL FOR SECTION A = 25 MARKS

6
*P75836A0620* 
SECTION B
Answer ALL questions. Write your answers in the spaces provided.
14 Ling owns a business selling cameras. She maintains a full set of accounting records.
On 1 March 2024, the balance on Delia’s account in Ling’s trade receivables ledger
was $1 220
During March 2024 the following transactions took place between Ling and Delia.
March 2024 Transaction
8 Sold goods to Delia, $460
17 Delia returned damaged goods, $170
Delia settled her balance at 1 March 2024 by credit transfer after

30
taking a cash discount of 5%
(a) Prepare the account of Delia. Balance the account at 31 March 2024 and bring the
balance down on 1 April 2024.
(5)
Delia Account
Date Date
Details $ Details $
2024 2024
7
 *P75836A0720* Turn over
The following additional information has been extracted from Ling’s books for the
month of March 2024.

$
Trade receivables ledger balances at 1 March 2024 84 290
Cash sales 12 400
Contra / set off to trade payables ledger 810
Credit customer’s cheque dishonoured 260
Credit sales 93 100
Discount allowed 4 650
Discount received 2 340
Receipts from credit customers 87 360

Returns inwards 4 020
Returns outwards 6 310

8
*P75836A0820* 
(b) Prepare the trade receivables ledger control account for the month of
March 2024. Balance the account at 31 March 2024 and bring the balance down
on 1 April 2024.
(8)
Trade Receivables Ledger Control Account
Date Date
Details $ Details $
2024 2024
(c) Explain one reason why a contra entry may arise.

(2)
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
 *P75836A0920* Turn over
15 Vaughn provided the balances at 30 April 2024.
(a) Prepare the trial balance at 30 April 2024.

(11)
Trial balance at 30 April 2024
Balance Debit Credit

Account
$ $ $
Advertising 3 260
Bank loan 18 400
Bank overdraft 12 880
Carriage inwards 530
Drawings 23 400

Equity 44 300
General expenses 12 290
Inventory at 1 May 2023 39 800
Machinery – cost 55 270
Machinery – provision for depreciation 26 130
Mortgage 63 000
Premises 84 000
Purchases 133 910
Returns inwards 820

Revenue 223 730
Trade payables ledger control 34 640
Trade receivables ledger control 32 830
Wages 36 970
Total
10
*P75836A01020* 
(b) Explain to Vaughn two advantages of preparing a trial balance.
(4)
1 ........................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................ ............................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................... ................................................................................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................... ................................................................................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........................... ................................................................................................................. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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2 ........................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................ ............................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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11
 *P75836A01120* Turn over
16 On 30 April 2024, Nabil’s bank statement showed a credit balance of $386
On the same date, his cash book showed a debit balance of $1 410

When comparing the cash book with the bank statement, Nabil found the
following differences.
The following items appeared only on the bank statement.
• Standing order, $350, paid for rent.
• Bank interest, $28, received.
• Cheque, $110, received from Petra, had been dishonoured.
• Electronic transfer, $85, received from Bob.
• Bank charges, $35
The following items appeared only in the cash book.
• Cheque, $248, paid to Fatima.
• Cash sales, $890, banked.

(a) Prepare the updated cash book at 30 April 2024 and bring the balance down on
1 May 2024.
(7)
Cash Book – Bank Column Only
Date Date
Details $ Details $
2024 2024

12
*P75836A01220* 
(b) Prepare a bank reconciliation statement at 30 April 2024.
(4)
Bank Reconciliation Statement at 30 April 2024
Balance as per cash book
(c) Explain two benefits to a business of preparing a bank reconciliation statement.

(4)
1 ........................... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................................ ............................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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13
 *P75836A01320* Turn over
17 On 1 January 2023 Jean started in business with the following assets and liabilities.

$
Bank loan 2 500
Cash at bank 2 000
Inventory 1 890
Motor vehicle 10 000
Trade payables 600
(a) Prepare an opening journal entry for Jean at 1 January 2023.

A narrative is not required.
(7)

Journal
Debit Credit
2023 Details
$ $
1 January

14
*P75836A01420* 
On 31 December 2023 Jean identified the following errors.
• A purchase of stationery for office use, $30, had been entered in the
purchases account.
• The sales account had been undercast by $200
• A cheque, $300, received from J Arthur had been credited to the account of
J Alfred.
• A credit sale to Jones, $78, had been correctly entered in the sales account but
debited to Jones’ account as $87
(b) Prepare journal entries to correct these errors.
Narratives are not required.
(8)
Journal
Debit Credit
2023 Details
$ $
31 December
31 December
31 December
31 December
15
 *P75836A01520* Turn over
18 On 1 May 2023 Alex owed wages of $1 580, and had paid wages in advance of $920
During the year ended 30 April 2024 Alex paid wages of $87 900

On 30 April 2024 Alex owed wages of $4 230
(a) Prepare the wages account for the year ended 30 April 2024. Balance the account
at this date and bring the balance down on 1 May 2024.
(5)
Wages Account
Date Details $ Date Details $

16
*P75836A01620* 
On 1 May 2023 Alex had received rent in advance of $800 from his tenant.
During the year ended 30 April 2024 Alex received rent of $7 800
On 30 April 2024 Alex had received rent in advance of $1 300

(b) Prepare the rent receivable account for the year ended 30 April 2024. Balance the
account at this date and bring the balance down on 1 May 2024.
(4)
Rent Receivable Account


17
 *P75836A01720* Turn over
On 1 May 2023 the balance on the motor vehicles cost account was $172 000 and the
balance on the motor vehicles provision for depreciation account was $85 000

On 30 September 2023 Alex sold a motor vehicle for $16 000 and received a bank
transfer in full settlement.
This motor vehicle had been purchased on 31 March 2022 for $36 000 and had a
residual value of $8 000
Alex depreciates motor vehicles at 20% per annum using the straight line method.
A full year’s depreciation is charged in the year of purchase but none in the year
of disposal.
(c) Prepare the motor vehicles – provision for depreciation account for the year
ended 30 April 2024. Balance the account at this date and bring the balance
down on 1 May 2024.
(4)
Motor Vehicles – Provision for Depreciation Account

18
*P75836A01820* 
(d) Explain, referring to an accounting concept, one reason why it is necessary for a
business to account for depreciation on its non-current assets.
(2)
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............................................................................................................................................ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL FOR SECTION B = 75 MARKS

TOTAL FOR PAPER = 100 MARKS
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4ac1 01 Que 20240516

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Please check the examination details below before entering your candidate information

Candidate surname Other names

Centre Number Candidate Number

Pearson Edexcel International GCSE

You do not need any other materials. Total Marks

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B Petty cash book

C Purchases day book

D Three column cash book

2 Which transaction will be recorded in the purchases day book?

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B Purchase of goods on credit

C Purchase of a machine on credit

D Purchase of stationery by cash

(Total for Question 2 = 1 mark)

3 Which transaction would cause a decrease in trade payables?

A Purchase of goods from a credit supplier

B Return of goods from a credit customer

C Return of goods to a credit supplier

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D Sale of goods to a credit customer

A Credit discounts allowed

B Credit discounts received

C Debit discounts allowed

D Debit discounts received

5 Which one of the following is not an asset?

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6 Which accounting concept is described in the statement

7 Which accounting concept is described in the statement

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Transaction Source document

Returned goods to a credit supplier

Purchased refreshments for office

Received bank interest

Purchased non-current asset on credit

Issued cheque for personal use

(Total for Question 11 = 5 marks)

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Capital expenditure Revenue expenditure

Cost of motor vehicle

(Total for Question 12 = 5 marks)

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Date Debit Credit

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(Total for Question 13 = 5 marks)

TOTAL FOR SECTION A = 25 MARKS

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March 2024 Transaction

8 Sold goods to Delia, $460

17 Delia returned damaged goods, $170

Delia settled her balance at 1 March 2024 by credit transfer after

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Trade receivables ledger balances at 1 March 2024 84 290