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Yes every bin must be with the cue in the same folder, do not rename them.

You have both bin/cue in the same folder?

Hope this helps you - https://github.com/retropie/retropie-setup/wiki/Playstation-1

Retropie uses RetroArch for most of its emulators but I prefer to just use the real thing, here is the bios pack if you wish to use it - http://emulation.gametechwiki.com/index.php/Emulator_Files
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