Accounting (0452) · Feb/March 2018 · Mark scheme 12

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Cambridge Assessment International Education
Cambridge International General Certificate of Secondary Education

ACCOUNTING

0452/12

Paper 12

March 2018

MARK SCHEME
Maximum Mark: 120

Published

This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the
examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the
details of the discussions that took place at an Examiners’ meeting before marking began, which would have
considered the acceptability of alternative answers.
Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for
Teachers.
Cambridge International will not enter into discussions about these mark schemes.
Cambridge International is publishing the mark schemes for the March 2018 series for most
®
Cambridge IGCSE , Cambridge International A and AS Level components and some Cambridge O Level
components.

® IGCSE is a registered trademark.

This document consists of 13 printed pages.
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0452/12

Cambridge IGCSE – Mark Scheme
PUBLISHED
Generic Marking Principles

March 2018
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These general marking principles must be applied by all examiners when marking candidate answers. They should be applied alongside the
specific content of the mark scheme or generic level descriptors for a question. Each question paper and mark scheme will also comply with these
marking principles.
GENERIC MARKING PRINCIPLE 1:
Marks must be awarded in line with:
•
•
•

the specific content of the mark scheme or the generic level descriptors for the question
the specific skills defined in the mark scheme or in the generic level descriptors for the question
the standard of response required by a candidate as exemplified by the standardisation scripts.

GENERIC MARKING PRINCIPLE 2:
Marks awarded are always whole marks (not half marks, or other fractions).
GENERIC MARKING PRINCIPLE 3:
Marks must be awarded positively:
•
•
•
•
•

marks are awarded for correct/valid answers, as defined in the mark scheme. However, credit is given for valid answers which go beyond the
scope of the syllabus and mark scheme, referring to your Team Leader as appropriate
marks are awarded when candidates clearly demonstrate what they know and can do
marks are not deducted for errors
marks are not deducted for omissions
answers should only be judged on the quality of spelling, punctuation and grammar when these features are specifically assessed by the
question as indicated by the mark scheme. The meaning, however, should be unambiguous.

GENERIC MARKING PRINCIPLE 4:
Rules must be applied consistently e.g. in situations where candidates have not followed instructions or in the application of generic level
descriptors.

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0452/12

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GENERIC MARKING PRINCIPLE 5:
Marks should be awarded using the full range of marks defined in the mark scheme for the question (however; the use of the full mark range may
be limited according to the quality of the candidate responses seen).
GENERIC MARKING PRINCIPLE 6:
Marks awarded are based solely on the requirements as defined in the mark scheme. Marks should not be awarded with grade thresholds or
grade descriptors in mind.

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0452/12

Cambridge IGCSE – Mark Scheme
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Question

March 2018
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Answer

Marks

1(a)

B

1

1(b)

A

1

1(c)

D

1

1(d)

A

1

1(e)

C

1

1(f)

C

1

1(g)

A

1

1(h)

D

1

1(i)

B

1

1(j)

D

1

Question

Answer

2(a)

document

Marks
name of person issuing document

invoice

Kumar

debit note

Simran

(1)

credit note

Kumar

(1)

Statement of account

Kumar

(1)

cheque

Simran

(1)

4

2(b)

Issued by the customer to request a reduction in an invoice.

1

2(c)

Sales returns journal

1

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Page 4 of 13

0452/12

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Cambridge IGCSE – Mark Scheme
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Question

Answer

Marks

2(d)

Sales ledger

1

2(e)

Trade discount

1

2(f)

Recorded on the invoice to the customer or in sales journal
No entry made in ledger

1

2(g)(i)

Sales returns account

1

2(g)(ii)

Individual debtor accounts

1

Money measurement (1)

1

An accounting transaction should only be recorded if it can be expressed in terms of money (1)

1

Capital (1) equals assets minus liabilities (1)

2

2(h)

2(i)
2(j)

item

increase
9

capital introduced
drawings

9 (1)

profit for the year

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decrease

9 (1)

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2

0452/12

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PUBLISHED

Question

Answer

3(a)
Date
2017
Mar 10
Jun 7
Sep 5
Dec 6
2018
Jan 31

Details
Bank
Bank
Bank
Bank
Balance c/d

Marks

Nikita
Electricity expense account
$
Date
Details
2017
(1)
210 Feb 1
Balance b/d
130 2018
(1)
185 Jan 31
Income
205
Statement (1) OF
(1)

6
$
140
810

220
950
Feb 1

Balance b/d (1) OF

950
220

(+1 dates)
3(b)

The amount owed/not yet paid for electricity used in the financial year ended

3(c)

Current liabilities (1) OF

3(d)
Date
2017
Feb 1
2018
Jan 31
Feb 1

31 January 2018 (1) OF

1
1

Nikita
Rent receivable account
Details
$
Date
Details
2017
Balance b/d (1)
1250 May 10 Cash
Oct 14
Bank
Income
2018
Statement (1) OF
5950 Jan 31
Balance c/d
7200
Balance b/d (1)
1700

6
$
(1)
(1)

2700
2800
1700
7200

(+1 dates)
3(e)

© UCLES 2018

Current assets

1

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0452/12

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Cambridge IGCSE – Mark Scheme
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Question

Answer

3(f)

Marks

Nikita
Income Statement for the year ended 31 January 2018
$
$
$
Revenue

8

127 000 (1)

Less: returns

4 000
123 000

Cost of sales
Inventory at

1 February 2017 *

Purchases

8 000
76 000

Goods for own use

2 000

Carriage inwards

74 000 (1)
1 200
83 200 (1)

Less: Inventory at

31 January 2018*

11 000

Gross profit (1)

72 200 (1)
50 800 (2) CF, (1) OF

* both (1)
3(g)

It measures the excess of current assets over current liabilities /measures liquidity.
It measures the margin of safety between current assets and current liabilities.

1

3(h)

(6800 + 12 500 +1010) (1)/15 200 = 1.34:1 (1)

2

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0452/12

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Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

Answer

Marks

3(i)

different accounting policies
different size of business
different type of business
different locations
different capital structures
different type of goods sold
non-monetary items
other reasonable answer
Any two for (1) mark each

Max 2

3(j)

Introduce additional capital
Sell surplus non-current assets
Reduce cash drawings
Obtain long-term loan
1 mark per suggestion, maximum 2

Max 2

Question

Answer

4(a)

Meena
Cash book (bank columns)
Date
2017
Dec 31

Details
Rohan (1)
Balance c/d

$

Date

2017
140 Dec 31
2424
2564 2018
Jan 1

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Marks
5

Details

$

Balance b/d
(1)
Bank interest
(1)
Anjana (dishonoured
cheque)
(1)
Balance b/d

(1) OF

2450
20
94
2564
2424

0452/12
Question
4(b)

March 2018
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Cambridge IGCSE – Mark Scheme
PUBLISHED
Answer

Marks

Meena
Bank Reconciliation Statement at 31 December 2017
$
$
Debit balance on bank statement *
(2623) (1)
Add:
amounts not yet credited: Cash sales
362 (1)
Bank error
35 (1)
397
Less: cheques not yet presented
(198) (1)
Adjusted cash book balance * (1) both labels
(2424) (1) OF

6

Alternative presentation
$
Adjusted cash book balance *
Add:
amounts not yet credited: Cash sales
Bank error

© UCLES 2018

362 (1)
35 (1)
397
(198) (1)
(2623) (1)

Less: cheques not yet presented
Debit balance on bank statement *
(* 1 mark both labels)
4(c)

$
(2424) (1) OF

$2424 (1) OF
Current liabilities (1) OF

2

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0452/12
Question
4(d)

4(e)

March 2018
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Cambridge IGCSE – Mark Scheme
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Answer

Marks

A cheque which has been returned unpaid by the bank

1

Reason
Drawer has insufficient funds in the account
Incomplete details on the cheque (e.g. missing date, signature)
Cheque is out of date/stale
Cheque may be post-dated
Inconsistent details on the cheque (e.g. signature does not match that on file, amount in figures does not agree with amount in
words)
(1 mark for meaning, 1 mark for any valid reason up to 2 max)

2

At any time the amount paid out from the float (represented by vouchers/receipts) plus remaining cash (1) must equal the
fixed amount of the float (1)

2

4(f)

debit entry
petty cash (1)

$

credit entry

27 bank/cash (1)

$

3

27

+ 1 for amount

Question
5(a)

Answer

Marks

To keep a separate record of capital introduced/be able to calculate interest on capital

1

To allow easy comparison of drawings and total profit share/see if partner has overdrawn on profit allocation.

1

5(b)

The amount that Sumit owes the partnership.

1

5(c)

To discourage partners from taking drawings/to reduce the level of drawings

1

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Page 10 of 13

0452/12

Cambridge IGCSE – Mark Scheme
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Question

Answer

5(d)

Eli and Sumit
Appropriation Account for the year ended 31 October 2017
$
$
Profit for the year
12 500
Add: interest on drawings
Eli
200 (1)
Sumit
260 (1)
460
12 960
Less: interest on capital
Eli
4 000 (1)
Sumit
3 400 (1)
7 400
Less: salary
Eli
7 500 (1)
(14 900)
(1 940)
Share of residual loss
Eli
1 164 (1) OF
Sumit
776 (1) OF
(1 940)

5(e)

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Eli and Sumit
Extract from Statement of Financial Position at 31 October 2017
$
$
$
Eli
Sumit
Total
Capital accounts
50 000
45 000 (1)
95 000 (1) OF
Current accounts
Opening balance
4 500
(1 800) (1)
Interest on capital
4 000
3 400 (1) OF
Salary
7 500
– (1)
1 600
16 000
Drawings
(5 000)
(6 500) (1)
Interest on drawings
(200)
(260) (1) OF
Share of residual loss
(1 164)
(776) (1) OF
(7 536)
(6 364)
9 636
(5 936)
3 700 (1) OF
98 700 (1) OF

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Marks
7

10

0452/12
Question
6(a)

6(b)

March 2018
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Cambridge IGCSE – Mark Scheme
PUBLISHED
Answer

Marks

Useful as a basis for preparing financial statements

1

Check arithmetical accuracy of the double entry

1

Error 3 commission

1

Error 4 omission

1

Error 5 principle

1

6(c)
Date
2018
Jan 31

Details
Rent receivable
Purchases returns
Sales returns

Sanjay
Suspense account
$
Date
Details
2018
(1)
1000 Jan 31
Difference in trial
(1)
190
balance
(1)
190
Wages
1380

6
$
(1)
(1)

1110
270
1380

+1 if no extraneous items
6(d)

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Yes/no (1) OF
Errors affecting the trial balance have all been discovered as the suspense account has been cleared (1) OF

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0452/12
Question
6(e)

March 2018
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Cambridge IGCSE – Mark Scheme
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Answer

Marks

Statement of corrected profit for the year ended 31 January 2018
Decrease
No Effect
Increase
$
$
$
Draft profit

24 250

Error 1

270 (1)

Error 2
Error 3

1000 (1)
9 (1)

Error 4

35 (1)

Error 5

700 (1)

Error 6

*380 (2)
1380

Corrected profit

375
24 625

*(1)correct
position (1)
correct figure

© UCLES 2018

1005

(1) OF

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