Accounting (0452) · Feb/March 2022 · Mark scheme 22

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Cambridge IGCSE™
ACCOUNTING

0452/22

Paper 2

February/March 2022

MARK SCHEME
Maximum Mark: 100

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 February/March 2022 series for most
Cambridge IGCSE™, Cambridge International A and AS Level components and some Cambridge O Level
components.

This document consists of 17 printed pages.
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Generic Marking Principles

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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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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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Cambridge IGCSE – Mark Scheme
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Social Science-Specific Marking Principles
(for point-based marking)

February/March 2022
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Components using point-based marking:
• Point marking is often used to reward knowledge, understanding and application of skills. We give credit where the candidate’s answer
shows relevant knowledge, understanding and application of skills in answering the question. We do not give credit where the answer
shows confusion.
From this it follows that we:
a
b
c
d
e
f
g

2

DO credit answers which are worded differently from the mark scheme if they clearly convey the same meaning (unless the mark
scheme requires a specific term)
DO credit alternative answers/examples which are not written in the mark scheme if they are correct
DO credit answers where candidates give more than one correct answer in one prompt/numbered/scaffolded space where extended
writing is required rather than list-type answers. For example, questions that require n reasons (e.g. State two reasons …).
DO NOT credit answers simply for using a ‘key term’ unless that is all that is required. (Check for evidence it is understood and not used
wrongly.)
DO NOT credit answers which are obviously self-contradicting or trying to cover all possibilities
DO NOT give further credit for what is effectively repetition of a correct point already credited unless the language itself is being tested.
This applies equally to ‘mirror statements’ (i.e. polluted/not polluted).
DO NOT require spellings to be correct, unless this is part of the test. However spellings of syllabus terms must allow for clear and
unambiguous separation from other syllabus terms with which they may be confused (e.g. Corrasion/Corrosion)

Presentation of mark scheme:
• Slashes (/) or the word ‘or’ separate alternative ways of making the same point.
• Semi colons (;) bullet points (•) or figures in brackets (1) separate different points.
• Content in the answer column in brackets is for examiner information/context to clarify the marking but is not required to earn the mark
(except Accounting syllabuses where they indicate negative numbers).

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Calculation questions:
• The mark scheme will show the steps in the most likely correct method(s), the mark for each step, the correct answer(s) and the mark
for each answer
• If working/explanation is considered essential for full credit, this will be indicated in the question paper and in the mark scheme. In all
other instances, the correct answer to a calculation should be given full credit, even if no supporting working is shown.
• Where the candidate uses a valid method which is not covered by the mark scheme, award equivalent marks for reaching equivalent
stages.
• Where an answer makes use of a candidate’s own incorrect figure from previous working, the ‘own figure rule’ applies: full marks will be
given if a correct and complete method is used. Further guidance will be included in the mark scheme where necessary and any
exceptions to this general principle will be noted.

4

Annotation:
• For point marking, ticks can be used to indicate correct answers and crosses can be used to indicate wrong answers. There is no direct
relationship between ticks and marks. Ticks have no defined meaning for levels of response marking.
• For levels of response marking, the level awarded should be annotated on the script.
• Other annotations will be used by examiners as agreed during standardisation, and the meaning will be understood by all examiners
who marked that paper.

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Question

Answer

1(a)(i)

Nazmeen
General Journal
Date
2022
Jan 1

Details

Motor vehicle
Bank
Petty cash
Bank loan
Capital

Marks
4
Debit
$

Credit
$

11 000 }
2 300 } (1)
200 }
13 500

2 500 (1)
11 000 (1)
13 500

Assets, liabilities and capital at this date (1)
1(a)(ii)

Correction of errors (1)
Purchase/disposal of non-current assets on credit (1)
Transactions not recorded in another book of prime entry (1)
Transfers between accounts (1)
Writing off irrecoverable debts (1)
Creation of/adjustment to a provision for doubtful debts (1)
Recording depreciation (1)
Year-end transfers to income statement (1)
Max (1)
Accept other valid points

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Question

Answer

1(b)(i)

Nazmeen
Petty Cash Book
Total
received
$
200

Date
2022
Jan 1
3
8
17
26
29
31

Balance c/d

Feb 1

Balance b/d
Bank

(1)
(1)
(1)
(1)
(1)
(1)

200
44
156

10

Total
paid
$

Details

Balance
Petrol
Magazines
GL Limited
Cleaning
Alim

Marks

35
14
60
9
38
156
44
200

Motor
expenses
$

Sundry
expenses
$

Ledger
accounts
$

35
14
60
9
44

14

38
98

(1)OF
(1)OF

+ (1) dates
(1)OF totalling analysis columns

1(b)(ii)

1

Easier control of/check on petty cash expenditure (1)
There is a maximum amount which can be spent (1)
Theft/fraud is limited to the imprest amount (1)
Accept other valid points
Max (1)

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0452/22
Question

Answer

1(c)

Invoice
A credit purchase

Marks
Credit note





A purchases return
Trade discount deducted from list
price





(1) row



(1) row



(1) row


Payment made to a supplier

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Statement of
account



The balance owing by Nazmeen to a
supplier at the end of the month

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(1) row

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Question

Answer

2(a)

Ravi
Sales ledger control account
Date
2021
Feb 1
2022
Jan 31

2022
Feb 1

Details

$

Balance b/d
Sales
Interest charged

Balance b/d (1)OF

12 510*
(1)
(1)

134 000
1 104

Date
2021
Feb 1
2022
Jan 31

147 614
17 809

Marks
10

Details
Balance b/d

$
(1) both

Bank
Cash
Sales returns
Irrecoverable debts
Contra entries
Discount allowed
Balance c/d

(1)
(1)
(1)
(1)
(1)
(1)

1 245*
96 250
12 890
4 000
9 100
1 677
4 643
17 809
147 614

(1) *for both opening balances
2(b)
2(c)(i)

Prudence (1)

1

Bank manager
Level of trade receivables may influence bank’s decision (1)
If the bank believes trade receivables are too high may not wish to lend (1)
If trade receivables too high may not have adequate funds to repay loan/ bank overdraft/ interest
OR If trade receivables too low may have adequate funds to repay loan/ bank overdraft/ interest (1)

2

Max (2)
Accept other valid points

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Question
2(c)(ii)

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Answer
Trade payables
Level of trade receivables may influence trade payable’s decision (1)
If trade payable believes trade receivables are insufficient may decide not to supply/not to continue to supply/supply on
cash terms only
OR If trade receivables are high may have adequate funds to pay trade payables (1)

Marks
2

Max (2)
Accept other valid points
2(d)

Reasons for employing a credit controller
Should result in lower irrecoverable debts (1)
Should control the amount owed by trade receivables (1)
Payments from trade receivables likely to be received more quickly/ collection period decreases(1)
Ravi’s time would be freed up to carry out other business tasks (1)
The salary of the credit controller is less than the amount of irrecoverable debts (1)
Max (2)
Accept other valid points
Reasons for not employing a credit controller
Have to pay an annual salary (1)
Salary would be paid regardless of amount of debts recovered (1)
No guarantee that all debts will be collected (1)
Legal fees may be incurred for any legal action (1)
Damage relationship with customers/ may buy less/may buy from a different supplier/lose customer loyalty (1)
Could instead try to increase cash sales (1)
Max (2)
Accept other valid points
Recommendation (1)

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0452/22
Question
3(a)

Answer

Marks

Pari
Manufacturing Account for the year ended 31 December 2021
$

Cost of material consumed
Opening inventory of raw materials
Purchases of raw materials
Less Closing inventory of raw materials
Direct wages
Prime cost
Factory overheads
Wages of factory supervisor
Rates and insurance (14 000 ÷ 2)
General expenses (11 500 + 500)
Depreciation of factory equipment
(100 000 – 36 000) x 20%

9
$
6 100
84 200
90 300
6 840
83 460 (1)
33 000 (1)
116 460 (1)OF

26 000}
7 000}(1)
12 000 (1)
12 800 (1)

Add opening work-in-progress
Less closing work-in-progress
Cost of production
*(1) for both inventories of work in progress

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57 800
174 260 (1)OF
9 420 *
183 680
9 885*
173 795 (1)OF

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Question

Answer

Marks

3(b)

Pari
Income Statement (trading section) for the year ended 31 December 2021
$
Revenue
Cost of sales
Opening inventory of finished goods
Cost of production
Less Closing inventory of finished goods
Gross profit
*(1) for both inventories of finished goods

3(c)

© UCLES 2022

11 350 *
173 795 (1)OF
185 145
12 630 *

100
} whole formula (1)OF = 25.00% (1)OF
Gross margin = 57 505 OF ×
1
230 020

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$
230 020

172 515 (1)OF
57 505 (1)OF

2

0452/22
Question
3(d)

Answer
Advantages

Disadvantages

May be cheaper to buy rather than to
make
If could buy at lower cost than making
gross margin/gross profit would improve
Would have more time for other business
functions e.g. marketing
Accounting records would be simpler

May be cheaper to make rather than to
buy
If could make at lower cost than making
gross margin/gross profit would improve

Advantages Max (2)
Accept other valid points
Recommendation (1)

Marks
5

(1)
(1)
(1)
(1)

Cost of purchased finished goods may
increase in the future
Depend on supplier for regular supplies
Depend on supplier for quality
Depend on supplier for required quantity
May lose customer loyalty
May be difficult to start production again
once stopped

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Disadvantages Max (2)

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(1)
(1)
(1)
(1)
(1)
(1)

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Question

Answer

Marks

4(a)

Demis
Corrected Trial Balance at 31 December 2021
Debit
$
Sales
Purchases
Rates and insurance
General expenses
Property
Fixtures at cost
Provision for depreciation of fixtures
Trade receivables
Trade payables
Inventory

6

Credit
$
90 052

52 420 (1)
11 500
1 092
92 500
34 000
21 760
7 410
4 665 (1)
8 000 (2)CF
(1)OF
8 095

Cash at bank
Capital at 1 January 2021
Drawings
Petty cash

109 940
11 320
80 (1)
226 417

226 417

(1) matching CF totals
4(b)
Cash book balance
Add unpresented cheques
Bank statement balance

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$
8 095
437
8 532

2
OF
(1) OF Credit (1)

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Question

Answer

Marks

4(c)

10
Error

Entries required to correct the error
Debit
Account

Credit
$
317

Account
(1)

Purchases

93 (1)

Purchases
returns

$

1

Drawings of goods for own
use, $317, had been
omitted from the books of
account.

Drawings

317

(1)

2

Purchases returns, $93,
had been credited to the
sales account.

Sales

3

A payment for property
insurance, $500, had been
debited to the property
account.

Rates and
insurance

500 (1)

Property

500 (1)

4

A credit purchase, $315,
from Erin had been
recorded as $135.

Purchases

180 (1)

Erin

180 (1)

5

A credit sale, $191, to
Harvinder, had been
debited to the sales
account and credited to
Harvinder’s account.

Harvinder

382 (1)

Sales

382 (1)

93 (1)

4(d)(i)

Error of commission (1)

1

4(d)(ii)

Error of original entry (1)

1

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Question

Answer

Marks

5(a)

Priti and Paisley
Appropriation Account for the year ended 31 January 2022
$
Profit for the year
Add Interest on drawings

$
33 100

Priti
Paisley

750 (1)
650 (1)

Less Interest on capital

Priti
Paisley

4 000 (1)
800 (1)
4 800

Less Salary

Paisley

6 000 (1)

Share of profit

Priti
Paisley

17 775 }(1)
5 925 } OF

5(b)

6

1 400
34 500

10 800
23 700
23 700
6

Paisley
Current account
Date
2022
Jan 31

Details
Drawings
Interest on drawings
Balance c/d

$
(1)
(1)OF

13 000
650
1 425

Date
2021
Feb 1
2022
Jan 31

Details

$

Balance b/d

2 350

Interest on capital
Salary
Profit share

(1)OF
(1)
(1)OF

800
6 000
5 925
15 075

Balance b/d

(1)OF

1 425

15 075
2022
Feb 1

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Question
5(c)

Answer
Is entitled to only one quarter of the residual profit (1)
His total profit share is significantly less than Priti’s (1)
May feel he is not getting adequate reward for his extra duties/responsibilities (1)
May be able to earn more as a manager elsewhere (1)
His total profit share is lower than his drawings for the year (1)

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Marks
3

Accept other valid points
Max (3)
5(d)

Advantages
Limited liability/ a company is a separate legal entity (1)
Can raise more finance (1)
More options for raising finance (1)
Different ways of raising finance are available ordinary/preference shares and debentures/loans (1)
Or other relevant advantages
Max (2)
Disadvantages
Costly to establish (1)
More complex/regulated accounting required/have to publish accounts/more legal requirements (1)
May lose control of the business (1)
Decisions may take longer (1)
Dividends have to be paid to shareholders/have to share profit with shareholders (1)
Max (2)
Or other relevant disadvantages
Recommendation (1)

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