Accounting (0452) · Oct/Nov 2015 · Mark scheme 12

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CAMBRIDGE INTERNATIONAL EXAMINATIONS
Cambridge International General Certificate of Secondary Education

MARK SCHEME for the October/November 2015 series

0452 ACCOUNTING
0452/12

Paper 1, maximum raw mark 120

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 will not enter into discussions about these mark schemes.
Cambridge is publishing the mark schemes for the October/November 2015 series for most
Cambridge IGCSE®, Cambridge International A and AS Level components and some
Cambridge O Level components.

® IGCSE is the registered trademark of Cambridge International Examinations.

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Page 2
1

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(a) B
(b) A
(c) D
(d) D
(e) B
(f) A
(g) C
(h) B
(i) A
(j) C

(1) each
[10]

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Page 3
2

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

(a) The book where transactions (and other entries) are first recorded. (1)

Paper
12
[1]

(b) Cash book/petty cash book/sales journal/sales returns journal/purchases journal/purchases
returns journal/general journal/returns inwards and returns outwards journals
Any two for (1) mark each

[2]

(c)
asset

liability

expense

fixtures and fittings

insurance

bank overdraft

cash

trade payable

wages

accrued electricity

Increase in provision for
doubtful debts

Unpaid commission
receivable
(1) Mark for every two correct

[4]

(d) Statement of financial position (1)

[1]

Income statement (1)

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[1]

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Page 4

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(e)
Debit entry

Credit entry
$

$

1

Bank account

8 000

Capital account

8 000

2

Bank account

2 000 (1)

Loan account

2 000 (1)

3

(Delivery) Van account/
Motor vehicles account

5 200 (1)

A1 Motors
account

5 200 (1)

4

Purchases account

3 700 (1)

Bank account

3 700 (1)

5

Rent account

1 000 (1)

Bank account

1 000 (1)

6

Petty cash/Cash

100 (1)

Bank account

100 (1)
[10]

(f)
$

$

8 000
2 000

10 000

(1)

3 700
1 000
100

(4 800) (1)
5 200

(1)of
[3]
[Total: 22]

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Page 5
3

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(a) Raw materials (1) work in progress (1) finished goods/purchased finished goods (1)

[3]

(b) Lower of cost and net realisable value (1)

[1]

(c)
Account debited

Account credited

Drawings (1)

Purchases (1)
[2]

(d) Business entity (1)

[1]

(e) To check for errors and omissions in his books of account
To check the errors in the bank statement
To identify stale cheques
To identify unpresented cheques
To identify amounts not credited
To calculate the correct bank balance in his cash book
To verify the balance in his cash book
To correct/amend his cash book
Any one for (1) mark

[1]

(f) A copy of the customer’s account as it appears in the books of the bank (1)

[1]

(g) An item in the cash book not in the bank statement
Unpresented cheque/uncredited deposit/book-keeper error
Any one for (1) mark
An item in the bank statement not in the cash book.
Bank charges/bank interest/dishonoured cheque/standing order/credit transfer/direct
debit/bank error/dishonoured cheque
Any one for (1) mark

[2]
[Total: 11]

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Page 6
4

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(a) An estimate (1) of the amount which will be lost (1) when debts go bad (1) which reduces the
value of trade receivables (1)
Max 2
[2]
(b)
Samuel
Provision for doubtful debts account
2015
30 April

$
Income
statement
Balance c/d

70 (1of)

2014
1 May

$
Balance b/d

450 (1)

380 (1)
450

450
2015
1 May

Balance b/d

380 (1of)

+(1) for dates
[5]
(c) Below/after gross profit/after trading account/(on credit side) as other income.
Profit and loss section/(debit side) as an expense

[1of]

(d) Accruals/matching (1)
Prudence (1)

[2]

(e) Trade receivables (1)
Capital/profit (1)

[2]
[Total: 12]

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Page 7
5

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(a)
$
Trade receivables

700

}

Trade payables

(400) }(1)

Inventory

1 100

(1)

Equipment at cost

15 700

}

Provision for depreciation of equipment

(4 100)

} (1)

Prepaid rent
Bank
Capital

250

(1)

2 100

(1)

15 350

(1of)
[6]

(b)
Nzita
Total trade receivables account
2014
Feb 1

Balance b/d

2015
Jan 31

Sales

$

2015

700 (1)

Jan 31

$
Bank/Cash
Balance c/d

900

29 100 (1of)
29 800

2015
Feb 1

28 900 (1)

Balance b/d

29 800

900 (1of)
Nzita
Total trade payables account

2015
Jan 31

$
Bank/Cash
Balance c/d

12 600 (1)
650

2014

$

Feb 1

Balance b/d

400 (1)

2015
Jan 31

Purchases

12 850 (1of)

13 250

13 250
2015
Feb 1

Balance b/d

650 (1of)
[8]

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Page 8

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(c)
Nzita
Income Statement for the year ended 31 January 2015
$
Sales/Revenue

$
29 100 (1of)

1 100

Inventory 1 Feb 2014

12 850 (1of)

Purchases

13 950
Inventory 31 January 2015

1 400 (1 for
both)

Cost of sales

12 550

Gross profit

16 550 (1of)

Rent

3100 (1) + (250–150) (1)

3 200

Wages

5 200

Sundry expenses

2 650

Depreciation of equipment

1 680 (1)
12 730

Profit for the year
+ 1 for IAS terminology

3 820 (1of)
[9]

(d)
Nzita
Statement of Financial Position (extract) at 31 January 2015
$
Capital at 1 Feb 2014

15 350 (1of)
3 820 (1of)

Profit for the year

19 170
Drawings

6 600 (1)

Capital at 31 January 2015

12 570 (1of)
[4]

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Page 9

Mark Scheme
Cambridge IGCSE – October/November 2015

(e) 16 550/29 100 (1of) × 100 = 56.87% (1of)

Syllabus
0452

Paper
12
[2]

(f) Lower selling prices
Introduction of trade discount
Sales promotions
Higher purchases prices not passed on to customers
Change in mix of goods sold
Higher cost of sales
Any two (1of) each

[2]
[Total: 31]

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Page 10
6

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

(a) Capital (1)
Revenue (1)
Current (1)
Non-current (1)
Understated (1)
Overstated (1)

Paper
12

[6]

(b)
Error 2 (1)

Error of commission (1)

Error 4 (1)

Error of principle (1)
[4]

(c)
Error
1

2

3

4

Debit
$
Discount allowed
Discount received
Suspense
Correction of misposting of
discounts (1)

30 (1)
30 (1)

Joanie
Yolanda
Correction of misposting of
receipt of cash (1)

85 (1)

Sales returns
Suspense
Correction of misposting of
sales returns journal total (1)

10 (1)

Stationery
Office equipment
Correction of revenue
expenditure treated as capital
expenditure (1)

150 (1)

Credit
$

60 (1)

85 (1)

10 (1)

150 (1)

[13]

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Page 11

Mark Scheme
Cambridge IGCSE – October/November 2015

Syllabus
0452

Paper
12

(d) Leroy
Suspense account
2015
Sept 30

$
Balance b/d

70

2015

$

(1of) Sept 30

Discount
allowed and
received

60

(1of)

Sales returns

10

(1of)

70

70
[3]

(e)
No effect

Increase
$

Decrease
$

Draft profit

5 170

Error 1
Error 2

$

60 (2)

(1)

Error 3

10 (2)

Error 4

150 (2)

Corrected
profit

4 950
(1)OF

Marks with figures: 1 for figure, 1 for direction
[8]
[Total: 34]

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