Accounting (0452) · Oct/Nov 2017 · Mark scheme 22

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Cambridge Assessment International Education
Cambridge International General Certificate of Secondary Education

ACCOUNTING

0452/22

Paper 2

October/November 2017

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 October/November 2017 series for most
®
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This document consists of 12 printed pages.
© UCLES 2017

[Turn over

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

Answer

1(a)(i)

Saffie
Petty Cash Book
Total
received
$
63

Date
2017
Sept 1

87
3
11
21
30

Details
Balance
Bank
Taxi fare
Stationery
Faariqa
Postage

2017
Oct 1

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

Balance

c/d

9
Total
paid
$

Travel

12
64
29
22
127

12

Balance

b/d

23
150
(1)OF

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

© UCLES 2017

Marks

$

Postage &
stationery
$

Ledger
accounts
$

b/d

150
23

October/November
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2017

Page 2 of 12

64
29
12

22
86

29

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

Answer

1(a)(ii)

Saffie
Cash Book
Date

Details

2017
Sept
1

Balance

Discount
allowed
$

Cash

Bank

Date

$

$

2017
Sept
1

120

b/d

Thushari

(1)

Sales

(1)

8

392
4 800

7

28
15
29
30
8
2017
Oct 1

Balances

b/d

40

5192

160
(1)OF

125
(1)OF

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

© UCLES 2017

Marks
10
Details

Discount
received
$

Page 3 of 12

Cash
$

Balance b/d

Repairs
SL Stores (dis.
chq.)
Sopitha
Balances

Bank
$
3 841

Petty cash

26
40

October/November
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2017

(1)

87

(1)

461

(1)

210

(1)

12

c/d
12

160

468
125

160

5 192

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question
1(b)

Answer
Saffie
Bank Reconciliation Statement at 30 September 2017
$
$
Balance shown on bank statement
(4 649) (1)
Add Cheque not credited – Thushari
392 (1)OF
Amount not credited – cash sales
4 800 (1)
Bank error
50 (1)
5 242
593
Less Cheque not presented – Sopitha
468 (1)OF
Balance shown in cash book
125 (1)OF
Alternative presentation
Bank Reconciliation Statement at 30 September 2017
$
$
Balance shown in cash book
125 (1)OF
Add Cheque not presented – Sopitha
468 (1)OF
593
Less Cheque not credited – Thushari
392 (1)OF
Amount not credited – cash sales
4 800 (1)
Bank error
50 (1)
5 242
Balance shown on bank statement
(4 649) (1)

© UCLES 2017

Page 4 of 12

October/November
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2017
Marks
6

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question
2(a)

Answer

Marks

Mustafa
Manufacturing Account for the year ended 31 July 2017
$
$
Cost of materials consumed
Purchases of raw materials
447 400
Less Purchases returns
1 800
445 600
Carriage inwards
2 590
448 190
Closing inventory of raw materials
62 200
385 990
Direct wages (287 400 (1) + 3 760 (1))
291 160
Prime cost
677 150
Factory overheads
Factory supervisors’ wages
101 150
10 050 (1)
General expenses (¾ × 13 400)
8 400 (1)
Rates and insurance (⅔ × 12 600)
Depreciation
18 400 (1)
Machinery (20% × 92 000)
Loose tools (19 600 – 18 100)
1 500 (1)
139 500
816 650
Closing work in progress
38 200
Cost of production
778 450

2(b)
Cost of production
Purchases of finished goods
Less closing inventory of finished goods
Cost of sales

© UCLES 2017

October/November
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2017

Page 5 of 12

$
778 450
22 200
800 650
69 700
730 950

13

(1)
(1)
(1)OF
(1)OF

(1)OF
(1)
(1)OF
4

(1)OF
(1)
(1)
(1)OF

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question
2(c)

Answer
Loan interest to pay every year.
Loan interest to pay irrespective of profits.
Loan to be repaid by given date.

October/November
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2017
Marks
1

Or other suitable point
Any 1 point (1)
2(d)

Introduce additional capital
Take a partner
Convert to a limited company
Mortgage the premises
Borrow from family and friends
See if government grants are available

2

Or other suitable point
Any 2 points (1) each

© UCLES 2017

Page 6 of 12

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

Answer

3(a)

Zikri
Commission receivable account
$
2016
495 (1)
Sept 4
Dec 3
(1) OF
1 685
2017
Mar 5
Jun 2
Aug 31
2 180

2016
Sept 1 Balance b/d
2017
Aug 31 Income statement

2017
Sept 1 Balance b/d

October/November
www.dynamicpapers.com
2017
Marks
6
$
Bank
Bank
Bank
Bank
Balance

495 }
515 } (1)

c/d

374 }
404 } (1)
392
2 180

392 (1)

+ (1) Dates
3(b)

Zikri
Rent account

4

$
2017
Jan 1 Bank
July 1 Bank

4 800 }
4 800 } (1)

$
2017
Aug 31
Income statement
Balance

9 600
2017
Sept 1 Balance

b/d

3 200 (1)

+ (1) Dates

© UCLES 2017

Page 7 of 12

c/d

6 400 (1)OF
3 200
9 600

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question
3(c)

October/November
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2017

Answer

Marks

Balance b/d 1 September 2016:
Value of stationery/inventory of stationery at that date. (1)
Credit stationery account for previous financial year. (1)

6

XY Limited 8 February 2017:
Value of stationery purchased on credit from XY Limited. (1)
Credit XY Limited account. (1)
Drawings 31 July 2017:
Value of stationery taken by owner for personal use. (1)
Debit drawings account. (1)
3(d)

$205

1

3(e)

Current assets

1

3(f)

Effect on gross profit

Effect on profit for the year

No effect

Overstated

General expenses omitted from income statement

© UCLES 2017

Opening inventory over-valued

Understated

(1)

Understated

(1)

Wages account over-added

No Effect

(1)

Understated

(1)

Sales returns omitted from income statement

Overstated

(1)

Overstated

(1)

Carriage inwards included in the expenses in the
income statement

Overstated

(1)

No Effect

(1)

Purchases returns added to the purchases

Understated

(1)

Understated

(1)

Page 8 of 12

10

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

October/November
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2017

Question

Answer

4(a)

Rashida
Income Statement for the year ended 30 September 2017
$
$
572 000
1 840

Revenue
Less Returns
Cost of sales
Opening inventory
Purchases
Less Returns
Carriage inwards

455 900
2 750
453 150 (1)
6 940 (1)

$
570 160 (1)

460 090
497 240
41 160 *(1) both

456 080
114 080 (1)OF

74 200
1 300
2 100
600
300 (1)
690 (1)
8 300 (1)
3 200 (1)

Revenue for the year is matched against the costs of the same period. (1)
Example:
Either The loan interest was adjusted for the outstanding amount.
Or The loss in value of non-current assets in the year was included.
Or A provision for doubtful debts was created. (1)

© UCLES 2017

14

37 150 *

Closing inventory
Gross profit
Less Wages
General expenses
Rates & insurance (2 800 (1) × ¾ (1))
*Loan interest (400 (1) + 200 (1))
Bad debts
Provision for doubtful debts (2% × 34 500)
Depreciation:
Fixtures & fittings (20% × (65 000 – 23 500))
Office equipment (21 000 + 2 800 – 20 600
Profit for the year
*Alternative calculation 1 200 (1) ÷ 2 = 600 (1)
4(b)

Marks

Page 9 of 12

90 690
23 390 (1)OF
2

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question
4(c)

Answer
The business is treated as being separate from the owner. (1)

October/November
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2017
Marks
2

Example
Rates and insurance for personal use were excluded. (1)
4(d)

Should compare with a business in the same trade.
Should compare with a business of approximately the same size.
Should compare with a business of the same type (sole trader).
The financial statements may be for one year, which will not show trends.
The financial statements may be for one year which is not a typical year.
The financial year may end on different dates (when inventories are high/low).
The businesses may apply different accounting policies.
The statements do not show non-monetary factors.
It may not be possible to obtain all the information needed to make comparisons.
Or other suitable points
Any 2 points (1) for basic statement and (1) for development

© UCLES 2017

Page 10 of 12

4

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

Answer

5(a)

Ben
Journal

Marks
5
Debit
$
15 200
14 300
500
32 400

Inventory
Shop fittings
Cash
Bank
Loan
Capital

62 400
5(b)

Credit
$

15 000
47 400
62 400

}(1)
}
(1)
(1)
(1)
(1)

Ben
Journal
Office equipment
Equip Limited
Purchase of office equipment on credit
Drawings
Purchases
Goods taken for own use

5(c)

October/November
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2017

6
Debit
$
1 900

Credit
$
1 900

(1)
(1)
(1)

430

(1)
(1)
(1)

430

Capital expenditure:
Money spent on acquiring, improving and installing non-current assets. (1)
Any suitable example, such as purchase of premises. (1)
Revenue expenditure:
Money spent on running the business on a day-to-day basis. (1)
Any suitable example, such as payment of wages. (1)
Revenue receipts:
Amounts received in the day-to-day trading activities from revenue and other items of income. (1)
Any suitable example, such as rent received. (1)

© UCLES 2017

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6

0452/22

Cambridge IGCSE – Mark Scheme
PUBLISHED

Question

October/November
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2017

Answer

5(d)

Effect on assets

Effect on liabilities

Marks
Effect on profit

Overstated Understated Overstated Understated Overstated Understated
$

$

$

$

$

$

Error 1

550

–

–

–

450

–

Error 2

–

–

–

375 (2)

375 (2)

–

Error 3

150 (2)

150 (2)

For each entry – (1) for position and (1) for amount

© UCLES 2017

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