Mark Scheme (Results) Summer 2008

Transcription

1 Scheme (Results) GCE IGCSE Accounting (4305) Edexcel Limited. Registered in England and Wales No Registered Office: One90 High Holborn, London WC1V 7BH

2 1(a) A (1) 1(b) C (1) 1(c) D (1) 1(d) B (1) 1(e) D (1) 1(f) C (1) 1(g) C (1) 1(h) D (1) 1(i ) D (1) 1(j ) A (1) 2

3 2(a ) (4) 2(b ) (2) 2(c ) (14) 2(d )(i) (1) General (Main) Ledger Purchases Account Apr 1 Balance b/f 80000a Apr 30 Sundry Creditor sa 12400a Purchases Returns Account Apr 1 Balance b/f 2000a Apr 30 Sundry Creditorsa 250a Purchase Ledger Control Account Apr 30 Purchase Returns a 275a Apr 1 Balance b/f 30000a Apr 5 Bank (Cash Book)a 4000a Apr 30 P urchasesa 13640a VAT Account Apr 30 Sundry Creditorsa 1240a Apr 1 Balance b/f 5000a Apr 10 Bank (Cash 15a Apr 30 Sundry Creditorsa 25a Book) a Apr 30 Balance c/d 3990aC Apr 30 Bank (Cash 220a Book)a May 1 Balance b/d 3990aO/F 3

4 Rent Account Apr 1 Balance b/f 3000a Apr 2 Bank (Cash Book) 250a Stationery Account Apr 1 Balance b/f 2000a Apr 10 Bank (Cash Book) 150a Bank Loan Account Apr 22 Bank (Cash Book) 250a Apr 1 Balance b/f 10000a + Creditors (Purchases) Ledger Allen & Co Account + 1 x a for correct opening narratives Apr 10 Purchase Returns 220a Apr 1 Balance b/f 4000a Apr 5 Bank (Cash Book) 4000a Apr 10 Purchases 1100a Apr 23 Purchases 2200a H Ball Account Apr 1 Balance b/f 8000a Apr 17 Purchases 3300a R Charles Ltd Account Apr 12 Purchase Returns 55a Apr 1 Balance b/f 6000a Apr 12 Purchases 440a B Davies Account Apr 1 Balance b/f 12000a Apr 28 Purchases 6600a 42 x a = 21 marks 4

5 2(d)(ii) Mihai Shah owesaa the governmentaa 3990aa (3) 2(d)(iii) The figure would be shown as a current liabilityaa (1) 8 x a = 4 marks 5

6 3(a ) (12) Sanjoy Patel Profit and Loss Account For Year Ended 30 April 2008 Gross Profit a Bad Debt Recovered 1250a Profit on Disposal 500 a Running Expenses Wages ( ) 84000aaa Rent & Rates 10974a Postage and Telephone 2798a Advertising 1782a Sundry Expenses ( ) 12450aa Loan Interest ( ) 1500aaa Bad Debts 250a Provision for Doubtful Debts 28aa Depreciation Motor Vehicles 3750aa Fixtures and 10000aa Fittings aO/F Net Profita 59870aO/F 24 x a = 12 marks 6

7 3(b ) (13) Sanjoy Patel Balance Sheet As at 30 April 2008 Fixed Assets Motor Vehicles 20000a 8750 aao /F 11250a Fixtures and Fittings 50000a aao/ F 15000a Current Assets Stock 17480a Debtors ( ) 4047aa Cash at Bank 19302a Cash in Hand ( ) 2374aa Current Liabilities Creditors 17492a Wages and Salaries Accrued 7000aO/F Loan Interest Owing 250aO/F Working Capitala 18461aO/ F Long Term Liabilities Bank Loan Financed by: Capital Net Profit 1500) Drawings ( Owner s Capital 28224a 59870aO/F aa 15000a aO/F + a for all 4 headings ie FA,CA, CL + LTL 26 x a = 13 marks 7

8 4(a) A cheque that has been refused paymenta by the debtors banka due to insufficient fundsa in the debtors account.a 4 x a = 2 marks (2) 4(b) (3) Date Narrative Date Narrative Apr 1 Balance b/d 8000 Apr 2 F Bashir (10123) 1200 Apr 7 Sales Banked 800 Apr 8 M Tyler (10124) 1300 Apr 13 Sales Banked 550 Apr 15 H Joshi (10125) 1250 Apr 20 Sales Banked 650 Apr 15 DD/ MTC 250a Apr 30 Sales Banked 750 Apr 20 DD/ Dir Ins. 80a Apr 22 CT M Bell 1230a Apr 28 Bank Charges 120a Apr 30 Dishonoured Ch 280a Apr 30 Balance c/d 7500aO/F May 1 Balance b/d x a = 3 marks 4(c) (5) Real Kitchen Suppliers Bank Reconciliation Statementa As at 30 April 2008a Balance as per cash booka Add: Unpresented Cheque Less: Outstanding Lodgement Balance as per bank statementa 7500aO/F 1250aa aa 8000aC 10 x a = 5 marks 8

9 5(a ) (2) Plant and Machinery Account Date Narrative Da te Narrative May 1 Balance b/f a Dec 31 Asset Disposala a Apr 30 Balance c/d May 1 Balance b/d aO/F 5(b) (2) Motor Vehicles Account 4 x a = 2 marks Date Narrative Date Narrative May 1 Balance b/f a Apr 30 Balance c/d Feb 1 Banka a May 1 Balance b/d aO/ F 5(c) (3) Provision for Depreciation (Plant and Machinery) 4 x a = 2 marks Date Narrative Date Narrative Dec 31 Asset Disposal a a May 1 Balance b/f a Apr 30 Balance c/d Apr 30 Profit & Lossa 30000a May 1 Balance b/d 80000a O/ F 6 x a = 3 mark s 9

10 5(d ) (3) Disposal of Machinery Date Narrative Date Narrative Dec 31 Plant & a Dec 31 Provision for a Machinery D ep Dec 31 Bank 40000a Apr 30 Profit & Lossa 10000aaO/F x a = 3 marks 5(e)(i) Concept 1: Consistencya Concept 2: Accrualsa 2 x a = 1 mark (1) 5(e)(ii) Award Up to aaaaa for application of consistency concept Up to aaaaa for application of accruals concept Example In applying the consistency concept the business which decides to make a provision for depreciation on plant and machinery at 10 per cent per annum, using the straight line method should continue to use that percentage and method for future final accountsaa for this class of assetaa. B y applying the consistency concept directaa comparison between the final accounts of differe nt years can be made.aa (max 5 a) In applying the accruals concept t he benefit which a fixed asset provides over its economic life is matchedaa with the depreciationaa for the same period. Therefore the costaa of the fixed asset is spread over the useful lifeaa of the asset. ( max 5a) 10 x a = 5 marks (5) 10

11 6(a) Formula: Net Profita Salesa x 100 (3) Net Profit Margin for year ended 28 February a 35000a x 100 = 46% Net Profit Margin for yea r ended 28 February a 52000a x 100 = 50% 6 x a = 3 marks 6(b) Formula Gross Profita Cost of Salesa x 100 (3) up for year ended 28 February a 13400a x 100 = 161% up for year ended 28 February a a x 100 = 215 % 6 x a - 3 marks 6(c) Formula Cost of Goods Solda Average Stocka (3) Rate of Stock Turnover for year ended 28 February a 3450 a = 4 times Rate of Stock Turnover for year ended 28 February a 5500a = 3 times 6 x a = 3 marks 11

12 6(d) Award 3 x aaa for an evaluation of each ratio (a for comment a for figure and a for development point) 1 x a for a relevant conclusion Example answer Over the past two years the net profit margin has increaseda from 46% to 50%a. This indicates that the business is able to control its overheads/expenses bettera. The mark up has also increaseda from 161% to 215%a indicating that a larger profit percentage is being added to the cost price of the goodsa. The rate of stock turnover has however declineda from 4 times to 3 timesa indicating that stock is being held on average for a longer time before it is solda Overall although the profitability of the business has improved over the two years the business is taking longer to sell their stocka All above marks are OF, if comments are consistent with answers to (a) (b) and (c). 10 x a = 5 marks (5) 12