IGCSE Accounting Mark Scheme

Only available on StudyMode
  • Download(s) : 1685
  • Published : March 25, 2011
Open Document
Text Preview
- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE -

Mark Scheme November 2007

IGCSE

IGCSE Accounting (4305)

Edexcel Limited. Registered in England and Wales No. 4496750 Registered Office: One90 High Holborn, London WC1V 7BH

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Edexcel is one of the leading examining and awarding bodies in the UK and throughout the world. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. Through a network of UK and overseas offices, Edexcel’s centres receive the support they need to help them deliver their education and training programmes to learners. For further information please call our Customer Services on + 44 1204 770 696, or visit our website at www.edexcel-international.org .

November 2007 All the material in this publication is copyright © Edexcel Ltd 2007

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE -

Contents

1. 4305 Paper 1 Mark Scheme

4

4305 IGCSE Accounting November 2007

3

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE IGCSE Accouting 4305 Paper 1 Mark Scheme Question Number 1(a) Question Number 1(b) Question Number 1(c) Question Number 1(d) Question Number 1(e) Question Number 1(f) Question Number 1(g) Question Number 1(h) Question Number 1(i) Question Number 1(j) Answer B Answer C Answer C Answer B Answer D Answer C Answer B Answer C Answer D Answer B Mark (1) Mark (1) Mark (1) Mark (1) Mark (1) Mark (1) Mark (1) Mark (1) Mark (1) Mark (1)

4305 IGCSE Accounting November 2007

4

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Question Number 2(a) Answer Mark (6) T Farmer Account Date Apr 3 Apr 5 Apr21 Apr30 Narration Returns Bank SL set off Balance c/d £ 220 1500 500 3680 c 5900 Date Apr1 Apr1 Apr21 Narration Balance b/f Purchases Purchases £ 1500 1375 3025 5900 3680 12 x Question Number 2(b) Answer Mark (6) Purchase Ledger Control Account Date Apr30 Apr30 Apr30 Apr30 Narration Returns Bank SL off set Balance c/d £ 506 10500 500 11469 c 22975 Date Apr 1 Apr30 Narration Balance b/f Purchases £ 15000 7975 = 6 marks

May 1

Balance b/d

May 1

Balance b/d

22975 11469 12 x = 6 marks

Question Number 2(c)(i)-(ii)

Answer (i) The balance of the control can be checked against the sum of the individual balances in the purchases ledger and discrepancies or errors identified. (ii) The balance of the control account can assist in the preparation of the balance sheet at the year end by providing a total for creditors. Any other acceptable explanation 8x = 4 marks

Mark (4)

4305 IGCSE Accounting November 2007

5

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Question Number 2(d) Answer Mark (3) The Journal Date Apr 30 Apr 30 Narration Bad Debt A Carter Being the writing off of a bad debt Debit 500 Credit 500

6x Question Number 2(e) Answer Debit: Profit and Loss Account. Credit: Provision for Doubtful Debts Account. 2x Question Number 2(f) Answer = 1 marks Mark Mark (1)

= 3 marks

The prudence concept requires that final accounts should (5) always report a conservative figure for profit or the valuation of assets . Additionally profits are not to be anticipated and any known liabilities should be provided for . This is relevant to the PDD as the debtors have not yet gone bad but if there is a possibility they will then this needs to be provided for in the current period, otherwise both the profit reported in the profit and loss account and the debtors balance reported in the balance sheet will be overstated . This action will ensure that the final accounts give a true and accurate picture of the business by reducing debtors and profits by the amount of any likely bad debts. 10 x = 5 marks

4305 IGCSE Accounting November 2007

6

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Question Number 3(a) Answer Mark (10) Michael and Morgan Profit and Loss Account (including appropriation) For year ended 30 September 2007 Gross Profit Discounts received Overheads...
tracking img