IGCSE Accounting Mark Scheme

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- 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
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ons Salary: Michael Share of Profits: Michael 2/5 Morgan 3/5 77284 115926 193210 + Question Number 3(b) Answer for no extraneous items 20 x Mark (7) Narration Oct 1 Sept 30 Sept 30 Balance b/f Drawings Balance c/d £ Michael – Current Account Date Narration Sept 30 Sept 30 Sept 30 Oct 1 Salary Profit Share Advertising Balance b/d £ 30000 77284 125 107409 96259 14 x = 7 marks = 10 marks 385000 15000 400000 6790 7500 10500 140000 12000 176790 223210 30000 193210

e

1500 9650 96259 107409

4305 IGCSE Accounting November 2007

7

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Question Number 3(c) Answer Mark (8) Michael and Morgan Balance Sheet Extract As at 30 September 2007 Michael Morgan 40000 c 50000 c (1500) 30000 125 77284 (9650) 96259 2000

Financed by Capitals Current Accounts Opening Balance Salary Advertising Share of Profits Drawings Closing Balances + - no extraneous items

Total 90000 c

115926 (8200) 109726

205985 295985

16 x

= 8 marks

4305 IGCSE Accounting November 2007

8

- EDUCATIONAL PURPOSES ONLY - NOT FOR SALE Question Number 4(a) Answer Mark (12) Joey Peterson Manufacturing Account For year ended 30 June 2007 Opening Stock Raw Materials Purchases £ 81600 314000 395600 94500 £ £

Closing Stock Raw Materials Cost of Raw Materials Consumed Direct Factory Wages (450000+8900 ) Direct Factory Power Prime Cost Factory Overheads Factory Rent and Rates Indirect Factory Wages General Expenses Insurance (66900 − 6900 ) x 1/3 Depreciation: Plant and Machinery Work

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