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Cambridge IGCSE™

ACCOUNTING 0452/21
Paper 2 May/June 2022
MARK SCHEME
Maximum Mark: 100

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 May/June 2022 series for most
Cambridge IGCSE, Cambridge International A and AS Level and Cambridge Pre-U components, and some
Cambridge O Level components.

This document consists of 14 printed pages.

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Generic Marking Principles

These general marking principles must be applied by all examiners when marking candidate answers. They should be applied alongside the
specific content of the mark scheme or generic level descriptors for a question. Each question paper and mark scheme will also comply with these
marking principles.

GENERIC MARKING PRINCIPLE 1:

Marks must be awarded in line with:

 the specific content of the mark scheme or the generic level descriptors for the question
 the specific skills defined in the mark scheme or in the generic level descriptors for the question
 the standard of response required by a candidate as exemplified by the standardisation scripts.

GENERIC MARKING PRINCIPLE 2:

Marks awarded are always whole marks (not half marks, or other fractions).

GENERIC MARKING PRINCIPLE 3:

Marks must be awarded positively:

 marks are awarded for correct/valid answers, as defined in the mark scheme. However, credit is given for valid answers which go beyond the
scope of the syllabus and mark scheme, referring to your Team Leader as appropriate
 marks are awarded when candidates clearly demonstrate what they know and can do
 marks are not deducted for errors
 marks are not deducted for omissions
 answers should only be judged on the quality of spelling, punctuation and grammar when these features are specifically assessed by the
question as indicated by the mark scheme. The meaning, however, should be unambiguous.

GENERIC MARKING PRINCIPLE 4:

Rules must be applied consistently, e.g. in situations where candidates have not followed instructions or in the application of generic level
descriptors.

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GENERIC MARKING PRINCIPLE 5:

Marks should be awarded using the full range of marks defined in the mark scheme for the question (however; the use of the full mark range may
be limited according to the quality of the candidate responses seen).

GENERIC MARKING PRINCIPLE 6:

Marks awarded are based solely on the requirements as defined in the mark scheme. Marks should not be awarded with grade thresholds or
grade descriptors in mind.

Social Science-Specific Marking Principles

(for point-based marking)

1 Components using point-based marking:

 Point marking is often used to reward knowledge, understanding and application of skills. We give credit where the candidate’s answer
shows relevant knowledge, understanding and application of skills in answering the question. We do not give credit where the answer
shows confusion.

From this it follows that we:

a DO credit answers which are worded differently from the mark scheme if they clearly convey the same meaning (unless the mark
scheme requires a specific term)
b DO credit alternative answers/examples which are not written in the mark scheme if they are correct
c DO credit answers where candidates give more than one correct answer in one prompt/numbered/scaffolded space where extended
writing is required rather than list-type answers. For example, questions that require n reasons (e.g. State two reasons …).
d DO NOT credit answers simply for using a ‘key term’ unless that is all that is required. (Check for evidence it is understood and not used
wrongly.)
e DO NOT credit answers which are obviously self-contradicting or trying to cover all possibilities
f DO NOT give further credit for what is effectively repetition of a correct point already credited unless the language itself is being tested.
This applies equally to ‘mirror statements’ (i.e. polluted/not polluted).
g DO NOT require spellings to be correct, unless this is part of the test. However spellings of syllabus terms must allow for clear and
unambiguous separation from other syllabus terms with which they may be confused (e.g. Corrasion/Corrosion)

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2 Presentation of mark scheme:
 Slashes (/) or the word ‘or’ separate alternative ways of making the same point.
 Semi colons (;) bullet points (•) or figures in brackets (1) separate different points.
 Content in the answer column in brackets is for examiner information/context to clarify the marking but is not required to earn the mark
(except Accounting syllabuses where they indicate negative numbers).

3 Calculation questions:
 The mark scheme will show the steps in the most likely correct method(s), the mark for each step, the correct answer(s) and the mark
for each answer
 If working/explanation is considered essential for full credit, this will be indicated in the question paper and in the mark scheme. In all
other instances, the correct answer to a calculation should be given full credit, even if no supporting working is shown.
 Where the candidate uses a valid method which is not covered by the mark scheme, award equivalent marks for reaching equivalent
stages.
 Where an answer makes use of a candidate’s own incorrect figure from previous working, the ‘own figure rule’ applies: full marks will be
given if a correct and complete method is used. Further guidance will be included in the mark scheme where necessary and any
exceptions to this general principle will be noted.

4 Annotation:
 For point marking, ticks can be used to indicate correct answers and crosses can be used to indicate wrong answers. There is no direct
relationship between ticks and marks. Ticks have no defined meaning for levels of response marking.
 For levels of response marking, the level awarded should be annotated on the script.
 Other annotations will be used by examiners as agreed during standardisation, and the meaning will be understood by all examiners
who marked that paper.

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Question Answer Marks

1(a) Nakul 4
Purchases journal

Date Details $

2022
Jan 12 Nadia (350 – 70) 280 (1)
18 Nadia (400 – 80) 320 (1)
29 Sophie 60 (1)
31 Transfer to purchases account 660 (1)OF

1(b) Nakul 3
Purchases returns journal

Date Details $

2022
Jan 14 Nadia (80 – 16) 64 (1)
30 Sophie 9 (1)
31 Transfer to purchases returns account 73 (1)OF

1(c) Nakul 6
Nadia account

Date Details $ Date Details $

2022 2022
Jan 2 Bank (1) 441 Jan 1 Balance b/d (1) 450
Discount (1) 9 12 Purchases } (1) 280
14 Purchases returns (1) 64 18 Purchases } 320
31 Balance c/d 536 ____
1050 1050
Feb 1 Balance b/d (1)OF 536

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Question Answer Marks

1(d) 2
Current liabilities Non-current liabilities

Trade payables (1)

Bank overdraft (1)

1(e) Advantages 5
Would delay the outflow of cash/will reduce bank overdraft (1)
May reduce bank overdraft charges/interest (1)
Overdraft charges may be higher than cash discount offered by suppliers (1)
May currently be paying Nadia/suppliers quicker than is necessary (1)
Max (2)

Disadvantages
May lose the cash discount allowed by Nadia/suppliers (1)
Nadia/suppliers may charge interest on late payment (1)
Nadia/suppliers may stop supplying or reduce the amount they supply/may damage relationship with suppliers (1)
There may be better methods of improving cash flow (e.g. selling on cash terms) (1)
Max (2)

Accept other valid points

(1) for recommendation

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Question Answer Marks

2(a) Fatima 11
Income Statement for the year ended 31 March 2022

$ $ $
Revenue 79 400
Less Returns 3 970
75 430 (1)
Less Cost of sales
Opening inventory 3 000
Purchases 36 500
Less goods for own use 1 300 (1) 35 200
38 200
Less Closing inventory 3 120 35 080 (1)OF
Gross profit 40 350 (1)OF
Add Discount received 1 095 (1)
41 445
Less Expenses
Rent and rates (9000 – [2/3  1500]) 8 000 (1)
Wages (10 100 + 800) 10 900 (1)
General expenses 1 287
Insurance 1 800
Irrecoverable debts 200 (1)
Provision for doubtful debts ([6400 – 200]  3% = 186 – 156) 30 (1)
Depreciation of fixtures and equipment
([80 000 – 39 040]  20%) 8 192 (1) 30 409
Profit for the year 11 036 (1) OF

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Question Answer Marks

2(b) Fatima 4
Capital account

Date Details $ Date Details $

2022 2021
March 31 Drawings (8580 (1) + 1300 (1)) 9 880 April 1 Balance b/d 59 000
Balance c/d 60 156 2022
__ ___ March 31 Profit for the year (1)OF 11 036
70 036 70 036
April 1 Balance b/d (1)OF 60 156

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Question Answer Marks

2(c) In favour of accepting bank loan: 5

Liability to bank ends after 4 years/do not have to repay until 4 years’ time (1)
The interest would only need to be paid for four years (1)
Repayment of interest and loan when due improves relationship with bank (1)
Other ways of raising finance may require commitment for a longer period of time (1)
May be the best way for sole trader with limited access to funds to obtain extra finance (1)
Max (2)

Against accepting bank loan:

Bank loan has to be repaid by set date in future (1)
Bank may require security/personal assets may be at risk (1)
May find it difficult to repay the loan in 4 years’ time (1)
Loan interest must be paid even if short of liquid funds (1)
There may be more appropriate ways of raising the finance (1)
Max (2)

Accept other valid points

(1) for recommendation

Question Answer Marks

3(a) Jules 3
Journal

Date Details Debit Credit

$ $
2022
April 30 Equipment 1900 (1)
YZH Limited 1900 (1)
Purchase of hairdressing equipment on credit from YZH Limited (1)

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Question Answer Marks

3(b) 3
Increase Decrease
in profit in profit

Heat and light (1)

Depreciation (1)

Insurance (1)

3(c) Jules 10
Journal

Error Details Debit Credit

number $ $

1 General expenses 28 (1)

Suspense 28 (1)

2 Isaac 36 (1)
Suspense 36 (1)

3 Wages 144 (1)

Bank 144 (1)

4 Suspense 76 (1)
Discount received 76 (1)

5 Commission receivable 200 (1)

Rent 200 (1)

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Question Answer Marks

3(d) Jules 4
Suspense account

Date Details $ Date Details $

2022 2022
April 30 Discount received (1) 76 April 30 Difference on trial balance (1)OF 12
General expenses (1) 28
__ Isaac (1) 36
76 76

Question Answer Marks

4(a) Gross margin 11

112300  (12800  72 250  14 650) 41900 }(1)
  100  37.31% (1)OF
112300 112300 }

Profit margin
(41900 OF  19 820) 22080 } OF (1)
  100  19.66% (1)OF
112300 112300 }

Rate of inventory turnover

(12800  72250  14 650) 70 400 (1)
  5.13 times (1)OF
(12800  14 650) / 2 13 725 (1)

Current ratio
(14 650 + 12 700) : (7125 + 5375) = 27 350 : 12 500 (1) whole formula = 2.19 : 1 (1)OF

Liquid ratio
12 700 : (7125 + 5375) = 12 700 : 12 500 (1) whole formula = 1.02 : 1 (1)OF

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Question Answer Marks

4(b) Advantages 5
May be able to increase sales/gain more customers by reducing selling price (1)
OR May be able to increase sales/gain more customers by extra advertising (1)
Profit may increase if sales increase (1)
The gross margin may improve (1)
Can respond to increase in demand (1)
The inventory should not lose value (1)
Max (2)

Disadvantages
Expenses increase/profit decreases due to the increased advertising costs (1)
Demand for that particular type of inventory may decrease (1)
Inventory may deteriorate over time (1)
Goods may be of inferior quality (1)
Already has a large amount of inventory (1)
May increase storage costs (1)
May require an increased bank overdraft/reduce liquidity/decrease liquid ratio (1)
Advertising does not guarantee increase in sales (1)
Max (2)

Accept other valid points

(1) for recommendation

4(c) Either Accounting methods must be used consistently from one accounting period to the next (1) 2
Or Accounting methods should not be changed unless there is a good reason for doing so (1)

Either This means that accurate comparisons can be made from year to year (1)
Or The profit of a particular year will not be distorted (1)

Max (2)
Accept other valid points

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Question Answer Marks

4(d) Business reputation/goodwill (1) 2

Reliability of workforce/skills of workforce/ staff morale/working conditions (1)
Actions of competitors (1)
Government decisions (1)
Location of business (1)

Max (2)
Accept other valid points

Question Answer Marks

5(a)(i) Sew and Soup Club 6

Subscriptions account

Date Details $ Date Details $

2021 2021
Jan 1 Balance b/d 1 820 Jan 1 Balance b/d (1)* 2 260
Dec 31 Income and expenditure account (1)OF 14 710 Dec 31 Bank (1) 13 900
Balance c/d 1 745 Balance c/d 2 115
18 275 18 275

2022 2022
Jan 1 Balance b/d (1) 2 115 Jan 1 Balance b/d (1) 1 745

* (1) for both the opening balances

+ (1) dates

5(a)(ii) The amount received was less that the subscriptions due for the year (1) 3
Subscriptions in advance have decreased (1)
Subscriptions in arrears have increased (1)
Max (2)
Accept other valid points

The treasurer should not be pleased with this situation (1)

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Question Answer Marks

5(b) Calculation of profit on refreshments 7

$ $
Revenue 17 650 (1)
Less Cost of sales
Opening inventory 1 070 (1)
Purchases (1 580 (1) + 10 435 (1) – 1 940 (1)) 10 075
11 145
Closing inventory 1 130 (1) 10 015
Profit on refreshments 7 635 (1)OF

Alternative forms of presentation acceptable

5(c) Sew and Soup Club 4

Statement of financial position (extract) at 31 December 2022

Current assets $
Inventory 1 130 (1)
Other receivables (500 (1) + 2115 (1)) 2 615
Bank 7 743
11 488 (1)OF

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