Use this PEC Secondary Principles of Accounts Paper 2 2022 marking scheme for checking answers, revision, and exam preparation in Zimbabwe.
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This is the PEC Principles of Accounts marking scheme for Paper 2 from 2022. It shows how marks are awarded, so you can mark your own answers.
MR KAYBEE
ACCOUNTING PAPER TWO
PEC EXAMINATION (2022)
EXPECTED MARKING GUIDE
1 (a) Manufacturing account and Income statement for the vear ended 30 April 2012
\multicolumn{4}{|l|}{Manufacturing Account}
| $000 | $000 | $000
\multicolumn{4}{|l|}{Raw Material Cost}
Opening inventory of raw materials | & 140 |
Purchases of raw materials | 1450 | &
Carriage inwards | 130 | $\underline{1580}$ |
| & 1720 |
Closing inventory of raw materials | & (235) |
Cost of raw materials consumed | & | 1485
Add: Direct labour cost | & | 1675
Prime cost | & | 3160
\multicolumn{4}{|l|}{Factory overheads:}
Factory overheads ($1 $350000+$ 70000)$ | & | 1420
Factory depreciation ( $$ 150000 \times 2 / 3$ ) | & | 100
| & | 4680
Add Opening work in progress | & 165 |
Less Closing work in progress | & (320) | (155)
Factory cost of goods produced | & | 4525
Add Factory profit ( $20 \% \times $ 4525000$ ) | & | 905
Market value of production | & | 5430
Income Statement Account
Revenue | & 6500
\multicolumn{3}{|l|}{Cost of sales}
Opening inventory of finished goods | 330 |
Add Market value of production | 5430 |
Less Closing inventory of finished goods | (438) | $\underline{5322}$
Gross profit | & 1178
\multicolumn{3}{|l|}{Operating expenses}
Office overheads ($1 025000 - $35 000) | 990 |
Carriage outwards | 75 |
Office depreciation ( $$ 150000 \times 1 / 3$ ) | 50 |
| & 1115
Net profit on trading | & 63
Factory profit | 905 |
Increase in provision for unrealised profit | (18) | 887
Overall net profit | & 950
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