ZIMSEC A-Level Principles of Accounts Paper 2 November 2010 Marking Scheme

About this marking scheme

This is the ZIMSEC A-Level Principles of Accounts marking scheme for Paper 2 from November 2010. It shows how marks are awarded, so you can mark your own answers to the matching question paper. See the question paper.

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Other years: Principles of Accounts A-Level

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• 2015 Paper 3 November Marking Scheme2.4 MB
• 2017 Paper 2 November Marking Scheme1003 KB

Text from the first page

TEACHER JARAVAZA D.C.
NOV 2010 P 2
\[
\text { Now } 20109197 / 2
\]

1 (a)(i) Preference shares with right to arrears of dividend. (1)

[1]
(ii) Preference as to dividend

Fixed rate of dividend.
Right to dividend arrears. '
Preference as to assets on liquidation.
1 mark each, maximum 3.
(b)(i) Profit and loss and appropriation account for the year ended 31 December 2007.

Gross profit
Discount received
Reduction in bad debt provision
Rent and rates (230-10)
Salaries and wages
Sundry expenses ( $140+3$ )
Depreciation ( $20 \% \times(620-170)$
PBIT
Less Interest (10\% × 80000)
PBT
Less Taxation $(30 \% \times 100000)$
Net Profit
Transfer to general reserve Interim dividend - Preference Final dividend - preference
- ordinary (6c x 250)

Retained profit for the year Retained profit $\mathrm{b} / \mathrm{f}$
$

$220000(1)$
339000
$143000(1)$
$90000(1)$

$20000(1)$
$5000(1)$
$5000(1)$
$15000(1)$

$$$
891000
$6000(1)$
$\frac{3000}{900000}(1)$

$\frac{792000}{108000}$
$\frac{8000}{100000}(1)$
$\frac{30000}{70000}(1)$
9.
$\frac{45000}{25000}$
$\frac{85000}{110000}$