ZIMSEC O-Level Principles of Accounts Paper 1 June 1999 Marking Scheme

Use this ZIMSEC O-Level Principles of Accounts Paper 1 June 1999 marking scheme for checking answers, revision, and exam preparation in Zimbabwe.

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Questions: ZIMSEC O-Level Principles of Accounts Paper 1 June 1999 Question Paper

Exam board: ZIMSEC
Subject: Principles of Accounts
Level: O-Level
Document: Marking Scheme
Paper: Paper 1
Paper code: 7112/01
Session: June
Year: 1999
File: PDF, 130 KB

About this marking scheme

This is the ZIMSEC O-Level Principles of Accounts marking scheme for Paper 1 from June 1999. It shows how marks are awarded, so you can mark your own answers to the matching question paper. The paper code is 7112/01. See the question paper.

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Text from the first page

PRINCIPLES OF ACCOUNTS
JUNE 1999

7112/01

POSSIBLE ANSWERS

1(a) B. MUSHONGA DEPARTMENTAL TRADING AND PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 1998

  |  Cosmetics  |  Medicines  |  Cosmetics  |  Medicines
 Opening stock  |  10500  |  30000  |  Sales  |  150000
 Purchases  |  $\underline{70100}$  |  $\underline{95700}$  |  &
  |  80600  |  125700  |  &
 Less Drawings  |  -  |  500  |  &
  |  80800  |  125200  |  &
 Less Closing Stock  |  $\underline{10150}$  |  16350  |  &
 Cost of Sales  |  70450  |  108850  |  & [6 marks]
 GROSS PROFIT c/  |  d29 550  |  41150  |  &
  |  100000  |  150000  |  100000  |  150000
 \multicolumn{2}{|l|}{OPERATING EXPENSES}  |  \multicolumn{2}{|c|}{GROSS PROFIT b/d}  |  70700
 Advertising  |  4500  |  & (29 $550+41150$ )  |
 Depreciation:  |  &  |  Rent Received  |  2400
 Furniture \& Fittings (20\% of $7 200)  |  1440  |  &  |
 Commission on Sales  |  4000  |  &  |
 Salaries and wages  |  (30 900 + Owing 1 100)  |  &  |
 Insurance (1 500 - Prepaid 300)  |  &  |  &
 General expenses  |  6300  |  &  |
 Provision for Doubtful  |  Debts ( $15 \%$ of 12 200)  |  610  |  &
 NET PROFIT  |  23050  |  &  |
  |  73100  |  &  |  73100
  |  &  |  & [7 marks]