Use this ZIMSEC O-Level Principles of Accounts Paper 2 November 2012 marking scheme for checking answers, revision, and exam preparation in Zimbabwe.
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This is the ZIMSEC O-Level Principles of Accounts marking scheme for Paper 2 from November 2012. It shows how marks are awarded, so you can mark your own answers. The paper code is 9197/2.
(a) Prudence concept
बे०
anticipate no profit but provide for all possible losses
businesses should understate their profits rather than overstate them
e.g. creating provisions for bad and doubtful debts or for discount allowed [][2]
(b) Income statement (Trading Profit and loss Account) for the year ended 31 December 2002.
Sales | $ | $ |
Less | & 180000 |
Initial inventory (stock) | 30800 | &
Purchases | 49200 (1) | &
Warehouse wages | 6.000 (1) | &
| 86000 | &
Less Final inventory (stock) | (2.000)(1) | (77.000) |
Gross profit | & 103000 (1)OF |
Less: Motor expenses | 7300 (1) | &
Commission | 800 (1) | &
Salaries | 22400 (1) | &
Interest on loan (2000 $\div 1000$ ) | 3000 (2) | &
Depreciation - furniture | 432 (1) | &
- vehicles | 2500 (1) | &
- machinery ( $5 \%$ of ( $37000-9000$ ) | 1400 (1) | &
Loss of vehicle through accident | 3500 (1) | TMBC |
Bad debts | 1200 (1) | &
Bad debts provision | 1180 (E)IMASC | &
Directors fees | 21400 (1) | $(65112)$ | (19) [16]
itet Priht | & 37888 |
\begin{table}
\captionsetup{labelformat=empty}
\caption{PA. Appropriation A/c for ycar ended 31 Deceinber 2002.}
Undistributed profit | & 37888
Less: Interim dividend | $7800(1)$ |
$\quad$ Final dividend | $8250(1)$ |
$\quad$ Transfer to general reserve | $7000(1)$ | $(23050)$
Undistributed profit-current year | & 14838
Undistributed profit - at start | & $15600(1)$
Retained profits c/f | & $\underline{30438}$ I of $^{[\text {a }]}$ S.
\end{table}
(1) Ho aliens ... the iffropriation al. must be some desirifion If theiest is no alternative when a candidute bas dirain a line on an anstver accept it.
NOV 2012 MARKING SeHZMA 9197/2
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