ZIMSEC Principles of Accounts Paper 3 November 2016 Marking Scheme

About this marking scheme

This is the ZIMSEC Principles of Accounts marking scheme for Paper 3 from November 2016. It shows how marks are awarded, so you can mark your own answers. The paper code is 9197/3.

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ACCOUNTING
9197/3

NOVEMBER 2016

Question 1
(a) Income Statement for the year ended 30 June 2012

  |  $  |  $
 Gross profit (162000-1 500)  |  & 160500 (1)
 \multicolumn{3}{|l|}{Add other income}
 Bad debts recovered  |  450 (1)  |
 Decrease in provision for doubtful debts  |  $\underline{500(1)}$  |  950
 Total revenues  |  & 161450
 \multicolumn{3}{|l|}{Less expenses}
 Selling and distribution expenses (46 100 + $2500+1300$ )  |  49900 (1)  |
 Administration expenses $43000+3000-$  |  40000 (1)  |
 Bad debts  |  32000 (1)  |
 Depreciation: Motor vehicles  |  17000 (1)  |
 Fixtures and fittings  |  26000 (1)  |  $\underline{164900}$
 Operating loss  |  & 3450 (1)
 Add Investment income  |  &
 Dividends received  |  & 7800 (1)
 Net profit before interest and tax  |  & 4350 (1)
 Less Interest on loan stock  |  & 700 (1)
 Net profit before tax  |  & 3650
 Less Corporation tax  |  & 800 (1)
 Net profit after tax  |  & 2850
 Add retained loss brought forward  |  & $(5000)$
 Retained loss carried forward  |  & $\underline{2150}$

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