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Mark Scheme
July 2016
Results Pearson LCCI
Certificate in Bookkeeping and Accounting Level 2
(ASE20093)
ASE20093
2 July 2016
LCCI Qualifications LCCI qualifications come from Pearson, the world’s leading learning
company. We provide a wide range of qualifications including academic, vocational, occupational and specific programmes for employers. For further
information, please visit our website at www.lcci.org.uk.
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All the material in this publication is copyright
Publication Code: 52927_ms
© Pearson Education Ltd 2016
ASE20093
3 July 2016
General Marking Guidance
All candidates must receive the same treatment. Examiners must
mark the first candidate in exactly the same way as they mark the
last.
Mark schemes should be applied positively. Candidates must be
rewarded for what they have shown they can do rather than
penalised for omissions.
Examiners should mark according to the mark scheme not according
to their perception of where the grade boundaries may lie.
There is no ceiling on achievement. All marks on the mark scheme
should be used appropriately.
All the marks on the mark scheme are designed to be awarded.
Examiners should always award full marks if deserved, i.e. if the
answer matches the mark scheme. Examiners should also be
prepared to award zero marks if the candidate’s response is not
worthy of credit according to the mark scheme.
Where some judgement is required, mark schemes will provide the
principles by which marks will be awarded and exemplification may
be limited.
When examiners are in doubt regarding the application of the mark
scheme to a candidate’s response, the team leader must be
consulted.
Crossed out work should be marked UNLESS the candidate has
replaced it with an alternative response.
Where marks are awarded for own figure answers, these marks can
only be awarded if evidence of how the candidate arrived at their
values has been provided (their workings).
If candidate's fail to provide their workings when instructed in the
paper, it may not be possible to achieve all marks associated with the
question, even if the final answer is correct.
For calculation questions full marks can be awarded where correct
answer is seen with no workings shown, unless question states that
candidate must provide workings.
ASE20093
4 July 2016
Abbreviations
Of Own Figure rule
Accuracy marks can be awarded where the candidates’ answer does not match the mark scheme, though is accurate based on their valid
method.
cao Correct Answer Only rule Accuracy marks will only be awarded if the candidates’ answer is
correct, and in line with the mark scheme.
ASE20093
5 July 2016
Question Number
Answer (AO1) 1 Mark
1 (a) Award 1 mark for correct response Statement of Account (1) (1)
Question Number
Answer (AO2) 2 Mark
1 (b) Award 1 mark for correct response.
(i) $1 124 (1) (ii) $1 090 (1) (2)
Question Number
Answer (AO1) 1 Mark
1 (c) Award 1 mark for a valid comment. E.g.
Customers are reminded of the amount to pay (1)
Customers can check the accuracy of the details in the suppliers or their own books (1) (1)
Question
Number
Answer (AO1) 4
Mark 1 (d) Award 1 mark for each correct response
Transaction
Date Document Book of original
entry
10 January 2016 Sales invoice (1)
Sales day book (1)
16 January 2016 Credit note (1) Sales returns book (1)
(4)
Question Number
Answer (AO1) 2 Mark
1 (e)(i) Award 1 mark for identification and 1 mark for development. Maximum 2 marks.
E.g. Cash discount is given to credit customers in order to encourage prompt payment (1). This will improve the cash flow of the business (1) enabling them to take advantage of business opportunities (1) and reducing the possibility of irrecoverable debts (1) (2)
ASE20093
6 July 2016
Question Number
Answer (AO2) 4 Mark
1 (e) (ii) Award 1 mark for each correct response.
Account to be debited
Account to be credited
Books of Lunar Discount allowed (1)
Saturn Trading (1)
Books of Saturn Trading
Lunar (1)
Discount received (1)
(4)
(TOTAL FOR QUESTION 1 = 14 MARKS)
Question Numnber
Answer (AO2) 11
Mark
2 (a) Award marks for correct date, details and amounts in combination.
Trade Receivables Control Account
Date Details $ Date Details $
1 Dec Balance b/f 12 800 (1)
31 Dec Cash book (bank)
11 450 (1)
31 Dec
Sales day book
21 780 (1)
31 Dec Cash book (discount)
125 (1)
31 Dec
Cash book 250 (1) 31 Dec Sales returns book
1 290 (1)
31 Dec
Cash book 25 (1) 31 Dec Journal (Trade payables ledger set off)
350 (1)
31 Dec Journal (Irrecoverable debt)
400 (1)
31 Dec Balance c/d 21 240
34 855 34 855
1 Jan Balance b/d 21 240 (2 cf)/(1
of)
(11)
ASE20093
7 July 2016
Question Number
Answer (AO3) 2 Mark
2 (b) Award 1 mark for identification of a valid reason and a further 1 mark for developing the response. Maximum 2
marks. E.g. A set off (contra entry) can arise when a customer is also a supplier of the business (1). Instead of the customer paying us for goods or services supplied their balance is offset against the amount owing to them for good or services supplied to us (1).
(2)
Question Number
Answer (AO2) 12 Mark
2 (c) Award 1 mark for correct figures and narratives as indicated
Date Details Debit $ Credit $
1 Jan Drawings 300 (1)
Purchases
300 (1)
Being correction of error of goods withdrawn by owner (1)
Suspense
245 (1)
Sales
245 (1)
Being correction of error where sales was omitted from its account (1)
Motor vehicle repairs
45 (1)
Motor vehicles
45 (1)
Being correction of error of principle (1)
Suspense
6 (1)
T Wong
6 (1)
Being correction of error when payment from customer recorded in their account (1)
(12)
(TOTAL FOR QUESTION 2 = 25 MARKS)
ASE20093
8 July 2016
Question Number
Answer (AO2) 10
Mark 3 (a) Award 1 mark for correct figures and narratives as
indicated Poynter Manufacturing Manufacturing Account
For the year ended 31 December 2015
$ $
Cost of raw materials
Opening inventory 5 000(1 – for both)
Purchases 64 300(1)
Closing inventory 6 750
Cost of raw materials 62 550(1)
Factory wages 37 450(1)
Prime cost 100 000(1o/f)
Overheads
Factory power 26 389(1)
Depreciation charge 7 000(1)
Supervisors salaries 18 011(1)
51 400
151 400
Opening WIP 3 211
Closing WIP 4 611 (1 400)(1)
Cost of Finished Goods completed
150 000(1of)
(10)
Question Number
Answer (AO2) 4 Mark
3 (b) Award marks for correct date, details and amounts in combination. Rent Received Account
Date Details $ Date Details $
31 Dec
Income Statement
6 600 (1of)
20 Dec
Balance b/f
6050 (1)
31 Dec
Balance c/d
550 31 Dec
Bank 1100 (1)
7 150 7150
1 Jan Balance b/d
550 (1)
(4)
ASE20093
9 July 2016
Question Number
Answer (AO2) 4 Mark
3 (c) Award marks for correct date, details and amounts in combination.
Mair Choi Account
Date Details $ Date Details $
31 Dec Balance b/f
1 750 (1)
31 Dec
Irrecovareable debts
1 750 (1)
Irrecoverable Debts Account
Date Details $ Date Details $
31 Dec Mair Choi 1 750 (1) 31 Dec Income Statement
1 750 (1)
(4)
Question Number
Answer (AO2) 7 Mark
3 (d) Award marks for correct date, details and amounts in combination.
Subscriptions Account
Date Details $ Date Details $
1 Jan
Balance b/f
230 (1)
1 Jan Balance b/f
300 (1)
31 Dec
Income and Exp
7 390 (1o/f)
31 Dec
Bank 7 500 (1)
31 Dec
Balance c/d
420 31 Dec
Income and Exp
30 (1)
31 Dec
Balance c/d
210
8 040 8 040
1 Jan
Balance b/d
210 (1)
1 Jan Balance b/d
420 (1)
(7)
(TOTAL FOR QUESTION 3 = 25 MARKS)
ASE20093
10 July 2016
Question Number
Answer (AO2) 3 Mark
4 (a) Award 1 mark for correct figures and narratives as indicated.
Mary Martha and Margaret Appropriation Account
For the year ended 29 February 2016
$ $
Profit for the year 75 000
Appropriations
Share of profits Mary 25 000 (1) Martha 25 000 (1) Margaret 25 000 (1)
75 000
(3)
Question Number
Answer (AO2) 3 Mark
4 (b) Award marks for correct date, details and amounts in combination.
Capital account – Mary
Date Details $ Date Details $
29 Feb Balance c/d
20 000 1 Mar Bank 10 000 (1)
1 Aug Bank 10 000 (1)
20 000 20 000
1 Mar Balance b/d
20 000 (1)
(3)
ASE20093
11 July 2016
Question Number
Answer (AO2) 6 Mark
4 (c) Award marks for correct date, details and amounts in combination.
Current Account – Martha
Date Details $ Date Details $
29 Feb
Drawings 2 600 (1 for both)
29 Feb Share of
profits
25 000 (1 for both)
29 Feb
Drawings/ Purchases
395 (1)
29 Feb
Balance c/d
22 005
25 000 25 000
1 Mar Balance b/d
22 005 (1of)
Current Account - Margaret
Date Details $ Date Details $
29 Feb
Drawings 1 650 29 Feb Share of
profits
25 000
29 Feb
Balance c/d
24 100 1 Feb Rent 750 (1)
25 750 25 750
1 Mar Balance
b/d 24 100
(1of)
(6)
Question Number
Answer (AO3) 4 Mark
4 (d)(i) Award 1 mark for identification of the procedure and a further 1 mark for developing each valid response. Maximum 2 marks per procedure.
1. Partners could agree to introduce interest on drawings (1) which would charge each partner an agreed percentage on the amounts withdrawn (1) 2. Partners could agree to introduce partners salaries (1) which would reward a partner who carried out a specific task in the partnership (1)
(4)
ASE20093
12 July 2016
Question Number
Answer (AO1) 4 Mark
4 (d)(ii) Award 1 mark for each correct entry
Current Account Appropriation Account
Debit Credit Debit Credit
1 ✓ ✓
2 ✓ ✓
(4)
(TOTAL FOR QUESTION 4 = 20 MARKS)
Question Number
Answer (AO3) 4 Mark
5 (a) Award 1 mark for each correct explanation Award 1 mark for development.
Business Entity
This concept states that the business is treated as being completely separate from the owner of the business (1) e.g owners drawings would be not be shown on the income statement (1).
Going Concern
This concept states that it is to be assumed that the business will continue to operate for an indefinite period of time and that there is no intention to close down the business or reduce the size of the business by any significant amount (1) e.g valuation of non-current assets assumes the business is going to carry on for the foreseeable future (1).
(4)
ASE20093
13 July 2016
Question Number
Answer (AO2) 6 Mark
5 (b) Award 1 mark for correct figures and method Ratio Formula Ratio
Gross profit as a percentage of revenue.
Gross profit/revenue x 100 (1)
30% (1)
Profit for the
year as a
percentage of
revenue.
Profit for the year/revenue x 100 (1)
9% (1)
Return of capital employed
Profit for the year/capital employed x 100 (1)
8% (1)
(6)
Question Number
Answer (AO4) 6 Mark
5 (c) Award up to 2 marks for each correct suggestion for each ratio E.g. Gross profit as a percentage of revenue. Robin may have purchased his goods from a cheaper supplier (1) or sold his goods at a higher price than Jay Bird (1). Profit for the year as a percentage of revenue. Jay Bird may have better control of his overheads than Robin (1) in spite of a lower gross profit percentage. (1) Return of capital employed Robin is making more effective use of his capital (1) which would benefit Jay Bird if he invested in this business (1) (6)
(TOTAL FOR QUESTION 5 = 16 MARKS)
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