Cambridge IGCSE™

ACCOUNTING 0452/21
Paper 2 Structured October/November 2024
MARK SCHEME
Maximum Mark: 100

Published

This mark scheme is published as an aid to teachers and candidates, to indicate the requirements of the
examination. It shows the basis on which Examiners were instructed to award marks. It does not indicate the
details of the discussions that took place at an Examiners’ meeting before marking began, which would have
considered the acceptability of alternative answers.

Mark schemes should be read in conjunction with the question paper and the Principal Examiner Report for
Teachers.

Cambridge International will not enter into discussions about these mark schemes.

Cambridge International is publishing the mark schemes for the October/November 2024 series for most
Cambridge IGCSE, Cambridge International A and AS Level components, and some Cambridge O Level
components.

This document consists of 18 printed pages.

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Generic Marking Principles

These general marking principles must be applied by all examiners when marking candidate answers. They should be applied alongside the
specific content of the mark scheme or generic level descriptions for a question. Each question paper and mark scheme will also comply with these
marking principles.

GENERIC MARKING PRINCIPLE 1:

Marks must be awarded in line with:

• the specific content of the mark scheme or the generic level descriptors for the question
• the specific skills defined in the mark scheme or in the generic level descriptors for the question
• the standard of response required by a candidate as exemplified by the standardisation scripts.

GENERIC MARKING PRINCIPLE 2:

Marks awarded are always whole marks (not half marks, or other fractions).

GENERIC MARKING PRINCIPLE 3:

Marks must be awarded positively:

• marks are awarded for correct/valid answers, as defined in the mark scheme. However, credit is given for valid answers which go beyond
the scope of the syllabus and mark scheme, referring to your Team Leader as appropriate
• marks are awarded when candidates clearly demonstrate what they know and can do
• marks are not deducted for errors
• marks are not deducted for omissions
• answers should only be judged on the quality of spelling, punctuation and grammar when these features are specifically assessed by the
question as indicated by the mark scheme. The meaning, however, should be unambiguous.

GENERIC MARKING PRINCIPLE 4:

Rules must be applied consistently, e.g. in situations where candidates have not followed instructions or in the application of generic level
descriptors.

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GENERIC MARKING PRINCIPLE 5:

Marks should be awarded using the full range of marks defined in the mark scheme for the question (however; the use of the full mark range may
be limited according to the quality of the candidate responses seen).

GENERIC MARKING PRINCIPLE 6:

Marks awarded are based solely on the requirements as defined in the mark scheme. Marks should not be awarded with grade thresholds or
grade descriptors in mind.

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Social Science-Specific Marking Principles
(for point-based marking)

1 Components using point-based marking:

• Point marking is often used to reward knowledge, understanding and application of skills. We give credit where the candidate’s answer
shows relevant knowledge, understanding and application of skills in answering the question. We do not give credit where the answer
shows confusion.

From this it follows that we:

a DO credit answers which are worded differently from the mark scheme if they clearly convey the same meaning (unless the mark
scheme requires a specific term)
b DO credit alternative answers/examples which are not written in the mark scheme if they are correct
c DO credit answers where candidates give more than one correct answer in one prompt/numbered/scaffolded space where extended
writing is required rather than list-type answers. For example, questions that require n reasons (e.g. State two reasons …).
d DO NOT credit answers simply for using a ‘key term’ unless that is all that is required. (Check for evidence it is understood and not used
wrongly.)
e DO NOT credit answers which are obviously self-contradicting or trying to cover all possibilities
f DO NOT give further credit for what is effectively repetition of a correct point already credited unless the language itself is being tested.
This applies equally to ‘mirror statements’ (i.e. polluted/not polluted).
g DO NOT require spellings to be correct, unless this is part of the test. However spellings of syllabus terms must allow for clear and
unambiguous separation from other syllabus terms with which they may be confused (e.g. Corrasion/Corrosion)

2 Presentation of mark scheme:

• Slashes (/) or the word ‘or’ separate alternative ways of making the same point.
• Semi colons (;) bullet points (•) or figures in brackets (1) separate different points.
• Content in the answer column in brackets is for examiner information/context to clarify the marking but is not required to earn the mark
(except Accounting syllabuses where they indicate negative numbers).

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3 Calculation questions:
• The mark scheme will show the steps in the most likely correct method(s), the mark for each step, the correct answer(s) and the mark
for each answer
• If working/explanation is considered essential for full credit, this will be indicated in the question paper and in the mark scheme. In all
other instances, the correct answer to a calculation should be given full credit, even if no supporting working is shown.
• Where the candidate uses a valid method which is not covered by the mark scheme, award equivalent marks for reaching equivalent
stages.
• Where an answer makes use of a candidate’s own incorrect figure from previous working, the ‘own figure rule’ applies: full marks will be
given if a correct and complete method is used. Further guidance will be included in the mark scheme where necessary and any
exceptions to this general principle will be noted.

4 Annotation:
• For point marking, ticks can be used to indicate correct answers and crosses can be used to indicate wrong answers. There is no direct
relationship between ticks and marks. Ticks have no defined meaning for levels of response marking.
• For levels of response marking, the level awarded should be annotated on the script.
• Other annotations will be used by examiners as agreed during standardisation, and the meaning will be understood by all examiners
who marked that paper.

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Annotation Description Use

Tick Indicates a point which is relevant and rewardable.

Cross Indicates a point which is inaccurate/irrelevant and not rewardable.

Benefit of doubt Used when the benefit of the doubt is given in order to reward a response.

An extraneous figure or item in the statement

OF Own figure

Noted but no credit

Indicates that content has been recognised but not rewarded.
given

Repetition Indicates where content has been repeated.

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Question Answer Marks

1(a) Jenny 7
Cash Book – bank columns

Date Details $ Date Details $

2024 2024
Mar 1 M Stores (1) 1 900 Mar 1 Balance b/d (1) 1 933
Interest received (1) 358 C Stores (dis. chq) (1) 1 121
Drawings/Correction of Bank charges } 125
error (1) 45 Electricity } (1) 290
Balance c/d 1 166 _ ___
3 469 3 469
2024
Mar 1 Balance b/d (1)OF 1 166

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Question Answer Marks

1(b) Jenny 5
Bank reconciliation statement at 29 February 2024

$ $
Balance on bank statement 1 367 (1)
Amounts not yet credited
Cheque – Y Traders 792 (1)
2 159
Amounts not presented
Cheque – B Properties 1 025 (1)
Credit transfer – Rent and insurance 2 300 (1) 3 325
Balance in cash book (1 166) (1)OF

Alternative presentation

$ $
Balance in cash book (1 166) (1)OF
Amounts not presented
Cheque – B Properties 1 025 (1)
Credit transfer – Rent and insurance 2 300 (1) 3 325
2 159
Amounts not yet credited
Cheque – Y Traders (792) (1)
Balance on bank statement 1 367 (1)

1(c) An accurate bank balance is available 2

Errors on bank statement can be identified
Errors in the bank account can be identified
Assists with discovering fraud and embezzlement
Cheques not presented can be identified
Amounts not credited by the bank can be identified
Any stale (out of date) cheques can be identified

Any 2 advantages (1) each

1(d) It is an asset to the bank/it is money owed to the bank 1

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Question Answer Marks

1(e) Advantages 5
Improves bank balance/ improve liquidity
Money available to run the business/pay trade payables/business expenses
Reduces interest/bank charges from bank
Improves relationship with bank
Any other valid points
Max 3

Disadvantages
Lack of funds for own personal use
May not have sufficient personal funds available
May have to obtain a personal loan
Will lose interest on investments if they have to be withdrawn
More personal funds at risk
Accept other valid points
Max 3

Recommendation (1)

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Question Answer Marks

2(a) Ali & Sai 8

Profit and loss appropriation account for the year ended 30 June 2024
$ $
Profit for the year (42 700 (1) – 500 (1)) 42 200

Add Interest on drawings Ali 550 (1)

Sai 800 (1) 1 350
43 550
Less Interest on capital Ali 3 600 (1)
Sai 2 400 (1)
6 000
Salary Sai 10 050 (1) 16 050
Residual profit 27 500

Profit share Ali 16 500 }(1)OF

Sai 11 000 27 500

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Question Answer Marks

2(b) Sai 8
Capital account
Date Details $ Date Details $
2024 2023
June 30 Balance c/d 40 000 July 1 Balance b/d 40 000
40 000 40 000
2024
July 1 Balance b/d (1) 40 000

Sai
Current account
Date Details $ Date Details $
2024 2023
June 30 Drawings (1) 16 000 July 1 Balance b/d (1) 250
Interest on drawings (1)OF 800 2024
Balance c/d 6 900 June 30 Interest on capital (1)OF 2 400
Salary (1) 10 050
_ ____ Profit share (1)OF 11 000
23 700 23 700
2024
July 1 Balance b/d (1)OF 6 900

2(c) Profits have to be shared among the partners 2

Decisions must be recognised by all partners
Decisions may take longer to put into effect
One partner’s actions on behalf of the business are binding on all partners
Disagreements can occur
All partners are responsible for the debts of the business
Accept other valid advantages
Any 2 disadvantages (1) each

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Question Answer Marks

2(d) Ali and Sai 2

Journal
Date Details Debit Credit
$ $

Interest on loan (1) 500

Bank (1) 500

Question Answer Marks

3(a) Natalie 10
Journal
Error Details Debit Credit
number $ $

1 Suspense (1) 420

Sarah (1) 420

2 Motor vehicles {(1) 7 000

Vehicle maintenance { 7 000
Capital (1) 14 000

3 Purchases (1) 63
Suspense (1) 63

4 General expenses (1) 126

Bank (1) 126

5 Drawings (1) 400

Cash (1) 400

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Question Answer Marks

3(b) Natalie 3
Suspense account

Date Details $ Date Details $

2024 2024
Mar 31 Sarah (1) 420 Mar 31 Difference on trial
balance (1) 357
___ Purchases (1) 63
420 420

3(c) 2
Error Error type
Number

Error 4 Omission (1)

Error 5 Complete reversal (1)

3(d) 5
Error Effect on profit
Number
decrease increase no effect

Error 1 (1)

Error 2 (1)

Error 3 (1)

Error 4  (1)

Error 5 (1)

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Question Answer Marks

4(a) $ $ 2
Cost of vehicles at start 440 000
Add Cost of new vehicles 70 000 510 000
Less Cost of vehicle sold 28 000
Cost of vehicles held at year end 482 000 (1)
Depreciation for the year = 482 000  20% = 96 400 (1)OF

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Question Answer Marks

4(b) Delivery vehicles account 10

Date Details $ Date Details $
2023 2023
Jan 1 Balance b/d 440 000 Nov 30 Disposal (1) 28 000
Apr 1 L Autos (1) 70 000 Dec 31 Balance c/d 482 000
510 000 510 000
2024
Jan 1 Balance b/d ***OF 482 000

Provision for depreciation of delivery vehicles account

Date Details $ Date Details $
2023 2023
Nov 30 Disposal (1) 16 800 Jan 1 Balance b/d 270 000
Dec 31 Balance c/d 349 600 Dec 31 Income statement (1)OF 96 400
366 400 366 400
2024
Jan 1 Balance b/d ***(1)OF boths 349 600

Disposal of delivery vehicle account

Date Details $ Date Details $
2023 2023
Nov 30 Delivery vehicles (1) 28 000 Nov 30 Prov. for depreciation (1) 16 800
Bank (1) 10 500
_____ Dec 31 Income statement (1)OF 700
28 000 28 000

(1) dates

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Question Answer Marks

4(c) Advantages 5
Application of the matching principle
Vehicles would be valued at a more realistic/accurate figure
May reflect the estimate of loss in value for vehicles more accurately/ depreciation may be more accurate
Appropriate for vehicles as they lose more value/greater benefits are gained in the early years
Total depreciation/annual depreciation charge will be lower
Accept other valid points
Max 2

Disadvantages
More difficult to calculate depreciation /need to recalculate depreciation each year
The depreciation charge is higher in the early years
Changing methods is against the consistency principle
Changing methods makes comparisons between years more difficult
Non-current asset may be overvalued
Accept other valid points
Max 2

Recommendation (1)

4(d) 3
Non-current asset Straight line Revaluation No
depreciation

Land  (1)

Fixtures & fittings (1)

Loose tools  (1)

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Question Answer Marks

5(a) G Limited 10
Manufacturing account for the year ended 31 March 2024

$ $
Cost of materials consumed
Opening inventory of raw materials 18 200
Purchases of raw materials 68 000
86 200
Less Closing inventory of raw materials 19 280
66 920 (1)
Direct wages 183 700 (1)
Royalties 3 240 (1)
Prime cost 253 860 (1)OF
Factory overheads
Wages of factory supervisor 47 200 }(1)
Factory general expenses 20 250 }
Factory rates and insurance
(7 100 + 620)  60% 4 632 (1)
Depreciation of factory machinery
(247 000 – 51 500)  15% 29 325 (1) 101 407
355 267 (1)OF
Add Opening work in progress 23 400 *
378 667
Less Closing work in progress 22 650 * (1) both W in P
Cost of production 356 017 (1)OF

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Question Answer Marks

5(b) G Limited 5
Income Statement (Trading section) for the year ended 31 March 2024
$ $ $
Revenue 523 908 (1)OF
Less Cost of sales
Opening inventory finished goods 6 820
Cost of production 356 017 (1)OF
Purchases of finished goods 32 413 } (1)
Carriage inwards on finished goods 2 180 } 34 593
397 430
Less Closing inventory of finished goods 9 350 388 080 (1)OF
Gross Profit 135 828 (1)OF

5(c) Advantages 5
Better trained staff
Improved debt collection period/reduce trade receivables turnover/money received from credit customers more
quickly/improved cash flow
Improved credit control
Risk of irrecoverable debts reduced
Only have to pay fee once but benefits should continue
Accept other valid points
Max 2

Disadvantages
Fee charged by consultant/cannot afford the fee
May damage relationship with customers
May be reduction in sales
New procedures are not guaranteed to generate improvements
No time to train staff
Additional costs may be incurred
Accept other valid points
Max 2

Recommendation (1)

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