2025 Cambridge IGCSE Accounting (0452) 模擬試題連答案詳解

(a) Sales Journal: Sept 8 Tariq \( (600 - (600 \times 15\%)) = \$510 \), Sept 20 Tariq \( \$800 \). Total Sales Journal = \( \$1,310 \). Sales Returns Journal: Sept 12 Tariq \( (120 - (120 \times 15\%)) = \$102 \). Total Sales Returns Journal = \( \$102 \). (b) Tariq Account (Sales Ledger): Debit side: Sept 1 Balance b/d \( \$450 \), Sept 8 Sales \( \$510 \), Sept 20 Sales \( \$800 \) (Total Debits = \( \$1,760 \)). Credit side: Sept 12 Sales Returns \( \$102 \), Sept 25 Bank \( \$441 \) (\( \$450 \times 98\% \)), Sept 25 Discount Allowed \( \$9 \) (\( \$450 \times 2\% \)), Sept 28 Contra/Purchases Ledger \( \$150 \), Sept 30 Balance c/d \( \$1,058 \). Balance b/d on 1 October: Debit \( \$1,058 \). (c) (i) Credit Note. (ii) Trade discount is deducted from list price on the invoice and is not recorded anywhere in the double-entry ledger accounts. Cash discount is recorded in the double-entry ledger accounts in the Cash Book (discount columns) and transferred to the Discount Allowed/Received accounts.

Part (a): 8 marks. Sales Journal: Sept 8 Tariq $510 (1 mark for calculation, 1 mark for entry), Sept 20 Tariq $800 (1 mark), Total $1,310 (1 mark). Sales Returns Journal: Sept 12 Tariq $102 (1 mark for calculation, 1 mark for entry), Total $102 (1 mark), Correct dates and headers (1 mark). Part (b): 7 marks. Opening balance $450 (1 mark), Sales entries $510 and $800 on debit (1 mark for both), Sales Returns $102 on credit (1 mark), Bank $441 and Discount Allowed $9 (1 mark for both), Contra $150 on credit (1 mark), correct balance c/d $1,058 (1 mark), correct balance b/d $1,058 on 1 October with correct side (1 mark). Part (c): 5 marks. (i) Credit note (1 mark). (ii) Trade discount explanation: not recorded in the double-entry accounts / deducted from list price (2 marks). Cash discount explanation: recorded in ledger accounts / discount allowed or received account (2 marks).

(a) Purchases Ledger Control Account: Debit Side: Nov 1 Balance b/d \( \$150 \), Nov 30 Returns outwards \( \$640 \), Nov 30 Bank \( \$11,850 \), Nov 30 Discount received \( \$240 \), Nov 30 Contra \( \$380 \), Nov 30 Balance c/d \( \$9,475 \) (Total = \( \$22,735 \)). Credit Side: Nov 1 Balance b/d \( \$8,400 \), Nov 30 Purchases (credit) \( \$14,200 \), Nov 30 Interest charged \( \$45 \), Nov 30 Balance c/d \( \$90 \) (Total = \( \$22,735 \)). Dec 1 Balance b/d (Debit) \( \$90 \), Dec 1 Balance b/d (Credit) \( \$9,475 \). (b) Advantages (any two): 1. It helps in detecting and locating errors in the purchases ledger individual accounts. 2. It provides a quick total of trade payables for preparing the Statement of Financial Position without balancing individual accounts. 3. It acts as an internal check to prevent or reduce fraud. (c) (i) General Ledger (or Nominal Ledger). (ii) Cash purchases do not involve credit suppliers (trade payables). Since the Purchases Ledger Control Account is used solely to track transactions with credit suppliers, cash purchases are excluded and recorded directly in the cash book and purchases account.

Part (a): 12 marks. Nov 1 Balance b/d Credit $8,400 (1 mark), Nov 1 Balance b/d Debit $150 (1 mark), Credit Purchases $14,200 (1 mark), Returns Outwards $640 (1 mark), Bank $11,850 (1 mark), Discount Received $240 (1 mark), Interest charged $45 (1 mark), Contra/Sales Ledger Control Account $380 (1 mark), Nov 30 Balance c/d Debit $90 (1 mark), Nov 30 Balance c/d Credit (balancing figure) $9,475 (1 mark), Both Dec 1 balances b/d brought down correctly on opposite sides (1 mark for both balances b/d correctly positioned). Note: Exclude cash purchases of $3,100 (1 mark for correctly omitting this). Part (b): 4 marks. 2 marks per distinct advantage clearly explained (e.g., locating errors, quick preparation of financial statements, internal check / fraud prevention). Part (c): 4 marks. (i) General/Nominal Ledger (1 mark). (ii) Explanation: Cash purchases do not involve credit suppliers (1 mark), they do not affect individual trade payable ledger accounts (1 mark), and they are recorded directly in the cash book and purchases account instead (1 mark).

**(a) Samantha - Income Statement for the year ended 31 December 2023**

$$\begin{array}{lrr}
\text{Revenue} & & 180,000 \\
\text{Less: Cost of Sales} & & \\
\text{Opening Inventory} & 14,500 & \\
\text{Purchases} & 112,000 & \\
\hline
& 126,500 & \\
\text{Less: Closing Inventory (W1)} & (15,500) & (111,000) \\
\hline
\textbf{Gross Profit} & & \mathbf{69,000} \\
\text{Less: Expenses} & & \\
\text{Wages and salaries (22,400 + 1,200)} & 23,600 & \\
\text{Rent and rates (9,600 - 1,800)} & 7,800 & \\
\text{General expenses} & 6,200 & \\
\text{Depreciation - Fixtures and fittings (W2)} & 2,700 & \\
\text{Increase in provision for doubtful debts (W3)} & 60 & (40,360) \\
\hline
\textbf{Profit for the year} & & \mathbf{28,640} \\
\hline
\end{array}$$

**Workings:**
- **W1: Closing Inventory Valuation**
Cost of undamaged goods: \( 16,200 - 1,500 = 14,700 \)
Net Realisable Value (NRV) of damaged goods: \( 900 - 100 = 800 \)
Value of closing inventory: \( 14,700 + 800 = 15,500 \) (Inventory is valued at lower of cost and NRV).

- **W2: Depreciation on Fixtures and Fittings**
Carrying Value: \( 30,000 - 12,000 = 18,000 \)
Depreciation: \( 18,000 \times 15\% = 2,700 \)

- **W3: Provision for Doubtful Debts**
Required provision: \( 20,000 \times 3\% = 600 \)
Existing provision: \( 540 \)
Increase in provision: \( 600 - 540 = 60 \)

***

**(b) Samantha - Statement of Financial Position (Extract) at 31 December 2023**

$$\begin{array}{lrr}
\textbf{Current Assets} & & \\
\text{Inventory} & & 15,500 \\
\text{Trade receivables} & 20,000 & \\
\text{Less: Provision for doubtful debts} & (600) & 19,400 \\
\text{Other receivables (Prepaid rent)} & & 1,800 \\
\text{Bank} & & 2,200 \\
\hline
\textbf{Total Current Assets} & & \mathbf{38,900} \\
\hline
\end{array}$$

**(a) Income Statement [14 marks in total]:**
- Revenue: $180,000 (1 mark)
- Opening Inventory: $14,500 (1 mark)
- Purchases: $112,000 (1 mark)
- Closing Inventory: $15,500 [2 marks for working: 1 mark for calculating NRV of $800, 1 mark for correct total]
- Gross Profit: $69,000 (1 mark, if calculated from revenue minus cost of sales)
- Wages and Salaries: $23,600 (2 marks: 1 for calculation, 1 for accuracy)
- Rent and Rates: $7,800 (2 marks: 1 for calculation, 1 for accuracy)
- General expenses: $6,200 (1 mark)
- Depreciation on Fixtures: $2,700 (2 marks: 1 for base of $18,000, 1 for accuracy)
- Increase in Provision: $60 (1 mark)

**(b) Statement of Financial Position Extract [6 marks in total]:**
- Inventory: $15,500 (1 mark, must match Income Statement closing inventory)
- Trade Receivables: $20,000 less Provision $600 = $19,400 (2 marks: 1 for provision amount, 1 for presentation)
- Other Receivables (Prepayment): $1,800 (1 mark)
- Bank: $2,200 (1 mark)
- Total current assets calculation: $38,900 (1 mark)

**(a) Calculation of corrected profit for the year ended 31 December 2023:**

$$\begin{array}{lr}
\text{Profit for the year before adjustments} & 44,800 \\
\text{Add: Capital expenditure on machinery incorrectly charged as repairs} & +8,000 \\
\text{Less: Depreciation on machinery } (8,000 \times 20\%) & (1,600) \\
\text{Less: Accrued interest on bank loan} & (800) \\
\hline
\textbf{Corrected Profit for the year} & \mathbf{50,400} \\
\hline
\end{array}$$

***

**(b) Ethan and Chloe - Partnership Appropriation Account for the year ended 31 December 2023**

$$\begin{array}{lrr}
\text{Corrected Profit for the year} & & 50,400 \\
\text{Add: Interest on Drawings} & & \\
\text{- Ethan } (15,000 \times 4\%) & 600 & \\
\text{- Chloe } (10,000 \times 4\%) & 400 & 1,000 \\
\hline
& & 51,400 \\
\text{Less: Interest on Capital} & & \\
\text{- Ethan } (60,000 \times 5\%) & 3,000 & \\
\text{- Chloe } (40,000 \times 5\%) & 2,000 & (5,000) \\
\text{Less: Partnership Salary (Chloe)} & & (12,000) \\
\hline
\textbf{Residual Profit to be shared} & & \mathbf{34,400} \\
\hline
\text{Share of Profit:} & & \\
\text{- Ethan } (34,400 \times 3/5) & & 20,640 \\
\text{- Chloe } (34,400 \times 2/5) & & 13,760 \\
\hline
\end{array}$$

***

**(c) Chloe's Current Account**

$$\begin{array}{|l|l|r||l|l|r|}
\hline
\text{Date} & \text{Details} & \text{Amount ($)} & \text{Date} & \text{Details} & \text{Amount ($)} \\
\hline
2023 & & & 2023 & & \\
\text{Dec 31} & \text{Drawings} & 10,000 & \text{Jan 1} & \text{Balance b/d} & 6,200 \\
\text{Dec 31} & \text{Interest on drawings} & 400 & \text{Dec 31} & \text{Interest on capital} & 2,000 \\
\text{Dec 31} & \text{Balance c/d} & 23,560 & \text{Dec 31} & \text{Partnership salary} & 12,000 \\
& & & \text{Dec 31} & \text{Share of profit} & 13,760 \\
\hline
& & 33,960 & & & 33,960 \\
\hline
& & & 2024 & & \\
& & & \text{Jan 1} & \text{Balance b/d} & 23,560 \\
\hline
\end{array}$$

*(Note: Chloe's ending current account balance is a credit balance of $23,560)*

**(a) Corrected profit [4 marks]:**
- Machinery adjustment: add $8,000 (1 mark)
- Machinery depreciation: subtract $1,600 (1 mark)
- Loan interest accrued: subtract $800 (1 mark)
- Corrected profit calculation accuracy: $50,400 (1 mark)

**(b) Appropriation Account [10 marks]:**
- Corrected profit brought down: $50,400 (1 mark, allow OF from part a)
- Interest on drawings: Ethan $600, Chloe $400 (2 marks, 1 for each partner)
- Interest on capital: Ethan $3,000, Chloe $2,000 (2 marks, 1 for each partner)
- Partnership salary (Chloe): $12,000 (1 mark)
- Residual profit: $34,400 (1 mark)
- Share of profit (Ethan): $20,640 (1.5 marks)
- Share of profit (Chloe): $13,760 (1.5 marks)

**(c) Chloe's Current Account [6 marks]:**
- Balance b/d: $6,200 (Credit side) (1 mark)
- Interest on capital: $2,000 & Salary: $12,000 (Credit side) (1 mark for both)
- Share of profit: $13,760 (Credit side) (1 mark, allow OF from part b)
- Drawings: $10,000 (Debit side) (1 mark)
- Interest on drawings: $400 (Debit side) (1 mark, allow OF from part b)
- Balance c/d and b/d: $23,560 (Credit balance) (1 mark)

### **Part (a) Calculations for Year 2**

**(i) Gross profit margin**
$$\text{Gross profit margin} = \frac{\text{Gross Profit}}{\text{Revenue}} \times 100$$
$$\text{Gross profit margin} = \frac{\$84,000}{\$240,000} \times 100 = 35.00\%$$

**(ii) Profit margin**
$$\text{Profit margin} = \frac{\text{Profit for the year}}{\text{Revenue}} \times 100$$
$$\text{Profit margin} = \frac{\$22,000}{\$240,000} \times 100 = 9.17\%$$

**(iii) Rate of inventory turnover**
$$\text{Average Inventory} = \frac{\text{Opening Inventory} + \text{Closing Inventory}}{2}$$
$$\text{Average Inventory} = \frac{\$14,000 + \$18,000}{2} = \$16,000$$
$$\text{Rate of inventory turnover} = \frac{\text{Cost of Sales}}{\text{Average Inventory}}$$
$$\text{Rate of inventory turnover} = \frac{\$156,000}{\$16,000} = 9.75 \text{ times}$$

**(iv) Liquid (acid test) ratio**
$$\text{Liquid Assets} = \text{Current Assets} - \text{Inventory} = \text{Trade Receivables} + \text{Cash at bank}$$
$$\text{Liquid Assets} = \$25,000 + \$1,000 = \$26,000$$
$$\text{Liquid (acid test) ratio} = \frac{\text{Liquid Assets}}{\text{Current Liabilities (Trade Payables)}}$$
$$\text{Liquid (acid test) ratio} = \frac{\$26,000}{\$20,000} = 1.30 : 1$$

---

### **Part (b) Profitability Analysis**
* **Comparison (2 marks):** Profitability has deteriorated in Year 2. The Gross profit margin fell from 40.00% to 35.00% (a decrease of 5.00%). The Profit margin decreased significantly from 15.00% to 9.17% (a decrease of 5.83%).
* **Reason for Gross profit margin change (1 mark):** Maya may have reduced selling prices to attract customers, or suppliers may have increased the cost of purchases without Maya raising her prices.
* **Reason for Profit margin change (1 mark):** Operating expenses have grown at a faster rate than revenue (expenses rose from $45,000 to $62,000, which is a 37.8% increase, while revenue only grew by 33.3%).
* **Synthesis/Conclusion (1 mark):** Even though sales volume/revenue increased, the business is less efficient at generating profit.

---

### **Part (c) Liquidity Analysis**
* **Comparison (2 marks):** Maya's liquidity has deteriorated significantly from 2.09 : 1 in Year 1 to 1.30 : 1 in Year 2. Although it is still above the safe benchmark of 1 : 1, the buffer has decreased.
* **Reasons for change (2 marks):**
1. Trade payables nearly doubled from $11,000 to $20,000, increasing short-term obligations.
2. Cash at bank dropped from $8,000 to $1,000, indicating cash is being drained or tied up elsewhere (e.g., in $10,000 of additional trade receivables and $4,000 of additional inventory).

---

### **Part (d) Improving Rate of Inventory Turnover**
Any two valid strategies (2 marks):
* Reduce the average levels of stock held by adopting just-in-time purchasing practices.
* Conduct special marketing promotions or discounts to clear slow-moving lines.
* Dispose of obsolete stock to avoid holding unnecessary inventory.
* Better research customer demand to buy only fast-selling product lines.

### **Marking Scheme Breakdown (Total: 20 Marks)**

**Part (a) [9 Marks]**
* **(i) Gross profit margin:**
* (1) mark for correct working: $\frac{84,000}{240,000} \times 100$
* (1) mark for correct final answer: **35.00%** (or 35%)
* **(ii) Profit margin:**
* (1) mark for correct working: $\frac{22,000}{240,000} \times 100$
* (1) mark for correct final answer: **9.17%**
* **(iii) Rate of inventory turnover:**
* (1) mark for correct average inventory calculation: $($14,000 + $18,000) / 2 = $16,000$
* (1) mark for correct formula application: $\frac{156,000}{\text{Average Inventory}}$
* (1) mark for correct final answer: **9.75 times** (accept OF based on incorrect average inventory)
* **(iv) Liquid (acid test) ratio:**
* (1) mark for correct working: $\frac{26,000}{20,000}$
* (1) mark for correct final answer: **1.30 : 1** (must be written as a ratio; accept 1.3 : 1)

**Part (b) [5 Marks]**
* (1) mark for noting Gross profit margin decreased from 40% to 35%.
* (1) mark for noting Profit margin decreased from 15% to 9.17%.
* (1) mark for overall conclusion that profitability has deteriorated.
* (1) mark for valid reason for GP margin decline (e.g., higher cost of purchases, lower selling prices, trade discounts given).
* (1) mark for valid reason for Profit margin decline (e.g., disproportionate rise in operating expenses, flow-through effect of lower GP margin).

**Part (c) [4 Marks]**
* (1) mark for stating liquidity has deteriorated / decreased.
* (1) mark for citing the change from 2.09 : 1 to 1.30 : 1.
* (2) marks for any two valid reasons (1 mark each):
* Large increase in trade payables (from $11,000 to $20,000)
* Drop in bank balance (from $8,000 to $1,000)
* Cash being tied up in receivables (up by $10,000) / inventory (up by $4,000)

**Part (d) [2 Marks]**
* (2) marks for any two valid ways to improve rate of inventory turnover (1 mark each):
* Keep lower inventory levels / purchase smaller quantities more frequently.
* Run clearance sales / reduce selling prices of slow stock.
* Discontinue slow-moving products.
* Improve advertising/promotions.