9706_w16_ms_33 - Cambridge International Examinations Cambridge International Advanced Level ACCOUNTING 9706\/33 Paper 3 Structured Questions

9706_w16_ms_33 - Cambridge International Examinations...

This preview shows page 1 - 4 out of 10 pages.

® IGCSE is the registered trademark of Cambridge International Examinations. This document consists of 10 printed pages. © UCLES 2016 [Turn over Cambridge International Examinations Cambridge International Advanced Level ACCOUNTING 9706/33 Paper 3 Structured Questions October/November 2016 MARK SCHEME Maximum Mark: 150 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 will not enter into discussions about these mark schemes. Cambridge is publishing the mark schemes for the October/November 2016 series for most Cambridge IGCSE ® , Cambridge International A and AS Level components and some Cambridge O Level components.
Image of page 1
Page 2 Mark Scheme Syllabus Paper Cambridge International A Level – October/November 2016 9706 33 © UCLES 2016 1 (a) M Limited Manufacturing Account for the year ended 31 December 2015 $ $ Inventory – raw materials at 1 January 2015 10 400 Purchases of raw materials 146 200 Carriage inwards 3 160 (1) 159 760 Less inventory at 31 December 2015 (11 750) 148 010 Direct wages 249 400 Prime cost 397 410 (1of) Indirect wages 54 650 Rent 36 000 (1) Heat, light and power 25 680 (1) General expenses 9 450 (1) Depreciation on machinery 20 000 (1) 145 780 543 190 Inventory work-in-progress 1 January 2015 12 600 Inventory work-in-progress 31 December 2015 14 670 (2 070) (1) Factory cost of finished goods 541 120 Add factory profit (20 % ) 108 224 (1)of Factory cost transferred to income statement 649 344 (1)of Workings: Rent 49 000 – 4 000 = 45 000 / 5 = 9 000 × 4 = 36 000 (1) Heat, light and power 28 600 + 3 500 = 32 100 / 5 = 6 420 × 4 = 25 680 (1) General expenses 12 600 / 4 = 3 150 × 3 = 9 450 (1) [9]
Image of page 2
Page 3 Mark Scheme Syllabus Paper Cambridge International A Level – October/November 2016 9706 33 © UCLES 2016 (b) $ $ Revenue 742 490 Inventory of finished goods at 1 January 2015 14 904 Finished goods transferred from the manufacturing account 649 344 Inventory of finished goods at 31 December 2015 (15 750) 648 498 (1) Gross profit 93 992 (1)of Office salaries 24 780 Carriage outwards 2 790 (1) Rent 9 000 Heat, light and power 6 420 (1) General expenses 3 150 Depreciation on motor vehicle 6 250 (1) Depreciation on office equipment 1 560 (1) (53 950) Profit from operations 40 042 Add factory profit 108 224 (1)of Less increase in provision for unrealised profit 141 (2) 108 083 Profit for the year 148 125 (1)of Workings: Office machinery depreciation 15 000 – 4 600 = 10 400 × 15 % Provision for unrealised profit 15 750 – 14 904 = 846(1) × 20 / 120 = 141 (1)of [10] (c) Transfer price is the price of goods calculated in the manufacturing account and completed (1) and transferred to the income statement (1) . It often includes an additional percentage for factory profit (1)
Image of page 3
Image of page 4

You've reached the end of your free preview.

Want to read all 10 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture