7110_w14_ms_22 - CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge Ordinary Level MARK SCHEME for the October\/November 2014 series 7110 PRINCIPLES OF

7110_w14_ms_22 - CAMBRIDGE INTERNATIONAL EXAMINATIONS...

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® IGCSE is the registered trademark of Cambridge International Examinations. CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge Ordinary Level MARK SCHEME for the October/November 2014 series 7110 PRINCIPLES OF ACCOUNTS 7110/22 Paper 2 (Structured), maximum raw mark 120 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 2014 series for most Cambridge IGCSE ® , Cambridge International A and AS Level components and some Cambridge O Level components.
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Page 2 Mark Scheme Syllabus Paper Cambridge O Level – October/November 2014 7110 22 © Cambridge International Examinations 2014 1 (a) (i) Assets: $ Liabilities: $ Inventory 1 950 Trade payable 400 Bank 550 5% Bank loan 2 500 Fixtures and fittings 1 500 Owner’s capital 1 100 (1) 4 000 4 000 [1] (ii) $ Owner’s capital 1 100 5% Bank loan 2 500 Capital employed 3 600 (1of) [1] (b) Midland Telecomes account $ $ 31 May Bank 400 (1) 1 May Balance b/d 400 (1) 15 July Bank 1 176 (1) 26 June Telephone expenses a/c 1 200 (1) Discount received 24 (1) 1 600 1 600 [5] Telephone expenses account $ $ 26 June Midland Telecoms 1 200 (1) 31 July Income statement (1)
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