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E1.34+6
Page 644
Mark Scheme
April 2019
Pearson LCCI
Certificate in Accounting
Level 3 (ASE20104)
Page 645
Question Answer AO2 (9)
Number Mark
1a(i) Award 1 mark for each correct figure as indicated.
Award 1 mark for all correct details and dates.
Realisation Account
Date Details $ Date Details $
31 March Non-current 75 000 31 March Joung Ltd 128 000
2019 assets (1) 2019 (1)
Inventory 24 000 Capital- 22 500
(1) Jaswinder (1)
Trade 16 500 Trade 21 700
receivables (1) payables (1)
Capital- 37 800
Jaswinder (1of)
Capital- Paul 18 900
(1of)
172 200 172 200
(9)
Additional guidance
Accept the split of $128 000
(1of for
both)
Bank 9 300
(1of)
95 800 95 800
(4)
ASE20104
5 Page 646 April 2019
Questio Answer AO2 (3)
n
Number Mark
1(b) Award marks as indicated.
11 400 (3) W
W
$
24 500
18 900 (1of)
(32 000) (1)
11 400 (1of)
(3)
Additional Guidance
No specific layout required
Correct answer only scores 3 marks.
ownership
ASE20104
6 Page 647 April 2019
Question AO2 (20) Mark
Number
2(a) Award marks for correct figures with labels as indicated.
Hoopps Ltd
Statement of profit or loss for the year ended 31 March 2019
$
Revenue 3 960 000
(1)
Cost of sales Note 1 (2 263 470)
(3)
Gross profit 1 696 530
(1of)
Expenses
Administrative expenses Note 2 (347 239)
(5)
Distribution costs Note 3 (159 810)
(6)
Profit from operations 1 189 481
(1of)
Finance costs (48 000)
(1)
Profit before tax 1 141 481
(1of)
Taxation (228 000)
Profit for the year 913 481
(1of)
Note 1
Cost of sales $
Opening inventory 238 000
Purchases 2 290 470 (1)
Closing inventory (265 000) (1)
2 263 470 (1of)
Note 2
Administrative expenses $
General expenses 332 129 (1)
Depreciation charge on fixtures and fittings 875 (1)
Light and heat 13 650 (1)
Allowance for doubtful debts adjustment 585 (1)
347 239 (1of)
Note 3
Distribution costs $
General expenses 142 341 (1)
Depreciation charge on delivery vans 10 044 (1)
Depreciation charge on fixtures and fittings 375 (1)
Light and heat 5 850 (1)
Loss on disposal 1 200 (1)
159 810 (1of) (20)
ASE20104
7 Page 648 April 2019
Question AO3 (2) Mark
Number
2(b) Award 1 mark for identification of a point and 1 mark for linked
justification.
Or
ASE20104
8 Page 649 April 2019
Question AO2 (1) Mark
Number
3(a) Award mark as indicated.
$1 034 (1)
(1)
Additional Guidance
No specific layout required
Correct answer only scores 1 mark.
W
$
32 740
(1 034) (1of)
(1 401)
750 (1)
31 055 (1of)
(3)
Additional Guidance
No specific layout required
Correct answer only scores 3 marks.
ASE20104
9 Page 650 April 2019
Question Answer AO2 (12)
Number Mark
3(c) Award marks for correct figures with labels as indicated.
Mei
Statement of financial Position at 31 March 2019
$
Assets
Non-current assets
Equipment 62 500 (1)
Current assets
Inventory 20 000 (1)
Other receivables W1 3 750 (2)
23 750
Total assets 86 250
Equity and liabilities
Equity
Opening equity 45 630 (1)
Profit for the year 31 055 (1of)
Drawings (16 750) (1)
Total equity 59 935 (1of)
Current liabilities
Trade and other payables W2 24 000 (2)
Bank overdraft 2 315 (1)
26 315
Total equity and liabilities 86 250 (1of)
W1
$3 000 (1) +$750 (1) =$3 750
W2
$22 599 (1) +$1 401 (1) =$24 000
(12)
Additional guidance
Award 1of for Total equity and liabilities if equal to total assets.
ASE20104
10 Page 651 April 2019
Question AO2 (1) Mark
Number
3(d)(ii) Award mark as indicated.
Or
Or
(1)
Additional Guidance
No specific layout required
Correct answer only scores 1 mark.
ASE20104
11 Page 652 April 2019
Question AO2 (8) Mark
Number
4(a) Award marks as indicated.
$7 300 (5) W1
W1
Year Net cash Discount factor Present value
flows at 15% $
$
0 (200 000) 1.000 (200 000) (1)
1 85 000 0.870 73 950 (1)
2 85 000 0.756 64 260 (1)
3 105 000 0.658 69 090 (1)
Net present value 7 300 (1of)
W2
$ $
Year 1 85 000 85 000
Year 2 85 000 170 000
Year 3 105 000
$30 000 (2 of)/$105 000 x 12 =
2 years and 4 months (1of) (8)
Additional guidance
No specific layout required.
Correct answers only score 8 marks.
Holllaa Ltd should purchase Factory A as the payback period is less than
Factory B (1) however there is limited capacity in Factory A so profits may
be restricted (1).
Holllaa Ltd should consider purchasing Factory B as the net present value is
higher than Factory A (1) but the purchase price is higher, which may
affect the cost of finance (1).
ASE20104
12 Page 653 April 2019
Question AO1 (2) Mark
Number
4(c) Award marks as indicated.
Accruals concepts states that the revenue earned must be matched with the
expenses incurred during the same period (1) so depreciation is charged to
spread the cost of a non-current asset to match with the revenue generated
from the use of non-current asset (1).
Consistency (1)
Prudence (1)
(2)
ASE20104
13 Page 654 April 2019
Question AO1 (1) Mark
Number
5(a)(i) Award mark as indicated.
ASE20104
14 Page 655 April 2019
Question AO2(4) Mark
Number
5(b)(ii) Award marks as indicated.
Tsui Ltd
Trade payables budget for the four-month period ending
31 December 2019
September October November December
$’000 $’000 $’000 $’000
Opening 5 400 5 100 5 550 6 450
balance (1)
Credit 2 700 2 850 3 600 3 450 (1for
row)
purchases
8 100 7 950 9 150 9 900
Payments 3 000 2 400 2 700 2 850 (1for
row)
(4)
Closing 5 100 5 550 6 450 7 050 (1 of
for
balance row)
• Overall cash inflow will not be affected in the long term (1) but will
reduce the possibility of irrecoverable debts (1).
ASE20104
15 Page 656 April 2019
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Page 675
Mark Scheme
June 2019
Page 676
1
Question Answer (AO2) 4 Mark
1(a) Award marks as indicated.
Page 677
5
Question Answer (AO2) 8 Mark
2(a) Award marks as indicated against correct label
Eff Ltd
Statement of changes in equity for the year ended 31 March 2019
Page 678
6
Question Answer (AO3) 2 Mark
2(c) Award 1 mark for identification and 1 mark for linked
justification/reasoning.
(2)
(7)
Page 679
7
Question Answer (AO2) 1 Mark
3(a) Award marks as indicated.
Hamza
Extended trial balance extract at 30 April 2019
Adjustment
Balance Debit Credit
$ $ $
Advertising 3 750 500 (1)
Discount allowed 640 150 (1)
Discount received 380 150 (1)
Equity 43 800
General expenses 8 460
Motor expenses 10 830 250 (1)
Motor vehicles - cost 32 000
Motor vehicles - 13 500 4 500 (1)
accumulated depreciation
Trade payables 15 700
Trade receivables 29 360
Closing inventory – statement 43 260
of financial position (1of)
(11)
Closing inventory – statement 43 260 (1of)
of profit or loss
Depreciation charge 4 500 (1)
Drawings 250 (1)
Other receivables 500 (1)
Suspense 300 (1)
Page 680
8
Question Answer (AO4) 4, (AO5) 1 Mark
3(c) Award 1 mark for each point of analysis up to a maximum of 4
marks.
Award 1 mark for evaluation.
Sample answer
Overall, effective credit control will reduce both the trade receivables
collection period and trade payables payment period. (1)
(5)
Accept any other appropriate responses.
(3)
Page 681
9
Question Answer (AO2) 1 Mark
4(a) Award mark as indicated.
(1)
$5 510 (1)
Additional guidance
Correct answer only scores 1 mark.
No specific layout required.
649 (3)W
W (3)
$5 510 (1of) / $8.50 (1) = 649 (1of)
Additional guidance
Correct answer only scores 3 marks.
No specific layout required.
Additional guidance
Correct answer only scores 1 mark.
No specific layout required.
Additional guidance
Correct answer only scores 1 mark.
No specific layout required.
Page 682
10
Question Answer (AO2) 3 Mark
4(e) Award marks as indicated.
1002 (3)W
W (3)
($5 510 (of) + $2 500) (1of) / $8 (1of) = 1002 (1of)
Additional guidance
Correct answer only scores 3 marks.
No specific layout required.
Page 683
11
Question Answer (AO2) 9 Mark
5(a) Award 1 mark for each correct row.
Eduardo
Trade receivables budget for the three-month period ending 31
December 2019
Eduardo
Trade payables budget for the three-month period ending
31 December 2019
Page 684
12
Question Answer (AO2) 2 Mark
5(b) Award marks as indicated
Additional guidance
Correct answer only scores 2 marks.
No specific layout required.
$15 000 + $76 224 (of) – $78 470 (1of) -$(42 000+12 000)(1)
= $(41 246) (1of)
Additional guidance
Correct answer only scores 3 marks.
No specific layout required.
Page 685
13
Question Answer (AO1) 2 Mark
5(e) Award 1 mark for each stakeholder. Maximum 2 marks
• owners (1)
• managers (1)
• suppliers (1)
• customers (1)
• employees (1)
• trade associations (1)
• government (1) (2)
• investors (1)
• providers of external finance (1)
• competitors (1)
• local community (1)
• trade union (1)
Page 686
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