Mark Scheme (Results)

Summer 2023

Pearson Edexcel International GCSE

Accounting 4AC1

PAPER 01: Introduction to Bookkeeping and

Accounting
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June 2023
Question Paper Log Number P72941A
Publications Code 4AC1_01_2306_MS
All the material in this publication is copyright
© Pearson Education Ltd 2023
General Marking Guidance

• All candidates must receive the same treatment.

Examiners must mark the first candidate in exactly the
same way as they mark the last.
• Mark schemes should be applied positively. Candidates
must be rewarded for what they have shown they can
do rather than penalised for omissions.
• Examiners should mark according to the mark scheme
not according to their perception of where the grade
boundaries may lie.
• There is no ceiling on achievement. All marks on the
mark scheme should be used appropriately.
• All the marks on the mark scheme are designed to be
awarded. Examiners should always award full marks if
deserved, i.e. if the answer matches the mark scheme.
Examiners should also be prepared to award zero marks
if the candidate’s response is not worthy of credit
according to the mark scheme.
• Where some judgement is required, mark schemes will
provide the principles by which marks will be awarded
and exemplification may be limited.
• When examiners are in doubt regarding the application
of the mark scheme to a candidate’s response, the team
leader must be consulted.
• Crossed out work should be marked UNLESS the
candidate has replaced it with an alternative response.
Question Answer Mark
Number
Award 1 mark as indicated for each question.

1 B Other payables (1)

2 D Standing order (1)

3 D Discount received (1)

4 A The amount owing by credit customers (1)

5 C Expenditure on the purchase of non-current assets (1)

6 D $36 (1)

7 B $20 000 (1)

8 C $185 (1)

9 D $2 700 (1)

10 C $64 200 (1)

TOTAL FOR QUESTIONS 1-10 = 10 MARKS

Question Answer Mark
Number
11(a) Award marks as indicated.

Invoice
Shaw Supplies
Potter Road
Reigate
RH2 1BS
Chetsy No: 1057
Ongar Road
Addlestone Date: 1 March 2023
KT13 8AX
Description Quantity Unit cost Total cost
$ $
Bikes 18 300 5 400 (1)

Trade discount 10% 540 (1of)

Total
4 860 (1of)

Terms: Cash discount of 5% for payment within 7 days

(3)

Question Answer Mark

Number
11(b)(i) Award mark as indicated.

$4 617 (1of)
(1)

Question Answer Mark

Number
11(b)(ii) Award mark as indicated.

$4 860 (1of)
(1)

TOTAL FOR QUESTION 11 = 5 MARKS

Question Answer Mark
Number
12 Award marks as indicated.

Transaction Book of original entry

Write off of an irrecoverable debt. Journal (1)

Return of goods from a credit Sales returns day book (1)

customer

Return of goods to a credit supplier Purchases returns day

book (1)

Purchase by cheque of a non- Cash book (1)

current asset

Purchase on credit of a non-current Journal (1)

asset (5)

TOTAL FOR QUESTION 12 = 5 MARKS

Question Answer Mark
Number
13 Award marks as indicated.

Debit Credit
side side
Credit purchases  (1)

Discount received  (1)

Interest charged  (1)

Returns outwards  (1)

Transfer to trade receivables  (1)

ledger control account

(5)

TOTAL FOR QUESTION 13 = 5 MARKS

TOTAL MARKS FOR SECTION A = 25 MARKS

Question Answer Mark
Number
14(a) Award marks as indicated

Trial balance at 30 April 2023

Debit Credit
$ $
Bank loan 18 450(1)
Carriage inwards 183(1)
Cash 3 964
Drawings 19 730
Equipment
37 860(1)
– cost
Equipment
13 940(1)
- provision for depreciation
Equity 28 500
General expenses 21 010
Inventory at 1 May 2022 23 940(1)
Purchases 69 875
Revenue 136 210
Trade payables ledger control account 8 352(1)
Trade receivables ledger control account 17 197(1)
Wages 6 000
Suspense 5 693
+Words(1)
Total 205 452 205 452
(1fb)

(9)
Question Answer Mark
Number
14(b) Award marks as indicated.

Scenario Type of error

Cash drawings of $175 had not been Omission (1)

recorded.

Wages of $180 had been recorded in Original entry (1)

the cash book as $80

(2)

Question Answer Mark

Number
14(c)(i) Award 1 mark for each valid point up to a maximum of 2 marks.

Sample answer

Owner’s equity would be overstated (1) as cash drawings reduce

owner’s equity (1).

Accept any other appropriate responses. (2)

Question Answer Mark

Number
14(c)(ii) Award 1 mark for each valid point up to a maximum of 2 marks.

Sample answer

Owner’s equity would be overstated (1) as expenses were understated

(1).

Accept any other appropriate responses. (2)

TOTAL FOR QUESTION 14 = 15 MARKS

Question Answer Mark
Number
15(a) Award marks as indicated up to max 2

To encourage bulk buying (1)

To reward loyalty (1)

To gain new customers (1)

Accept any other appropriate responses.

(2)

Question Answer Mark

Number
15(b) Award marks as indicated up to max 2

Goods returned (after payment received) (1)

Overpayment (1)

Payment made in advance (1)

Accept any other appropriate responses.

(2)
Question Answer Mark
Number
15(c) Award marks for correct dates, details and amounts in
combination.

Bella Account

Date Date
Details $ Details $
2023 2023
Jan 1 Balance b/d 3 720 Jan 2 Bank /Cash 3 500
(1) book (1)
9 Sales (day 880 Cash book / 220 (1)
book) (1) discount
allowed
28 Sales (day 1 235 17 Sales returns 170
book) (1) (day book) (1)
31 Balance c/d 1 945

5 835 5 835
Feb 1 Balance b/d 1 945
(1of)
(7)

Question Answer Mark

Number
15(d)(i) Award marks as indicated up to max 2

Speed of processing (1)

Improved accuracy (1)

Accept any other appropriate responses. (2)

Question Answer Mark

Number
15(d)(ii) Award marks as indicated up to max 2

Firewall (1)

Anti-virus software (1)

Passwords (1)

Accept any other appropriate responses.

(2)
TOTAL FOR QUESTION 15 = 15 MARKS
Question Answer Mark
Number
16 Award marks for correct dates, details and amounts in combination.

Cash Book

Date Details Discount Cash Bank Date Details Discount Cash Bank
2023 $ $ $ 2023 $ $ $
March Balance b/d 350(1) March Balance b/d 1 726 (1)
1 1
1 Sales 490 2 Arthur 350(1)
(1)
11 Jules 72 878 4 SW Electric 190 (1)
(1) (1)
20 Cash 440 20 Bank 440
(1) (1)
31 Balance c/d 1 642 26 Zelen 14 686
(1) (1)
27 Wages 100
(1)
29 Bank charges 8 (1)

31 Balance c/d 300

72 840 2 960 14 840 2 960

April 1 Balance b/d 300(1of) April Balance b/d 1 642

1 (1of) (15)
 TOTAL FOR QUESTION 16 = 15 MARKS

Question Answer Mark

Number
17(a)(i) Award marks for correct dates, details and amounts in
combination.

Stationery Account

Date Details $ Date Details $

1 May Balance 250 17 Cash book 15
b/d (1) May /Bank (1)

10 May Cash book 80 29 Journal/ 25

/Bank (1) Aug Drawings (1)

30 Income 100
April statement (2/1of)

Balance c/d 190

330 330
1 May Balance 190
b/d (1) (7)

Question Answer Mark

Number
17(a)(ii) Award 1 mark for the correct concept

To comply with the business entity concept (1)

(1)
 Question Answer Mark
Number
17(b)(i) Award marks for correct dates, details and amounts in
combination.

Insurance Account

Date Details $ Date Details $

1 May Balance 360 30 Income 2 010

b/d April statement (2/1of)
(1)

1 July Cash book 1 980 Balance c/d 330

/Bank (1)

2 340 2 340

1 May Balance 330

b/d (1)
(5)

Question Answer Mark

Number
17(b)(ii) Award 1 mark for the correct concept and 1 mark for
explanation

Sample answer

Accounting concept:
Accruals (1)
(2)
Explanation:
Only expenditure incurred during the year should be matched with the
income for that year. (1)

Accept any other appropriate responses.

TOTAL FOR QUESTION 17 = 15 MARKS

Question Answer Mark
Number
18(a) Award marks as indicated.

An irrecoverable debt is a specific amount owing to a

business which will not be paid. (1) A provision for
irrecoverable debts is an estimate of the amount which
a business may lose due to irrecoverable debts. (1)

Accept any other appropriate responses

(2)

Question Answer Mark

Number
18(b) Award mark as indicated.

4% (1)

(1)

Question Answer Mark

Number
18(c)(i) Award mark as indicated.

$20 750 (1)

(1)

Question Answer Mark

Number
18(c)(ii) Award mark as indicated.

$830 (1of)

(1)
Question Answer Mark
Number
18(c)(iii) Award marks for correct dates, details and amounts in
combination. Award 1 mark for label (Income statement)
as indicated.

Provision for Irrecoverable Debts Account

Date Details $ Date Details $

30 April Balance 830 1 May Balance 744(1)
c/d b/d
30 April Income 86
statement (1)
(1)

830 830
Balance 830
1 May b/d (1of)
(4)

Question Answer Mark

Number
18(d) Award marks as indicated.

Non- Non-
Current Current
Account current current
assets liabilities
assets liabilities
Provision for
 (1)
depreciation

Provision for
 (1)
irrecoverable (2)
debts

Question Answer Mark

Number
18(e) Award 1 mark for identification and up to 2 marks for
development.

Sample answer

Prudence concept states profits/assets should not be overstated

(1)

Creating a provision profit for the year will not be overstated

(1) and trade receivables/current assets will not be
overstated. (1)

Accept any other appropriate responses. (3)

Question Answer Mark
Number
18(f) Award mark as indicated. Max 1 mark.

Cash sales only (1)

Strict credit control (1)

Accept any other appropriate response. (1)

TOTAL FOR QUESTION 18 = 15 MARKS

TOTAL MARKS FOR SECTION B = 75 MARKS

TOTAL MARKS FOR PAPER = 100 MARKS