CIE IGCSE Accounting 0452/22 Paper 2 - Exam-Mate

Cambridge International ExaminationsCambridge International General Certificate of Secondary EducationOctober/November 2017Paper 21 hour 45 minutesCandidates answer on the Question Paper.No Additional Materials are required.READ THESE INSTRUCTIONS FIRSTWrite your Centre number, candidate number and name on all the work you hand in.Write in dark blue or black pen.You may use an HB pencil for any diagrams or graphs.Do not use staples, paper clips, glue or correction fluid.DO NOT WRITE IN ANY BARCODES.Answer all questions.You may use a calculator.Where layouts are to be completed, you may not need all the lines for your answer.The businesses mentioned in this Question Paper are fictitious.At the end of the examination, fasten all your work securely together.The number of marks is given in brackets [ ] at the end of each question or part question.coate.w.exam-m[Turn overwDC (RCL (KM)) 136499/4 UCLES 2017mThis document consists of 20 printed pages.w* 6 5 6 0 4 2 0 4 2 4 *0452/22ACCOUNTING

21Saffie is a trader. She maintains a three column cash book and also a petty cash book. Theimprest amount is 150. All payments below 100 are made from petty cash.Saffie had the following transactions in September 2017.September1Petty cash imprest restored from the business bank account3Paid taxi fare, 127Paid 461 by cheque for repairs to office machinery11Purchased office stationery, 6415A cheque for 210 received from SL Stores in August wasdishonoured by the bank21Paid Faariqa, a credit supplier, 2926Received a cheque from Thushari, 392, in settlement of theamount due less 2% cash discount28Cash sales, 4840, of which 4800 was immediately paid intothe bank29Paid Sopitha’s account of 480 after deducting a cashdiscount of 2½%30Paid postage, 22REQUIRED(a) Record the above transactions in the following books which appear on the next two pages.Balance each book and bring down the balances on 1 October 2017.Petty cash book(ii)Cash book[9][10]ww.ex0452/22/O/N/17w UCLES 2017am-mate.com(i)

wwmcoe.at-mam.ex0452/22/O/N/17w UCLES 2017Sept 1.2017Date63Totalreceived .Balance b/dDetailsSaffiePetty Cash Book.Totalpaid Postage andstationery Ledgeraccounts . . . . . . . . . . . . . . . . . . . . . . . Travel3[Turn over

www UCLES 2017mcoe.at.-m.am0452/22/O/N/17.ex.Balance b/dDetailsSept 12017Date.Discountallowed 120. Cash. Bank.Sept 12017DateSaffieCash Book.Balance b/dDetails.Discountreceived . Cash.3841 Bank4

5On 30 September 2017 Saffie’s bank statement showed an overdraft of 4649. She comparedthe cash book with her bank statement and found that the bank had not recorded the transactionsshown in the cash book on the following dates.September 262829In addition, the bank had debited Saffie’s business bank account with 50 which should havebeen debited to her personal bank account.REQUIRED(b) Prepare a bank reconciliation statement at 30 September 2017.SaffieBank Reconciliation Statement at 30 September 2017.[6]w.ex[Turn overw0452/22/O/N/17w UCLES 2017am-mate.com[Total: 25]

62Mustafa opened a garment factory on 1 August 2016.On that date he purchased the following non-current assets. 210 00092 00029 80019 600PremisesFactory machineryOffice fixtures and equipmentLoose toolsMustafa decided to revalue the loose tools at the end of each financial year and also decidedthat no depreciation would be charged on premises. The other non-current assets are to bedepreciated using the straight line (equal instalment) method of depreciation at the following rates.Factory machinery at 20% per annumOffice fixtures and equipment at 15% per annumDuring his first year of trading, Mustafa purchased raw materials costing 447 400 (of which 1800were returned to the supplier) and finished goods costing 22 200. His sales of finished goodsamounted to 998 500.Mustafa made the following payments during the year ended 31 July 2017. Wages – factory operativesfactory supervisorsoffice staffGeneral expensesRates and insuranceCarriage inwardsCarriage outwards287 400101 15075 79013 40012 6002 5902 180At 31 July 2017Inventories were valued atRaw materialsWork in progressFinished goodsLoose tools were valued atWages of factory operatives accrued 62 20038 20069 70018 1003 760The general expenses are to be apportioned 3 4 to the factory and 1 4 to the office.ww.ex0452/22/O/N/17w UCLES 2017am-mate.comThe rates and insurance are to be apportioned 2 3 to the factory and 1 3 to the office.

7REQUIRED(a) Prepare the manufacturing account for the year ended 31 July 2017.MustafaManufacturing Account for the year ended 31 July 2017 .w.ex[Turn overw0452/22/O/N/17w UCLES 2017am-mate.com[13]

8(b) Calculate the cost of sales for the year ended 31 July 2017. [4]Mustafa wants to expand his business and needs to obtain long-term funds to finance this. Hedecided to apply for a 10-year bank loan.REQUIRED(c) Suggest one disadvantage of raising funds by means of a bank loan.[1](d) Suggest two other ways of raising long-term funds.1 .2

ACCOUNTING 0452/22 Paper 2 October/November 2017 1 hour 45 minutes Candidates answer on the Question Paper. No Additional Materials are required. READ THESE INSTRUCTIONS FIRST Write your Centre number, candidate number and name on all the work you hand in. Write in dark blue or black pen. You may use an HB pencil for any diagrams or graphs. Do not use staples, paper clips, glue or correction .