Mark Scheme (Results)

November 2023

Pearson Edexcel International GCSE

Accounting 4AC1

PAPER 01: Introduction to Bookkeeping and

Accounting
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November 2023
Question Paper Log Number P73473A
Publications Code 4AC1_01_MS_2311
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 Cash in hand was $100 (1)

2 B To encourage prompt payment (1)

3 D Return of goods to a credit supplier (1)

4 C Purchase of machinery on credit (1)

5 A Cash book (1)

6 D Profit for the year (1)

7 B Exists to provide a service to the community (1)

8 D Professional competence (1)

9 A Accruals (1)

10 C Consistency (1)

TOTAL FOR QUESTIONS 1-10 = 10 MARKS

Question Answer Mark
Number
11 Award marks as indicated.

Credit Note
Crew Warehouse
Western Road
Glasgow
G3 9AB
KP Wholesalers No: 1816
Elland Road
Date: 12 April 2023
Leeds
LS1 1BB
Description Quantity Unit Total cost
cost $
$
Lights 60 37.40 2 244.00 (1)

Tyres 85 41.20 3 502.00 (1)

Subtotal 5 746.00 (1of)

Trade discount 20% 1 149.20 (1of)

Total 4 596.80 (1of)

(5)

TOTAL FOR QUESTION 11 = 5 MARKS

Question Answer Mark

Number
12 Award marks as indicated.

Account Debit Credit

Carriage inwards  (1)

Carriage outwards  (1)

Equity  (1)

Other receivables  (1)

Other payables  (1)

(5)

TOTAL FOR QUESTION 12 = 5 MARKS

Question Answer Mark
Number
13(a) Award mark as indicated.

Statement of account (1)

(1)

Question Answer Mark

Number
13(b) Award 1 mark as indicated.

Provide a summary of transactions for the month (1) /

To remind the customer of the payment due (1)

Accept any other appropriate responses

(1)

Question Answer Mark

Number
13(c) Award marks as indicated.

Roberto (1)

Williams (1) (2)

Question Answer Mark

Number
13(d) Award mark as indicated.

2.5% (1)
(1)

TOTAL FOR QUESTION 13 = 5 MARKS

TOTAL MARKS FOR SECTION A = 25 MARKS

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

Transaction Source Book of original

document entry

Paid credit supplier by Remittance Cash book (1)

cheque advice /
cheque stub
(1)
Purchased goods on
credit (Purchase) Purchases (day
invoice (1) book) (1)
Returned faulty goods to (Purchase) Purchases returns
credit supplier credit note (day book) (1)
(1)
Purchased non-current Invoice (1) Journal (1)
asset on credit
(8)

Question Answer Mark

Number
14(b) Award marks for correct dates, details and amounts in
combination.
Tina Account
Date Date
Details $ Details $
2023 2023

April 4 Cash book 735 April 1 Balance b/d 750

/ bank (1) (1)

Discount 15 12 Purchases 2 120

received (1) Journal (1)

22 Purchases 130
returns (1)
Journal

30 Balance 1 990
c/d

2 870 2 870

May 1 Balance b/d 1 990

(1of)

(6)
Question Answer Mark
Number
14(c) Award mark as indicated.

Goods returned (after payment has been made). (1)

Overpayment / paid in advance. (1)

Accept any other appropriate response.

(1)

TOTAL FOR QUESTION 14 = 15 MARKS

Question Answer Mark
Number
15(a) Award 1 mark for correct figures with account names.

Account Debit Credit

$ $
August 31 Drawings 650 (1)

Cash 650 (1)

Motor expenses 234 (1)

Motor vehicles 234 (1)

General expenses 9 (1)

Bank 9 (1)

(6)
Question Answer Mark
Number
15(b) Award marks as indicated.

Error Increase Decrease No effect

1 ()(1)

2 ()(1)

3 ()(1)

(3)
Question Answer Mark
Number
15(c) Award mark as indicated.

Suspense (1)

(1)

Question Answer Mark

Number
15(d)(i) Award 1 mark for identification and 1 mark for linked
development.

A trial balance provides a summary of the account balances (1)

which is useful in the preparation of the financial statements (1).

Accept any other appropriate responses.

(2)

Question Answer Mark

Number
15(d)(ii) Award up to 2 marks for a limitation and 1 mark for
identifying an error.

Some errors will not be identified (1) for example an error of

commission (1) as these errors do not affect the balancing of
the trial balance (1)

Accept any other appropriate responses.

(3)

TOTAL FOR QUESTION 15 = 15 MARKS

Question Answer Mark
Number
16(a) Award 1 mark for each correct figure as indicated.
Award 1 mark for all correct dates and details.

Trade Receivables Ledger Control Account

Date Details $ Date Details $

April Balance b/d 19 900 March Cash book / 1 274
1 (1) 31 discount (1)
allowed
March Sales day 198 301 Journal / 350 (1)
31 book (1) irrecoverable
debts
Cash book / 210 Journal / 1 325
Bank (1) contra / set (1)
off
Cash book / 196 612
Bank (1)
Sales returns 570
day book (1)
Balance c/d 18 280

218 411 218 411

April Balance b/d 18 280
(10)
1 (1of)
Question Answer Mark
Number
16(b) Award marks for correct dates, details and amounts in
combination.
Provision for Irrecoverable Debts Account
Date Date
Details $ Details $
March April 1
31 Income 81 Balance b/d 995
statement
(1of) (1)

Balance 914
c/d

995 995
April 1
Balance b/d 914
(1of)

(3)

Question Answer Mark

Number
16(c) Award marks as indicated up to max 2

Better credit control (1)

Charge interest on late payment (1)

Accept any other appropriate responses. (2)

TOTAL FOR QUESTION 16 = 15 MARKS

Question Answer Mark
Number
17(a) Award mark as indicated.

To check the accuracy of the cash book entries (1)

To check for any errors made by the bank (1)

(1)

Question Answer Mark

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

Cash Book Bank Column

Date Date
Details $ Details $
2023 2023
March Balance b/d 1 100 March Petty cash 75
31 31 (1)
March Cash 350 Rent 300
31 (1) (1)
Interest 8 Balance c/d 1 083
(received) (1)

1 458 1 458
April Balance b/d 1 083
1 (1of)
(5)

Question Answer Mark

Number
17(b)(ii) Award marks as indicated.

Bank Reconciliation Statement at 31 March 2023

Updated cash book balance 1 083 (1of)

Unpresented cheque 215 (1)

Outstanding lodgement (770) (1)

Balance per bank statement (1) 528 (1)

(5)
Question Answer Mark
Number
17(c)(i) Award marks as indicated.

Fixed payment (1)

Initiated by the payer / drawer (1)

(2)

Question Answer Mark

Number
17(c)(ii) Award marks as indicated.

Variable payment (1)

Initiated by the payee (1) (2)

TOTAL FOR QUESTION 17 = 15 MARKS

Question Answer Mark
Number
18(a) Award up to 2 marks.

Depreciation is an estimate of the loss in value of

a non-current asset (1) which should be matched
against the revenue generated (1)

Accept any other appropriate responses. (2)

Question Answer Mark

Number
18(b) Award one mark for correct figures as indicated.
Award one mark for all correct dates and details.

Motor Vehicles - Cost Account

Date Details $ Date Details $

Jan 1 Balance 76 600 Mar 1 Disposal 18 000

b/d (1) (1)

Jun 1 Cash book 21 500 Dec 31 Balance c/d 80 100

/ bank (1)

98 100 98 100

Jan 1 Balance 80 100

b/d (1)

Disposal Account

Date Details $ Date Details $

Mar 1 Motor 18 000 Mar 1 (Motor 7 875

vehicles – (1) vehicles) – (1)
(cost) provision for
depreciation

Dec 31 Income 1 875 Cash book/ 12 000

statement (1of) bank (1)

19 875 19 875
(9)
Question Answer Mark
Number
18(c)(i) Award mark as indicated.

Overstated

Understated

No effect ()(1)

(1)

Question Answer Mark

Number
18(c)(ii) Award up to 3 marks.

The purchase of a new motor vehicle will benefit the business

for more than one year (1)

If the purchase of a new motor vehicle is not treated as capital

expenditure it would result in non-current assets being
understated (1) and the profit for the year also being
understated (1).

Accept any other appropriate responses.

(3)

TOTAL FOR QUESTION 18 = 15 MARKS

TOTAL MARKS FOR SECTION B = 75 MARKS

TOTAL MARKS FOR PAPER = 100 MARKS