AccountingPage 8Question 3Lenn

AccountingPage 8Question 3Lennon and McCartneyHarrison & StarrAwardMarks LostPenalties(a)PART AWATCH CONSEQUENTIALITYTrading, Profit and Loss Account of Lennon andMcCartney ? 14 marksHeading wrong/omittedPurchases not ?680,000 or consequentialGross Profit and Net Profit labels omittedClosing Stock not ?100,000Cost of Goods sold not ?660,000 or consequentialGross Profit not ?330,000Administration not ?66,000 or consequentialTotal Expenses not ?99,000Net Profit not ?231,000 or consequentialNot shown as a Trading, Profit and Loss Account2222212-1 P-1P each-1P(b) Rate of Stock Turnover ? 3 marksWill be consequential on candidate?s answer to (a)Times omitted from final answer1(a)PART BProfit and Loss Appropriation Account of Harrison &Starr ? 11 marksHeading wrong/omittedNet Profit not inserted or not ?462,000 or not labelledInterest on Capital figure not ?2,000 StarrInterest on Capital figure for Harrison award 2 for ?3,000or ?1,000If Interest on Capital correct and addedSalaries not ?24,000 and ?30,000 respectively or addedHarrison?s Share of Profit not 2/3 of residual profitStarr?s Share of Profit not 1/3 of residual profitIf Share of Profit reversed or fraction incorrectExtraneous: Capital, Drawings, Current Account Balances1211 each1222-1P-2E oncePage 9AwardMarks LostPenalties(b)PART B (continued)Current Account of Harrison ? 6 marksEntries will be consequential on candidate?s AppropriationfiguresOpening balance not ?1,800 Debit (Implied)Drawing ?500 onlyComplete reversal ? award half marks11PART CAward 2 marks each to any reasonable answer for (a)and (c).(b) is right/wrongPage 10Question 4Bubbles Unlimited plcAwardMarks LostPenalties(a) Cash Selling Price per Unit ? 2 marksRight/wrong. If CSP not stated in (a) but correct figureused in Cash Budget, award 2 implied.2(b) Cash Budget for Bubbles Unlimited plcJOB QUOTATION ? 12 marksMaterials and Labour wrong/omittedDirect Expenses not ?20Overheads: Cutting not ?2 ? 6 hrsConstruction not ?0.20 ? 1,000Profit not 20% of Total CostIf VAT calculated before Profit, their Profit figure will beconsequential but no award for VATVAT calculated on Total Cost onlyVAT calculated on 20% ? acceptVAT omittedTotal Cost to Customer wrong/not consequential1 each1222222-1P(b) Mark as per solution(i) Do not accept ?speed/accuracy? on its own ? mustmention use of formulae!

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