Mark Scheme (Results)

November 2024

Pearson Edexcel International GCSE

In Accounting (4AC1) Paper 02
Edexcel and BTEC Qualifications

Edexcel and BTEC qualifications are awarded by Pearson, the UK’s largest awarding body.
We provide a wide range of qualifications including academic, vocational, occupational and
specific programmes for employers. For further information visit our qualifications websites
at www.edexcel.com or www.btec.co.uk. Alternatively, you can get in touch with us using the
details on our contact us page at www.edexcel.com/contactus.

Pearson: helping people progress, everywhere

Pearson aspires to be the world’s leading learning company. Our aim is to help everyone
progress in their lives through education. We believe in every kind of learning, for all kinds
of people, wherever they are in the world. We’ve been involved in education for over 150
years, and by working across 70 countries, in 100 languages, we have built an international
reputation for our commitment to high standards and raising achievement through
innovation in education. Find out more about how we can help you and your students at:
www.pearson.com/uk

November 2024
Question Paper Log Number P75942A
Publications Code 4AC1_02_2411_MS
All the material in this publication is copyright
© Pearson Education Ltd 2024
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
1(a)(i) Award marks as indicated.

$67 350 (4)W

$48 200 + $235 000 (1) – $850 (1) – $215 000 (1) = $67 350 (1)

Alternative presentation

$ $
Balance b/d 48 200 Irrecoverable debt 850
(1)
Sales 235 000 Receipts 215 000
(1) (1)
Balance c/d 67 350
283 200 283 200
Balance b/d 67 350
(1)

(4)

Question Answer Mark

Number
(ii) Award marks as indicated.

$42 250 (3) W

$37 500 + $139 875 (1) – $135 125 (1) = $42 250 (1)

Alternative presentation

$ $
Payments 135 125 Balance b/d 37 500
(1)
Balance c/d 42 250 Purchases 139 875
(1)
177 375 177 375
Balance b/d 42 250
(1)
(3)
Question Answer Mark
Number
(iii) Award marks as indicated.

Romala
Statement of Financial Position at 31 August 2024

$ $
Assets
Non-current assets
Motor vehicles 22 500
(1)
Current assets
Inventory 32 600
(1)
Trade receivables 67 350

Other receivables 950

(1)
Cash at bank W1 43 950
(3)
144 850

Total assets 167 350

(1)
Equity and liabilities
Equity
At 1 September 2023 W2 100 000
(3)
Profit for the year 47 000
(1)
Drawings (21 900)
(1)
Total equity 125 100

Current liabilities
Trade payables 42 250

Total equity and 167 350

(13)
liabilities (1)

Workings

W1
$21 550 + $215 000 (1) – $192 600 (1) = $43 950 (1)

W2
$139 250 (1) - $39 250 (1) = $100 000 (1)
Question Answer Mark
Number
1(b)
Award up to 2 marks for a discussion of each concept.
Award 1 mark for conclusion.

Sample answer

By creating a provision for irrecoverable debts Romala will be complying

with the prudence concept (1) as she will not be overstating either her
profit for the year or the value of her trade receivables/current assets (1)

She will also be complying with the matching concept (1) as the possible
loss of income from irrecoverable debts will be matched with the revenue
earned in that period (1)

I would advise Romala to proceed with her proposal in order to have a

more accurate set of financial statements (1)

Accept any other appropriate responses

(5)

TOTAL FOR QUESTION 1 = 25 MARKS

Question Answer Mark
Number

2(a) Award one mark for each correct reason.

Able to provide cover for holidays / sharing workload (1)

Additional skills/experience (1)

Sharing risks /losses (1)

(2)
Accept any other appropriate responses

Question Answer Mark

Number
2 (b)(i) Award marks as indicated.

Haitai and Ming

Manufacturing account for the year ended 30 June 2024

$ $
Opening inventory of raw materials 68 000
Purchases 550 000
Carriage inwards 42 500 (1)
Closing inventory of raw materials (72 000)
Cost of raw materials consumed 588 500
(1of)
Direct expenses 26 950
(1)
Direct wages 127 500
(1)
Prime cost 742 950
(1of)
Depreciation 8 000 (1)
Overheads 138 000 (1)
Supervisor’s salary 45 000 (1)
Insurance 35 325 (1)
Rent and rates 187 500 (1)
413 825 (1)
1 156 775
Opening work in progress 85 278
Closing work in progress (96 750)
(11 472) (1)
Production cost 1 145 303 (1of)

(13)
Question Answer Mark
Number
2(b)(ii) Award marks as indicated.

$1 086 913 (5) W

Working

$1 145 303 – $7 065 (1) – $37 500 (1) – $3 200 (1) – $10 625 (1)
= $1 086 913 (1)

$ $
Draft production cost 1 145 303 (5)
Insurance (7 065) (1)
Rent and rates (37 500) (1)
Depreciation (3 200) (1)
Carriage (10 625) (1)
(58 390)
Corrected production cost 1 086 913
(1)
Question Answer Mark
Number
2(c)
Award up to four marks for explaining the purpose of a partnership
agreement.

Award one mark for a decision.

Sample answers

The partnership agreement will allow partners to know their rights and
responsibilities (1) which can be referred to in the event of any disputes (1).

The partnership agreement will avoid any disputes between the partners (1)
which can slow down the decision-making process of the business (1)

If the partnership does not have an agreement, then the provisions of the
Partnership Act 1890 would apply (1) which provides for each partner to
receive an equal share of profits and losses. (1) (5)

I believe the partners should draw up a formal partnership agreement (1)

Accept any other appropriate responses

(Total for Question 2 = 25 marks)

TOTAL FOR PAPER = 50 MARKS

Pearson Education Limited. Registered company number 872828
with its registered office at 80 Strand, London, WC2R 0RL, United Kingdom