– Required candidates to amend a draft income statement and construct a Statement of Changes in Equity for "Bergo Ltd" following eight distinct transactions.
For numerical questions (e.g., "Calculate Net Profit"), the mark scheme shows the final figure. However, it also shows . If you got £42,000 via a different route than the examiner, you still get the marks—provided your logic is sound.
Identifying errors that affect or do not affect the trial balance agreement (e.g., errors of omission, commission, principle, and compensating errors) via journal entries and suspense accounts. Deconstructing the Mark Scheme Mechanics Ib G Jun17 Accn2 Mark Scheme
: The change in provision (increase or decrease) must be shown in the capital/profit column to earn full marks. 2. Financial Statements & Quality
Share capital (50,000 £1 ordinary shares fully paid), share premium £10,000, revaluation surplus £5,000, retained earnings b/f £22,000. Corporation tax provision £8,000. Proposed dividend 10p per share. – Required candidates to amend a draft income
Let us reconstruct a typical question and mark scheme extract.
| Topic | Question reference in Jun17 | Marks available | My proficiency (1-5) | |-------|----------------------------|----------------|----------------------| | Manufacturing account | Q1 | 12 | ___ | | Limited company P&L | Q2 | 20 | ___ | | Bank reconciliation | Q3 | 8 | ___ | | Goodwill in partnerships | Q4 | 15 | ___ | | Ratio analysis (ROCE, Current ratio) | Q5 | 9 | ___ | | Incomplete records | Q6 | 16 | ___ | If you got £42,000 via a different route
The marking descriptors for the IB G Jun17 Accn2 Mark Scheme provide a detailed outline of the expected standards for each assessment objective. The descriptors are broken down into bands, with each band representing a specific level of achievement.
Accept alternative sequencing if logical. Do not award M3 if purchases are incorrect unless OFR applied.