Ib G Jun17 Accn2 Mark Scheme [top] — Certified

He looked around the room. Mrs. Higgins three desks down was aggressively circling a number, her face twisted in marking fury. The Chief Examiner was walking the aisles, his polished shoes clicking on the linoleum.

A sole trader has lost his purchase invoices. You are given:

Interest on drawings is deducted after net profit, not before. The Jun17 mark scheme showed a strict order: Ib G Jun17 Accn2 Mark Scheme

| Part | Answer | Marks | Notes | |------|--------|-------|-------| | (a) | Contribution = £8; BEP = £40,000 / £8 = 5,000 units | 3 | 1 for contribution, 1 for formula, 1 for answer | | (b) | Contribution × 8,000 = £64,000 – £40,000 = £24,000 | 2 | OFR from (a) | | (c) | Actual sales 10,000 – BEP 5,000 = 5,000 units; margin of safety % = 50% | 2 | | | (d) | £45,000 / £8 = 5,625 units | 2 | | | (e) | Special order: contribution = £15 – £12 = £3 per unit × 5,000 = £15,000 additional profit. Accept if spare capacity exists. | 4 | 2 for calculation, 2 for qualitative reasoning (e.g., no effect on fixed costs, no regular sales loss) | | | 13 | |

He picked up his red pen—he called it "The Executioner"—and flipped open the next script. Candidate 847. He looked around the room

| Step | Action | Marks | |------|--------|-------| | 1 | Calculate credit sales: opening receivables + sales – receipts = closing receivables (rearrange) | 3 | | 2 | Calculate credit purchases: closing payables + payments – opening payables | 3 | | 3 | Calculate cost of sales: opening stock + purchases – closing stock (unknown) | 2 | | 4 | Use gross profit margin: Sales × 40% = gross profit → then cost of sales = sales × 60% | 3 | | 5 | Solve for closing stock: cost of sales = opening stock + purchases – closing stock | 3 | | 6 | Conclude stock lost = closing stock (since fire destroyed all) | 1 | | | 15 | |

The mark scheme heavily utilizes the OFR. If you make an early calculation error, you will not be penalized repeatedly. As long as your subsequent steps follow the correct accounting logic using your "own figure," you can still claim full working marks. The Chief Examiner was walking the aisles, his

If you are looking to narrow down your study session or need help breaking down a specific calculation from this paper, let me know:

: Always deduct specific bad debts from trade receivables before calculating the percentage for the general provision.

While individual past papers vary slightly in focus, the June 2017 ACCN2 exam fundamentally evaluated core proficiencies across several key areas: 1. Financial Statements for Sole Traders

: Look for band descriptors that detail the characteristics of responses at different levels. These can guide teachers (and students) on what differentiates, for example, a 7 from an 8.