How Was IGCSE Accounting (0452) Paper 1 (All Variants)

[Layla..]

Ok working on it

Also, advantages of double entry system would be:
Greater level of accuracy
Less fraud, erros
Easier to prepare final accounts with accuracy etc

 

[slisjunknown]

Oh, lol! Just checked it! it's a single entry system!
When you have single entry system you prepare statement of Affairs and use the equation Assets - liabilities = capital
Thus, you just write the capital like that!

Ohh ok...thnx I didnt noe abt that system

 

[oahmed64]

Guys urgent pls ! When adding the net current assets to the non current assets ,dont we get net assets ?

 

[Shakeel Rafi]

Guys urgent pls ! When adding the net current assets to the non current assets ,dont we get net assets ?

Yes.

 

[oahmed64]

Is net assets anpther word for capital employed or ar they different cuz in the balance sheet layout i have it says net current assets + non current assets = capital employed then - long term liabilities = net assets

 

[Shakeel Rafi]

Is net assets anpther word for capital employed or ar they different cuz in the balance sheet layout i have it says net current assets + non current assets = capital employed then - long term liabilities = net assets

Yes,but net assets is more appropriate to use in the assets section

as capital employed is usually defined as :
Capital Employed= Shareholder's Fund + Non-Current Liabilities(if present)

Or
Capital Employed= Shareholder's Fund
(more appropriate to use in the financed by section )


Nevertheless,
Marks are not deducted at all
Even marking schemes don't have those terms at all in any balance sheet

 

[TheInfamous]

Yes.

If he gave me in the question a value for the goodwill, will it be added to the balance sheet or not?

 

[Shakeel Rafi]

If he gave me in the question a value for the goodwill, will it be added to the balance sheet or not?

No, as goodwill is an intangible asset

Balance Sheet only contains tangible assets

 

[oahmed64]

Yes,but net assets is more appropriate to use in the assets section

as capital employed is usually defined as :
Capital Employed= Shareholder's Fund + Non-Current Liabilities(if present)

Or
Capital Employed= Shareholder's Fund
(more appropriate to use in the financed by section )


Nevertheless,
Marks are not deducted at all
Even marking schemes don't have those terms at all in any balance sheet

Im sorry i didnt understand could u please give me the balance sheet layout starting from net current assets

 

[Shakeel Rafi]

Im sorry i didnt understand could u please give me the balance sheet layout starting from net current assets

I don't have it currently

just put the value no need of any detail
You can see any marking scheme for reference
examiners don't even check the details
only the values..

 

[iamservantofALLAH]

If anyone has given 0452/12, can you please tell me if you've taken Goodwill in the Statement of Financial Position in the last question?

 

[Layla..]

No, as goodwill is an intangible asset

Balance Sheet only contains tangible assets

it is placed as a non-current intangible asset in balance sheet!

 

[Shakeel Rafi]

it is placed as a non-current intangible asset in balance sheet!

i Don't know that
But how did the balance sheet balance??
with that we can see whether goodwill is included or not

but, i am just happy that i was not in such a "concussion"

And anyways, i am done with IGCSE's 2014

 

[Layla..]

i Don't know that
But how did the balance sheet balance??
with that we can see whether goodwill is included or not

but, i am just happy that i was not in such a "concussion"

And anyways, i am done with IGCSE's 2014

Haha! Same..
They must have prepared the question in such a way for it to balance

How much are you expecting in P2?

 

[Shakeel Rafi]

Haha! Same..
They must have prepared the question in such a way for it to balance

How much are you expecting in P2?

Well, I am expecting somewhere between 117-120
It was pretty easy though but unexpected
WBU??