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Signing in is free, and opens the June 2026 paper with full answers.

Estimated marks
37.75 / 48
Strong: working capital, theory answers.
Needs work: share valuation, credit policy.
Marked by AI from your photos against our marking points. An estimate to guide revision, not an ICAN result. Two lines on page 3 of Question 2 could not be read and were left unmarked.
Practise weak chapters

Q1 · NPV of a cost-saving machine (vending machine vs outsourced tea and coffee) 17 of 20

Marks split
20 marks
  1. 3/3Cups per year for each class of employee and saving in restaurant charges on present consumption (Rs 1,632,000)✓ Full marks
  2. 3/3Cups with 15% increase; cost of coffee beans and tea packets with whole packets✓ Full marks
  3. 4/4Paper cups with 10% leakage, milk and sugar with correct unit conversion✓ Full marks
  4. 2/2Maintenance and electricity costs; market research treated as sunk cost✓ Full marks
  5. 4/4Depreciation by straight line, tax at 25%, depreciation added back to reach CFAT✓ Full marks
  6. 1/2Annuity factor at 10% for 5 years and NPV½ Partly
  7. 0/2Conclusion and advice on feasibility✗ Missed
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q2 · Evaluation of a change in credit policy 4 of 7

Marks split
7 marks
  1. 1/1Proposed sales Rs 1,600,000 and variable cost at 78% under both policies✓ Full marks
  2. 1/1Bad debts Rs 18,000 and Rs 32,000✓ Full marks
  3. 1.5/1.5Cash discount Rs 6,000 and Rs 25,600, using the share of customers who take it✓ Full marks
  4. 0.5/1Profit before tax, tax at 30% and profit after tax for both policies½ Partly
  5. 0/1.5Opportunity cost of receivables Rs 8,190 and Rs 7,280, on variable cost, at the after-tax rate of 10.5%✗ Missed
  6. 0/1Net profit for both policies and advice to adopt the proposed terms (gain Rs 38,990)✗ Missed
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q3 · Estimation of working capital requirement 6 of 6

Marks split
6 marks
  1. 1/1Cost per unit and annual costs (materials Rs 180,000, wages Rs 30,000, overheads Rs 60,000, total Rs 270,000)✓ Full marks
  2. 0.5/0.5Raw material stock Rs 30,000✓ Full marks
  3. 1.5/1.5WIP Rs 18,750 with material at 100% and wages and overheads at 50%✓ Full marks
  4. 1/1Finished goods Rs 67,500✓ Full marks
  5. 1/1Debtors at cost Rs 67,500✓ Full marks
  6. 1/1Creditors Rs 30,000 and net working capital Rs 153,750✓ Full marks
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q4 · Share valuation with a finite holding period 2.5 of 5

Marks split
5 marks
  1. 1.5/1.5Expected dividends D1, D2, D3 at 9% growth (15.26, 16.63, 18.13)✓ Full marks
  2. 1/1Valuation formula: PV of three dividends plus PV of sale price at Ke = 13%✓ Full marks
  3. 0/1.5Correct discount factors and present values, with Rs 360 discounted at Year 3✗ Missed
  4. 0/1Total value Rs 288.56 and statement that it is the maximum price to pay✗ Missed
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q5 · Time value of money 3.5 of 5

Marks split
5 marks
  1. 1.5/1.5Part i Ordinary annuity relation and payment of Rs 85,146.96✓ Full marks
  2. 1.5/1.5Part ii 14-year period identified and lump sum of Rs 748,000✓ Full marks
  3. 0.5/1Part iii Annuity-due factor ½ Partly
  4. 0/1Part iii Payment of Rs 78,117.68✗ Missed
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q6 · Risk-return trade-off 2.25 of 2.5

Marks split
2.5 marks
  1. 1/1Statement of the principle: expected return rises with risk, the higher return being compensation for bearing risk✓ Full marks
  2. 0.75/0.75Contrast of high-risk and low-risk investments with examples (shares against government bonds, treasury bills, fixed deposits)✓ Full marks
  3. 0.5/0.75Explanation of the balance and its use: risk tolerance, goals, horizon and portfolio choice½ Partly
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
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Q7 · Profit maximization versus wealth maximization 2.5 of 2.5

Marks split
2.5 marks
  1. 0.5/0.5Meaning of each goal: maximum profit versus maximum shareholder value✓ Full marks
  2. 0.5/0.5Time horizon and measurement: short-term net profit versus long-term market value of shares✓ Full marks
  3. 0.5/0.5Risk and time value of money ignored versus included✓ Full marks
  4. 0.5/0.5Decision basis: accounting profit versus cash flows and risk-return trade-off✓ Full marks
  5. 0.5/0.5Effect on shareholders, ethical and social aspect, with tabular presentation✓ Full marks
Our estimate of how a marker would divide the marks. ICAN does not publish a marking scheme.
See the full answer