Accounting Grade 12 KZN June 2017 Addendum

gSERSARS RES EB Soo ee 3 Education KwaZulu-Natal Department of Education REPUBLIC OF SOUTH AFRICA ACCOUNTING ANSWER BOOK COMMON TEST SF mean JUNE 2017 SMEARS STEED AAAI EAD ASEP ARORA RS OLR R LER OELRE Ey NATIONAL SENIOR CERTIFICATE: Grade: . MOD BY THE |MODBY THE | MOD BY THE QUESTION] — MARKS SCHOOL [eCusren __|_ PROVINCE ____} } : _ | + ————— ee | N.B. This answer book consists of 17 pages Please Turn Over marr aS a nae

Downloaded from hlayiso.com Accounting 2 Common Test June 2017 , NSC-Answer book QUESTION 1 1.1.1 | Briefly explain to Xolani what your job as internal auditor requires you to do. Provide ONE point. 1.1.2 [Briefly explain to Xolani why it is important that he prepare the Bank Reconciliation Statement at the end of each month. Provide ONE point. 1.2 | Cash Receipts Journal Cash Payment Journal 33 220 40 921 11

Downloaded from hlayiso.com Accounting 3 NSC- Answer Book Common Test June 2017 1.3 [| Prepare the Bank Reconciliation Statement on 31 May 2017. DEBIT CREDIT 8 1.4 [Refer to the outstanding deposit of R50 000 in Information E below. Explain why the owner and internal auditor should be very concerned about this outstanding deposit. Provide ONE reason. —_ 2 TOTAL MARKS 25 Copyright reserved Please tum over

~~ Downloaded from hlayiso.com Accounting 4 NSC- Answer Book Common Test June 2017 QUESTION 2 2.1 | Write only the letter (A-E) next to the question number. 2.1.1 2.1.2 2.1.3 2.1.4 m1 2.2.1 DR Asset Disposal Account CR 2.2.2 SEE NEXT PAGE 2.2.3 | Cash and cash equivalent 8 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting 2.2.2 ZULU LIMILTED 5 NSC- Answer Book Common Test June 2017 INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017. Sales Cost of sales Gross profit Operating expenses Directors fees 902 100 Audit fees 203 400 48 Copyright reserved TOTAL MARKS 70 Please turn over

Downloaded from hlayiso.com Accounting 6 NSC- Answer Book Common Test June 2017 QUESTION 3 3.1.1 | Calculate the value of the closing stock as follows: + Leather jackets (use the weighted average method) 10 + Handbags (use the FIFO method). 10 3.1.2 | Calculate the following for the handbags: * Cost of sales . 6 * Gross profit 3 * Mark-up % achieved 3 Copyright reserved Please turn over

Accounting Downloaded from hlayiso.com 7 NSC- Answer Book Common Test June 2017 3.1.3 Khanda suspects that a number of handbags have been shop-lifted. Calculate the number of handbags stolen. 3.2 Identify ONE problem in relation to figures/amounts to highlight the problem. In each case, offer the owner advice on how to Solve the problem. each branch, quoting Branch Comment and figures Advice PINETOWN Ndumiso DURBAN Nomcebo UMHLANGA Sphesihle Copyright reserved TOTAL MARKS 45 Please turn over

Downloaded from hlayiso.com 8 Accounting * NSC- Answer Book Common Test June 2017 QUESTION 4 4.1.1 | Prepare the following notes for the year ended 28 February 2017: Retained income Trade and other payables 10 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting 9 NSC- Answer Book Common Test June 2017 4.1.2. BALANCE SHEET (STATEMENT OF FINANCIAL POSITION) ON 28 FEBRUARY 2017. ASSETS NON-CURRENT ASSETS CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES CAPITAL AND RESERVES NON-CURRENT LIABILITIES CURRENT LIABILITIES 26 TOTAL EQUITY AND LIABILITIES Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting 10 NSC- Answer Book Common Test June 2017 4.2. AUDIT REPORT 4,2.1 | What type of audit report did Lukaku Ltd received? Give a reason for your answer. 3 4.2.2 | To whom is an audit report addressed? Give a reason for your answer. 3 4.2.3 | Explain why the auditor mentioned the following in the audit report: * IFRS 2 « Companies Act in South Africa. 2 TOTAL MARKS 55 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting NSC- Answer Book Common Test June 2017 QUESTION 5 5.1. CREDITORS RECONCILIATION 5.1.1 No, | CREDITORS LEDGER ACCOUNT STATEMENT 5 350 12 540 A. B. Cc. D. E. 7 7 5.1.2 | The owner of MG stores is concerned that the bookkeeper could be defrauding the business through the credit system. List TWO internal control measures that can be applied in order to maintain control over creditors. Copyright reserved Please turn over

Accounting 5.2 DEBTORS RECONCILIATION Downloaded from hlayiso.com NSC- Answer Book 5.2.1 Give TWO steps that the bookkeeper must follow when he/she discovers a difference between the Debtors Control Account and the Debtors List. Common Test June 2017 5.2.2 Calculate the correct balance of the Debtors Control Account and the Debtors List by completing the table provided. DEBTORS CONTROL ACCOUNT No. 11020 DEBTORS LIST: Show the adjustment amount next to each debtor. M. Simkhadi (4 480 D. Slindile (3 270 K. Mshibe ( 940 F. Tuko (2 260 16 Copyright reserved Please turn over

Accounting Downloaded from hlayiso.com 13 NSC- Answer Book Common Test June 2017 5.2.3 DEBTORS’ AGE ANALYSIS Explain why you would be concerned about the management of debtors in this business. Quote relevant figures in your answer. 4 Provide TWO internal control measures that the business can use to improve the collection of money from debtors. 4 Copyright reserved TOTAL MARKS 35 Please turn over

Downloaded from hlayiso.com Accounting 14 NSC- Answer Book Common Test June 2017 QUESTION 6 6.1.1 SIVUKILE LTD CASH FLOW STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017. Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Net change in cash and cash equivalent Cash and cash equivalent at the beginning Cash and cash equivalent at the end 30 6.1.2 | Calculate the return on shareholders’ equity for 2017. Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting 15 NSC- Answer Book Common Test June 2017 6.1.3]On 1 March 2016 additional shares were issued. Will the existing shareholders be satisfied with the price? Refer to information C about the price. Explain. Quote relevant financial indicators with figures in your explanation. i 6.1.4 | The directors are happy with the improvement in the liquidity from 2016 to 2017. Quote THREE relevant financial indicators (actual ratios or | figures) to support their opinion. Copyright reserved Please turn over

Downloaded from hlayiso.com > Accounting 16 NSC- Answer Book Common Test June 2017 6.1.5] Besides paying back the loan, the directors have taken other major decisions that have affected the cash balance. State TWO other major decisions (exceeding R200 000) and quote the figures from the Cash Flow Statement. In EACH case, state how the decision will affect the future of the company. : DECISION FUTURE EFFECT ON COMPANY Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting 17 NSC- Answer Book Common Test June 2017 6.2. XULU LTD AND ZWANE LTD 6.2.1] Comment on the value of the shares of the two companies on the Johannesburg Securities Exchange (JSE). Explain how this will influence your choice of company. 6 6.2.2 | Compare and comment on the dividend pay-out policies of the two companies. 6 6.2.3 | Comment on the degree of risk and gearing. Explain how this will influence your choice of company. 6 TOTAL MARKS 70 Copyright reserved

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