# Accounting Grade 12 KZN Prelim 2017 Addendum

> Grade 12 Accounting addendum from the KZN Prelim 2017, 14 pages. Read online or get the free PDF download.

- Page: https://www.hlayiso.com/library/2017-kzn-prelim-answer-book/202782e7-abff-4226-ac46-d63f06ade897
- Updated: 2026-09-27
- Subject: Accounting
- Grade: Grade 12
- Document type: Addendum
- Year: 2017
- Exam period: KZN Prelim
- Curriculum: CAPS
- Pages: 14

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## About this document

Accounting · Grade 12 · KZN Prelim · 2017. Addendum, 14 pages. Read online or download the PDF.

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## Document text

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|

Education
KwaZulu-Natal Department of Education
REPUBLIC OF SOUTH AFRICA
eee eee eee es,
a" ACCOUNTING ‘
: ANSWER BOOK :
* SEPTEMBER 2017 :
= PREPARATORY EXAMINATION

NATIONAL
SENIOR CERTIFICATE
GRADE 12
Grade:

MOD BY THE | MOD BY THE
CLUSTER PROVINCE

N.B. This answer book consists of 14 pages

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Accounting Examinations September 2017

QUESTION 1
1.1

1.1.1

1.1.2

1.1.3

1.1.4 4
1.2.1 CRJ CPJ

107 200 121 165
8

1.2.2

Bank reconciliation statement on 28 February 2017.

9
1.2.3 | As the internal auditor you are not happy with the manner in which
cash is being controlled in this business. Identify ONE problem and
provide a figure to support your answer. Give advice on how this
problem can be avoided in future.
Problem Advice
= 2

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Aci Preparatory Examinations September 2017
1.3.1 Creditors ledger Creditors reconciliation
statement
38 100 40 800

(i)

(ii)
(iii)
(iv)
(v)
(vi)

13
1.3.2 | Explain how the creditor’s reconciliation statement can assist the
business in terms of their internal control measures. State TWO
points.
4
TOTAL MARKS
40

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Accounting tory Examinations September 2017 .

QUESTION 2

2.1.1 | After taking into account the errors and omissions, calculate the
VAT amount that is either payable to or receivable from SARS.
Indicate whether this amount is receivable or payable.

Receivable/Payable:

12

2.1.2 | The internal auditor discovered that the owner, M Ngubane, used the
VAT collected from customers to pay expenses of the business.
Therefore, he was unable to pay the VAT owed to SARS on the due
date.

State ONE point of advice that you would offer M Ngubane
concerning this practice.

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Ac Preparatory Examinations September 2017
2.2.1 | Calculate the value of the closing stock on 28 February 2017 using
the weighted-average method.
9
2.2.2 | Calculate the average stock-holding period (in days) on
28 February 2017.
6
2.2.3 [Comment on the stock-holding period and explain how this would
affect the business
Comment
How this would affect the business.
4
2.2.4 | Calculate the value of the closing stock by using the FIFO method.
7
TOTAL MARKS
40

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Accounting tory Examinations September 2017 ,
QUESTION 3
310 13.44
3.1.2
3.1.3
3

3.2.1 Next page
3.2.2 Tangible asset

Land and Vehicles equipment
buildings
Carrying value at the
beginning
Cost price at the beginning 2 000 000 800 000
Accumulated depreciation at (0) (536 000) (650 000)
the beginning
Movements
Additions (0)
Cost price at the end 5 000 000
Accumulated depreciation at (0)
the end 19
Trade and Other Receivable
11

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Act Preparatory Examinations September 2017

3.2.4 ZOLALTD
INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017
Sales

Cost of sales

Operating income

Rent income (153 120

Gross income

Other operating expenses

Salaries and employers contribution 926 687
Directors fees 860 000
Audit fees (79 000

Packing material (13 600

Sundry expenses ( 292 330

Operating profit

Net profit before tax

47

TOTAL MARKS

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Accounting tory Examinations September 2017 .
QUESTION 4 ~
41
4.1.1
4.1.2
4.1.3
4.1.4
4.1.5
5
4.2.1 Ordinary Share Capital note
Authorised shares
1 900 000 shares
Issued shares
1 000 000 Shares at the beginning @ R 5 5 000 000
8
4.2.2 Cash Flow Statement on 30 June 2017.
Cash flow from operating activities
Cash generated by operations 1 225 800
Interest paid (144 000)
Cash flow from investing activities
Proceeds on sale of fixed assets 200 000
Decreased in fixed deposit 600 000
Cash flow from financing activities
Repayment of loan (1 080 000)
Cash and Cash Equivalents at the end of the year 205 000 23

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Acco Preparatory Examinations September 2017

wee

4.2.3 | Calculate the Current ratio for 2017.
3
4.2.4 Comment on the following financial indicators:
Comment with figures Reason for change
% gross
profit on
the cost of
sales.
% operating
expenses
on sales.
4
4.2.5] From 2016 to 2017 the directors made a deliberate decision to change
the policy on the distribution of profit in the form of dividends. Explain
this change. Quote figures/calculations to support your answer.
4

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Accounting Dronoratory Examinations September 2017

4.2.6 | Shareholders are satisfied with the issue price of the new shares. Quote
TWO financial indicators with figures to support this statement.

4.2.7] One of the directors feel that the loan should be paid as soon as
possible. Do you agree? Explain. Quote TWO financial indicators with
| figures to support your answer.

4.2.8 | The shareholders should be satisfied with the return on their investment
and the companies’ earnings. Explain TWO financial indicators with
| figures to support this opinion.

TOTAL MARKS

60

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Accc Preparatory Examinations September 2017
QUESTION 5
5.1
5.1.1
5.1.2
5.1.3
5.1.4
4
5.2.1 | Calculate the Direct Material Cost
6
5.2.2 | Calculate the Factory Overhead Cost
Depreciation 32 000
Sundry expenses 49 800
17

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Accounting Drenoratory Examinations September 2017

5.2.3 | Production cost statement

Prime Cost

Production Cost

Production Cost of finished goods 13

5.3.1 | Calculate the Break-even point for 2017.

4
5.3.2 | Explain why the owner should be concerned about the break-even
point. Provide TWO points.
4
5.3.3 | Provide one reason for the decrease in the Direct Material Cost.
2

TOTAL MARKS

50

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Acco Preparatory Examinations September 2017
QUESTION 6
6.1.1 | Prepare a Debtors Collection Schedule for November 2017.
Month Credit sales September | October November
August 1246 000 498 400 249 200
September 910 000 302 575 364 000 182 000
October 630000 | | 209475
November va an
TOTAL 800 975 822 675 i
6.1.2
The payment to creditors for November 2017.
3
The loan amount for October 2017
4
The amount for advertising in September 2017
3
6.1.3 | EXPLANATION ADVICE
FUEL:
RENT INCOME:
4

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Accounting paratory Examinations September 2017

6.2 | MANAGEMENT OF FIXED ASSETS
Identify ONE different problem regarding each vehicle/driver. Quote
figures to support your answers. Give John ONE point of advice for
EACH problem identified.
Problem Advice
Vehicle 1
(Sibusiso)
Vehicle 2
(Jabulani)
Vehicle 3
(Xolani)
9
TOTAL MARKS
30

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