Accounting Grade 12 Paper 2 KZN Prelim 2020 Addendum

Downloaded from hlayiso.com education Department: Education PROVINCE OF KWAZULU-NATAL : ACCOUNTING P2 ‘ ; ANSWER BOOK : " SEPTEMBER 2020 : NATIONAL SENIOR CERTIFICATE GRADE 12 ] Name: Grade: QUESTION MARKS MOD BY THE MOD BY THE MOD, BY THE 1 2 ~ —_— = 3 | | a _ _ | toTaL | 4} Copyright Reserved N.B. This answer book consists of 9 pages. Please turn over

Downloaded from hlayiso.com Accounting P2 2 September 2020 Preparatory Examination NSC QUESTION 1 1.1 BANK RECONCILIATION 1.1.1 | CASH RECEIPTS JOURNAL CASH PAYMENT JOURNAL Details Amount Details Amount Total R 504 350 | Total R 487 330 9 1.1.2 | Bank Reconciliation Statement on 31 July 2020: Debit Credit 9 1.1.3 | Identify TWO problems. Quote figures to support your answer. Give advice on how each of these problems can be avoided in future. Problem with evidence | Advice 6 Copyright Reserved Please turn over

Downloaded from hlayiso.com Accounting P2 3 Preparatory Examination 2020 NSC 1.2 CREDITORS RECONCILIATION 1.2.1 | Briefly explain how the preparation of a creditors’ reconciliation as an internal control measure can assist the business in managing their creditors effectively. Provide TWO points. 4 1.2.2 [Use the table provided to indicate the changes that must be made in the Creditors’ Control account and Creditors’ List in the books of Titanic Traders to take into account the errors and omissions noted. Indicate the increase or decrease with a (+) or (-) with each amount. Creditors’ Control Creditors’ List Provisional balance/total R 74710 R32 590 A B c D E 8 4.2.3 [State TWO internal control measures that the business can use to prevent similar incidents from happening in future. 4 TOTAL MARKS 40 Copyright reserved Please turn over

Accounting P2 4 Preparatory Examination 2020 NSC QUESTION 2 2.1 Debtors’ Collection Schedule: MONTH CREDIT SALES | SEPTEMBER OCTOBER July 2020 184 800 33 264 August 2020 158 400 110 880 September 2020 148 800 14 880 October 2020 175 200 Cash from debtors 159 024 — 4 2.2 | Calculate the amount of bad debts that will be written off in October 2020. 3 2.3 | Mention TWO strategies that the business can use to encourage debtors to pay their accounts on time. 4 2.4 | Calculate the missing figures indicated by (i) - (v) on the Cash Budget. _ Workings Answer (i) (ii) (iii) (iv) (v) 11 Downloaded from hlayiso.com Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting P2 5 Preparatory Examination 2020 NSC 2.5 [The rent will increase on 1 October 2020. Calculate the percentage increase. 2.6 [interest is paid on the last day of each month and is not capitalised. Calculate the loan balance on 1 September 2020. 2.7. [Give a reason for the entry for Fixed Deposit, R44 000 in October 2020. TOTAL MARKS 30 Copyright reserved Please turn over im: & Ot © Bt 1 BB | RB

Downloaded from hlayiso.com Accounting P2 Preparatory Examination 2020 6 NSC QUESTION 3 3.1.1 DIRECT MATERIAL COST 4 DIRECT LABOUR COST 8 3.1.2 PRODUCTION COST STATEMENT FOR THE YEAR ENDED 30 JUNE 2020 Prime cost Total manufacturing cost Work-in-progress (1 July 2019) Cost of production of finished goods 9 3.1.3 PROBLEM (WITH FIGURES) SOLUTION PROBLEM 1 PROBLEM 2 6 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting P2 7 Preparatory Examination 2020 NSC 3.2.1 [ Calculate: Break-even point for the year ended 31 July 2020. Do you consider the level of production to be satisfactory or not? Explain by quoting figures to support your opinion. 3.2.2 [Identify ONE problem regarding the variable costs. Quote appropriate figures to support your answer. Provide TWO solutions for the problem identified. TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting P2 8 Preparatory Examination 2020 NSC QUESTION 4 4.1.1 | Calculate: Number of hats on-hand on 29 February 2020. 3 4.1.2 | Value of the final stock on-hand on 29 February 2020. 7 4.2. SHAPE FOR WOMEN 4.2.1 | Calculate: Number of days of stock on-hand for Gym Bags. 5 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting P2 9 NSC Preparatory Examination 2020 4.2.2 [identify ONE different problem in respect of the manner in which each product is managed. In each case offer practical solution. Product Problem ( with figures) Possible solution Sweatbands Towels Gym Bags L 9 4.3 Calculations Answer (i) (ii) (iii) (iv) 16 TOTAL MARKS 40 Copyright reserved