Accounting Grade 12 Paper 2 LIM Prelim 2020 Addendum

Downloaded from hlayiso.com LIM POP g 4 _ ( T°. PROVINCIAL GOVERNMENT “Aa SP REPUBLIC OF SOUTH AFRICA DEPARTMENT OF EDUCATION NATIONAL SENIOR CERTIFICATE ACCOUNTING GRADE 12 PAPER 2 SEPTEMBER 2020 NAME OF CANDIDATE GRADE AND CLASS NO. SPECIAL ANSWER BOOK QUESTION INITIAL 1 2 3 4

Downloaded from hlayiso.com Grade 12 Accounting P2 2 Limpopo DoE/September 2020 NSC This answer book consists of 12 pages. QUESTION 1 MANUFACTURING 1.1 CONCEPTS 1.1.1 1.1.2 1.1.3 1.1.4 4 1.2. IMPACT COVERS 1.2.1 | Refer to Information B. Calculate the Direct Labour cost. 7 1.2.2 Factory Overhead Cost 12 Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 3 Limpopo DoE/September 2020 NSC 1.2.2 Production Cost Statement for the year ended 31 May 2020 Direct material Direct labour Prime cost Factory overhead cost Total production cost 849 700 Work in process Work in process Total cost of production of complete products 1.3. SUNNY DESKS 2 1.3.1. | Calculate the following for the year ended 31 August 2020: (a) Variable cost per unit. 4 (b) The break-even point. 5 Please turn over Copyright reserved

Downloaded from hlayiso.com Grade 12 Accounting P2 4 Limpopo DoE/September 2020 NSC 1.3.2 | James, the owner of Sunny Hats, is concerned about the production and cost management of the past year. Examine the information and identify TWO different cost items that cause concern. Use figures to support your answer. Provide advice on how to improve in each case. Problem (with figures) Advice Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 5 QUESTION 2 NSC RECONCILIATIONS 2.1. PLATO TRADERS Limpopo DoE/September 2020 Bank Reconciliation St May 2020 «| 31May 2020" | Noentry Balance R10 320 R21 340 (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) (x) (xi) es ee Copyright reserved 14 Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 6 Limpopo DoE/September 2020 NSC 2.2 | JORDAN PLUMBERS 2.2.1 | Calculate the correct balance of Tryston Supplies in the Creditor’s Ledger as on 29 February 2020. Balance R6 750 Correct balance es | 4 2.2.2 | Prepare a Creditor’s Reconciliation Statement for Tryston Suppliers on 29 February 2020. Balance per statement of account 29 780 Correct balance 5 2.2.3 | Refer to Information D. What consequences could Barry Reese face after his actions? Explain ONE point. 2 Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 7 Limpopo DoE/September 2020 NSC QUESTION 3 INVENTORY SYSTEMS AND VALUATION OF INVENTORY 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3.1.4 3.2. SNAP-IT SHOP 3.2.1. | Refer to Information A: (a) Calculate the value of the Closing stock on 31 August 2020 using the FIFO Method. 7 (b) Calculate the mark-up % achieved in this financial year. 4 (c) The owner is of the opinion that this item ‘Should not be sold any | more. Interpret the information and provide evidence (with figures) to prove his point. 3 Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 8 Limpopo DoE/September 2020 NSC 3.2.2 | Refer to Information B: (a) Calculate the stock holding period for cell phone ring holders, in days, using Closing stock. 3 (a) Calculate the number of missing cell phone ring holders. 5 (c) Devise TWO methods the owner can implement in order to solve this problem. 4 3.2.3 | Refer to Information C: (a) Calculate the value of Closing Stock on 31 August 2020 using the Specific Identification Method. 7 Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 9 Limpopo DoE/September 2020 NSC Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 10 Limpopo DoE/September 2020 NSC (b) Examine the stock figures and identify the problem with the stock ordered. Provide TWO points. (c) Discuss the problem that Billy now faces with regards to the stock and formulate a plan to assist him in solving this issue. Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 11 Limpopo DoE/September 2020 NSC QUESTION 4 CASH BUDGETS AND VAT 41 Calculate the percentage of the sales that will be on credit. 4.2 4.3 Calculate the percentage debtors who pay their accounts in December 2020. Evaluate the effective use of Julie’s capital contribution. Explain TWO points that you notice and use figures to support your answer. Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 12 Limpopo DoE/September 2020 NSC 4.4 Julie plans to apply for a loan in January 2021. Considering the figures in the Cash Budget, advise her on TWO items she could manage differently before she considers the loan. Quote figures to support your answer. 4 4.5 Calculate the amount of the loan she is considering to take out in January 2021. 4 4.6 Explain to Julie why it would be ethically correct to register her business as a VAT vendor. Name TWO points. 4 Copyright reserved Please turn over

Downloaded from hlayiso.com Grade 12 Accounting P2 13 Limpopo DoE/September 2020 NSC 4.7 Refer to Information D. Calculate the VAT that Julie would have to pay to SARS for January and February 2021. Round off all figures to the nearest Rand, if necessary. TOTAL: 150 marks Copyright reserved Please turn over