# Accounting Grade 12 Paper 2 LIM Prelim 2020 Addendum

> Grade 12 Accounting Paper 2 addendum from the LIM Prelim 2020, 13 pages. Read online or get the free PDF download.

- Page: https://www.hlayiso.com/library/2020-lim-prelim-p2-answer-book/0b0506c6-570d-49ff-8938-88ad2047169f
- Updated: 2026-09-27
- Subject: Accounting
- Grade: Grade 12
- Document type: Addendum
- Year: 2020
- Exam period: LIM Prelim
- Paper: 2
- Curriculum: CAPS
- Pages: 13

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## About this document

Accounting · Grade 12 · LIM Prelim · 2020. Addendum, 13 pages. Read online or download the PDF.

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## Document text

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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

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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

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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
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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

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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

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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

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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

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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

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Grade 12 Accounting P2       9          Limpopo DoE/September 2020
                            NSC

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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.

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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.

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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

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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

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