# Accounting Grade 12 Paper 2 FS Prelim 2022 Memo > Grade 12 Accounting Paper 2 memorandum from the FS Prelim 2022, 13 pages. Read online or get the free PDF download, question paper linked when available. - Page: https://www.hlayiso.com/library/2022-fs-p2-memo/c6c0163e-4121-4b83-a5d9-60ffe403e947 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Document type: Memorandum - Year: 2022 - Exam period: FS Prelim - Paper: 2 - Curriculum: CAPS - Pages: 13 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 Paper 2 FS Prelim 2022 Memo](https://www.hlayiso.com/library/2022-fs-p2-memo/c6c0163e-4121-4b83-a5d9-60ffe403e947) ## About this document Accounting · Grade 12 · FS Prelim · 2022. Memorandum, 13 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com Accounting P2 1 FS/September 2021 Grade 12 Prep. Exam. Marking Guidelines a PREPARATORY EXAMINATION GRADE 12 ACCOUNTING P2 SEPTEMBER 2022 MARKS: 150 MARKING PRINCIPLES: 1. Unless otherwise stated in the marking guidelines, penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item). No double penalty applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Unless otherwise stated, give full marks for correct answer. If answer incorrect, mark workings. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method mark for the answer). Note: if figures are stipulated in memo for components of workings, these do not carry the method mark for final answer as well. 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. If candidates provide more that the required number of responses, inspect all responses to give benefit to the candidate. Penalties may be applied for foreign entries if earning full marks not related to Q (max -2 per Q). 8. This memorandum is not for public distribution; as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions. 9. Where penalties are applied, the marks for that section of the question cannot be a final negative. 10. Where method marks are awarded for operation, marker must inspect reasonableness of answer. 11. Operation means 'check operation'. 'One part correct' means operation and one part correct. Note: check operation must be +, -, x, ÷, or per memo. 12. In calculations, do not award marks for workings if numerator & denominator are swapped – this also applies to ratios. 13. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. Indicate with a . 14. Be aware of candidates who provide valid alternatives beyond the marking guideline. Note that one comment could contain different aspects. 15. Codes: f = foreign item; p = placement/presentation. These marking guidelines consist of 12 pages. Copyright reserved Please turn over ### Page 2 Downloaded from hlayiso.com Accounting P2 2 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines QUESTION 1: 1.1.1 Calculate the VAT amount payable to/receivable from SARS on 30 June 2022. Mark one line only. Cannot mix signs. Inspect candidate's responses. Award highest mark. + 7 590 + 23 700 – 13 356 – 867 + 760 + 93 – 1 125 = +16 795 ฀ ฀ ฀ ฀฀ ฀฀ ฀ ฀ ฀ One part correct Payable ฀ OR – 7 590 – 23 700 + 13 356 + 867 – 760 – 93 + 1 125 = –16 795 VAT CONTROL VAT CONTROL ✔ 7 590 ฀✔ 13 356 ฀✔ 13 356 ✔ 7 590 ✔ 23 700 ฀✔ 867 ฀✔ 867 ✔ 23 700 ✔ 760 ✔ 1 125 ✔ 1 125 ✔ 760 ✔ 93 ฀ 16 795 ฀ 16 795 ฀ 93 32 143 32 143 32 143 32 143 11 1.2.1 COMPLETE THE CRJ AND CPJ: Cash Receipts Journal Cash Payments Journal (figures only) (figures only) 47 220 97 860 36 400 ฀฀ 2 800 ฀ 15 300 ฀฀ # 2 130 Two marks # 1 250 ฀ 9 100 ฀฀ 32 300 CRJ 23 200 CPJ # 880 ฀ 2 160 ฀ 11 000 ฀ 11 108 020 115 950 Bank balance on 30 June 2022: – 49 700 ฀ + 108 020฀ – 115 950฀ = – 57 630 ฀ one part correct 5 Unfavourable ฀ Copyright reserved Please turn over ### Page 3 Downloaded from hlayiso.com Accounting P2 3 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines 1.2.2 Prepare the Bank Reconciliation Statement on 30 June 2022. Debit Credit Debit balance as per bank statement 55 020฀ balancing figure Credit outstanding deposit 34 620฀ Debit amount incorrectly credited 23 000฀฀ Rectify error 10 570฀฀ Debit outstanding EFT 633 24 800฀ Credit balance as per bank account 57 630฀ see 1.2.1 9 102 820 ฀102 820 Both must be the same 1.2.3 Refer to Information H. Explain why the internal auditor would be concerned (provide figures). What actions should be taken? Provide TWO points. Concern (with figures): ฀฀ ● R10 000 less cash from sales were recorded and deposited. Actions: Any ONE action฀฀ ● Division of duties ● Control deposits before going to the bank 4 TOTAL MARKS 40 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com Accounting P2 4 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines QUESTION 2 2.1.1 FACTORY OVERHEAD COST NOTE Factory salary 102 400 Sundry expenses 47 040 Consumable stores (29 800 – 3 900) 25 900 ฀฀ Water and electricity (54 400 + 5 600) x 75% 45 000 ฀฀ Rent expense (12 200 x 6/2) 36 600 ฀฀ Insurance (33 500 – 3 800) x 4/5 23 760 ฀฀ one part correct Foreign items -1 max -2 280 700 ฀ 9 2.1.2 Production Cost Statement for the year ended 28 February 2022. Direct material cost PC - DLC 792 740 ฀ Direct labour cost 11 315/73x100 if 12% 587 260 ฀ 525 000 + 44 900฀ + 15 500฀฀ + 1 860฀) Prime cost 1 380 000 Factory overhead cost see 2.1.1 280 700 ฀ Total manufacturing cost (PC + FOH) 1 660 700 ฀ Work in progress in the beginning 35 100 1 695 800 ฀ Work in progress at the end of the year (145 800) ฀ operation The total cost of production (2 500 x 620) 1 550 000 ฀฀ 12 Copyright reserved Please turn over ### Page 5 Downloaded from hlayiso.com Accounting P2 5 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines STYLE MANUFACTURERS 2.2.1 Calculate the break-even point for laptop bags for 2021. WORKINGS ANSWER 450 000 ฀ 400 ฀– 304 ฀ = 4 688 ฀/ 96 two marks 4 687,50 one part correct 4 Comment on whether Helen should be satisfied with the break- even points and levels of production for the past two years. Quote figures to support your opinions. Compulsory response: Compare BEP to level of production for 2021 ฀฀ Figures ฀฀ The BEP is 4 688 units, and production is 4 500 units. The business produced 188 units less than BEP/making a loss on 188 units. Optional response: Max two marks in total (mark one optional response only) Compare BEP 2020 to 2021 OR Production 2020 to 2021 Break-even increased from 3341 to 4 688 units. 4 Production remained constant at 4 500 units per year. 2.2.2 Identify ONE variable cost for each item, that would be of concern to Helen. Quote figures. Provide ONE possible reason for the problem, in each case. ONE VARIABLE COST WITH REASONS FIGURES ฀ ฀ Variable cost ฀ ฀ Any two different reasons Figures ฀ ฀ LAPTOP BAGS Greater demand for material/wastage Direct material cost increased in the production process/poor quality from R120 per unit to R150 material caused mistakes/poor per unit/ R30 or 25% supervision/Pay more for better quality If imported – exchange rate, carriages expensive. LUGGAGE BAGS Poor supervision of normal time/ Direct labour cost increased excessive overtime/disruptions in 6 from R102 to R160/R58 or working hours/power cuts/high 56,8% increases negotiated. 2.2.3 Helen was concerned about the increase in the fixed cost per unit of luggage bags. What would you say to her? Provide ONE point and quote figures to support your answer. Valid comment explaining economies of scale/Economy of scale ฀฀ 2 Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com Accounting P2 6 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines Production decreased by 800 units (40%), but fixed costs are not influenced by the level of production, would remain almost constant, divided by a smaller number of units, will be much higher per unit. 2.2.4 Helen feels that she can improve the sales of luggage bags. Provide TWO suggestions on how this can be achieved. TWO valid suggestions ฀฀ ฀฀ ● She could decrease the mark-up % (or selling price) ● She can set targets for completion during normal time and try to reduce overtime pay ● She can spend more money on advertising and sales promotion and explore new target markets ● Team up with tour/holiday companies – to provide luggage bags 4 2.2.5 Assume that costs and workers' efficiency will remain unchanged in 2022. If production and sales of luggage bags increased by 500 units, calculate how much additional profit she can expect. 500฀ x R203฀฀ = R101 500฀ one part correct 4 TOTAL MARKS 45 Copyright reserved Please turn over ### Page 7 Downloaded from hlayiso.com Accounting P2 7 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines QUESTION 3 GOLF BALLS 3.1.1 Calculate the value of closing stock on 30 April 2022. WORKINGS ANSWER ฀ ฀ ฀ ฀ 55 200 + 359 900 – 17 550 + 8 075 14 750 ฀ 4 marks 81 400 ฀ operation one-part 405 625 5 marks correct x 2 960 14 750 = 27,50 x 2 960 6 The stock holding period in days using the closing stock. WORKINGS ANSWER ฀ 81 400 x 365 324 225 ฀฀ 405 625 – 81 400 91,6 days / 92 OR one mark days฀ one part correct 2 960 x 365 11 790 one mark one part mark 4 GOLF CLUBS 3.1.2 Calculate the value of closing stock on 30 April 2022. WORKINGS ANSWER STRAIGHT DRIVERS/CLUBS (35 – 30 = 5 X 4 900) 24 500 ฀฀ one part correct 220 500 ฀ operation one part correct and must use both products SHANKY DRIVERS/CLUBS (22 – 10 = 12 X 7 000 + (23 – 7 = 16 X 7 000 84 000 ฀฀ + 112 000 ฀฀ one part correct one part correct OR (45 – 17) x 7 000 = 196 000 7 Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com Accounting P2 8 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines LEO APPLIANCES 3.2.1 Leo Appliances changed their supplier. Do you agree with the decision? Explain and provide figures. Yes ฀ Units returned in 2021 was 35 and in 2022 returns was 0. ฀฀ 3 3.2.2 Explain the decision that Leo took regarding the selling price of the microwave ovens and explain the effect of this decision. State TWO points with relevant figures. Decision with figure: Decision ฀ Figure ฀ ● He increased the mark-up from 50% to 80%. ● He increased the selling price from R1 920 to R2 610/by R690/by 35,9%. Effect the business Any two valid points ฀ ฀ Figure ฀ ฀ ● Gross profit increased from R208 000 to R348 000/by R140 000/ by 67,3%. ● Stock turnover rate decreased from 7,2 to 6,0 times. ● Orders of ovens decreased from 390 to 350 units/by 40 units/by 10,3%. ● Sales of ovens decreased to 325 to 300 units/by 25 units/by 7,7%. 6 Copyright reserved Please turn over ### Page 9 Downloaded from hlayiso.com Accounting P2 9 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines 3.2.3 Leo significantly reduced the selling price of frying pans in the 2022 financial year. Explain why Leo found it necessary to do this. Competitor decreased his price. Leo wanted to increase sales and profits. ฀฀ Provide TWO separate suggestions with figures to Leo on how to improve profit on frying pans in 2022. One valid point for pricing ฀ One valid point for orders ฀ ● Must keep more stock because orders are more than nett sales. ● Leo should increase the price just below the R1 200 of the competitor. ● Leo should increase MU%; Any % between 10% to 20%. ● Mark-up % of competitor at least 60%. ● Leo must plan purchases of pans / must follow up on orders to meet the demand of 850 units (i.e., 125 more than current sales). 4 TOTAL MARKS 30 Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com Accounting P2 10 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines QUESTION 4 FERNANDES TRADERS 4.1.1 Debtors' Collection Schedule CREDIT MONTH SEPTEMBER OCTOBER SALES JULY 126 000 6 300 AUGUST 131 400 72 270 6 570 SEPTEMBER 133 200 53 280 73 260 ฀฀ 4 OCTOBER 136 800 54 720 ฀ CASH FROM DEBTORS 131 850 134 550 ฀ Operation one part correct and R6 570 included 4.1.2 Calculate the missing amounts indicated by (a)–(e) on the Cash Budget. WORKINGS ANSWER CASH PURCHASES: SEPTEMBER (a) (222 000 x 100/150) 44 400 ฀ 148 000 ฀ x 30% ฀ Operation one part correct 3 PAYMENTS TO CREDITORS: OCTOBER (b) 148 000 ฀ x 70% ฀x 96%฀ 99 456 ฀ Operation one part correct OR: 148 000 – 44 400 x 96% 4 SALARIES AND WAGES: OCTOBER (c) 41 500 x 107% 44 405 ฀฀ one part correct 2 INSURANCE: SEPTEMBER (d) 13 952 x 100/109 12 800 ฀฀ one part correct 2 Copyright reserved Please turn over ### Page 11 Downloaded from hlayiso.com Accounting P2 11 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines LOAN INSTALMENT: OCTOBER 15 (e) 1 875 – 1750 12 000 ฀ 125 ฀ x 12 ฀ one part correct 0,125 ฀ 4 Copyright reserved Please turn over ### Page 12 Downloaded from hlayiso.com Accounting P2 12 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines 4.1.3 Refer to Information G. Comment on how the online sales have affected the actual cash and credit sales in August. Quote figures or calculations TWO valid points (with figures) ฀฀ ฀฀ ● Cash sales increased from R87 600 to R162 000 ● Credit sales increase from R131 400 to R133 650 4 Refer to Information H. Identify TWO other costs already in the budget that were affected by the decision to go online and explain whether they were well controlled or not. Quote figures or calculations. Any TWO: ฀฀ ฀฀ ● Delivery cost is more by R20 367 (is now 18% of sales but the budget is for 15% of sales) so not well controlled. ● Packing material increased by 7 880 (18% of sales was budgeted; 15,6%) was the actual – so this was well controlled. ● Telephone is more than budgeted by 8 400 (80%) possibly due to extended use of data and the internet – resulting in increased sales. ● Advertising more than budgeted by 6 132 (35%) possibly needed to attract customers for online sales. 4 Provide ONE point that he should consider to manage online sales as a permanent feature. ONE point ฀฀ ● More than one person must be trained. ● The computer operator must be supervised and provide reports daily. ● Arrange SMS facilities with bank for notifications of all transactions. ● Get feedback from customers on service offered. 2 Copyright reserved Please turn over ### Page 13 Downloaded from hlayiso.com Accounting P2 13 FS/September 2022 Grade 12 Prep. Exam Marking Guidelines 4.1.4 Calculate the cost price of the new delivery vehicle. WORKINGS ANSWER R360 000 (2 marks) (R7 500฀ x 48฀) x 100/80 ฀ 450 000 ฀ One part correct 4 List TWO other costs related to the vehicle that Claudio will have to include in the budget. Figures are not required. Any 2 points ฀฀ ● Fuel costs must be included. ● Salary of a driver must be provided for. ● Insurance on the vehicle. ● Vehicle maintenance cost. 2 TOTAL MARKS 35 TOTAL: 150 Copyright reserved Please turn over ## Related documents - [ACCOUNTING P2 MEMO GR12 P2 JUNE 2022 Afrikaans Final](https://www.hlayiso.com/library/accounting-p2-memo-gr12-p2-june-2022-afrikaans-final/8607a9eb-4290-4d74-af8b-7bb6e58e91eb) — Accounting · Memo · 2022 · Afr - [ACCOUNTING P2 MEMO GR12 P2 JUNE 2022 English Final](https://www.hlayiso.com/library/accounting-p2-memo-gr12-p2-june-2022-english-final/edb5d545-b8d8-4365-b883-b3b3de78130f) — Accounting · Memo · 2022 · Eng - [ACCOUNTING P2 GR12 MEMO SEPT 2022 Afrikaans](https://www.hlayiso.com/library/accounting-p2-gr12-memo-sept-2022-afrikaans/b8060326-1d99-4ab4-b3d0-670339bf9763) — Accounting · Memo · 2022 · Afr - [2020 FS Prelim P2 Memo](https://www.hlayiso.com/library/2020-fs-prelim-p2-memo/69f20652-9cb5-4b56-9da4-77702b5cf90a) — Accounting · Memo · 2020 - [ACCOUNTING P2 GR12 ANSWERBOOK JUNE 2022 Afrikaans Finaal](https://www.hlayiso.com/library/accounting-p2-gr12-answerbook-june-2022-afrikaans-finaal/67317f0a-c6c2-47b6-bae2-7d594500c14b) — Accounting · Addendum · 2022 · Afr - [Gr12 Accounting P2 (Afrikaans) SEP 2022 Answer Book](https://www.hlayiso.com/library/gr12-accounting-p2-afrikaans-sep-2022-answer-book/d433311b-2ab8-4c86-90d3-42fe3c2ac6c3) — Accounting · Addendum · 2022 · Afr ## More from Grade 12 Accounting - [Accounting](https://www.hlayiso.com/library/accounting/8f42a6a4-9593-4d36-86b1-d890dd1bb1bf) — Guide - [ACCOUNTING P1 GR12 AB JCT ENG D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-ab-jct-eng-d-watermark/77ae8297-53f7-47b3-8e29-57bd38f30483) — Addendum · 2025 · Eng - [ACCOUNTING P1 GR12 QP JCT 2025 AFR D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-qp-jct-2025-afr-d-watermark/c6a5692b-3cb0-464b-bb82-67d6ce83bfdd) — QP · 2025 · Afr - [ACCOUNTING P1 GR12 QP JCT 2025 ENG D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-qp-jct-2025-eng-d-watermark/84d92eb0-f5bd-4442-bb6d-c55cdc52e25d) — QP · 2025 · Eng - [ACCOUNTING P2 QP GR12 JCT 2025 ENG D watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr12-jct-2025-eng-d-watermark/13425f71-aba6-4328-b084-d9b108884315) — QP · 2025 · Eng - [Accounting P1 (English) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p1-english-june-2025-answer-book/7e96e433-56f8-43a1-9a38-c68c465746dd) — Addendum · 2025 · Eng ## Collection - [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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