# Accounting Grade 12 Paper 2 KZN June 2022 Question Paper > Grade 12 Accounting Paper 2 question paper from the KZN June 2022, 13 pages. Read online or get the free PDF download, memo linked when available. - Page: https://www.hlayiso.com/library/2022-kzn-june-p2-qp/5e68f99d-842b-44fc-a35a-3c5a54018bb5 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Document type: Question paper - Year: 2022 - Exam period: KZN June - 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 KZN June 2022 Question Paper](https://www.hlayiso.com/library/2022-kzn-june-p2-qp/5e68f99d-842b-44fc-a35a-3c5a54018bb5) ## About this document Accounting · Grade 12 · KZN June · 2022. Question paper, 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 KWAZULU-NATAL PROVINCE EDUCATION REPUBLIC OF SOUTH AFRICA NATIONAL SENIOR CERTIFICATE | GRADE 12 H ACCOUNTING P2 " i COMMON TEST : A JUNE 2022 " | MARKS: 150 TIME: 2 HOURS | This question paper consists of 12 pages a formula sheet and a 10-page Answer Book. ### Page 2 Downloaded from hlayiso.com NSU INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. Aspecial ANSWER BOOK is provided in which to answer ALL the questions. 3. Show ALL workings to earn part-marks. 4. You may use a non-programmable calculator. 5. You may use a dark pencil or blue/black ink to answer the questions. 6. | Where applicable, show ALL calculations to ONE decimal point. 7. — If you choose to do so, you may use the Financial Indicator Formula Sheet attached at the end of this question paper. The use of this formula sheet is NOT compulsory. 8. Write neatly and legibly. 9. Use the information and table below as a guide when answering the question. Try NOT to deviate from it. QUESTION TOPIC MARKS MINUTES 1 Debtors Reconciliation and Creditors Reconciliation 40 30 2 Inventory Valuation 40 30 3 Cost Accounting 45 40 4 Fixed Assets and Problem Solving 25 20 TOTAL 150 120 Copyright reserved Please turn over ### Page 3 Accounting P2 Downloaded from 3 hlayiso.com June Common Test 2022 NSC QUESTION 1 (40 Marks; 30 Minutes) DEBTORS RECONCILIATION AND CREDITORS RECONCILIATION 1.1 DEBTORS RECONCILIATION You are provided with information relating to Robbie Traders for May 2022. REQUIRED: 1.1 .1 Mention TWO actions that the bookkeeper must follow when he discovers a difference between the Debtors Control Account and the Debtors List. (2) r to Information A. the effect of the errors and omissions to the Debtors Control unt in the General Ledger and to each Debtor's Account in the Deb ors Ledger. Indicate+ increase and - for decrease. plete the tables provided.) (16) 1.2 Refer to Information B. (Debtors' Age Analysis) 1.2.1 Explain why you would be concerned about the management of debtors in this business. Quote relevant figures in your answer. (2) 1.2.2 Provide TWO internal control measures that the business can use to improve the collection of money from debtors. (4) INFORMATION: A. Errors and omissions: (i) The total of the Debtors Allowances Journal was under cast by R120. (ii) Stock sold on credit to M. Malinga was wrongly entered in the journal as R890 instead of R980 and posted accordingly to the debtors' ledger. (iii) Interest of R80 must be charged to the overdue account of D. Zondi (iv) Goods sold on credit to P Mshibe for R530 was not recorded by the business. (v) Goods sold to M. Tuko for R1 320 was incorrectly posted to the account of M. Malinga. The entry in the journal was correct. (vi) A receipt issued to M. Malinga for R650 was correctly recorded in the journal but was posted to the Debtors Ledger Account as R600. B. On 31 March 2022, the Debtors' Age analysis was as follows: Credit terms: 30 days less 5% discount. TOTAL CURRENT 30-60 DAYS 61-90 DAYS MORE THAN 90 DAYS 23 200 4 640 6 960 9 280 2 320 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 Accounting P2 June Common Test 2022 1.3. CREDITORS’ RECONCILIATION Masiya Traders buys goods on credit from ZZ Suppliers. The business received a statement for June 2022 from the creditor. REQUIRED: 1.3.1. Reconcile the Creditors Ledger account of ZZ Suppliers in the books of Masiya Traders with the statement received. Commence with the opening balances as provided in the ANSWER BOOK. (12) 1.3.2 Name TWO benefits of using electronic funds transfer (EFT) system. (2) 1.3.3. State TWO consequences for the business if they do not pay the amount due to creditors on time. (2) INFORMATION: A. Creditors’ Ledger of Masiya Traders ZZ SUPPLIERS (CL7) Date Debit Credit Balance 2022 01 | Account rendered 35 920 June 05 | Invoice 346 11 808 47 728 07 | Debit note 69 816 46 912 13 | EFT 666 22 788 24 124 Discount 3 532 20 592 14 | Invoice 135 6 929 27 521 16 | EFT- 675 1.000 26 521 23 | Invoice 378 7 188 33 709 24 | Invoice 396 8 829 42 538 30 | Invoice 407 4 526 47 064 B. Statement of account received on 30 June 2022: ZZ SUPPLIERS PO Box 2245, Ekuvukeni township 2920 Tel: 034 759 9902 Masiya Traders Date: 25 June 2022 5 Zwane street Credit limit :R90 000 Ekuvukeni A section 947 Payment terms: 60 days DATE DETAILS DEBIT CREDIT | BALANCE 2022 01 | Balance 35 920 June 05 | Invoice 346 10 296 46 216 07 | Credit Note 109 816 47 032 13 | Receipt 410 22 788 24 244 16 | Receipt 440 1 000 23 244 23 | Invoice 378 7 188 30 432 24 | Invoice 396 9 810 40 242 25 | Interest 29 40 271 Copyright reserved Please turn over ### Page 5 Accounting P2 Downloaded from hlayiso.com June Common Test 2022 NSC C. Additional Information: vi. Copyright reserved Invoice 346 on 5 June 2022 was correct according to the statement. ZZ Suppliers statement showed an error of recording of goods returned on 7 June 2022. Masiya Traders qualified for discount with the payment on 13 June 2022. ZZ Suppliers granted only R2 532 as discount. They will show this on their statement next month. Invoice 135 for R6 929 was recorded incorrectly in the Creditors' Ledger Account of ZZ Suppliers. This purchase was from PP Suppliers. A trade discount of 10% was deducted on Invoice 396. ZZ Suppliers did not take this into account. This will be rectified on the next statement. The statement shows transactions up to 25 June 2022. 40 Please turn over ### Page 6 Accounting P2 Downloaded from hlayiso.com QUESTION 2: 2.1 Choose the description from COLUMN B that best describes the stock valuation method in COLUMN A. Write only the letter (A — D) next to the question number (2.1.1 — 2.1.3) in the ANSWER BOOK. June Common Test 2022 (40 marks; 30 Minutes) INVENTORY VALUATION, INTERNAL CONTROL COLUMN A COLUMN B 2.1.1 Specific identification A Oldest stock is sold before latest purchases 2.1.2 First-in-first out (FIFO) B Total value of goods divided by number of units available for sale to calculate value of closing stock 2.1.3 Weighted average Stock is valued based on actual cost prices New stock is sold before any other. 2.2 You are provided with information relating to Umlazi Cricket Shop, a business selling Cricket Batting Pads and Cricket balls. The periodic inventory system is in use. The financial year ended on 28 February 2022. REQUIRED: 2.2.1 2.2.2 2.2.3 2.2.4 Calculate the value of the closing stock for the two stock items. e Cricket Pads(using the FIFO-method) e Cricket balls (using the weighted averaged-method) Calculate the following for Cricket Pads: ¢ Cost of sales e Gross profit e Mark up percentage e Stock holding period in days The owner suspects that there is not sufficient control over the stock. Provide figures from the information to confirm his suspicions. calculations to support your answers. e He suspects that the Cricket Pads they are selling are not very popular amongst clients. e He suspects that Cricket balls are being stolen. The owner approached you to become a partner in the business. Explain TWO changes you would make to the business should you decide to become a partner. Refer to specific information taken from the question for each of the suggested changes. Copyright reserved (4) (8) (4) (3) (3) (4) (2) (5) (4) Please turn over ### Page 7 Accounting P2 INFORMATION: NSC A. Stock counts for the financial period: Downloaded from hlayiSO.CQMcommon test 2022 Date Cricket Pads Cricket balls Number Per Total Number | Per Total of units unit value of units | unit value 01 Mar 2021 125 R600 | R75 000 350 28 Feb 2022 420 |b a = | 660 B Carriage on purchases, exchange rate and import taxes: Cricket balls: The balls are imported from England. Prices are shown in British pound (£). The exchange rate was R18,50 to the pound throughout the financial year. Import taxes totaled R12 115 for the financial year. manufacturers. c Purchases during the financial year: Delivering costs are paid for by the Cricket Pads Cricket balls Purchase Purchase price} Total Date Number|price per unit|Total value] Number per unit value in of units| (carriage inrand | of units | (Import taxes | British included) excluded) pound 15 March 2021 120 R650 R78 000 | 1200 £0,60 £720 25 Aug 2021 230 R690 R158 700 | 2100 £0,55 £1 155 10 Dec 2021 180 R720 R129 600 | 1400 £0,50 £700 15 Jan 2022 70 R750 R52 500 | 1500 £0,49 £735 Total 600 R418 800 | 6 200 £3 310 D___ Sales during the financial year: e Cricket Pads: 305 units at R900 each = R274 500 e Cricket balls: 5 700 units at R25 each = R142 500 Copyright reserved Please turn over 40 ### Page 8 Accounting P2 QUESTION 3: 3.1 June Common Test 2022 Downloaded from hlayiso.com COST ACCOUNTING (45 marks; 40 minutes) THE SHOE FACTORY You are provided with information relating to THE SHOE FACTORY for the financial year ended 28 February 2022. This is a manufacturing business specialising in the production of hand-made leather shoes. They manufacture the shoes and sell them at a mark-up of 100% on cost. REQUIRED: Prepare the following for the year ended 28 February 2022: 3.1.1 Note for Direct Materials Cost (7) 3.1.2 Note for Factory Overhead Cost (14) 3.1.3. Production Cost Statement on 28 February 2022 (12) INFORMATION: A. Balances 28 Feb 2022 | 1 March 2021 Raw materials stock 403 650 R 464 000 Work-in-process stock 44 000 Finished goods stock 57 000 48 000 Consumable stores stock: Factory 10 600 22 400 B. Summary of transactions for the year ended 28 February 2022: Purchases of raw materials R 990 000 Carriage on purchase of raw materials 85 000 Purchases of consumable stores for the factory 57 200 Return of consumable stores bought for factory 5 200 Purchases of cleaning materials (administration) 8 800 Production wages 908 000 Salaries: Factory manager 180 000 Administration 320 000 Sales staff 200 000 Insurance [sales and administration department] 17 400 Water and electricity 285 200 Sundry Expenses: Factory 205 000 Administration 65 000 Copyright reserved Please turn over ### Page 9 Accounting P2 c. Downloaded from hlayiso.com 9 June Common Test 2022 NSC Notes and adjustments: (i) (ii) (ii) (v) (vi) (vii) (viii) No entry was made for transport of raw materials, by BB Carriers, to the factory , R5 000. During physical stocktaking of raw materials on 28 February 2022 a calculation error was made. Ten thousand (10 000) articles costing 80c each were taken into account at R8 each on the stock lists. Correct the error. The following information in respect of production wages for the last week of February 2022 appeared in the wages journal: Gross wages R45 800 Deductions: Unemployment Insurance Fund 458 Pension Fund 3 664 PAYE 9 160 The employer contributes to the UIF and the Pension Fund on a Rand for Rand basis. Sixty percent (60%) of all the water and electricity was used in the factory. An amount of R24 000 was still outstanding on the total account for February 2022. Included in the Sundry factory expenses is a deposit paid for the hire of factory equipment R5 000 Depreciation: Factory Plant: R72 000 Factory Equipment R 20 000 Seventy percent (70%)of the total amount for insurance is for the factory. The remainder is shared between the sales and administration department. A total of 2 462 pairs of shoes were produced at a unit cost of R1 200. Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com Accounting P2 June Common Test 2022 3.2. ZONDI’S MANUFACTURERS This business manufactures security gates. The financial year end is 31 May 2022. REQUIRED: 3.2.1 Calculate the break-even point for the year ended 31 May 2022. (5) 3.2.2 Compare and comment on the break-even point and the production level achieved over the two years. Quote figures. (4) 3.2.3 Give TWO reasons for the increase in direct material cost. Suggest ONE way to control this cost. (3) INFORMATION FOR YEAR ENDED 31 MAY 2022. A. 2022 2021 COSTS TOTAL UNIT UNIT COST AMOUNT COST Direct materials 75 600 R180 R148 Direct labour 105 840 R252 R244 Selling and distribution 60 900 R145 R136 Factory overheads 67 200 R160 R156 administration 51 600 R123 R127 B. Additional information 2022 2021 Total sales R382 200 R475 200 Selling price per unit R910 R880 Units produced and sold 420 units 540 units Break-even point 2 435 units 45 Copyright reserved Please turn over ### Page 11 Downloaded from hlayiso.com Accounting P2 June Common Test 2022 NSC QUESTION 4 FIXED ASSETS AND INTERNAL CONTROL (25 Marks; 20 Minutes) 4.1 FIXED ASSETS The following information relates to the fixed/tangible assets of PMB limited for the year ended 31 May 2022. REQUIRED: 4.1.1. The management is not satisfied with control and management of fixed assets. Explain THREE internal control measures to be applied to correct the situation. (6) 4.1.2 Prepare the Asset disposal Account for the computer sold on 30 September 2021. (10) INFORMATION: A. Information from the financial statements for the year ended 31 May 2022. FIXED/TANGIBLE ASSETS EQUIPMENT Carrying value on 1June 2019 51 840 Cost 180 000 Accumulated depreciation (76 320) B. The business has three computers; all three computers were purchased on 1 December 2018 for R60 000 each. A computer was sold for R12 256 cash to ZEB traders on 30 September 2021. D. The business provides for depreciation on its fixed assets as follows: e Vehicles at 15% p.a. on cost e Equipment at 20% p.a. on the diminishing balance method. Copyright reserved Please turn over ### Page 12 Downloaded from hlayiso.com Accounting P? 12 June Common Test 2022 4.2 BONA TRADERS Bona Traders sells one type of camera. The owner Sthembiso has three branches situated in Hlathi, Tholeni and Maqanda. The three branches are managed by Sfiso, Nolwazi and Xolani respectively. Sthembiso has obtained the annual figures/amounts from the three branches for the financial period ending 28 February 2022. REQUIRED: Identify ONE problem in relation to each branch, quoting figures/amounts to support the problem. In each case, offer the owner advice on how to solve the problem. (9) Note: All cameras are sold for cash. INFORMATION Cameras available for sale 1 960 1 600 1 160 Cameras sold during the year 1 560 300 1 000 Cameras returned during the year 20 20 0 Stock on 28 February 2022 340 1 280 160 Total cash sales Re | RS B00 | R14 360 000 Cost price per camera R8 000 R8 000 R8 000 Selling price per camera R12 000 R12 000 R12 000 Advertising costs per year R40 000 R40 000 R40 000 Salary of manager per month R25 000 R25 000 R25 000 25 Copyright reserved Please turn over ### Page 13 Accounting P2 NSC Downloaded from hlayiso.c om June Common Test 2022 GRADE 12 ACCOUNTING FINANCIAL INDICATOR FORMULA SHEET Gross profit X 100 Sales 1 Gross profit X 100 Cost of sales 1 Net profit before tax X 100 Sales 1 Net profit after tax X 100 Sales 1 Operating expenses X 100 Sales 1 Operating profit X 100 Sales 1 Total assets : Total liabilities Current assets : Current liabilities (Current assets — Inventories) : Current liabilities Non-current liabilities : Shareholders’ equity (Trade and other receivables + Cash and cash equivalents) : Current liabilities Average trading stock X 365 Cost of sales 1 Cost of sales Average trading stock Average debtors X 365 Credit sales 4 Average creditors X 365 Cost of sales 1 X 100 1 Net income after tax Average shareholders’ equity Net profit after tax X 100 Number of issued shares 1 (*See note below) Dividends pershare X 100 Earnings per share 1 Net income after tax + Interest on loans X 100 Average Shareholders’ equity + Average non-current liabilities 1 Shareholders’ equity X 100 Dividends for the year_ X 100 Number of issued shares 1 Number of issued shares 1 Interim dividends X 100 Final dividends X 100 Number of issued shares | Number of issued shares 1 Dividends forthe year_ X 100 Net income after tax 1 Total fixed costs Selling price per unit — Variable costs per unit NOTE In this case, if there is a change in the number of issued shares during a financial year, the weighted-average number of shares is used in practice. Copyright reserved ## Related documents - [KZN 2020 June P2 QP](https://www.hlayiso.com/library/kzn-2020-june-p2-qp/aebab627-a5be-4328-8b2b-aee3f80cce83) — Accounting · QP · 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 - [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 - [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 - [Acc P2 Memo ENg watermark](https://www.hlayiso.com/library/acc-p2-memo-eng-watermark/5c899e95-f3c2-4bf6-b539-ed8b1bcec50d) — Memo · 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 - [Accounting P2 (English ) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p2-english-june-2025-answer-book-1/73bffe7c-1c96-49bd-af78-abb8db8c6618) — Addendum · 2025 · Eng - [Accounting P1 (Afrikaans) June 2025 Possible Answers](https://www.hlayiso.com/library/accounting-p1-afrikaans-june-2025-possible-answers/2f10559b-54d6-47f4-9fc2-b2efc62644c4) — Memo · 2025 · Afr ## 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. When citing, link the page URL above, not a PDF or /api/ URL.