Accounting Grade 10 KwaZulu Natal June 2019 Question Paper

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Downloaded from hlayiso.com Accounting (Grade 10) 2 Common Test June 2019 NSC INSTRUCTIONS AND INFORMATION ule You are provided with a question paper and an ANSWER BOOKLET in which to answer ALL questions. 2. This question paper comprises FOUR compulsory questions. Answer ALL the questions. 3. Use the format provided in the answer book in order to reflect your answers. 4. Where applicable-workings must be shown in order to achieve part-marks. 6. Non-programmable calculators may be used. 6. You may use dark pencil or blue/black ink to answer the questions. t Use the information in the table, below, as a guide when answering the question paper. Try NOT to deviate from it. QUESTION 1 (25 Marks; 15 Minutes) Topic of the question This question integrates: Financial accounting Value Added Tax e Calculations e Ethics and internal control QUESTION 2 (63 Marks; 37 Minutes) Topic of the question This question integrates: Salaries Financial accounting e Basic Concepts e Salaries Journal e Salary Scales QUESTION 3 (66 Marks; 40 Minutes) Topic of the question This question integrates: SOLE TRADER Final Ledger Accounts Financial accounting e Trading Account e Profit and Loss Account QUESTION 4 (46 Marks; 28 Minutes) Topic of the question This question integrates: Reconciliation Financial accounting e Debtors Reconciliation e Internal Control Copyright Reserved Please Turn Over

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Downloaded from hlayiso.com Accounting (Grade 10) Common Test June 2019 NSC QUESTION 2: SALARIES JOURNAL 2.1. BASIC CONCEPTS Match the term in Column A to the explanation in Column B. Write only the correct letter. (63 Marks; 39 Minutes) (5) Column A Column B 2.1.1. Medical Aid A _| This will become a monthly income for a person upon their retirement. 2.1.2. Pension Fund B_ | Employees contribute to this for mutual benefit in the workplace. 2.1.3. Unemployment Insurance Fund C_| A form of tax paid on salaries and wages 9.1.4, PAYE D_ | Paid to ensure an employee and his family have access to quality health care. 2.1.5. Staff Fund E | Aperson may claim from this when he loses [Ee his job. 2.2. SALARIES JOURNAL The following information is related to Sebenza Traders for the month of March 2019. REQUIRED: 2.2.1. Complete the salaries journal for March 2019. (51) INFORMATION: Employees Basic salary Deductions PAYE Medical Aid Pension Fund UIF M.Mange R 30 800 p/m | 18% of gross R 3 500 7,5% of basic R 308 S. Mazibuko R 36 800 p/m | 25% of gross R 4 800 7,5% of basic R 368 B.Mpisane R 501 600 p/a | 28% of gross R 5 900 7,5% of basic R418 M. Mange and B. Mpisane will earn bonuses in March which is the same as their monthly salaries. (These bonuses are not included in the figures above.) Additional Information: e The employer contributes 10% e The employer contribution towards Medic from employees, and towards UIF is on rand — for — rand basis. 2.3 The following salary scale was prep: ared for S. Shabangu, an admin clerk of basic salary towards Pension Fund with GEPF. al Aid with GEMS is R2 for every R1 deducted who works at Dingukwazi Suppliers. He was employed on 1 January 2019. 48000 x 4800 —> 57600x5200 —* 68 000 x 5500 —* 84500 Copyright Reserved Please Turn Over

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Downloaded from hlayiso.com Accounting (Grade 10) 6 June 2019 Common Test NSC QUESTION 3 : FINAL LEDGER ACCOUNTS (66 Marks; 40 Minutes) REQIURED: 3.1... Trading Account (13) 3.2. Profit and Loss Account (53) INFORMATION The information is from the books of Guptas Traders. The financial year ended on 28 February 2018. EXTRACT FROM THE TRIAL BALANCE ON 28 FEBRUARY 2018 Debit Credit BALANCE SHEET SECTION Capital 865 500 Fixed Deposit: ABBA Bank (7% p.a.) 80 000 Trading stock 123 400 Bank 87 500 Loan: FNB Bank (14% p.a.) 150 000 NOMINAL ACCOUNT SECTION Sales ~ 1 280 000 Cost of sales ] 640 000 ‘Debtors allowances” 12 400 Rent income 154 900 Interest on fixed deposit 4 200 Discount received 3 100 Water and electricity 35 400 Advertising 30 000 Bad debts 11 300 Salaries 184 000 Telephone 17 500 Stationery 23 200 Insurance 44 000 Interest on loan a Discount allowed 3 800 Bank charges 2 300 Copyright Reserved Please Turn Over

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Downloaded from hlayiso.com Accounting (Grade 10) 8 June 2019 Common Test NSC QUESTION 4: DEBTORS’ RECONCILIATION AND INTERNAL CONTROL (46 marks; 28 minutes) The following information was extracted from the accounting records of Klwana Dealers for June 2019. At the end of the month, the Debtors’ Control account and Debtors’ List could not be reconciled. As the internal auditor of Klwana Dealers you were asked to help with the reconciliation process. REQUIRED 4.1. Prepare the correct Debtors’ Control account. (18) 4.2. Prepare the correct Debtors’ List for June 2019. (16) 4.3. By making reference to transaction no.1 mention TWO control measures that should be implemented by the business before they can grant credit to customers. (6) 4.4 Name TWO ways in which you can encourage debtors to pay their accounts on time. (6) INFORMATION General Ledger of Klwana Dealers DR Debtors’ Control B5 CR Jun | 1 Balance | bid 13 460} Jun | 30 | Bankand | CRJ 36 690 discount allowed 30 | Sales DJ 51 560 Debtors DAJ 13 520 allowances [ Bank CPJ | 7500 Journal GJ 1 290 credits Journal GJ 0 Balance cid 21 020 debits 72 520 72 520 Jul | 1 | Balance | bid 21 020 Copyright Reserved Please Turn Over

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Accounting (Grade 10) Downloaded from hlayiso.com Common Test June 2019 NSC QUESTION 1 1. VAT WORKINGS ANSWER (a) (b) (c) (d) (e) 19 1.2 You are the internal auditor. The sole owner, Shukela, used a business cheque to buy a new car for R460 000 including VAT. This car is kept at home for his wife's use. Shukela says the vehicle must be recorded as a business asset and R60 000 must be recorded as a VAT to be claimed from SARS in the business' books. Explain what you would say to Shukela. Provide TWO points. Point 1 Point 2 6 Copyright Reserved Please Turn Over

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Downloaded from hlayiso.com Accounting (Grade 10) Common Test June 2019 NSC 2.3 WORKINGS ANSWER 2.3.1 2.3.2 2.3.3 2.3.4 Copyright Reserved Please Turn Over

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Downloaded from hlayiso.com Accounting (Grade 10) 6 Common Test June 2019 NSC QUESTION 4 41 GENERAL LEDGER OF KLWANA DEALERS Dr DEBTORS’ CONTROL B7 Cr Jun] 1 Jun; 30 18 4.2 DEBTORS’ LIST FOR 30 JUNE 2019 DEBTORS M. Buthelezi( V. Supporta( P. Mntungwa( D. Mashaba( 16 Copyright Reserved Please Turn Over

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