# Accounting Grade 11 KwaZulu Natal June 2018 Paper & Memo

> Grade 11 Accounting question paper and memo from the KwaZulu Natal June 2018, 32 pages. Read online or get the free PDF download.

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- Updated: 2026-09-27
- Subject: Accounting
- Grade: Grade 11
- Document type: Question paper and memo
- Year: 2018
- Exam period: KwaZulu Natal June
- Curriculum: CAPS
- Pages: 32

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Accounting · Grade 11 · KwaZulu Natal June · 2018. Question paper and memorandum, 32 pages. Read online or download the PDF.

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education

Department:
Education

PROVINCE OF KWAZULU-NATAL

NATIONAL

SENIOR CERTIFICATE

GRADE 11 |

SESAAD SERS EOE ee FFAS |

ACCOUNTING

JUNE 2018

EXAMINATION

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tec eee Eee O ee C EPEC U PCC PCCP CPP E TCSP CCR e Ere rr rrr ik bo

MARKS: 300

TIME : 3 hours

This paper consists of 15 pages and answer book of 10 pages.

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Accounting NSC Common Test June 2018

INSTRUCTIONS

AND INFORMATION
Read the following instructions and be sure to follow them carefully:

1 This question paper consists of 15 pages.

2 A special ANSWER BOOK consisting of 9 pages is provided in which to answer ail the
questions.

3. Answer ALL the questions.

4. Workings must be shown in brackets in order to earn part marks.

5. Non-programmable calculators may be used.

6. You may use dark pencil or black / blue pen to answer the questions.

Yi Marks will be deducted for missing details and foreign entries.

8. Use the information in the table on the next page as a guide when answering the

question paper:

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Accounting

NSC Common Test June 2018

Question 1: 46 Marks, 28 Minutes

The topic of this question is:

| Content:

Bank Reconciliation

° Theory
e Journal and Ledger calculation
e Bank Reconciliation Statement

Question 2: 54 Marks, 32 Minutes

The topic of this question is:

Content:

Non Profit Organisations

° Analysis of refreshments account
¢ Membership Fees Account

Question 3: 53 Marks, 32 Minutes

The topic of this question is:

Content:

Partnerships — Current Account
and Interpretation

° Theory
* Current Account Note to the Balance Sheet

¢ Calculations
e Comments

Question 4: 73 Marks, 44 Minutes

The topic of this question is:

Content:

Partnerships — Financial
Statements

e Income Statement

¢ Inventories Note

° Trade and other Receivables
e Problem Solving

Question 5: 50 Marks, 30 Minutes

The topic of this question is:

Content:

Tangible Assets

e General Ledger

° Asset Disposal
° Tangible Assets note to the Balance Sheet

Question 6: 24 Marks, 14 minutes

The topic of this question is:

Content:

Creditors Reconciliation

* Creditors Ledger compared to Statement
* Problem Solving
° Internal Control

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Accounting NSC Common Test June 2018
QUESTION 1 (46 Marks, 28 Minutes)
BANK RECONCILIATION

You are provided with information taken from the accounting records of Pillay Traders for
March 2018.

REQUIRED:

1.1 Discuss the purpose of businesses completing a Bank Reconciliation every (2)
month.

1.2 Indicate whether each of the following statements are TRUE or FALSE. If (8)
FALSE, correct the underlined word / words, where necessary, to make the
statement TRUE.

1.2.1. An internal auditor will want to inspect the Bank Reconciliation
Statement at the end of each month.

1.2.2 Service fees and cash deposit fees will be part of the Bank Charges
which will be credited by Bank account in the General Ledger.

1.2.3 Ifa cheque is older than 6 months, it is considered to be stale and will
not be cashed by the bank.

1.2.4 A post-dated cheque issued in May 2018, but dated July 2018, will be
entered in the Cash Payments Journal in July 2018,

1.3 Provide ONE advantage of making payment using internet banking. (2)

1.4 Calculate the following on 31 March 2018:

1.4.1. Bank column in the Cash Receipts Journal (8)

1.4.2. Bank column in the Cash Payments Journal (9)

1.4.3 Bank account balance in the General Ledger. (6)
1.5 Prepare the Bank Reconciliation Statement for March 2018. (11)
INFORMATION:

A. Extract from the Bank Reconciliation for February 2018:

Unfavourable Balance as per Bank Statement 22 400
Outstanding deposit 10 200
Outstanding cheques
Noss 3.400 |
PNG 160 1 420
No 163 6 400
No 165 (dated May 2018) 3710

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Accounting NSC Common Test June 2018

B.

Provisional totals for the Bank column in the Cash Journals on 31
March 2018:

Cash Receipts Journal | 31 400
Cash Payments Journal | 54 800

A comparison of the Bank Statement for March 2018, with the Bank

Reconciliation Statement on for 2018 revealed the following:

° The deposit of R10 200 appears on the Bank Statement

e Cheque number 163 for R6 400 was presented to the bank for payment

* Cheque number 88 was issued on 15 September 2017 to “Feed the Hungry” as
a donation. The organization has closed down and the cheque needs to be
cancelled.

* Cheque number 160, appears on the Bank Statement for R4 120. The
amount on the Bank Statement is correct.

A comparison of the March 2018 Salaries Journal with the March 2018
Bank Statement shows the following outstanding cheques:

| Employee | Gross Salary | _Net Salary Cheque No
M. Mkhize R12 400 R_9 800 178
P. Poonsamy R14 200 | R11 600 | 180

A comparison of the Cash Journals with the Bank Statement revealed
the following differences:
° The following amounts appeared in the Cash Journals, but not on the
Bank Statement:
o A deposit for R8 100
o Cheque number 176 for R8 900 (dated 15 April 2018)

e Cheque number 173 appears in the Cash Payments Journal for R3 280.
The amount on the Bank Statement of R3 240 is correct.

e Cheque number 170 for R840 was lost in the post. This cheque needs to
be cancelled and replaced with cheque number 181. The new cheque is
still outstanding

* A stop order for the monthly loan repayment of R2 000 appears only on
the Bank Statement

* A deposit of R35 000 was made directly into the businesses bank
account. This was money deposit by the owner to increase his capital
contribution.

° An unpaid cheque for R420. This cheque was originally received from
Mrs B. Add in settlement of her account for R450.

« A direct deposit for R8 300 for rent income appeared on the Bank Statement
only.

* The bank charged the business with the following:

o R93 (Interest on overdraft)
o R380 (Bank Charges)

° The Bank Statement reflected a favourable balance of R17 367 on 31 March

2018.

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Accounting NSC Common Test June 2018

QUESTION 2 (54 Marks, 32 Minutes)
NON PROFIT ORGANISATIONS

2.1 REFRESHMENTS

Port Shepstone Soccer Club has restaurant that operates in its club house.

REQUIRED:

Study the Refreshment account in the General Ledger for the year ended 31 December
2017, and answer the following questions:

2.1.1 Calculate the Cost of Sales on Refreshments (6)

2.1.2 Calculate the percentage mark-up used by the club on the sale of their (3)
refreshments.

2.1.3 Give TWO possible reasons why the club has chosen the above mark-up (4)
percentage on the refreshments it sells

2.1.4 Calculate the rate of stock turnover, for refreshments, (in days) for the year (5)
ended 31 December 2017.

2.1.5 Do you feel that the above stock turnover rate on refreshments is satisfactory? (3)
Give a reason for your answer.

INFORMATION:
Port Shepstone Soccer Club
Nominal Section
N3 Refreshments
2017 Stock of 2017 | ;
|
Jan | 4 Refreshments 25 400 Dec 31 | Donation 9 800
ou 31 Bank 463 000 Bank (Sales) 970 320
| Creditors fo Stockof ga
i Control | ea6/000 _ Refreshments a7 B00
Income and
Expenditure | ees020
1.007 920 | 1 007 920
L

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Accounting NSC Common Test June 2018

2.2 MEMBERSHIP FEES

The following information was extracted from the accounting records of “Spot On”
Darts Club for the year ended 31 December 2017.

REQUIRED:

2.2.1 Calculate the following:
a) The number of members in the club at the end of 2017.

b) The amount for membership fees that would appear in the Statement of
Income and Expenditure for the year ended 31 December 2017

2.2.2 Draw up the membership fees account in the General Ledger for the year
ending 31 December 2017

INFORMATION:

e The club had 240 members on 1 January 2017.

e 12new members joined the club during 2017. New club members are expected
to pay full membership fees, irrespective of when they joined the club.

e Membership fees were R550 per member per year for 2016. The fees were
increased by R50 per year for the 2017 year. The committee decided to leave
the fees unchanged for 2018.

e At the start of the year, 5 members still owed their fees from 2016. 3 of these
members paid the amounts owed during 2017. The remaining members were
asked to leave the club and their fees was written off.

¢ 7 members still had not paid their 2017 membership fees by the 31 December
2017

« 4 members paid their 2017 fees, (at the increased amount) in 2016, and 6 paid
their 2018 fees during 2017.

e The club chairman requested that a portion of his R800 honorarium be retained
by the club for his membership fees for 2017

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Accounting NSC Common Test June 2018
QUESTION 3 (53 Marks, 32 Minutes)
PARTNERSHIPS — CURRENT ACCOUNT AND INTERPRETATION

The information given below related to MS Traders, with partners Michael and Simphiwe. The
Financial year ends on 28 February each year.

REQUIRED:
3.1 Questions 3.1.1 to 3.1.5 are multiple choice questions. Choose the most correct (10)

answer for each of the following. Mark an “X” in the column of your choice in
your answer book, as shown in the example below:

"A_ |B ¢ D
Eg. [x |
3.1.1 Partners can contribute the following as capital into the business.

A. Money

B. Knowledge and experience
C. Fixed Assets

D. All of the above

3.1.2 Identify one disadvantage of a partnership as a form of ownership:
A. A partnership is relatively easy to form.
B. Partners are jointly and severally liable for the debts of the business.
C. Apartner can be replaced or bought out by another partner.
D. More capital can be raised.

3.1.3 The Salary account of a partner is closed off to the ............. Account
A. Trading account
B. Profit and Loss Account
C. Current Account
D. Appropriation Account

3.1.4. When calculating the amount due to a partner for their primary distribution, the
following amounts are added together:

A. Salary + Interest on Capital

B. Salary + Interest on Capital + Share of Profit
C. Salary + Interest on Capital + Bonus

D. Salary + Bonus + Share of Profit

3.1.5 The correct order of the following steps in the Accounting Cycle are

A. Post Adjustment Trial Balance, Closing Transfers, Post Closing Trial
Balance, Pre-adjustment Trial Balance

B.  Pre-adjustment Trial Balance, Post Adjustment Trial Balance, Closing
Transfers, Post Closing Trial Balance

C. Closing Transfers, Post Closing Trial Balance, Pre-adjustment Trial
Balance, Post Adjustment Trial Balance,

D. Pre-adjustment Trial Balance, Post Adjustment Trial Balance, Post
Closing Trial Balance, Closing Transfers

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Accounting
8.2

for this.

3.3
marks can be awarded.

NSC

Complete the missing spaces labelled A to F. Show calculations so part

Common Test June 2018

Michael and Simphiwe decided to equalise their capital contributions by the 28
February 2018, the end of the financial year. Discuss TWO possible reasons

(4)

(14)

3.4. Calculate the following (to one decimal place) for the year ended 28 February 2018:
3.4.1. The percentage return earned on average partners equity. (8)
3.4.2 The debt equity ratio (5)
35 Comment on the following for the year ended 28 February 2018:
3.5.1. The percentage return earned by MS Traders. (5)
3.5.2 The business risk and gearing. (7)
INFORMATION:
Capital Accounts
Michael Simphiwe _ Total
Balance at the beginning of the year 800 000 550 000. 1 350 000
Contribution of Capital during the year 0 100 000 100 000
Withdrawal of Capital during the year (150 000) 0 (150 000)
Balance at the end of the year 650 000 650 000 1 300 000
Current Accounts
Michael | Simphiwe Total
Profit per Income Statement 255 600 226 400 482 000
Partners’ Salaries 144 000 136 000 280 000
Interest on Capital A B 2?
Primary distribution of profits 2 2? ?
Final distribution of profits Cc D 46 000
Drawings (253 000) | (216 700) (469 700)
Retained Income for the year E 9 700 2
Retained Income atthe gy ann
beginning of the year 12. 800 (5 900) dice
Retained Income at the end of 15 400 F °
the year

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Accounting NSC Common Test June 2018

ADDITIONAL INFORMATION:

1. Capital:
¢ Michael withdrew a portion of his capital on 30 June 2017
° Simphiwe increased his capital contribution on 31 August 2017
e Interest on capital is paid at 12% per annum.

2. Profits and losses are shares in the ratio of 3 : 2 between Michael and Simphiwe

respectively.

3. The business had a long term loan at BB Bank for R850 000, at an interest rate
of 10.25%, on 28 February 2018.

4. Calculations for the year ended 28 February 2017:

The percentage return earned on average partnership equity. 25.2%
| The debt equity ratio / [ O7:1 |
finterestonFixedDeposit 6.3%

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14
Accounting NSC Common Test June 2018

QUESTION 4 (73 Marks, 44 Minutes)
PARTNERSHIPS — FINANCIAL STATEMENTS

You are provided with information taken from the financial records of Bandile and Sons, a
retail store in Pietermaritzburg. The financial year ended on 28 February 2018. A mark
up of 40% is maintained at all times.

REQUIRED:
4.1 Complete the Income Statement for the year ended 28 February 2018.
(48)
4.2. Prepare the following notes to the Balance Sheet
4.2.1 Inventories (7)
4.2.2 Trade and other Receivables (14)
4.3 Identify TWO possible reasons why the Rent Income decreased by 8% on (4)

{ January 2018.

INFORMATION:

Extract of from the Pre- Adjustment Trial Balance on 28 February 2018:
Balance Sheet Accounts R

Fixed deposit (8,5% p.a.) a 520000 |
Trading Stock 7 1634000 |
Debtors Control 280 200
Provision for bad debts (1 March 2017) | : ; ; - x 1000
Nominal Accounts 7 an
| Sales : | 9472 000
Cost of sales 6715700 —
‘Debtors Allowances 70 000
‘Salaries and Wages (including contributions) 926 687
Consumable Stores — 13 600

| Sundry Expenses 123 400

| Water and Electricity a 150 330
Bad Debts 7 oo 12 100
Rent Income | 153 120
Bad Debts Recovered : Oo 3 860
Interest on Fixed Deposit - j 27 000
Interest on Loan 30.030
Interest on Current Account | 9 300

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Accounting NSC Common Test June 2018

ADJUSTMENTS AND ADDITIONAL INFORMATION:

A.

A credit note for R1 680 issued to a debtor, on 26 February 2018, was inadvertently
omitted from the relevant Journal.

A debtor, who owes R1 800, has been declared insolvent. His estate paid 30 cents
in the Rand. This amount was received and recorded. Write off the balance.

Adjust the Provision for Bad Debts to 5% of book debts.

R18 000 worth of stock was stolen in a burglary during February 2018. The
insurance policy has an excess of R2 000, which is payable by the business. The
remainder of the insurance claim will be received in March 2018.

Stock on hand as per a physical count on 28 February 2018:

Trading Stock | R1 519 800
Consumable Stores R1 340

A further R12 600 is owed for Water and Electricity.

Advertising is included as part of sundry expenses account. An amount of R12 000
has been paid for the period 1 January 2018 to 31 March 2018.

Rent income was received for 13 months to 31 March 2018. On 1 January 2018 the
rent decreased by 8%.

Outstanding interest on fixed deposit must be taken into account. A further fixed
deposit of R60 000 was invested on 1 August 2017. This was properly recorded.
Interest on fixed deposit is not capitalised.

Depreciation for the year ended 28 February 2018 was R194 574.

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Accounting NSC Common Test June 2018

QUESTION 5 (50 Marks, 30 Minutes)
TANGIBLE ASSETS

Gugu and Gail own an event planning business called “GG Events”. They specialise in
weddings at their own venue in the KZN Midlands.

REQUIRED:

5.1. Complete the following accounts in the General Ledger of GG Events for the
year ended 30 June 2017:

5.1.1. Accumulated Depreciation on Equipment (12)

5.1.2 Asset Disposal (12)

5.2. The Fixed / Tangible assets note to the Balance Sheet for the year ending 30 (26)
June 2017.

INFORMATION:

The following figures were taken from the financial records on 30 June 2017:

Land and Buildings 1.438 800
Vehicles atcost "680000
Equipment at cost — i 716 000
Accumulated Depreciation on Vehicles (1 July 2016) [ 164 000
Accumulated Depreciation on Equipment (1 July 2016) 208 600 |

ADDITIONAL INFORMATION:

1. The current wedding chapel was extended for R560 000 during the current
financial year. This was already recorded accordingly

2. Depreciation on vehicles is calculated at 20% p.a. on the diminishing-balance
method. A new vehicle was purchased on 1 April 2017 for R380 000. This has
been properly recorded.

3. Depreciation on equipment is calculated at 10% p.a. on the cost price. Note that
equipment with cost price R28 000 was taken over by Gugu, as drawings, on 31
December 2016 for personal use for R15 000. Accumulated depreciation on the
disposed equipment, on 1 July 2016, was R11 000. No entries have been made.

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Accounting NSC Common Test June 2018

QUESTION 6 (24 Marks, 14 Minutes)

CREDITORS RECONCILIATION

MM Traders buys goods on credit from WS Wholesalers. The information provided below is
for July 2017.

REQUIRED:

6.1. Reconcile the Creditors Ledger account of WS Wholesalers in the books of MM_ (18)
Traders with the statement received.

6.2. With reference to additional information number c, concerning the purchasing
personal items on the businesses account, answer the following questions:

6.2.1. What disciplinary action do you feel should be taken against the guilty (2)
employee.

6.2.2 Discuss TWO internal control measures that this business can implement — (4)
to ensure this situation cannot occur in the future

INFORMATION:
A. Creditors Ledger for WS Wholesales in the books of MM Traders:
Date Details Debit | Credit | Balance
July | 1 | Balance 24 650
| S_| Invoice No. 443 | 4770) 29 420 |
10 | Cheque No. 2810 | 15 000 14 420
| Discount | 750 13 670
12 | Invoice No. 568 5 640 19 310
18 | Debit Note No. 114 980 18 330
| 28 | Invoice No. 667 | 7120) 25450

B. Statement received from WS Wholesalers

WS Wholesalers
Statement of Account
Customer: Statement date:
MM Traders 25 July 2017 -

DATE | DETAILS DEBIT CREDIT BALANCE
June | 28 | Account rendered | | 29 280
30 | Invoice No. 376 3 370 32 650
July 1 Receipt No. 1144 8 000 24 650
_5 | Invoice No. 443 | 7740 32 390
10 | Receipt No. 1328 15 000 17 390
12_| Invoice No. 568 6 640 | 24 030
18 | Credit Note No. 743 980 | 25 010
22 | Invoice No. 772 3 860 28 870

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Accounting NSC Common Test June 2018

C. ADDITIONAL INFORMATION:

When reconciling the Statement of account from WS Wholesalers with the

Creditors Ledger, the bookkeeper noticed the following differences:

Invoice No. 443 was recorded incorrectly in the creditors ledger.

The statement did not reflect the discount for early payment on the 10". This

will be rectified on the next statement.

ltwas discovered that Invoice No. 568 on the statement included goods valued
at R1 000 ordered by an employee for his personal use. The employee has
been proven guilty and is facing disciplinary action. The business is now

responsible to pay this extra amount.

Goods valued at R980 were returned on the 18". Itis shown as a debit entry in

both the creditor's ledger account as well as the statement of account.

Invoice No. 772 on the statement was an error made by WS Wholesalers.

These goods were not purchased by MM Traders.

The statement was printed on 25 July 2017.

TOTAL MARKS: 300

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education

Department:
Education

PROVINCE OF KWAZULU-NATAL

NATIONAL

SENIOR CERTIFICATE

[ GRADE 11

ACCOUNTING
ANSWER BOOK
JUNE 2018
COMMON TEST

Name: Grade:
Question Topic Learners | Moderators
P Mark Mark
1 Bank Reconciliation
2 Non Profit Organisations

Partnerships — Current Account

3 and Interpretation
4 Partnerships — Financial
_ Statements _| :
5 | Tangible Assets
6 Creditors Reconciliation
TOTAL |

This answer book consists of 10 pages.

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Accounting NSC Common Test June 2018

QUESTION 1

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BANK RECONCILIATION

1.1

Discuss the purpose of businesses completing a Bank Reconciliation every
month.

(46 Marks, 28 Minutes)

2
1.2.8
1.2.4 8
1.3 Provide ONE advantage of making payment using internet banking.
2
1.4 Calculate the following on 31 March 2018:
1.4.1. Bank column in the Cash Receipts Journal
8
1.4.2. Bank column in the Cash Payments Journal
9
1.4.3 Bank account balance in the General Ledger.
6
1.5 Prepare the Bank Reconciliation Statement for March 2018.
ZZ | DR cR
11

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Accounting NSC Common Test June 2018

QUESTION 2 (54 Marks, 32 Minutes)
NON PROFIT ORGANISATIONS

2.1 Refreshments

2.1.1 | Calculate the Cost of Sales on Refreshments.
6
2.1.2 | Calculate the percentage mark-up used by the club on the sale of their
refreshments.
4
2.1.3 | Give TWO possible reasons why the club has chosen the above mark-up
percentage on the refreshments it sells.
4
2.1.4 | Calculate the rate of stock turnover, for refreshments, (in days) for the year
ended 31 December 2017.
5
2.1.5 | Do you feel that the above stock turnover rate on refreshments is
satisfactory? Give a reason for your answer.
3

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Accounting NSC Common Test June 2018

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2.2 Membership Fees

2.2.1

22.2

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Calculate the following:

a) The number of members in the club at the end of 2017.

4
b) The amount for membership fees that would appear in the
Statement of Income and Expenditure for the year ended
31 December 2017.
3

Membership Fees

26

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Accounting NSC Common Test June 2018

QUESTION 3 (53 Marks, 32 Minutes)

PARTNERSHIPS — CURRENT ACCOUNT AND INTERPRETATION

al A OB c D
3.1.1 |
3.1.2 |
3.1.4
3.1.5 10
3.2 Michael and Simphiwe decided to equalise their capital contributions by
the 28 February 2018, the end of the financial year. Discuss TWO possible
reasons for this.
4
3.3. Complete the missing spaces labelled A to F. Show calculations so part
marks can be awarded.
No. Calculation Amount
A
B
Cc
D
F | 14

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Accounting NSC Common Test June 2018

3.4, Calculate the following (to one decimal place) for the year ended 28
February 2018:

3.4.1 The percentage return earned on average partners equity.

3.4.2 The debt equity ratio

35 Comment on the following for the year ended 28 February 2018:

3.5.1 The percentv age return earned by MS Traders.

3,5.2_The business risk and gearing.

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Accounting NSC

QUESTION 4

PARTNERSHIPS — FINANCIAL STATEMENTS

4.1 Income Statement for the year ended 28 February 2018

Common Test June 2018

(73 Marks, 44 Minutes)

Sales

Cost of sales

Gross profit

Other operating income

Gross income

Other operating expenses

Operating profit

Interest income

Operating profit before interest expense

Interest expenses

Net profit for the year

48

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Accounting NSC Common Test June 2018

4.2.1 Inventories

7
4.2.2 Trade and Other Receivables
Trade debtors
Less provision for bad debts
Net trade debtors
14

4.3. Identify TWO possible reasons why the Rent Income decreased by 8% on
1 January 2018.

4

a |

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Accounting NSC Common Test June 2018

QUESTION 5 (50 Marks, 30 Minutes)

TANGIBLE ASSETS

5.1.1 Accumulated Depreciation on Equipment
_ | | |e 12
5.4.2 Asset Disposal
|
- ! _
PT | | | 12
5.2. Fixed / Tangible assets note
Edina Vehicles | Equipment
Carrying value at the beginning of the year |
Cost
po Accumulated Depreciation / :
Movements
Additions at cost :
Disposals at earving value
Depreciation
Carrying value at the end of the year
Cost —
Accumulated Depreciation | —
26

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Accounting NSC Common Test June 2018

QUESTION 6 (24 Marks, 14 Minutes)

CREDITORS RECONCILIATION

6.1. . Statement from WS
Creditors Ledger Wholesalers

Balance
a.
b.
C. |
do

bec | =f

e. |

Totals

6.2. With reference to additional information number c, concerning the
purchasing personal items on the businesses account, answer the
following questions:

6.2.1 What disciplinary action do you feel should be taken against the
_guilty employee.

6.2.2 Discuss TWO internal control measures that this business can
implement to ensure this situation cannot occur in the future.

TOTAL MARKS: 300

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### Page 28

Accounting NSC Cou.uon Test June 2018

QUESTION 2 (54 Marks, 32 Minutes)
NON PROFIT ORGANISATIONS

2.1 Refreshments

2.1.1 Calculate the Cost of Sales on Refreshments. (6)

25 400 v + 463 000 v + 295 600 ~ — 9 800 v — 27 800 ¥
= 746 400 YH Operation one part correct

2.1.2 Calculate the percentage mark-up used by the club on the sale of their (3)
refreshments.

223 920 v_X 100
746 400

See2.11
= 30 % UM Operetion one pant correct

1

v
w

Give TWO possible reasons why the club has chosen the above mark-up (4)
percentage on the refreshments it sells.

Valid explanation ¥¥ ~¥  partmark for unclear / incomplete answer

« Members will support the club if their prices are reasonable.
To raise additional income for the club.

e For members to purchase drinks wi
their own

¢ Club not open to general public but only members.

involved in club activities and not to pack

2.1.4 Calculate the rate of stock turnover, for refreshments, (in days) for the year (5)
ended 31 December 2017.
25 400v +27 800V/2 X 365”
See 21.1746 400M 4
26 600 X 365
746 400 41

= 13 days] operation one part correct

Downloaded from hlayiso.com

2.1.5 Do you feel that the above stock turnover rate on refreshments is satisfactory? (3)

Give a reason for your answer.

Yes / Nov

e Small quantities can be purchased more often to ensure that the correct type of
refreshment is in stock at all times.v

e The club might not have the facilities to store refreshments in larger quantities.

Copyright Reserved Please Turn Over

Accounting NSC Common Test June 2018

2.2 Membership Fees

2.2.1 Calculate the following:

a) The number of members in the club at the end of 2017. (4)
240 V+ 12¥—-2v
= 250 © Operation one part correct
b) The amount for membership fees that would appear in the Statement of (3)
Income and Expenditure for the year ended 31 December 2017.
See2.2.1
250 M1 X 600 ¥
= 150 000 © Operetion one part correct
(26)
2.2.2 Membership Fees
2017 | 1 | Accrued GJ 2750] 2017 | 1 | Deferred GJ 2 400
van_| ~ | Incomew ¥¥] Jan | ¥ | Incomev ae
2017 | 31 GJ 2017 | 31 GJ | 148 050
Dec | ¥ Deferred 3600] Dec | v BankY a
Incomev vv Balancing
figure |
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Expenditure” Operation] Honorarlum v
Accrued GJ 4200
7 oe | | ‘— IncomeY | vy
Membership Fees | GJ 1100
Written Offv’ | vv
156 350 M1 Both figures L156 350

Copyright Reserved Please Turn Over

### Page 29

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### Page 30

Accounting

QUESTION 4

NSC

PARTNERSHIPS — FINANCIAL STATEMENTS.

(73 Marks, 44 Minutes)

von Test June 2018

41 Income Statement for the year ended 28 February 2018 (48)
Sales (9 472 000v — 70 000v —1 680v)_ 9 400 320”
Cost of sales (6 715 700 — 1 200v') (6 714 500)”
Gross profit Operation 2 685 8200)
= Other operating income Operation 150 940M
Bad debts recovered 3 860%
Le) Rent income (153 1207 - 11 0407) 142 080
Oo Trading Stock Surplus 5 000V 7
fo) Gross income Onertion 2836 76
” Other operating expenses (1434074)
~ Salaries and employers contribution 926 687”
(oj Consumable Stores (13 600 — 1340”) 12 260Y
Sundry expenses (123 400v ~ 4 000“) 119 400¥
— Bad debts (12 100v + 1 260vv) 13 360V
Water and Electricity (150 330” + 12 6007) 162 930V
Provision for Bad Debts Adjustment 2 86.
= Loss due to Theft (18 000v ~ 16 000”) 2.000”
ro) Depreciation 194 5747
Operating profit Operation
~ Interest income (27 000v +9 300 + 15 075%)
Oo Operating profit before interest expense Operation 1454 0610
Interest expenses (30.030)v”
2 Net profit for the year Operation | 1424 03151
4.21 inventories rea)
{eo} Trading Stock (1 534 000v — 1 200v ~ 18 000v + 5 000) 1519 800v
—= Consumable Stores on Hand 1340v
= Operation one pant conect 7521 1406)
©4.22 Trade and Other Receivables
a Trade debtors (280 200¥ — 1 680¥— 1 260”) 277 2607 | (14)
Less provision for bad debts (11 000¥ + 2 863V) (13 863)”
Net trade debtors Operation 263 397M
Accrued Income {16 000v v + 15 075”) 31075”
Deferred Expenses 4 0007
Operation one part correct 298 47201

Copyright Reserved

Please Turn Over

Accounting

43
1 January 2018.

NSC

Common Test June 2018

Identify TWO possible reasons why the Rent Income decreased by 8% on

(4)

e The bui

do not relocate.

Valid explanation ¥¥ 7 partmark for unclear / incomplete answer
« The size of the property being occupied has decreased.

« The tenant cannot afford such a high rent so it has been renegotiated.
ing is not well maintained so a decrease will ensure the current tenant

QUESTION 5

TANGIBLE ASSETS

(50 Marks, 30 Minutes)

5.1.1 (12)
Accumulated Depreciation on Equipment
2016 Asset 12 400 | 2016 208 600
Dec 31 Disposal” GJ vzi| July 1 | Balance bid v
2016 1400
Dec 31 | Depreciation’ GJ vv
2017 266 400 | 2017 . 68 800
June | 30 | Balance cid 7 Junie 30 | Depreciation’ GJ Vv
278 800 M1 Both figures 278 800
— 2017 | , | 266 400
‘July 1 | Balance | bid wm
5.1.2 (12)
Asset Disposal
Accumulated
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iv
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(11 000v + 1 400v)
| Drawings: Gugu ~ J | 15 000”
Loss on Sale of Asset¥ | GJ| 600%
| 28 000 © Both figures 28 000

Copyright Reserved

Please Turn Over

### Page 31

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