Accounting Grade 10 March Test 2017 Paper & Memo

Accounting Downloaded from hlayiso.com « a . . . . . ” . cI . . . x . . * + EXAMINER : C. MAHARAJ MODERATOR : R. GOVENDER INSTRUCTIONS TO LEARNERS: 1. This paper consists of 5 pages. 2 Answer ALL questions on the special answer booklet provided. 3. Show all workings so that part marks can be allocated. 4 You must attempt to comply with the suggested time allocations ACCOUNTING: GRADE 10 FIRST CONTROL TEST: 2017 OEE reesei iret ir irrerereT ere rr errr rere Tre Terr rir Page 1of4 First Control Test: 2017 education Department: Education REPUBLIC OF SOUTH AFRICA ee, S GREENBURY SECONDARY SCHOOL Commune ean? DURATION : 1 HOUR MARKS: 100 | Question 1: 15 Marks ; 9 Minutes ' 1] The topic of this question is: Content Informal Bookkeeping System * Concepts | * Determine cost of sales, selling price. profit Question 2: 30 Marks ; 18 Minutes | Source Documents, Transaction Analysis ¢ Identify journal and source documents * Account debit and account credit Question 3: 30 Marks ; 18 Minutes General Ledger « Post to Genéral Ledger accounts Creditors Ledger e Interpret and analyse creditors ledger | Question 4: 25 Marks; 15 minutes General Journal * Record transactions in the General journal GAAP Concepts e Explain the concepts | Greenbury Secondary Grade: 10 Please Turnover j : — —— aS TS —————— —| |

Downloaded from hlayiso.com Accounting Page 2 of 4 First Control Test: 2017 QUESTION ONE: INFORMAL BOOKKEEPING {15 marks; 9minutes) 1. Read the case study below and answer the questions that follow. Stella recently became unemployed. She decided to use her hobby of making beaded jewellery into a small business at a local flea market that runs every Sunday. The cost of a table at the flea market is R 450 per day. She decided to employ, Thandi to help out at the stall as it is not always possible for her to be there. Stella pays Thandi R 300 per day. Stella has found a supplier that she buys the beads from at a very reasonable price. It cost her R 35 to make one necklace. She uses a mark- up of 100 %. 1.1. Give one reason why this is an informal business. (2) 1.2. Calculate the selling price of one necklace. (3) 1.3. Calculate the total income if she sold 90 necklaces for one Sunday. (3) 1.4. Calculate the profit Stella made for the day. (4) 1.5. The business has been running smoothly for six months. Thandi has decided to start making earrings. She plans to sell these for her own gain at Stella’s stall without her (3) knowledge. Is this the right thing for Thandi to do? Give a reason for your answer, QUESTION TWO: SOURCE DOCUMENTS AND TRANSACTION ANALYSIS (30 marks; 18minutes) 2.1. Identify the source documents and journal for each transaction. (10) 2.1.1. Paid service fees, cash deposit and cheque book fees. 2.1.2. Sold goods on credit. 2.1.3. Bought stationery and paid from petty cash. 2.1.4. Returned goods to the creditor. 2.1.5. The bank dishonoured a debtor’s cheque. 2.2. Analyse the following transactions according to the columns provided on the answer {20) book. Assume Bank is unfavourable 2.2.1. Issued a cheque to XY Suppliers a creditor for R 950. Discount received is 5 %. 2.2.2. Paid Speed Couriers by cheque for transportation of goods R 350, 2.2.3. Received interest on fixed deposit from New Bank, R 120. 2.2.4. Paid from petty cash for two reams of paper at R 35.50 per ream-— Se a Greenbury Secondary Grade: 10 Please Turnover

| | Downloaded from hlayiso.com Accounting Page 3 of 4 First Control Test: 2017 QUESTION THREE: GENERAL LEDGER AND CREDITORS LEDGER 3.1. 3.1.1, 3.1.2. 3.1.3. 3.1.4, The following information was extracted from the accounting records of Top Gear Traders during March 2017. Goods sold at cost plus 100%, Required : Prepare the following accounts in the General Ledger of Top Gear Traders. Accounts to be properly balanced or closed off. Debtors Control Sales Give two reasons why a debtors cheque maybe returned by the bank marked ‘ R/D Cheque” Suggest two ways in which the business can ensure that debtors comply with credit terms. Information : The following balances/totals were extracted from the list on 1 March 2017. Debtors control 20 300 Sales 14 200 Extract from Journals on 31 March 2017. Cash Receipts Journal: Cash Payments Journal: Bank 90 000 Bank 130 000 Sales ~~ 26 700 Trading stock 45 000 Cost of sales 15 200 Creditors control: Debtors control : Payments 23 000 Receipts 18 100 Discount received 250 Discount allowed 300 Debtors control 1500 Sundry accounts ? Sundry accounts ? Debtors Journal: Debtors Allowances Journal: Sales PPP Debtors allowances 400 Cost of sales 10 200 Cost of sales 150 Petty Cash Journal: Petty cash Debtors control Stationery Sundry account 400 50 200 150 (30 marks; 18 minutes) (13) (5) (2) (2) Greenbury Secondary Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 4 of 4 First Control Test: 2017 3.2. Creditors Ledger : (8) Study the incomplete Creditor’s Ledger Account of Funky Traders. ; Funky Traders cL4 Date Details : Fol | Debit Credit Balance re 1 Balance b/d 20 800 3. | Cheque no. 112 A 12 600 8 200 9 Invoice No. x333 Cc) B 13 000 16 c CAI 700 12 300 27 [interest E D 12 400 3.2.1 Provide the missing details / amounts labelled A/B/C/D/E (6) 3.2.2. Why did Funky Traders charge the business interest? {2) QUESTION FOUR; GENERAL JOURNAL (25 marks; 15 minutes) 4.1. Record the following transaction in the General Journal of Friends Outfitters for June 2017, (24) NB: NARRATIONS ARE NOT REQUIRED. Transactions for June 2017: 06 | Write of the account of a debtor, R. Ross as irrecoverable, R600. 11 | Charged a debtor J Joey interest on his overdue account for 8 months at 5 % p.a. The debtor owed the business R 360. 19 | The owner M. Monica took goods for personal use, selling price R 1 200. Goods sold at cost plus 60 %. 24 | Repairs was in error debited to land and building account, R 5 000. 4.2. Explain the following GAAP concepts : 4.2.1. Business Entity (2) 4.2.2. Prudence Concept . (2) GREENBURY SECONDARY SCHOOL 1.0.0. MRSC MAHARAJ vee DEPARTMENT OF COMMERCE Greenbury Secondary Grade: 10 ey)

Downloaded from hlayiso.com _ — — Accounting Page 1 of 6 First Control Test: 2017 100 education Department: Education REPUBLIC OF SOUTH AFRICA PO mm eee = 1 GREENBURY SECONDARY SCHOOL I FIRST CONTROL TEST: 2017 I . ACCOUNTING I I ANSWER BOOK \ GRADE 10 a NAME OF LEARNER: GRADE: 10 FOR EDUCATORS USE : QUESTION MAX. FINAL MARKS 1 15 2 30 3 30 4 25 100 ANSWER BOOK CONSIST OF 6 PAGES MODERATOR _ DATE Greenbury Secondary Grade: 10 Please Turnover

Accounting Downloaded from hlayiso.com Page 2 of 6 First Control Test: 2017 QUESTION ONE: 1.1. 1.2. 1.3. 14. 1.5. Give one reason why this is an informal business. 2 Calculate the selling price of one necklace. 3 Calculate the total income if she sold 90 necklaces for one Sunday. 3 Calculate the profit Stella made for the day. 4 The business has been running smoothly for six months. Thandi has decided to start making earrings. She plans to sell these for her own gain at Stella’s stall without her knowledge. Is this the right thing for Thandi to do? Give a reason for your answer, 3 Total Marks 15 Greenbury Secondary Grade: 10 Please Turnover

| Downloaded from hlayiso.com Accounting Page 3 of 6 First Control Test: 2017 QUESTION TWO: 2.1, NO. SOURCE DOCUMENT JOURNAL 2.1.1. 2.1.2. 10 2.1.3. 2.1.4, 2.1.5. 2.1. NO. ACCOUNT DEBIT ACCOUNT CREDIT AMOUNT fo] L | 2.2.1. 2.2.2. 2.2.3. 2.2.4, 20 Greenbury Secondary [ Total Marks 30 Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 4 of 6 First Control Test: 2017 QUESTION THREE: DEBTORS CONTROL 13 SALES 5 3.1.3. Give two reasons why a debtors cheque maybe returned by the bank marked ‘ R/D Cheque” 2 3.1.4. Suggest two ways in which the business can ensure that debtors comply with credit terms. 2 Greenbury Secondary Grade: 10 Please Turnover

Accounting Page 5 of 6 First Control Test: 2027 | | | 3.2.1 Poss Downloaded from hlayiso.com | | m| G| Oo} w| > 3.2.2. Why did Funky Traders charge the business interest | Total Marks 30 Greenbury Secondary Grade: 10 Please Turnover

Downloaded from hlayiso.com “oe Accounting Page 6 of 6 First Control Test: 2017 QUESTION FOUR: GENERAL JOURNAL OF FRIENDS OUTFITTERS - JUNE 2017 Debtors control Date Details Fol | Debit Credit Debit Credit 21 4.2. Explain the following GAAP concepts : 4.2.1. Business Entity 4.2.2. Prudence Concept 4 25 —E GREENBURY SECONDARY SCHOOL DEPARTMENT OF COMMERCE Greenbury Secondary Grade: 10 i H.0.0. MRS c MAHARAJ

Downloaded from hlayiso.com Accounting Page 1 of 6 ; First Control Test: 2017 education Department: {Oo Education | REPUBLIC OF SOUTH AFRICA 100 PO ee eee eee a i GREENBURY SECONDARY SCHOOL \ : ! | i FIRST CONTROL TEST: 2017 I : 1 " ACCOUNTING I I : i ANSWER BOOK ! . 1 \ GRADE 10 . | Nee eee eee eet ¢ NAME OF LEARNER: Mewioes riba GRADE: 10 FOR EDUCATORS USE: QUESTION MAX. FINAL MARKS 1 15 is 2 30 5) 3 30 30 | 4 25 af 100 jo "| wal — —_ | ANSWER BOOK CONSIST OF 6 PAGES MODERATOR DATE Greenbury Secondary Grade: 10 Please Turnover

Downloaded from hlayiso.com ; Accounting Page 2 of 6 First Control Test: 2017 QUESTION ONE: 1.1. Give one reason why this is an informal business. ral 0 HOL ReatsfeReD [> PAY TAKES /S 5 eto poemay hueowririyg — S¥STem__ no PLACE J 1.2. Calculate the selling price of one necklace. 3S Vip d00/ 7) 3 — att - 1.3. Calculate the total income if she sold 90 necklaces for one Sunday. WA J GO” & Jo zs $300 / is 3 1.4, Calculate the profit Stella made for the day. bet aege! en) Shue (Fo k To ~ \ q BS uss) BePeuses Soy Cor or Sores (16x ) BISo/ Pen rSO) — QRoss Pron BISD A i MAGES 3 0) Less; EePenSuS 7SO a PROPIT Teo 15. — The business has been running smoothly for six months. Thandi has decided to i start making earrings. She plans to sell these for her own gain at Stella’s stall without her knowledge. Is this the right thing for Thandi to do? Give a reason for your answer. 3 va No. 3 Site tiecos To wifomd Sea oP He Myfaanio, 47 Total Marks Greenbury Secondary Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 3 of 6 First Controt Test: 2017 QUESTION TWO: 24. NO. SOURCE DOCUMENT JOURNAL 211 | Baie — Statenend7 S CRY V lo 2.1.2. lpurcate CReot Sauee avec DT / fr 2.1.3. | PerTy OAc Vouctem DUT / 2.1.4. | DEBIT ote WA CAI a 245. | Baur, Overy wots y; CPS 7 2.1, NO. ACCOUNT DEBIT ACCOUNT CREDIT AMOUNT A Oo L 2.2.1. | CReDt(ons Coro | Banc us #50 O i3} £6 Ceeoifers — Centon 4 Dicowut Recewery -/ 50 /Y!}o|lty uy 2.2.2. | TRAOIG Sou | Bane 880 + Oo | ty 2.2.3. | BANIL | thicencsy of re Dos 190 oO |44, v7 va 2.2.4. | SENIOMER Y Petry cash = uv |-A- © vO 20 Greenbury Secondary | Total Marks 30 30 [a Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 4 of 6 First Control Test: 2017 QUESTION THREE: DEBTORS CONTROL We | | SAcanias, bY] 8 800 . | fae? Jay | Bane J |e] 18 loo gi| Bante ¥ [ees] | oy » [Riscouny — Arwowey’ aes] 800 » [Shree ¥ ios] ao yo o [DeefoRs Auowaded|da] 00. o Hecry Chou 7 las] s/s Batwa | BEY HB 2S ta 380 weld] 1 | Baume ba | a3 4D 13 13 SALES WA! || [Toray Le] ty a007 at | BANC J (eR) a 9007 e Devons Capo] os| 80. HO0./ i) S 3.1.3, Give two reasons why a debtors cheque maybe returned by the bank marked ‘ R/D Cheque” o MeQUG (% SfALO LY © Aigunyen tReEGUtAe a Cheque Damme |. © CyteQue 1S Ref pateo 7 © AMoune IM Woes + Pau Res DUPER, 4 , 3.1.4. Suggest two ways in which the business can ensure that debtors comply with credit Pid terms. % o Meow ok —Diseouys — OA -eveey Panta 2 ° CHAtge — Wfevegy OM HR DUG — fleomny fi 0 SED Aen TIM @USLY Bay Greenbury Secondary Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 5 of 6 First Controi Test: 2017 3.2.1 A CPI ) B bEcO J [2000 - €ae0 4 c bAIT NOO D {oo WA farbyp ~ [2300 E Oy Sf 3.2.2. Why did Funky Traders charge the business interest Busueess iodUT WAS overnye = A / 5 2 Greenbury Secondary Total Marks | Grade: 10 Please Turnover

Downloaded from hlayiso.com Accounting Page 6 of 6 First Control Test: 2017 QUESTION FOUR: GENERAL JOURNAL OF RRIENDS OUTFITTERS » MARCH 2015 Debtors control Date Details Fol | Debit Credit Debit Credit sho |, | Bas Beare J tO0/ , , R. Ross Y 00” boo” | | J Joey J a, EWA Tapeeng] (doo io % _[ Drawing v 1504) ; Tron Sot 1S0” at.| Reoaieg v Soo | awd y Ruy Seo | 21 4.2. Explain the following GAAP concepts : 4.2.1. Business Entity Tyo AMAL —APPALRE OF TH owner + Bucwess Mos bs (KEPT Sepotate + Digruc;T . KAY 4.2.2. Prudence Concept Reportuia 18 Dome iN A COHRERVATIIE — MAUHKER , Ply TALE THO EECCED hoes iO Low] BUT Ney Tis eePachen Gif) | ~a pte - Total Marks QS 25 ee | GREENBURY SECONDARY SCHOU: uy) DEPARTMENT OF COMMERCE Par H.0.0, MAS C MAHARA I Greenbury Secondary Grade: 10 Se ae .