Accounting Grade 10 March Test 2018 Paper & Memo

Downloaded from hlayiso.com testpapers.co.za

Downloaded from hlayiso.com Accounting NSC Common Test March 2018 2 INSTRUCTIONS AND INFORMATION se You are provided with a question paper and an ANSWER BOOK. Z This question paper comprises of FOUR compulsory questions. Answer ALL the questions. oy Use the format provided in the answer book in order to reflect your answers. DO NOT WRITE ON SHADED AREAS OF THE ANSWERBOOK. 4. Where applicable-workings must be shown in order to achieve part-marks. 5. You must attempt to comply with the suggested time allocation guide. 6. Non-programmable calculators may be used. 7. You may use dark pencil or blue/black ink to answer the questions. Question 1 (20 Marks; 12 Minutes) Topic of the question This question integrates: Financial accounting Analysis of Transactions Analyzing transactions in the accounting equation QUESTION 2 (20 Marks; 12 Minutes) Topic of the question This question integrates: Financial accounting Journals Cash Receipt Journal Creditors Journal Debtors Journal QUESTION 3 (35 Marks; 21 Minutes) Topic of the question This question integrates: Managerial Accounting Debtors Ledger Preparation of Debtors Ledger Internal Controls and Ethics QUESTION 4 (25 Marks; 15 Minutes) Topic of the question This question integrates: Financial Accounting Internal Controls Problem Solving and Concepts Ethics Basic Concepts Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2018 Common Test 3 QUESTION 1 (20 Marks; 12 Minutes) ANALYSIS OF TRANSACTIONS You are provided with information relating to Tsekeleke Traders a business owned Jeffery Xaba for the month ending 31 January 2018. REQUIRED: Complete the table below. (Assume that the bank balance is favourable at all times) Source Sub. Account in General Ledger Accounting Equation No. | Document | Book Debit Credit Asset OE Liability | 1 CRJ Debtors’ -96 _| control it Z Rent +224 income _ 3 | Original Stationery +180 | Invoice 4 Trading stock +120 5 GJ | Interest on 7 +900 | fixed deposit _ (capitalized) 6 CJ | Trading stock +1 440 7 | | CPJ | Creditors’ -1053 control Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2018 Common Test 4 QUESTION 2 (20 Marks; 12 Minutes) JOURNALS Use the following transactions to complete the Journals of Erasmus Stores, a business that sells hair dressing materials to saloons for a month of March 2018. REQUIRED: 2.1. Cash Receipts Journal (CRJ) (9) 2.2. Creditors Journal (CJ) (6) 2.3. Debtors Journal (DJ) (5) N.B. All goods are sold at a profit mark up of 25% on cost. DO NOT CAST OFF THE JOURNALS Transactions: 3 Goods sold for cash according to CRT the gross profit on the goods was R 2 500. These goods were sold at a mark up of 25%. 7 Invoice no 23 was received from Dlangezwa Traders for the following items bought on credit ° Trading stock R17 000 less 5% trade discount ° Stationery for the owner’s children R 1 250 ° Office computer R 8 750 14 Goods sold on credit to a debtor Shukela for R 4 600 invoice 66 issued. 17 The bank statement received from Mange Bank reflected R 2 100 for and EFT made by a tenant Tira Sibiya for rent for January to March 2018. 28 Issued invoice 67 to Sbu Lekota for goods sold on credit to him for R 3 850 (cost price R 3080). Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2018 Common Test 5 QUESTION 3 (35 marks; 18 minutes) DEBTORS’ LEDGER , INTERNAL CONTROLS AND ETHICS The following information was extracted from the accounting records of Dwaleni Traders on February 2018. Required: 3.1. Prepare the Debtors’ Ledger account of Mkharaj Sambo for February 2018 (18) 3.2. Explain why the total of the Debtors’ list must be equal to the balance on the Debtors Control account. (3) 3.3. Is Dwaleni Traders managing its credit terms and credit limits effectively? State TWO points. Quote figures to support your answer. (8) 3.4 Provide TWO points of advice to Dwaleni Traders with regards to Mkharaj Sambo’s account. (6) Information: A Dwaleni traders allow its debtors to pay their accounts in 30 days. No discount is granted for early payments B The credit limit for Mkharaj Sambo is R 12 000 Cc Transactions for February 2018 Amount 1 Balance on 1 February 2018 16 750 5 __| Issued invoice no 30 to Mkharaj Sambo for goods sold | 3 200} 15 Issued receipt no 20 to Mkharaj Sambo for payment of account 500 17 Issued invoice no 35 to Mkharaj Sambo for goods sold 1.780 a5 Issued invoice no 39 to Mkharaj Sambo for goods sold 2 325 28 Issued receipt no 25 to Mkharaj Sambo for payment made by cheque in order for his balance to be equal his limit 2 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting QUESTION 4 NSC 6 March 2018 Common Test (25 Marks; 15 Minutes) BASIC CONCEPTS, PROBLEM SOLVING, INTERNAL CONTROL AND ETHICS Supporta Shabangu runs a business that sells school tracksuits in three high schools in Pongola. There are three different sales persons in each school namely Sabelo Pakathi, Phila Hlope and Shukela Gumede. He is concerned over control over these tracksuits. REQUIRED: 4.1. Match the accounting concepts in column A with examples in column B. (10) COLUMN A COLUMN B 4.1.1 Business entity rule A. Damages payable to a client will be finalized next year. An estimated amount of R25 000 is recorded this year. 4.1.2 Historical Cost B An owner owes his sister R2 000 for costs incurred on holiday. This is not recorded in the business books. 4.1.3 Going Concern Cc. An entry at the year-end for expenses accrued (payable) 4.1.4. Matching Principle D. Financial statements reflecting that the business will survive in the near future. 4.1.5 Prudence Ex Land and buildings are shown in the financial statements as R5 million even though the property is worth R12 million. 4.2. Supporta Shabangu is experiencing a different problem concerning each of his sales persons. e State a different problem for each sales person or school. (Quote figures to support your answer) (9) e Give a suitable solution to each problem. (6) INFORMATION FOR MARCH 2018 NAME OF THE SCHOOL SNETHEZEKILE DLANGEZWA SIGQAMISE NAME OF SALES PERSON SHUKELA SABELO PHILA GUMEDE PAKATHI HLOPHE Number of items available to be sold 500 Tracksuits 900 Tracksuits | 300 Tracksuits Number of items sold @ R 300 each 450 Tracksuits 700 Tracksuits | 80 Tracksuits Number of items unsold the end of the 50 Tracksuits 180 Tracksuits | 280 Tracksuits month Cash received from each person R 120 000 R 210 000 R 24 000 Salary paid to each sales person R 5 000 R 5 000 R 5 000 Copyright Reserved TOTAL MARKS: 100

Downloaded from hlayiso.com Education NY KwaZulu-Natal Department of Education y REPUBLIC OF SOUTH AFRICA ACCOUNTING ANSWER BOOK : MARCH 2018 COMMON TEST NATIONAL SENIOR CERTIFICATE [ GRADE 10 | Name: Grade: Question Topic ss oe p 40 Analysis of Transactions a Journals 3 a | Debtors Ledger and Controls _ _ | 4 Problem Solving and Concepts TOTAL (Copyright Reserved Please Turn Over | N.B. This answer book consists of 6 pages.

Downloaded from hlayiso.com Accounting (Grade 10) 2 March 2018 Common Test NSC QUESTION 1 Source Sub. | Account in General Ledger Accounting Equation No. | Document | Book Debit Credit Asset OE Liability 4 CRJ Debtors’ -96 control 2 Rent +224 Income 3 | Original Stationery +180 Invoice 4 Trading stock +120 5 GJ Interest on +900 fixed deposit (capitalized) 6 CJ Trading stock +1 440 f CPJ | Creditors’ -1053 control 20 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 3 March 2018 Common Test NSC QUESTION 2 2.1. CASH RECIEPTS JOURNAL ERASMUS STORES FOR MARCH 2018 Doc | Day | Details Fol | Analysis | Bank | Sales Cost of | Sundry Accounts of sales Receipt Amount | Fol | Details (9) 2.2. CREDITORS JOURNAL OF ERASMUS STORES FOR MARCH 2018 Doc | Day Details Fol | Creditors | Trading | Equipment | Sundry Accounts control stock Amount | Fo! | Details (6) 2.3. DEBTORS JOURNAL OF ERASMUS STORES FOR MARCH 2018 Doc | Day | Details Fol Sales Cost of Sales (5) 20 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) March 2018 Common Test QUESTION 3 3.1 Debtors’ Ledger of Dwaleni Traders Mkharaj Sambo Date Details Fol Dr Cr Balance Feb |1 Balance b/d 3.2 | Explain why the total of the Debtors’ List must be equal to the balance on the Debtors’ Control account? 3.3 | Is Dwaleni Traders managing its credit term policy effectively? State TWO points. Quote figures to support your answer. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 5 March 2018 Common Test NSC 3.4 | Provide TWO points of advice to Dwaleni Traders with regard to Mkharaj Sambo’s account. 35 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 6 March 2018 Common Test NSC QUESTION 4 4.1. MATCHING 4.1.1 4.1.2 4.1.3 4.1.5 (10) 4.2. PROBLEM SOLVING 4.2.1. Supporta Shabangu is experiencing a different problem concerning each of his sales persons. ° State a different problem for each sales person or school. (Quote figures to support your answer) (9) ¢ Give a suitable advice to each problem. (6) Problem with figures Advice SNETHEZEKILE SHUKELA GUMEDE DLANGEZWA SABELO PHAKATHI SIGQAMISE PHILA HLOPHE 25 TOTAL MARKS: 100 Copyright Reserved

Downloaded from hlayiso.com panrasay jyBukdog 0c 0% Jo4]U09 Allouajunoo €sol- 0 2€G0 | 7 ueg sSAOUPBID | Pdd anbeup | L | A10u1UC9) ASOIOAUT AObY L+ ie) OPP be Siqpe1 | 4903s BulpesL | ro 9 (poziyendes) odap | Pexis “susadep / sayonon 0 006+ 7006+ UO yS819}U} pexty ii?) feuinor | A[Os]UOD A0TL+ 0 OZL+ Si0|peig | _yooqs Buipeay + A\O4UOS) @O10AUy O8t+ 7O8L- 0 $10}|PalD Assuoneys | Aro leuibug | ¢ @WOdU] 0 AVCSF vee+ quay A yueg 4 796+ Jo1}U05 7 \Wle98y ie} ie} 96> <S10}G2q Aruveg| rad] aeoidng| 1 Aywigerq Ele) rssy ypaig yqeq yoog | juawnsog | -oy uojenb3 Bununossy Je6pe7 jeseuey ui junosoy | ‘qng | asiog L NOILSAND MOD LOZ YeW (OL epeig) Bununcooy 4J8AQ WIN OSedIg paaesoy 1u6uAdoo| “seed g Jo s}sisuoo ou PInd Burjew siyp ‘saneBeu |Buy @ 8q OULD UoNseNb Sy} Jo UONDeS 1eu) 10) SEW aU ‘paydde a1e seqfeuad o1oyNA ¢ JOSuOOUI SI JY WOY Aue JO} SyJeLU [Inj 196 JOU Op sajepipues yey) eiNsUS ‘s>EW POY|SW BuIpsEMe Uj z “paride Ajjeusd aiqnop ON “wo}! 124) 10} JoNSANd otf) UL sIayMAS|a SYeW BuISO| JOU s! syepIpUEO OU) J! AjUD paydde aue UB1aI0) Jo} Sa: 0b aGvueo ALVOlsILYSaD YOINSS IWNOILVN 8L0¢ HOUVIN ANITIGIND ONDMYVIA 4 ONILNNODOV VolddaVv HLNOS 40 OMgNnd]aYy uojeonpg jo juewyedag jeyen-njinzemy dt & ot

Accounting (Grade 10) 3 March 2018 Common Test Accounting (Grade 10) 4 March 2018 Common Test NSC-Marking Guideline NSC-Marking Guideline QUESTION 2 2.1. CASH RECIEPTS JOURNAL ERASMUS STORES FOR MARCH 2018 QUESTION 3 [Boe [Bay [Details] Fol | Analysis of Bank Sales Cost of ‘Sunary Accounts : | | | Receipt sales 3.4 Debtors’ Ledger of Dwaieni Traders i | Amount | Fol | Details = i CRT] 3 | Cash 12500| 12500m| 72500" | 10000mm Mkharaj Sambo | | Sales k heck 400/125 of | ° NoMa Check ee Date Details Fol Dr Cr Balance ‘| | 1 v | ene ener “~~ Feaev? Feb 1 | Balance bid 16 750v | l 5 | Invoice 307 32007 79 950M operation (8) 75 | Receipt 207 500M 19 4504 operation 17 | Invoice 35% 1 780Y 21 2304 2.2. CREDITORS JOURNAL OF ERASMUS STORES FOR MARCH 2018 3 . operation [Doc Day | Details T Fol] Creitors control] Trading sock | Equipment | Sundry Accounts 25 | Invoice 38v 2 325v 28 S05E | Amount | Fol | Details 28 | Receipt 25v 115554M] 12 000VY 123 [7 | Dlangezwa Traders 26 15 16 150% ¥ 8750v | 1 250 Drawings” Bai 12000, H Operation { I i 1 3.2. | Explain why the total of the Debtors’ List must be equal to the balance on the Debtors’ Control account? (6) The debtors’ control account is a summary of the debtors’ ledger. ” Individual entries are made in the individual debtors’ accountsw and totals are posted from the journals to the debtors’ control account.” 2.3. DEBTORS JOURNAL OF ERASMUS STORES FOR MARCH 2018 Doc’ Fol Sales Cost of Sales 4 600¥ 36804 v 3.8507 30807 3.3. | Is Dwaleni Traders mana term policy effectively? State TWO points. Quote figures to support your answer. No ¥ Any two points “Y ¥¥ figures for2 points “~~ / 2 marks for 1 figure e His credit limitis R12 000 but he owes R16 750 at the beginning of the month ® The debtor is supplied with goods without settling his debt.3 200/1 780/ 2 325 e Heis not complying with the credit terms of 30 days Downloaded from hlayiso.com 20 20 Copyright Reserved Please Tum Over Copyright Reserved Please Turn Over

OOF ‘SMHVI IWLOL parissay jyButdog 7A Sz Jejndod ssa] aq 0} weadde Asuy souls SSILUEBDIS 0] SyNSyOR! Ma) OAId spew 08Z Plos Jou spuey UO syinsyoe.y AHdOTH V1IHd Seles 0} Suipsoooe suosied sajes Aeg SOW / 08 Aju pjos s}insyoR. Maj aSINVOOIS IHLVHVWHd o1savs PSALSIa1 SJBPIO OF ugjo}s sunsy9eN Oz / (081-002) Bulpioooe suosiadsajes 0} S¥NsyDe,) SAID Bulssitu eq 0} seadde syinsyoe) | yMZSONVIG - | 3dawno suswiojsno Aq 415 jo esn ayy eeinoouR | (000 0ZL-000 S€} 4) 000 STB uses VW1SMNHS /UOSIAG SE|ES SU} JOYUOW ANS UBjo}s sey UOsJad sa|es Jeu) Aliiigissod /éllep peysodep eq ysnw peniesas yseg | /Bulssiw aq 0) sueadde sajes yseg SWaZSHLSNS AP OOD 7 SOINbIg PA Wa|GOid Bo1IAPy SoInBi YM Wa|qold (9) “wiajqoid yoee 0} SdIApe a/qejInS © AI (6) (aansue sno yoddns 0} soinBy ajony) *JOOYDS JO UOSiJad Sajes Yoea 40} Wajqod JusyIp e a}e}S. “suosied sees siy jo yowa Buluiaou0d wojqosd juoleyjip & Bulouauedxe s; nBueqeys epoddng “yz Downloaded from hlayiso.com SNIATOS WA1EOUd @F AAW Gy “LO viv AG ele Ana cry 27g bee ONIHOLVIA LP aullepng Buppew-ogn 9 {01 e219) Bupunosoy ISS] UOWOD gLOZ HIE v NOILSAND JOAQ UIN | ASB0|qf se se poniosox 1ySuAdod, JUNOSSE SIY O9S O} Wily JO} SJuUDWEBHUBE aye) © spooB sayin) Aue yim wily Ajddnsjouoq Jamsue yuengjai Aue ydaooy LAA PAL SqulOd OM L "qunod0e S,0quIeS fexey rw 0} preBes UM SsapedL [Ud/EMq 0} BdIApe Jo SjUlod QML APIAG!d | HE ysay uOWWOD gLOg YWeW suyjeping BUDLeW-OSN S (01 @peid) Bujunosoy

Downloaded from hlayiso.com