# Accounting Grade 12 KZN March 2018 Memo

> Grade 12 Accounting memorandum from the KZN March 2018, 24 pages. Read online or get the free PDF download, question paper linked when available.

- Page: https://www.hlayiso.com/library/acc-march-qp-memo-2018/4b5beaf2-d1c9-42d7-8189-74b9ffa14ad0
- Updated: 2026-09-27
- Subject: Accounting
- Grade: Grade 12
- Document type: Memorandum
- Year: 2018
- Exam period: KZN March
- Curriculum: CAPS
- Pages: 24

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## About this document

Accounting · Grade 12 · KZN March · 2018. Memorandum, 24 pages. Read online or download the PDF.

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Education

KwaZulu-Natal Department of Education
REPUBLIC OF SOUTH AFRICA

: ACCOUNTING :
a COMMON TEST i
' MARCH 2018 i

MARKS: 100

TIME: 1 hour

This question paper consists of 8 pages.

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Accounting

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March 2018 Common Test

NSC — Grade 12

INSTRUCTIONS AND INFORMATION

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

4. This question paper consists of 9 pages.

2: A special ANSWER BOOK consisting of 8 pages is provided in which to answer

all the questions.

3. Answer ALL the questions.

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

on

Non-programmable calculators may be used.

6. You may use dark pencil or black / blue pen to answer the questions.
7. Marks will be deducted for missing details and foreign entries.
8. Use the information in the table below as a guide when answering the question

paper. Try NOT to deviate from it.

Question 1: 40 Marks, 24 Minutes

The topic of this question is: Content:
e Correct net profit
e Retained Income
Financial Statement e Ordinary share capital
e Equity and liability section of the Balance

Sheet

Question 2: 30 Marks, 18 Minutes

The topic of this question is:

Content:

Cash Flow Statement

e Cash Flow Statements

Question 3: 30 Marks, 18 Minutes

The topic of this question is:

Content:

Ratio’s and analysis and interpretation

e % return on average shareholders equity
e Interpretation

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Accounting March 2018 Common Test

NSC — Grade 12

QUESTION 1 (40 Marks; 24 Minutes)

FINANCIAL STATEMENT

You are provided with information relating to Nokubonga Limited for the year ended
28 February 2018

REQUIRED:
1.1 Calculate the correct net profit after tax for the year ended 28 February 2018.
Indicate a + for increase and a — for decrease. (7)
1.2 Prepare the Retained Income Note on 28 February 2018. (9)
1.3. Prepare the Ordinary share capital Note on 28 February 2018. (9)
1.4 Complete the Equity and liability section of the Statement of Financial
Position(Balance Sheet) (15)
INFORMATION:
A. Extract of balances on 28 February 2018.
Balance Sheet Account Section R
Ordinary share capital ({March 2017) 4 200 000
Retained income (1 March 2017) 468 000
Mortgage loan 262 200
Fixed assets 7 000 000
Trading stock 200 000
Debtors control 150 000
Creditors control 180 000
Provision for bad debts(1March 2017) 11 400
SARS: Income tax (provisional tax payments) 48 000
Income receivable 5 200

B. The net profit before tax was calculated as R 166 800 before taking into
account the following information:

1. The provision for bad debts must be adjusted to R10 400.

2. The rent for February 2018 is still outstanding. The rent from 1 March 2018
onwards will be R3 080 as the rent will be increased by 10%.

3. An annual insurance premium of R9 000 was paid and recorded in the
Income Statement. This premium was for the period 1 November 2017 to
31 October 2018.

4. The auditors discovered that the profit on disposal of a vehicle, R1 200, was
incorrectly recorded as a loss in the Income Statement.

5. Income tax liability for the year amounts to R51 000

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Accounting March 2018 Common Test

4
NSC ~ Grade 12

Cc. Shares:

e Nokubonga Ltd is authorised to sell 4 000 000 ordinary shares.

« 160 000 shares were in issue on 1 March 2017

» On December 2017 the directors decided to buy back 50 000 shares from
the family of a deceased shareholder, at R30 per share. These shares are
entitled to final dividends.

© On1 January 2018, 100 000, shares were issued at R21 each. These shares
do not qualify for final dividends.

D. Dividends:

e Aninterim dividend of 14 cents per share was declared and paid on
31 August 2017.

e A final dividend of 10 cents per share was declared on 28 February 2018.

E. A debtor with a debit balance of R2 000 in the debtors ledger must still be
transferred to his account in the creditors ledger.

F. Mortgage loan:

The mortgage loan was obtained on 1 December 2016. This will be repaid
over six years. A fixed loan repayment (excluding interest) is made at the
end of each month. The first monthly loan repayment was made on

31 December 2016. All other loan repayments have been made to date.
Interest is not capitalised and has been correctly recorded.

|

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Accounting March 2018 Common Test

NSC — Grade 12

QUESTION 2 (30 Marks; 18 Minutes)
CASH FLOW STATEMENT

2.1 State whether each of the following statements is True or False. Write only ‘True’
or ‘False’ next to the question number (2.1.1-2.1.4) in the answer book.

2.1.1. The external auditor prepares relevant control measures for accounting
procedures and ensures that they are followed. (1)

2.1.2 The directors are responsible for preparing the financial statements of a
company. (1)

2.1.3. Depreciation is added back into the Cash Flow Statement, as it is regarded
as a non-cash expense. (1)

2.1.4 Interest expense is recorded under operating expenses in the Income
Statement. (1)

2.2 You are provided with information relating to Alwande Limited, a public
company.

REQUIRED:
2.2.1 Complete the note to show the cash generated from operations. (8)

2.2.2 Calculate the following amounts that will appear in the Cash Flow Statement
for the year ended 28 February 2018:

(a) Taxation paid (4)
(b) Dividends paid (4)
(c) Fixed assets purchased (4)
2.2.3 Calculate the % return on total capital employed (ROTCE) (6)

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Accounting 6 March 2018 Common Test
NSC — Grade 12

INFORMATION:

A. Extract from the Income Statement
Depreciation 178 000
Interest expense 52 000
Income tax 93 520
Net profit after income tax 240 480

B. Figures obtained from the Balance Sheet and notes on 28 February

2018 2017

Fixed asset (carrying value) 2 568 730 | 2 174 390
Financial assets 150 000 230 000
Current assets 413 600 496 810
Inventories 194 600 262 000
Trade debtors 214 000 198 000
SARS-Income tax - 2110
Cash and cash equivalent 5 000 34 700
Shareholders’ equity 2 392 480 | 1 848 000
Ordinary share capital 2016 000} 1.520 000
Retained income 376 480 328 000
Non-current liabilities 500 000 800 000
Current liabilities 239 850 253 200
Trade creditors 124 800 165 200
Shareholders for dividends 96 000 88 000
SARS -— income tax 6 300 -
Bank overdraft 12 750 -

Cc Share capital

e 400 000 shares were issued before 28 February 2017

e On1 March 2017 an additional 200 000 shares were issued.

e On 1 September 2017 the company repurchased 120 000 shares from a
dissatisfied shareholders at 30 cents above the average price.

D. Fixed assets

e Extensions to the existing buildings were undertaken during July 2017.
* There were no other movements of fixed assets during the financial year.

E. Dividends

* Aninterim dividend of R60 000 was paid on 30 September 2017.
e The final dividend was declared on 28 February 2018.

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Accounting 7 March 2018 Common Test
NSC ~ Grade 12

QUESTION 3 (30 Marks; 18 Minutes)

3.1 MBIZENI LTD AND SIVUKILE LTD

You have R100 000 to invest in a listed company. You have two companies in the
same industry to choose from

Note: When answering the question below, compare the information given and
quote the relevant financial indicators of both companies(percentages, ratio’s
and/or amounts)

REQUIRED:

3.1.1 Comment on the value of the shares of the two companies on the (5)
Johannesburg Securities Exchange (JSE). Explain how this will influence
your choice of company.

3.1.2 Compare and comment on the dividend pay-out policies of the two (5)
companies.
3.1.3. Comment on the degree of risk and gearing. Explain how this will influence (5)

your choice of company.

INFORMATION:
MBIZENILTD | SIVUKILE LTD

Current ratio 4.3:1 1.5:2
Acid-test ratio 2.8:1 0.8:1
Stock turnover rate 4 times 6 times
Stock-holding period 90 days 62 days
Average debtors collection period 54 days 26 days
Average creditors payment period 59 days 62 days
Debt-equity ratio 0.5:1 2.5:1
Return on total capital employed (ROTCE) 17.6% 11%
Retur on shareholders’ equity (ROSHE) 19.2% 9.1%
Earnings per share (EPS) 400 cents 1000 cents
Dividend per share (DPS) 360 cents 500 cents
Net asset value per share (NAV) 440 cents 970 cents
Market price of shares on JSE 500 cents 850 cents
Interest rate on loans 12% 12%

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Accounting March 2018 Common Test

NSC — Grade 12

3.2 JANGAZA LTD

You are provided with information relating to Jangaza LTD for the financial year
ended 28 February 2018.

REQUIRED:
3.2.1 Calculate the % return on average shareholders’ equity (ROSHE) (3)

3.2.2 Zibani is the CEO of the company his shareholding is as follows:

Number of shares Date purchased % shareholding
420 000 January 2016 46.7%

(a) Calculate Zibani’s % shareholdings on 1 September 2017 after the
repurchased of shares. (The shares were repurchased on of Jangaza
LTD). (3)

(b) Explain how Zibani has benefitted from the decision to repurchase the
shares. (2)

(c) |The independent auditor discovered that Zibani had made the decision
to repurchase the shares without informing the board of directors.

Why should the independent auditor be concerned about this? (2)

(d) | Calculate the number of shares that Zibani must purchase to

regain the control after the issued shares on 1 January 2018. (5)
INFORMATION:
A. Extract from Income Statement and Balance Sheet on 28 February:
2018 2017
Income tax 750 000 900 000
Net profit after tax 1 750 000 2 100 000
Current assets 1015 000 456 000
Shareholders’ equity 10 050 750 9 540 000
Loan 8000000} 4500000
Current liabilities 635 200 1.479 300
B. Shares

e 900 000 shares were in issue on 1 March 2017.

e 75 000 ordinary shares were repurchased from the estate of a deceased
shareholder on 1 September 2017.

e The company issued 125 000 shares on 1 January 2018.

30

TOTAL MARKS: 100

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rom auise.com —____

Basic Education

KwaZulu-Natal Department of Education
REPUBLIC OF SOUTH AFRICA

ry

| : ACCOUNTING
: MEMORANDUM :
} « MARCH 2048 : |

NATIONAL
SENIOR CERTIFICATE |

|

MARKS: 100
| MARKING PRINCIPLES:

1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question
for that item. No double penalty applied.

2. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect.

3. Where penalties are applied, the marks for that section of the question cannot be a final negative.

4 Codes: f=foreign item; p=placement

i This memorandum consists of 6 pages.

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Accounting 2 March common test 2018
QUESTION 1
1.1 | Calculation of the correct net profit after tax
Accept brackets instead of - ifno sign assume + __ positive effect and figure must be correct
Incorrect net profit 166 800
Provision for bad debts adjustment ¥+1 000
Rent Income ¥+2 800 |
Insurance a - ¥+6 000
Profit on sale of an asset v¥ +2 400
Correct net profit before tax Operation, one part correct 1179 000 7
7
Income tax v(51 000)
Net profit after tax Check operation, NP- tax | (1128 000

1.2 _RETAINED INCOME NOTE ON 29 FEBRUARY 2016

Balance at beginning of year : 468 000
Repurchase of shares (50 000 X R 3.75”) Y (187 500) |
Net profit after tax (see 1.1) M1128 000
Dividends _ Operation, one part correct M(38 400)
Interim (160 000 X 0.14) two or nothing : v¥¥22 400
Final (160 000 X 0.10) two ornothing ¥¥16 000 9
Balance at end of year Operation, one part correct 1370 100 9
1.3 ORDINARY SHARE CAPITAL
160 000 shares @ R26.25 4 200 000
(50 000)’ buy — back of shares @R26.25Y ¥ (1312 500) 9
100 000Y shares @ R21v ¥2 100 000 | 9
210 000 shares @ R23 .75v v4 987 500
1.4 EQUITY AND LIABILITIES
Shareholders’ equity Operation, one part accurately correct 15 357 600
Ordinary share capital (see 1.3) M14 987 500
Retained income (see 1.2) (71370 100
Non-current liabilities Operation, one part correct M207 000
Loan ( 262 200V — 55 200v) ¥207 000
Current liabilities Operation, one part correct 1252 200
Creditors (180 000V - 2 000v’) ¥178 000
Current portion of loan check non-current liabilities M155 200
SARS-Income tax (51 000 - 48 000) ¥3 000 15
Shareholders for dividends (see 1.2) 16 000 15
Total equity and liabilities Operation, one part correct 15 609 800

TOTAL MARKS

40
Consider the above information if the candidate used rent income

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Accounting 3

March common test 2018

Consider the below information if the candidate used rent expenses.

1.1

1.2

1.4

Calculation of the correct net profit after tax
Accept brackets instead of - ifno sign assume + positive effect and figure must be correct
Incorrect net profit 166 800
Provision for bad debts adjustment ¥ +1 000)
| Rent Expenses - ¥-2 800
Insurance ¥+6 000
Profit on sale of an asset ¥ +2 400
Correct net profit before tax Operation, one part correct M173 400
Income tax ¥(51 000)
Net profit after tax Check operation, NP- tax 1122 400
RETAINED INCOME NOTE ON 29 FEBRUARY 2016
Balance at beginning of year 468 000
Repurchase of shares (50 000 X R 3.75v’) ¥ (187 500)
| Net profit after tax (see 1.1) i122 400
Dividends _ Operation, one part correct M(38 400)
Interim a 60 000 X 0.14) two or nothing ¥v22 400
Final (160 000 X 0.10) — twoornething ¥v¥16 000} L_2
Balance at end of year Operation, one part correct M1364 500 9
EQUITY AND LIABILITIES
Shareholders’ equity Operation, one part accurately correct M5 352 000
Ordinary share capital (see 1.3) M4 987 500
Retained income (see 1.2) M1364 500
Non-current liabilities Operation, one part correct M207 000
Loan ( 262 200v — 55 200”) ¥ 207 000
Current liabilities Operation, one part correct M252 200
Creditors (180 000 - 2 000v) ¥178 000
Current portion of loan check non-current liabilities M155 200
SARS-Income tax (51 000 - 48 000) ¥3 000 15
Shareholders for dividends (see 1.2) M16 000 15
Total equity and liabilities Operation, one part correct VI5 811 200

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QUESTION 2

2.1 State whether each of the following statements is True or False. Write

only ‘True’ or ‘False’ next to the question number (2.1.1-2.1.4) in the
answer book. Indicate

2.1.1} False~
2.1.2 | Truev”
2.1.3 | True”
4
2.1.4| False” 4
2.2
2.2.1_Cash generated from operation M1575 000
Net profit before tax (240 480 + 93 520) ¥334 000
Depreciation ¥178 000
Interest expense ¥52 000
Net profit before changes in working capital 564 000
Changes in working capital 11 000
Inventory (262 000 — 194 600) (inflow) ¥67 400
Debtors (198 000-214 000) (outflow) ¥ (16 000) 8
Creditors (165 200 — 124 800) (outflow) ¥ (40 400) 8
2.2.2
(a) | Tax paid
93 520V —2 110Y —6 300 Y_ orone part correct | M185 110
2 110 + 6 300 — 93 520
(b) | Dividends paid
60 000 v+ 88 000Y Or_one part correct MI“ 148 000
88 000 + 156 000 — 96 000 or
96 000 — 88 000 — 156 000
(c) | Fixed assets purchased
2 568 730V + 178 000Y — 2174 390 or M572 340 12
2 174 390 - 178 000 — 2 568 700 one part correct 12
2.2.3] Calculate the % return on total capital employed (ROTCE)
386 000V Vv X 100
2770 240 vv 1 6
13.9%” M1 14 % one part correct 6

The calculation of R386 000 is 240 480 +93 520 + 52 000
The calculation of R2 770 240 is % (2 392 480 + 1 848 000 +

500 000 + 800 000)

TOTAL MARKS
30
30

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Accounting 2 March common test 2018

QUESTION 3

3.1.1 | Comment on the value of the shares of the two companies on
the Johannesburg Securities Exchange (JSE). Explain how
this will influence your choice of company.

Financial indicators or Explanation, must involve a choice
explanations thereof; Do not accept comparison of JSE
with figures prices only

v
Mbizeni Ltd | would invest in Mbizeni Ltd as the

shares seem to be in good demand
JSE price 500 cents > OR

YNAV 440 cents. ¥ | would not invest in Mbizeni Ltd as
the shares might be overpriced.
Sivukile Ltd OR
: | would invest in Sivukile Ltd as the
JSE price 850 cents < shares seem to be under-valued.
¥ NAV 970 cents. ¥ OR
| would not invest in Sivukile Ltd as
the shares might be in low demand. 5
5
3.1.2 | Compare and comment on the dividend pay-out policies of
the two companies. Award part-marks for incomplete answers
Financial indicators Comparison and comments
or explanations Do not accept comparison
thereof; with figures of the DPS only must
mention both companies”
Mbizeni DPS 360 cents” Mbizeni Ltd is distributing a
LTD EPS 400 centsv higher percentage of
Or 2 marks income earned; Sivukile Ltd
Distributes 90% of has decided to retain half of
earnings EPS.
OR
Sivukile DPS 500cents” Mbizeni Ltd appears to keep
Ltd EPS 1 000 cents” shareholders satisfied by
Or 2 marks giving them good dividends:
Distributes 50% of Sivukile Ltd appears to have
earnings plans for growth.
5
5

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Accounting

3.2

3.1.3

3.2.1

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3

March common test 2018

Comment on the degree of risk and

gearing. Explain how this

will influence your choice of company.

Financial indicators
or explanations
thereof with figures.

Must use D/E and

ROTCE
Mbizeni Ltd D/E ratio 0.5: 1”
ROTCE 17.6% >
12% interest ratew
Sivukile DIE ratio 2.5: 1”

ROTCE 11% < 12%
interest rate.”

ROTCE must be compared to
interest rate.

Comparison, must involve a
choice.

Accept valid alternatives “

| choose Mbizeni Ltd as
financial risk is low and
gearing is positive (ROTCE
exceeds interest)

OR | choose Mbizeni Ltd for
its positive gearing (ROTCE
exceeds interest) but they
are not making effective use
of loans

OR | do not choose Sivukile
Ltd as there is high financial
risk and negative gearing /
too much money borrowed
and not able to use the
funds effectively

OR | choose Sivukile Ltd as
there is high use of loans
and, if they can improve
efficiency (ROTCE), profit
would improve significantly.

5
5

Calculate the % return on average shareholders’ equity (ROSHE

1 750 000 X 100

(10 050 750 + 9 540 000) 1

1750 000Y X 100

9 795 375 v 1

17.9% or 18%0ne part correct 3
3

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Accounting 4 March common test 2018

3.2.2 | Calculate Zibani’s % shareholdings on 1 September 2017
after the repurchased of shares.

Do not award this mark if another figure added
420000Y xX 100

825 000V 1

50.9%M 3

Explain how Zibani has benefitted from the decision to
repurchase the shares.

Explanation vv Part-mark for unclear / incomplete answer

Zibani became the majority shareholder

The independent auditor discovered that Zibani had made the

decision to repurchase the shares without informing the

board of directors.

Responses for two marks: ¥v Part-mark for unclear /

incomplete answer

e Not good corporate governance / Not in accordance with King
Code

e CEO cannot make these decisions without getting board
approval 2

e Considered to be insider trading / Abuse of position for 2
personal benefit

Responses for one mark:

Not good / not right / King Code / Corporate governance / Could
have outvoted other shareholders or directors/ Unethical / Not
transparent

Calculate the number of shares that Zibani must purchase to
regain the control after the issued shares on 1 January 2018.

825 000 SharesY + 125 000Y Shares = 950 000 Total shares
issued

After buy back

950 000 X 51% = 484 500Y shares — 420 000 share

484 500 shares — 420 000Y shares = he must purchase 64 500
for 51%Mione part correct

OR 5
950 000 X 50% = 475 000 shares + 1 share 5
475001 shares — 420 000 shares = 55 001 shares

TOTAL MARKS
30
30

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