ACC March QP & Memo 2019 Gr10 hlayiso.com

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Downloaded from hlayiso.com Accounting NSC March 2019 Common Test 2 INSTRUCTIONS ANO INFORMATION 1. You are provided with a question paper and an ANSWER BOOK. 2. This question paper comprises of FOUR compulsory questions. Answer ALL the questions. 3. 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 (29 Marks; 17 Minutes) Topic of the question This question integrates: Financial accounting Analysis of Transactions Analyzing transactions in the accounting equation QUESTION 2 (31 Marks; 19 Minutes) Topic of the question This question integrates: Financial accounting Journals Cash Receipts Journal Cash Payments Journal Debtors Journal QUESTION 3 (24 Marks; 14 Minutes) Topic of the question This question integrates: Managerial Accounting Control Accounts Debtors Control Account Trading Stock Account QUESTION 4 (16 Marks; 10 Minutes) Topic of the question This question integrates: Financial Accounting Creditors Ledger Creditors Ledger And Concepts Concepts Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2019 Common Test 3 QUESTION 1 (29 Marks; 17 Minutes) ANALYSIS OF TRANSACTIONS You are provided with information relating to Mzala Traders a business owned by Phila Hlophe for the month of February 2019. REQUIRED: Analyse the following transactions according to the columns provided. Assume that the bank balance is favourable at all times. Example: Charged our debtor, HINgema , R 52 interest on his overdue account. General Ledger Accounting Equation No. Account Account Amount A fe) E debited Credited e.g. | Debtors control Interest on overdue 52 + + (0) account Transactions: 1. Shukela Suppliers, a creditor charged the business R 50 interest on overdue account. 2. The bank returned the cheque of K. Rabada, our debtor, for R 600, due to insufficient funds. 3. Goods sold on credit to S.Mkhize for R 5 000 cost price R 3 500.(TWO ENTRIES) 4. The owner P.Hiophe withdrew trading stock with a selling price of R 4 500, for own use. The business uses mark up of 50% on cost. 5. The business issued cheque for R 900 to Old mutual for insurance. 40% of this was for the owner's son car insurance.(TWO ENTRIES) Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2019 Common Test 4 QUESTION 2 (31 Marks; 19 Minutes) JOURNALS Use the following transactions to complete certain journals for Bosasa Traders for the month February 2019. The business is owned by Mpandlana Mange. Bosasa Traders uses 60% mark up at all times. REQUIRED: 2.1. Cash Receipts Journal (CRJ) (16) 2.2. Cash Payments Journal (CPJ) (13) 2.3. Debtors Journal (DJ) (2) NOTE: DO NOT CAST OFF THE JOURNALS Transactions: 1 Cash sales as per CRT the cost price for those goods was R 5 000, issue a receipt 100 to the owner M. Mange, for additional capital contribution R 70 000. 5 Issued invoice 87 for R 7000 (Cost price R 4 375), to T. Shabangu a debtors for goods sold to him on account. 11 Issued receipt 102 to ABSA Bank for R 13 800 for fixed deposit that matured and interest at 15% p.a for one year. 15 Goods purchased from Bridge LTD for cash R 9 000 less 3% discount, cheque 90 issued 19 Issued cheque 93 to Mahlobo LTD for R 14 500 in settlement of the amount due of R 14 700. 20 Purchased the following from Ntshaliza Shop issued cheque 94: Goods R 3 500, for the owner's daughter wedding. Stationery R 900 Copyright Reserved Please Turn Over

i Downloaded from hlayiso.com Accounting NSC March 2019 Common Test 5 QUESTION 3 (24 Marks; 14 Minutes) GENERAL LEDGER The information below was extracted from the accounting records of Mawaza Stores during January 2019. REQUIRED: 3.1. Debtors Control Account (11) 3.2. Trading Stock Account (13) N.B: Balance the accounts at the end of the month. INFORMATION: A. The following balances appeared in the ledger on 1 January 2019 Debtors Control R 44 698 Trading Stock R 24 840 B. Extracts from journals on 31 January 2019 Cash Receipts Journal Bank 37 740 Sales 12 700 Cost of sales 10 160 Debtors Control- receipts 17 800 Discount Allowed 680 Sundry Account 7 240 Cash Payments Journal Bank 32 470 Trading Stock 26 670 Debtors Control 1 200 Sundry Account 4600 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2019 Common Test 6 Debtors Journal Sales 28 480 Cost of Sales 22 784 Debtors Allowance Journal Sales 4 800 Cost of Sales 1 780 Creditors Journal Creditors control 41 710 Trading stock 20 715 Equipment 13 230 Sundry accounts 7 765 Creditors Allowances Journal Creditors control 9 170 Trading stock 2 700 Sundry Accounts 2 780 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting NSC March 2019 Common Test i QUESTION 4 (16 Marks; 10 minutes) CREDITORS’ LEDGER The following information was drawn from the accounting records of Sigqamise Traders for March 2019. Required: 4.1 Explain in detail why the balance of the Creditors’ Control account must be equal to the total of the Creditors’ list at the end of the month. (2) 4.2 Prepare the account of Supporta Ltd, a creditor, in the creditors’ ledger of Sigqamise Traders for the month of March 2019. (14) Information: Date | Transactions for March 2019 Amount 1__| Balance owed to Supporta Ltd 15 600 3 | Supporta Ltd charged Sigqamise Trader interest on overdue account 260 5__| Issued cheque no. 107 to Supporta Ltd 13 500 Discount received 500 10 | Received invoice no. 483 from Supporta Ltd for goods amounting 2 to R14 800 subject to a trade discount of 15%. 13 | Forwarded a debit note D/N 220 to Supporta Ltd for goods returned. 1 560 25 | Supporta Ltd refused to allow the discount recorded on 5 March 2019 as the account was overdue. u TOTAL MARKS: 100 Copyright Reserved

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Downloaded from hlayiso.com Accounting (Grade 10) 2 Common Test March 2019 , NSC QUESTION 1 General Ledger Accounting Equation No. Account Account Amount A (e) L Debited Credited 1. Pa 3. 4. : a Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) Common Test March 2019 3 NSC QUESTION 2 2.1. CASH RECIEPTS JOURNAL BOSASA TRADERS FOR FEBRUARY 2019 Doc | Day | Details Fol | Analysis | Bank Sales Cost of Sundry Accounts of sales Receipt Amount | Fol Details 16 2.2. CASH PAYMENTS JOURNAL OF BOSASA TRADERS FOR FEBRAURY 2019 Doc | Day | Details Fol | Bank Trading Creditors Control Sundry Account stock Payment Discount Amount Fol Details 2.3. DEBTORS JOURNAL OF BOSASA TRADERS FOR FEBRUARY 2019 Doc | Day | Details Fol | Sales Cost of Sales Copyright Reserved Please Turn Over

Accounting (Grade 10) GENERAL LEDGER OF MAWAZA STORES FOR JANUARY 2019 Downloaded from hlayiso.com 4 NSC Common Test March 2019 3.1, DEBTORS CONTROL ACCOUNT 2019 Jan |1 | Balance : b/d a : 3.2. TRADING STOCK ACCOUNT 2019 Jan _|1 _|Balance b/d| 24840 Copyright Reserved Please Turn Over 11

Downloaded from hlayiso.com Accaunting (Grade 10) 5 Common Test March 2019 2 NSC QUESTION 4 4.1 | Explain in detail why the balance of the Creditors’ Control account must be equal to the total of the Creditors’ list at the end of the month. i i 3 i | i | i i i 2 i 4.2 Creditors’ Ledger of Sigqamise Traders For March 2019 i Supporta Ltd | Date Details Fol Dr Cr Balance —_ > t | | | TOTAL MARKS: 100 | | Copyright Reserved i

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