Life Sciences Grade 11 NSC March Test 2019 Paper & Memo

education Department: Education PROVINCE OF KWAZULU-NATAL NATIONAL SENIOR CERTIFICATE { GRADE 11 | : ACCOUNTING , MARCH 2019 : COMMON TEST . MARKS: 100 | TIME =: 1 hour This paper consists of 8 pages and | an answer booklet of 5 pages.

Accounting Common Test March 2019 NSC INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 1. 2. all the questions. This question paper consists of 8 pages. Answer ALL the questions. A special ANSWER BOOK consisting of 5 pages is provided in which to answer Workings must be shown in brackets in order to earn part marks. Non-programmable calculators may be used. You may use dark pencil or black / blue pen to answer the questions. Marks will be deducted for missing details and foreign entries. Use the information in the table below as a guide when answering the question paper: Question 1: 28 Marks, 17 Mins The topic of this question is: Content: Bank Reconciliation and GAAP GAAP Concepts Calculation of Bank Account Bank Reconciliation Ethics Question 2: 52 Marks, 31 Mins The topic of this question is: Content: Partnerships and Fixed Assets Transaction Analysis Fixed Asset Register General Ledger Calculation of Net Profit Problem solving Question 3: 20 Marks, 12 Mins The topic of this question is: Content: Creditors Reconciliation Concepts Internal Control Creditors Reconciliation Copyright Reserved Please Turn Over

Accounting 3 Common Test March 2019 NSC QUESTION 1 (28 Marks, 17 Minutes) BANK RECONCILIATION AND GAAP The information relates to Andiswa Stores for June 2018. REQUIRED: 1.1 Identify the GAAP principle being explained in each of the following sentences. Write the correct principle next to the question number (1.1.1 to 1.1.4) in the (4) ANSWER BOOK. 1.1.1 Income and expenses must be reported in the correct financial period. - Assets are recorded at their original cost price and not at carrying value. 1. Financial information of importance to decision making must be shown separately for the users of the information. 1.1.4 Financial Statements are prepared on the assumption that a business will continue in the foreseeable future. 12 1.3 1.2. Calculate the correct Bank Account balance for the month ended 30 June 2018. (12) State whether this is a DR or a CR balance. 1.3. Prepare the Bank Reconciliation Statement on 30 June 2018. (10) 1.4 Refer to information B. Andiswa is unhappy that the internal auditor contacted the bank to query the (2) amount of R14 200 that was credited to the Bank Statement. Give ONE reason why the internal auditors actions were correct. INFORMATION: A. Balances / Totals for June 2018: Debit Balance per Bank Account (1 June 2018) R35 700 Credit Balance as per Bank Statement on 30 June 2018 ? Provisional Cash Receipts Journal total (Bank Column) R26 900 Provisional Cash Payments Journal total (Bank Column) R24 600 B. Acomparison of the Bank Account of the business with the Bank Statement, received from DBSA, Bank revealed the following: * The Bank Statement included bank charges of R625 that were not recorded in the relevant Journal. * The Bank Statement showed and amount of R56 000 for a fixed deposit that matured on 28 June 2018. No entry was made in the relevant Journal. * Adishonored cheque of R1 280 received from a debtor in settlement of a debt of R1 350 was recorded on the Bank Statement only. Copyright Reserved Please Turn Over

Accounting 4 Common Test March 2019 NSC *« Cheque No. 25 for R2 300 issued to the Melmoth Child Weifare is stale. Upon investigation, it was discovered that this cheque was never received for reasons associated with post/delivery. Cheque number 82 was issued on 29 June 2018 as replacement. This cheque has not yet been presented to the Bank. « A postdated cheque (No. 41) for R5 870 was issued on 31 March 2018 (but dated 31 July 2018) to pay for the school fees of the owner's child. * Cheque No. 53 for R36 590 issued on 5 June 2018 to Dube Dealers appears as correct as R36 950 in the Bank Statement. ¢ Two separate deposits of R 12 600 and R6 800 respectively, made on 30 June 2018, do not appear in the June Bank Statement. * An amount of R14 200 was credited on the June Bank Statement. Upon investigation, it was discovered that this money was not meant to be credited to the account of Andiswa Traders. The bank will rectify the error. Copyright Reserved Please Turn Over

Accounting 5 Common Test March 2019 . NSC QUESTION 2 (52 Marks, 31 Minutes) PARTNERSHIPS AND ASSET DISPOSAL The inexperienced bookkeeper of Moodley Brothers, a partnership run by M. Moodley and S Moodley, did not know how to record some of the year-end adjustments, as well as the sale of the businesses only vehicle. REQUIRED: 2.1 Refer to Additional Information A: (12) Analyse the adjustments into account debited, account credited and amount. 2.2 Refer to Additional Information B: Complete the following regarding the sale of the only vehicle. 2.2.1 The extract from Fixed Asset register for the sold vehicle. (9) 2.2.2 The Asset Disposal account in the General Ledger. (9) 2.3 Calculate the new net profit for the year ended 28 February 2019 by taking (8) recordings done in questions 2.1 and 2.2 using additional information A and B. 2.4 Complete the Appropriation account in the General Ledger for the year ended 28 (12) February 2019. Show calculations in brackets so part marks can be awarded. 2.5 Do you think both partners must be satisfied with the partnership agreement? (2) Comment on one aspect by quoting relevant figures. INFORMATION: Extract from the Balance Sheet for the year ended 28 February 2019: Capital: M. Moodley 750 000 Capital: S. Moodley 500 000 Drawings: M Moodley 144 000 Drawings: S. Moodley 165 000 Vehicles at cost 360 000 Accumulated Depreciation on Vehicles 2 ADDITIONAL INFORMATION: A. The following adjustments still need to be recorded for the year ended 28 February 2019: |. The Water and Electricity account for February of R1 000 still needs to be paid. ll. A physical stock take revealed that Trading Stock of R600 was missing from the store room. lll. The Provision for Bad Debts need to be decreased by R450. IV. Insurance includes an amount of R1 750 prepaid for March 2019. B. Vehicle * The business have one vehicle which was purchased on 31 August 2016. * Vehicles are depreciated at 20% per annum according to the fixed instalment method. * The vehicle was sold for R170 000 cash on 31 January 2019. Copyright Reserved Please Turn Over

Accounting 6 Common Test March 2019 NSC Cc. The Net Profit, before taking additional information A and B into consideration, was R531 400. D. Partnership Agreement The partnership agreement stipulates the following: ¢ Both partners are entitled to a fixed monthly salary of a predetermined amount. M. Moodley has withdrawn his entire salary for the whole year. S. Moodley is still owed his salary for February 2018. * The partners are to receive interest at a rate of 10% p.a. on the capital invested in the business. M. Moodley increased his capital contribution by R150 000 on 31 October 2018. * The remaining profit / loss is to be split equally between both partners. Copyright Reserved Please Turn Over

Accounting ve Common Test March 2019 NSC QUESTION 3 (20 Marks, 12 Minutes) CREDITORS RECONCILIATION Tshabalala Traders buys goods on credit from Sithole Suppliers. The information presented is for February 2019. REQUIRED: 3.1. Concepts (4) Choose the correct answer from the words provided within brackets. Write only the answer, next to each number (1.1.1 — 1.1.4) in your ANSWER BOOK. 3.1.1 A (debit note/credit note) is the source document used when goods are returned by a debtor. 3.1.2 A (cash discount/trade discount) is offered when accounts are settled within a certain time. 3.1.3 A (debit invoice/credit invoice) is the source document used when goods are sold on credit to the debtor. 3.1.4 The Creditors Control account in the General Ledger is classified as a (assetiliability). 3.2 Performing a monthly Creditors Reconciliation is one way in which businesses can exercise control over their creditors. Discuss TWO other forms of internal control for creditors. (4) 3.3 Reconcile the Creditors Ledger account of Sithole Suppliers in the books of Tshabalala Traders with the statement received. We) Copyright Reserved Please Turn Over

Accounting 8 Common Test March 2019 NSC INFORMATION: A. Creditors Ledger of Tshabalala Traders Sithole Suppliers (CL6) Date Details Fol | Debit | Credit | Balance Feb‘ 19 | 1 | Balance B/D 34 200 5 | Invoice No. 843 CJ 4770 38 970 10 | Cheque No. 3310 CPJ} 17500 21 470 Discount CPJ 875 20 595 12 | Invoice No. 1062 CJ 5 640 26 235 16 | Debit Note No. 216 CAJ 890 25 345 28 | Invoice No. 1124 CJ 9 560 34 905 B. Statement received from Sithole Suppliers SITHOLE SUPPLIERS STATEMENT OF ACCOUNT Customer: Tshabalala Traders Date: 25 February 2019 Date Details Debit Credit Balance Feb ‘19 1 | Receipt No. 2164 8 000 34 200 5 | Invoice No. 843 7 740 41 940 10 | Receipt No. 1328 17 500 24 440 12 | Invoice No. 1062 6 640 31 080 16 | Credit Note No. 743 890 31970 22 | Invoice No. 772 3 860 35 830 C. The following differences were found when comparing the Creditors Ledger to the Statement: i. Invoice No. 843 was recorded incorrectly in the Creditors Ledger. ii. The Statement did not reflect the discount for early payment on the 10”. The Creditors Ledger is correct. iii. It was discovered that Invoice No. 1062 in the Statement included goods valued at R1 000 ordered by the owner for personal use. The bookkeeper was not aware of this. iv. Goods valued at R890 were returned to Sithole Suppliers on the 16". Itis shown as a debit entry in both the Creditor’s Ledger as well as on the Statement. v. _ Invoice No. 772 on the statement was an error made by Sithole Suppliers. These goods were not purchased by Tshabalala Traders. vi. Goods purchased by Tshabalala Traders on 28 February 2019 had not yet been recorded by Sithole Suppliers. TOTAL MARKS: 100 Copyright Reserved

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(4) + Accounting 5 Common Test March 2019 : GRADE 11 QUESTION 3 (20 Marks, 12 Minutes) CREDITORS RECONCILIATION 3.1. Concepts 3.1.1 | Credit Note “ 3.1.2 | Cash Discount v 3.1.3 | Credit Invoice v 3.1.4 | Liability ¥ 3.2. Performing a monthly Creditors Reconciliation is one way in which businesses can 3.3. exercise control over their creditors. Discuss TWO other forms of internal control for creditors. Two valid points ““ ¢ Ensure that all credit purchases are authorised. * Check that all orders received from creditors are correct and in a good condition. ¢ Ensure that creditors are paid on time so that the business qualifies for any available discounts. YY accept short explanations; may be phrased differently ¢ Make full use is made of the credit terms (60-90 days) in order to maintain good cash flow. * Implement division of duties/separation of responsibilities so that one employee can check on another employee’s work. * Conduct internal audits in order to minimise the possibility of fraud or error. Reconcile the Creditors Ledger account of Sithole Suppliers in the books of Tshabalala Traders with the statement received. Creditors Ledger Statement from of Tshabalala Traders_| Sithole Suppliers Balance 34905 v 35 830 v i. +2970VV ii. -875 v iti. +1000 v -1 780 V7 P OR -890 -890 One mark _One mark ve -—3860 v vi. +9560 ~ 38875 38875 4 TOTAL MARKS: 100 (4) (12)