ACC March QP & Memo 2020 Gr10 hlayiso.com

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Downloaded from hlayiso.com Accounting (Grade 10) NSC Common Test March 2020 es INSTRUCTIONS AND 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. ic You may use dark pencil or blue/black ink to answer the questions. Question 1 (31 Marks; 28 Minutes) Topic of the question This question integrates: Content Analysis of Transactions Analyzing transactions in the accounting equation QUESTION 2 (36 Marks; 32 Minutes) Topic of the question This question integrates: Content Journals Cash Receipts Journal Cash Payments Journal QUESTION 3 (18 Marks; 16 Minutes) Topic of the question This question integrates: Content Control Accounts Trading Stock Account QUESTION 4 (15 Marks; 14 Minutes) Topic of the question This question integrates: Content Debtors Ledger Debtors Ledger And Concepts Concepts Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) NSC Common Test March 2020 3 QUESTION 1 (31 Marks; 28 Minutes) ANALYSIS OF TRANSACTIONS You are provided with information relating to Merc Traders a business owned by Sabelo Phakathi for the month of February 2020. REQUIRED: Analyse the following transactions according to the columns provided. Assume that the bank balance is favourable at all times. E: Bought stationery on account from Shukela Traders, R 500. (31) General Ledger Accounting Equation No. Account Account Amount A fo} L debited Credited E.g. Stationery Creditors Control 500 0 : + Transactions: 1. Our supplier Mayisela Traders charged the business an interest of 12% p.a on an overdue account of R 12 000 for 2 months. Provide for the outstanding interest. 2. Goods sold on credit to Angel Shabangu for R 6 000 selling price, the mark up% on cost is 50%. ( Make TWO entries) 3. The owner took merchandise for his personal use, R 800. 4. The fixed deposit of R 20 000, with Mhlanga Bank has matured, the bank deposited into the business bank account R 22 500 including interest. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) NSC Common Test March 2020 4 QUESTION 2 (36 Marks; 19 Minutes) JOURNALS Use the following transactions to complete certain journals for Kwid Traders for the month January 2020. The business is owned by Headboy Malambule. REQUIRED: 2.1. Cash Receipts Journal (CRW) (16) 2.2 Cash Payments Journal (CPJ) (20) INFORMATION: NOTE: Do not cast off the Journals Transaction for the month of January 2020 01 Information as per Cash Register Tape (CRT) no. 42: Sales, R10 752 (Cost of sales, R7 168). 04 Issued receipt no. 81 to K. Gumede for R1 520, in settlement of her debt of R1 600. 07 Purchased merchandise for R2 400 less 5% trade discount from Dwaleni Store and paid by cheque no. 113. Paid Speedy Deliveries’ R260 by cheque to deliver the above-mentioned merchandise to the business. 09 Issued a cheque to Crazy Bank for R580 to meet the monthly repayment towards the loan. 10 Paid R3 120 to Zwane Traders by cheque on account and received a discount of R180. 18 Received cheque no. 687 for R1 700 from Nkosi Suppliers, a creditor as a refund for an over payment made to them in December 2019. 20 A cheque drawn by N. Van Niekerk for R2 760 in settlement of her account of R2 800 was returned by the bank unpaid, due to insufficient funds. 22 =Total credit card sales to date, R20 600. Cost of sales, R13 733. 26 Sent a cheque for R10 400 to Beauty Insurance Co. to pay the owner's annual Insurance premium on her personal vehicle. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) NSC Common Test March 2020 5 28 A debtor, IM Wise, paid R300 towards an account that had been previously written off during December 2018. Received, R6 700 from Crazy Bank to increase the loan. 30 The bank statement received from World Bank revealed the following that still has to be recorded in the Cash Journals: * Service fees, R220 * Credit card levy, R50 * Cash handling fees, R190 * Interest on an unfavourable bank balance, R160. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) QUESTION 3 GENERAL LEDGER NSC 6 Common Test March 2020 (18 Marks; 16 Minutes) The information below was extracted from the accounting records of N.T Traders during February 2020. 3.1. Control Accounts REQUIRED: 3.1.1. Complete the Trading Stock account by supplying the missing information (A~J). 3.1.2 Give ONE possible explanation for the entry of R2 220. 3.1.3 Give TWO possible explanations for the entry of R60. GENERAL LEDGER OF NT TRADERS Trading Stock (12) (2) (4) Feb | 1 | Balance b/d A Feb | 29! Creditors Control} F 950 29 B CPJ 6 880} G CRJ 9 200) Creditors Cc 7 430} Cost of sales H 8 500] D DAJ 2 220) ! GJ 60 Petty Cash E 90 Balance c/d 2410) Mar} 1 | Balance b/d J | Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) NSC Common Test March 2020 7 QUESTION 4: CONCEPTS AND DEBTORS’ LEDGER (15 marks; 14 minutes) 4.1 CONCEPTS Choose the correct word(s) from COLUMN B to match the description in COLUMN A. Write only the letter (A — D) next to the number (2.1.1 —2.1.4) inthe ANSWER Book. ‘(4 COLUMN COLUMN B A 4.1.1. | The maximum amount of time a debtoris [A | Bad debts allowed to take to pay his debt 4.1.2 | Debtors written off, who are not likely B_ | Credit Limit to settle their accounts 4.1.3. | The maximum amount a debtor is C_ | National Credit Act allowed to buy goods on credit 4.1.4 | Are policies and procedures aimed at D | Credit terms controlling the granting of credit 4.2 DEBTORS'’LEDGER The following information was taken from the books of Dlomo Stores for March 2020. Diomo Stores allows its debtors 30 days to pay. If a debtor is in arrears, interest of 6% per month is charged. REQUIRED: Prepare the Debtors’ Ledger account of M. Smart for the month of March 2020. (11) INFORMATION: 01 Balance at the beginning of the month, R7 000 05 Sold goods on credit to M. Smart for R5 000. Issued invoice no. 101. 10 Received payment of R6 800 in full settlement of the amount owing on 1 March, issued Receipt no. 4002 15 Issued credit note no. 12 for R900 in respect of goods returned 20 The bank returned the cheque received on 10 March 2020, with the remark, “R/D ~ Insufficient funds”. Cancel the discount. 25 Charged M. Smart interest for one month on his opening balance TOTAL MARKS: 100 Copyright Reserved

Downloaded from hlayiso.com education E Department: ducation PROVINCE OF KWAZULU-NATAL ACCOUNTING ANSWER BOOK MARCH 2020 COMMON TEST NATIONAL SENIOR CERTIFICATE | { GRADE 10 | | Name: Grade: Question Topic erie leer alas Interpretation of Transactions Journals Control Account | oo} | = Debtors Ledger TOTAL [oevian Reserved N.B. This answer book consists of 5 pages. Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 2 March 2020 Common Test NSC QUESTION 1 General Ledger Accounting Equation No. Account Account Amount A fe} L Debited Credited . . BE _ 4. 31 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 3 March 2020 Common Test NSC QUESTION 2 2.1. CASH RECIEPTS JOURNAL KWID TRADERS FOR JANUARY 2020 Doc | Day | Details Fol | Analysis | Bank Sales Cost of Debtors Discount | Sundry Accounts of sales control allowed Receipt Receipts Amount | Fol | Details 16 2.2. CASH PAYMENTS JOURNAL OF KWID TRADERS FOR JANUARY 2020 Doc | Day | Details Fol | Bank Trading Debtors Creditors Discount Sundry Accounts stock Control Control received Payments Amount Fol Details 20 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 4 NSC QUESTION 3 3.1.1 March 2020 Common Test oO} a; wa > m 3.1.2. Give ONE possible explanation for the entry of R 2 220. 12 3.1.3. Give TWO possible explanations for the entry of R60 2 4 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) QUESTION 4 4.1. CONCEPTS 5 NSC March 2020 Common Test 4.11 4.1.2 4.1.3 4.1.4 4 4.2 Debtors’ Ledger of Diomo Stores For March 2020 M.Smart Date Details Fol Dr Cr Balance 11 15 Copyright Reserved TOTAL MARKS: 100

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINE MARCH 2020 NATIONAL SENIOR CERTIFICATE GRADE 10 GRADE 10 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. Indicate with code F for Foreign items. This Marking guideline consists of 5 pages. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 2 March 2019 Common Test NSC QUESTION 1 General Ledger Accounting Equation No. Account Account Amount A O L debited Credited 1. Interest on overdue Creditors control 240 0 - + account 2. Debtors control Sales  6 000 + + 0 Cost of sales Trading stock 4 000 - - 0 3. Drawings  Trading stock  800 – - 0 1 Mark For both Banks + 4. Bank Fixed Deposit  20 000 - 0 0 Interest on Fixed Bank Deposit  2 500 + + 0 Foreign entries -1 per line if a learner has entered in all 3 columns in the accounting equation Learner must earn a mark in the line where penalty is applied 31 31 31 31 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 3 March 2019 Common Test NSC QUESTION 2 2.1. CASH RECIEPTS JOURNAL KWID TRADERS FOR JANUARY 2020 Doc Day Details Fol Analysis Bank Sales Cost of Debtors Discount Sundry Accounts of sales control allowed Receipt Receipts Amount Details CRT 01 Cash Sales 10 752 10 752 10 752 7 168 81 04 K Gumede 1 520 1 520 1 520 80 82 18 Nkosi Suppliers 1 700 1 700 1 700 Creditors Control CRT 22 Cash Sales 20 600 20 600 20 600 13 733 83 28 W. Wise 300 300 Bad Debts Recovered B/S Crazy Bank 6 700 7 000 6 700 Loan : Crazy Bank -1 penalty for poor presentation if Documents Numbers are not shown – Max 1 16 16 2.2. CASH PAYMENTS JOURNAL OF KWID TRADERS FOR JANUARY 2020 Doc Day Details Fol Bank Trading Debtors Creditors Discount Sundry Accounts stock Control Control received Payments Amount Details 113 07 Dwaleni Store 2 280 2 280 114 Speedy Deliveries 260 260 115 09 Crazy Bank 580 580 Loan: Crazy Bank 116 10 Zwane Traders 3 120 3 120 180 B/S 20 N.Van Niekerk 2 760 2 760 117 26 Beauty Insurance 10 400 10 400 Drawings B/S 30 World Bank 460 460 Bank Charges B/S World Bank 160 160 Interest on Overdraft -1 penalty for poor presentation if Documents Numbers are not shown – Max 1 20 20 36 36 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 4 March 2019 Common Test NSC QUESTION 3 3.1.1 A Tot Cr Tot Dr One Part Correct ( 21 120 – 16 620) R 4 500 B Bank C CJ D Cost of Sales E PCJ F CAJ G Cost of Sales H DJ I Drawings / Donations J R 2 410 12 12 3.1.2. Give ONE possible explanation for the entry of R 2 220. Any valid explanation  The customer returned goods that were sold to him/her either not according to order or damaged 1 Mark Response Damaged goods Returns 2 2 3.1.3. Give TWO possible explanations for the entry of R60 Any TWO valid explanation   1 mark for incomplete answer or unclear answer The business donated goods at cost price The owner took good for own use. Loss of stock due to theft/burglary/fire/theft 4 4 18 18 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 10) 5 March 2019 Common Test NSC QUESTION 4 4.1. CONCEPTS 4.1.1 D – Credit Terms  4.1.2 A – Bad Debts  4.1.3 B – Credit Limit  4.1.4 C – National Credit Act  4 4 4.2 Debtors’ Ledger of Dlomo Stores For March 2020 M.Smart Date Source Document/Details Fol Dr Cr Balance 2020 March 1 Balance b/d 7 000 05 Invoice No. 101 DJ 5 000 12 000 10 Receipt no. 4 002 CRJ 6 800 5 200 Discount Allowed CRJ 200 5 000 15 Credit Note No. 12 DAJ 900 4 100 20 Bank Statement CPJ 6 800 10 900 Journal Voucher GJ 200 11 100 25 Journal Voucher GJ 420 One part correct 11 520  11 11 15 15 TOTAL MARKS: 100 Copyright Reserved Please Turn Over