Accounting Grade 11 September Test 2015 Paper & Memo

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Downloaded from hlayiso.com Accounting (Grade 11) 2 Common Test September 2015 NSC INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 1. This question paper consists of 7 pages. 2. A special ANSWER BOOK consisting of 5 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. 5. 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: Question 1; 23 Marks, 14 Minutes The topic of this question is: Content: . e Interpretation of Work-in-Progress Account Cost Accounting e Break even point Question 2: 52 Marks, 31 Minutes The topic of this question is: Content: Budgetin e Debtors Collection Schedule geting « Projected Income Statement Question 3: 25 Marks, 15 Minutes The topic of this question is: Content: e Purchases Account Inventory Systems * Calculation of Sales and Cost of Sales Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) 3 Common Test September 2015 ‘ NSC QUESTION 1 (23 Marks, 14 Minutes) COST ACCOUNTING 1.1. General Ledger and Interpretation Required Study the Work-in-Progress Stock account in the General Ledger of Themba’s Wooden Tables and answer the questions that follow: 1.1.1 In which section of the General Ledger will this account be found? (1) 1.1.2 Identify TWO items that can be included in each of the following amounts in the Work-in-Progress Stock account: (3 a) R112 300. (2) b) R210 600. (2) 1.1.3. Themba currently employs one supervisor and 3 carpenters to make the tables. (4) Identify which of his employees are considered to be direct labour and indirect labour. Explain your reasoning by giving an example of the type of work each employee will be completing. 1.1.4 If this business made 160 wooden tables and sold each table for R4 350, calculate the following: a) The cost price per table. (2) b) The mark up percentage applied by Themba’s Tables. (4) Information: Work in Progress Stock er 2015 Finished Goods March 1 | Balance 96 800 Feb 28 Stock 464 000 are 28 | Direct Labour Cost | 137 800 Balance 93 500 racy Overhead 412 300 ‘ost _ Raw Materials Cost | 210 600 557 500 557 500 2015 March 1 | Balance 93 500 Copyright Reserved Please Turh Over

Downloaded from hlayiso.com Accounting (Grade. 11) 4 Common Test September 2015 NSC 1.2 Break Even Point Billy Bob’s Beds produced and sold 3 950 single beds for the year ended 31 August 2015. The following information was extracted from their books: Information: Sales R4.740 000 Variable Costs R2 646 500 Fixed Costs R713 500 1.2.1 Calculate the break-even point for the year ended 31 August 2015. ( RS) 4.2.2 Should Billy Bob’s Beds be satisfied with the number of single beds that were made (3) during the year ended 31 August 2015? Explain. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) é Common Test September 2015 NS QUESTION 2 (52 Marks, 31 Minutes) BUDGETING Required: 2.1 Explain the difference between a Projected Income Statement and a Cash Budget. (4) 2.2 Complete the following for September to November 2015. (Some amounts have been entered for you.): 2.2.1 Debtors Collection Schedule. (9) 2.2.2 Projected Income Statement (39) Information ; Green Tree Stores Income Statement for the year ended 31 August 2015 3 Sales 1600 000 Cost of Sales (1 000 000) Gross Profit 600 000 Other Operating Income 73 600 Rent Income 56 800 Commission Income 16 800 Gross Operating Income 673 600 Operating Expenses (456 500) Salaries 240 000 Advertising 30 000 Bad Debts 20 000 Depreciation 48 600 . Sundry Expenses 117 900 () Operating Profit 217 100 Interest Expense (on Loan) (19 200) Net Profit for the year 197 900 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 41) Additional Information 1. 6 NSC Common Test September 2015 Sales (including forecasted sales) for the period 1 July 2014 to 30 November 2015 are shown below: July 2015 119 000 35 700 83 300 August 2015 127 000 38 100 88 900 September 2015 132 000 39 600 92 400 October 2015 136 000 40 800 95 200 November 2015 140 000 42 000 98 000 Credit Sales are expected to be collected as follows: « 20% in transaction month to receive a 5% discount. « 70% in the month after the transaction. « 5% two months after the transaction. e 5% irrecoverable and is written off two months after the transaction. The current percentage mark up on cost will be maintained throughout the budget period. « Anincrease in salaries becomes effective on 1 September each year. An increase of 8% has been budget for on 1 September 2015. e The business currently has 3 employees earning the same monthly salary. From 1 November 2015, a fourth employee, who will earn the same salary, will be employed. The monthly rental was increased by R800 on 1 October 2014. The business intends to increase the tenants rent by R1 000 from 1 October 2015. Green Tree Stores currently pays interest in their loan at.a rate of 8% per annum. The capital portion of the loan remained unchanged during the previous financial year. The business plans to increase this loan by R60 000 on 1 November 2015. The business plans for dispose of unused equipment at a book value by the end of September 2015. This will decrease the depreciation on equipment by R200 per month from 1 October 2015. (Note that no assets were bought or sold during the financial year ended 31 August 2015. Assets are depreciated on cost) ( ‘ Sundry expenses are estimated at R10 000 in September and thereafter to increase by 2% per month. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) 7 Common Test September 2015 NSC QUESTION 3 (25 Marks, 15 Minutes) INVENTORY SYSTEMS Required: Use the information provided below to complete the following for Peter’s Plumbing Suppliers for the year ending 31 July 2015. 3.1. The Purchases account in the General Ledger, correctly closed off on 31 July 2015. (13) 3.2 Calculate the Cost of Sales, for the year ending 31 July 2015, using the periodic (7) inventory system. (Show calculations in brackets so part marks can be awarded.) i} 3.3 Calculation of the Gross Profit for the year ending 31 July 2015. (5) Information: Extract from the Trial balance on 1 July 2015: Trading Stock (1 August 2014) 10 600 Purchases 450 000 Carriage on Purchases 6 500 Sales 710 000 ( “ditional Information for July 2015: e R117 000 stock was purchased during July 2015. One third of this was for cash, the remainder was bought on credit. e Peters Plumbing Suppliers was charged R600 for the transportation of stock from the suppliers to their shop. e Defective stock valued at R 5 100 was returned to Tool City, our creditor, e The owner took stock worth R1 300 for personal use. e Total sales for the month amounted to R53 600. e According to a physical count, stock worth R12 400 was on hand on 31 July 2015. TOTAL MARKS: [100] Copyright Reserved

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