Accounting Grade 11 September Test 2016 Paper & Memo

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Downloaded from hlayiso.com Accounting 2 September 2016 Common Test NSC INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 1. This question paper consists of 6 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: 26 Marks, 16 Minutes The topic of this question is: Content: « General Ledger Cost Accounting « Break Even Point e Internal Control Question 2: 43 Marks, 26 Minutes The topic of this question is: Content: e Debtors Collection Schedule Budgeting « Cash Budget e Ethics Question 3: 31 Marks, 18 Minutes -The topic of this question is. — -.—- -- -Content -.. = e Differences between systems Inventory Systems e Calculations e Trading Account Copyright Reserved Please Turn Over

Downloaded from hlayiso.com “On Point” Manufacturers is a medium size factory, owned by Mrs HB. Led, that manufacturers pencils. The business sells all pencils for R2.50 each. The perpetual inventory system is in use. REQUIRED: 1.1 Complete the missing details / figures labeled A to F. 1.2 Identify TWO items that could be included under “Factory Overhead Costs”. 1.3. Calculate the following if 4 000 000 pencils were made during the year: 1.3.1. The cost price per unit. 4.3.2 The breakeven point for the year ended 30 June 2015. 1.3.3 Should the owner, Mrs HB Led be satisfied with the number of pencils made and sold during this financial year? Give a reason, quoting figures, for your answer. 1.4. Mrs HB Led has been considering buying some of her raw materials from a local supplier in KwaZulu Natal rather than from the current supplier in the Western Cape. 1.4.1. Explain the effect this will have in Direct Material Costs. Give ONE reason for your answer. 1.4.2 Mrs HB Led is concerned that the quality of the pencils may deteriorate if she uses local raw materials. What can she do to ensure that this does not happen? INFORMATION co) General Ledger of “On Point” Manufacturers Se Balance Sheet Section B2__Raw Materials Stock 2015 2016 July 1 | Balance 440 000 June 30 (B) 1560 000 2016 June 30 | Bank (A) Balance (C) Creditors Control 400 000 Carriage on Purchases 180 000 Import and Customs Duty 90 000 1910 000 1910000 2016 July 1 | Balance (C) Copyright Reserved Please Turn Over Accounting 3 September 2016 Common Test NSC QUESTION 14 (26 Marks, 16 Minutes) COST ACCOUNTING (9) (2) (3) (3) (2)

Downloaded from hlayiso.com Accounting 4 September 2016 Common Test NSC B3___Work in Progress Stock 2015 2016 July 1 | Balance 300 000 June 30 (F) 5 200 000 2016 Direct Materials June 30 Cost (D) : Balance ? Direct Labour Cost (E) Factory Overhead Cost 4 200 000 ? ? 2016 July 1 | Balance ? ADDITIONAL INFORMATION « Prime costs for the year amounted to R4 560 000. « There were no finished goods on hand at either the beginning or the end of the financial year. e Direct Labour Cost and Factory Overhead Costs are considered to be fixed, whereas Direct Material Cost is variable. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting 5 September 2016 Common Test NSC QUESTION 2 (43 Marks, 26 Minutes) BUDGETING The following information relates to the financial records of Kitchen King, a business that sells a large variety of items required for their customers to design their dream kitchen. REQUIRED: 2.1 Complete the Debtors’ Collection Schedule for June and July 2016. (10) 2.2 Complete the Cash Budget for June and July 2016. (26) 2.3 Refer to the amounts shown in the Cash Budget for Salaries and Wages.. 2.3.1 Calculate the percentage increase that was granted to both Salary ad Wage (4) earning employees. 2.3.2 Is it ethical for employees to receive different percentage increases? Give a (3) reason, quoting figures, for your answer. 3 INFORMATION . Information for the 3 months ended 31 July 2016: Sales (60% on credit) 371 000 390 000 360 000 Purchases (80% on credit) 163 000 168 000 182 000 Salaries ~ Store Managers 30 000 30 000 32 400 £ ) Wages — Shop Assistants 90 000 90 000 103 500 Sundry Cash Expenses 22 000 22 000 22 000 Depreciation 5 000 5 000 5 000 ADDITIONAL INFORMATION ° It is expected that debtors will settle their accounts as follows: 10% in the month of sale 70% in the first month after the month of the sale 15% in the second month after the month of the sale The remaining 5% usually represents bad debts e Trade creditors are paid in the month following the month of the transaction in order to obtain a discount of 3%. ° Expenses and income, unless otherwise stated, are received and paid as they arise. ° The unfavorable bank balance was R88 500 on 1 June 2016. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting 6 September 2016 Common Test NSC QUESTION 3 (31 Marks, 18 Minutes) INVENTORY SYSTEMS You are provided with information relating to Thembeka Traders for June 2016. This businesses financial year runs frorn 1 July to 30 June each year. The periodic inventory system is used to calculate cost of sales. Show all calculations so that part marks can be awarded. REQUIRED: 3.1 Tabulate TWO differences between the Periodic Inventory System and the Perpetual (8) Inventory System. 3.2. Calculate the final amounts that would be recorded to the following: 3.2.1 Purchases (5) 3.2.2 Sales (5) ) 3.3 Construct the Trading Account in the General Ledger to calculate the Gross Profit for of the year ended 30 June 2016. INFORMATION: e Stock on hand was R20 000 on 1 July 2015 and, according to a physical count, R28 000 was on hand on 30 June 2016. « Balances on 1 June 2016: Sales 307 400 Purchases 149 700 « The following totals have been extracted from the journals for June 2016: Cash Receipts Journal Cash Payments Journal Bank 121 100 Bank 109 000 fe , Debtors Control 64 000 Purchases 60 000 Sales 57 100 Carriage on Purchases 36 000 Sundry Accounts 13 000 Debtors’ Journal Debtors’ Allowances Journal Sales 198 000 Sales 16.416 ---- —-Greditors’ Journal — f= ~-. Creditors Allowances Journal_—}- —- Creditors Control 175 400 Creditors Control 8 300 Purchases 120 400 Purchases 7 700 Equipment 50 000 Equipment 0 Stationery 5 000 Stationery 600 TOTAL MARKS: [100] Copyright Reserved

Education KwaZulu-Natal Department of Education REPUBLIC OF SOUTH AFRICA ACCOUNTING " ANSWER BOOK : | SEPTEMBER 2016 : a | COMMON TEST : Vennbeneeanehuddavvewdduuineanneeniane® NATIONAL SENIOR CERTIFICATE [. GRADE | coe Name: . Grade: . , Learners | Moderators Question Topic Mark Mark Cost Accounting Budgeting Inventory Systems N.B. This answer book consists of 5 pages. \Copyright Reserved

Downloaded from hlayiso.com Accounting (Grade 11) 2 September 2016 Common Test NSC QUESTION 1 COST ACCOUNTING 1.4 A B Cc D E 9 F 1.2 Identify TWO items that could be included under “Factory Overhead Costs”. 1.3.1 The cost price per unit. 1.3.2 The breakeven point for the year ended 30 June 2015. 1.3.3 Should the owner, Mrs HB Led be satisfied with the number of pencils made and sold during this financial year? Give a reason, quoting figures, for your answer. Copyright Reserved

Downloaded from hlayiso.com Accounting (Grade 11) 3 NSC 1.4.1 Explain the effect this will have in Direct Material Costs. Give ONE reason for your answer. September 2016 Common Test 1.4.2 Mrs HB Led is concerned that the quality of the pencils may deteriorate if she uses local raw materials. What can she do to ensure that this does not happen? QUESTION 2 BUDGETING { 2.1 Debtors’ Collection Schedule for June and July 2016. Credit Sales June 2016 July 2016 April 2016 May 2016 June 2016 10 July 2016 Copyright Reserved

Downloaded from hlayiso.com Accounting (Grade 11) 4 September 2016 Common Test 2.2 2.3.1 2.3.2 NSC Cash Budget for June and July 2016 Receipts June July Total Receipts Payments Total Payments Cash Surplus (Shortfall) Bank: Opening Balance Bank: Closing Balance 26 Calculate the percentage increase that was granted to both Salary ad Wage (4) earning employees. Salaries ( 4 Wages is it ethical for employees to receive different percentage increases? Give a reason, quoting figures, for your answer. Copyright Reserved

Downloaded from hlayiso.com Accounting (Grade 11) 5 September 2016 Common Test NSC QUESTION 3 INVENTORY SYSTEMS 3.1 Tabulate TWO differences between the Periodic Inventory System and the Perpetual Inventory System. Periodic Inventory System Perpetual Inventory System ° e e ° 8 3.2.1 Purchases 3.2.2 Sales 3.3 Thembeka Traders General Ledger Finals Account Section Trading Account 13 TOTAL MARKS: [100] Copyright Reserved

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Downloaded from hlayiso.com Accounting (Grade 11) 3 Septerntngs1 6 Common Test NSC 1.4.1 Explain the effect this will have in Direct Material Costs. Give ONE reason for your answer. (3) Direct material costs will decreasev due to the decrease in carriage on purchases.¥ ¥ 1.42 Mrs HB Led is concemed that the quality of the pencils may deteriorate if she uses local raw materials. What can she do to ensure that this does not happen? (2) «Ensure that the local raw materials are up to standard before purchasing themv¥ ¢ Have strict quality control procedures in place. * ANY LOGICAL ANSWER QUESTION 2 BUDGETING 2.1 Debtors’ Collection Schedule for June and July 2016. (10) Credit Sales | June 2016 | July 2015 April 2016 228 000 34200 May 2016 222600” | 155 820% 33 390¥ June 2016 234 000Y 23400” | 163 800¥ July 2016 216 000Y 21 600¥ 213 420M | 218 790M Copyright Reserved Please Tum Over Accounting (Grade 11) September 2016 Common Test (26) Receipts from Debtors 213 420M 218 790M Cash Sales 186000” | 144. 000v Total Receipts 3694200 | 362 790K Payments ' Salaries 30 000 32 400v Wages 90 o00v 103 500V Sundry Cash Expenses 22 000v 22 000v Cash Purchases of Stock 33 600V 36 400¥ Payments to Creditors 126.48evv | 130 368vv Total Payments fig (302 088) | (324 668) Cash Surplus (Shortfall) 67 3324 38 122M Bank: Opening Balance (88 500)¥ (21 168) Bank: Closing Balance (21 168)H 16954) 2.3.1 Calculate the percentage increase that was granted to both Salary ad Wage eaming (4) employees. : Salaries 2 400 / 30 000 X 100 = 8%¥Y¥ i Wages : 13 500 / 90 000 X 100 = 15%VY i 2.3.2 |s it ethical for employees to receive different percentage increases? Give a reason, (3) quoting figures, for your answer. 1 NoY i * Salary-earners (store managers) received an 8% increase while wage-earners (shop assistants) received 15%. All employees should receive equal percentage increase” : OR Yes¥ « Even though wage-earers (shop assistants) earners a 15% increasev,, in rand value per employee, this ,might still be less than the 8% increase earned by the salary-earners (store managers)” ' Copyright Reserved Please Tum Over

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