# Accounting Grade 12 EC June 2016 Addendum (English) > Grade 12 Accounting addendum from the EC June 2016 (English), 16 pages. Read online or get the free PDF download. - Page: https://www.hlayiso.com/library/accounting-2016-june-answerbook-english/1a3baccf-6122-47ae-9c05-61c75446215b - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Language: English - Document type: Addendum - Year: 2016 - Exam period: EC June - Curriculum: CAPS - Pages: 16 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 EC June 2016 Addendum (English)](https://www.hlayiso.com/library/accounting-2016-june-answerbook-english/1a3baccf-6122-47ae-9c05-61c75446215b) ## About this document Accounting · Grade 12 · EC June · 2016 · English. Addendum, 16 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 12 JUNE 2016 ACCOUNTING ANSWER BOOK MARKS MODERATED QUESTION MAX MARKS OBTAINED MARKS 1 45 2 35 3 60 4 45 5 65 6 50 300 This answer book consists of 14 pages. *ACABE* ### Page 2 Downloaded from hlayiso.com 2 ACCOUNTING (Answer book) (EC/JUNE 2016) QUESTION 1: RECONCILIATIONS 1.1 BANK RECONCILIATION 1.1.1 Calculation of the Bank Account balance FAVOURABLE / UNFAVOURABLE : 8 1.1.2 Provide a reason why cheque No. 882 should not appear as an outstanding cheque. Also state how this transaction must be corrected. REASON: RECORDING: 4 1.1.3 Cheque No. 1234 is post-dated. How must this cheque be treated at the end of the financial year? 4 1.1.4 List the accounting entries that must be made to take this transaction into account. 2 Provide ONE control measure to prevent such incidents in future. 2 Copyright reserved Please turn over ### Page 3 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 3 1.2 CREDITORS RECONCILIATION ON 30 APRIL 2016 Balance as per statement 9 1.3.1 Explain why the balance on the Debtors’ Control account in the general ledger should equal to the total of the Debtors’ List. 2 1.3.2 CORRECTION TO DEBTORS LIST M. Goode (7 535 E. Better (9 620 N. Nice (6 880 10 1.3.3 Explain why you would be concerned about the management of debtors. Quote figures in your answer. 4 Q1 45 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 ACCOUNTING (Answer book) (EC/JUNE 2016) QUESTION 2: INVENTORY VALUATION 2.1 CONCEPTS 2.1.1 2.1.2 2.1.3 2.1.4 4 2.2.1 Calculate the value of the closing stock of tennis balls 8 Calculate the cost of sales of tennis balls 3 Calculate the stock holding period (in days) 4 2.2.2 Comment on whether the stock holding period is appropriate or not. 2 Copyright reserved Please turn over ### Page 5 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 5 2.2.3 Calculate the value of the closing stock of Nexus rackets 10 Calculate the gross profit on Olympus rackets 4 Q2 35 Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com 6 ACCOUNTING (Answer book) (EC/JUNE 2016) QUESTION 3: CONCEPTS, AUDIT REPORT AND INCOME STATEMENT 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3.1.4 4 3.2.1 Explain the role of the independent auditor. 2 3.2.2 Did Gunuz Ltd receive an unqualified, qualified or a disclaimer audit report? Explain your choice. 2 3.2.3 The external auditor was not willing to do this. Briefly explain why she feels this way. 2 Provide TWO consequences for the auditor if she agreed to this request. 4 Copyright reserved Please turn over ### Page 7 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 7 3.3 BHEEM LTD INCOME STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2016 Sales Cost of sales Gross profit Other income Gross income Operating expenses Operating profit Profit before interest expense Net profit before income tax Net profit after income tax 46 Q3 60 Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com 8 ACCOUNTING (Answer book) (EC/JUNE 2016) QUESTION 4: COMPANIES – CONCEPTS AND BALANCE SHEET 4.1 CONCEPTS 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 5 4.2.1 ORDINARY SHARE CAPITAL 650 000 Ordinary shares on 1 May 2015 3 992 500 7 RETAINED INCOME Balance (1 May 2015) 222 900 Balance (30 April 2016) 10 Copyright reserved Please turn over ### Page 9 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 9 4.2.2 BALANCE SHEET AS AT 30 APRIL 2016 NON CURRENT ASSETS   CURRENT ASSETS     TOTAL ASSETS EQUITY AND LIABILITIES SHAREHOLDERS EQUITY   NON-CURRENT LIABILITIES CURRENT LIABILITIES    TOTAL EQUITY AND LIABILITIES 23 Q4 45 Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com 10 ACCOUNTING (Answer book) (EC/JUNE 2016) QUESTION 5: CASH FLOW STATEMENT AND INTERPRETATION 5.1 CONCEPTS 5.1.1 5.1.2 5.1.3 5.1.4 4 5.2.1 CASH GENERATED FROM OPERATIONS Net profit before tax 456 000 Adjustments for : Cash effects of changes in working capital CASH GENERATED FROM OPERATIONS 10 5.2.2 Income tax paid 4 Dividends paid 3 Fixed assets sold at carrying value 6 Copyright reserved Please turn over ### Page 11 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 11 5.2.3 CASH EFFECTS OF FINANCING ACTIVITIES 9 5.2.4 Calculate the debt equity ratio 4 Net asset value per share 3 Return on shareholders’ equity 6 5.2.5 Quote and explain THREE financial indicators (with figures) that suggest that the liquidity of the business has generally improved. 6 Copyright reserved Please turn over ### Page 12 Downloaded from hlayiso.com 12 ACCOUNTING (Answer book) (EC/JUNE 2016) 5.2.6 Should the shareholders be satisfied with their returns and earnings? Explain. Quote TWO financial indicators (with figures) in your answer. 5 5.2.7 Were the directors justified in acquiring the additional loan? Explain. Make reference to TWO financial indicators (with figures). 5 Q5 65 Copyright reserved Please turn over ### Page 13 Downloaded from hlayiso.com (EC/JUNE 2016) ACCOUNTING (Answer book) 13 QUESTION 6: VAT AND FIXED ASSETS 6.1 TRUE AND FALSE. 6.1.1 6.1.2 6.1.3 3 6.2 VAT CALCULATION 6.2.1 Calculate the amount that is either due to SARS or receivable from SARS for the two-month period ended 30 April 2016. RECEIVABLE / PAYABLE : 12 6.2.2 What advice would you offer Joe regarding this proposal? Explain. ADVICE: REASON 3 6.3.1 GENERAL LEDGER OF CHUMLEE STORES ASSET DISPOSAL ACCOUNT 10 Copyright reserved Please turn over ### Page 14 Downloaded from hlayiso.com 14 ACCOUNTING (Answer book) (EC/JUNE 2016) 6.3.2 WORKINGS ANSWER (a) (b) (c) (d) 18 6.3.3 Provide TWO possible reasons why the business decided to dispose of the old office equipment. 4 Q6 50 TOTAL: 300 Copyright reserved Please turn over ### Page 15 Downloaded from hlayiso.com ### Page 16 Downloaded from hlayiso.com ## Related documents - [Accounting QP June 2019 English Final](https://www.hlayiso.com/library/accounting-qp-june-2019-english-final/4cb2cfcc-1cab-4f96-a727-4ecb0622e193) — Accounting · QP · 2019 · Eng - [ACCOUNTING P1 GR12 ANSWERBOOK JUNE 2022 English](https://www.hlayiso.com/library/accounting-p1-gr12-answerbook-june-2022-english/3f567dee-27d7-45f0-b356-dc5d1a094a3a) — Accounting · Addendum · 2022 · Eng - [ACCOUNTING P2 GR12 ANSWERBOOK SEPT2020 English](https://www.hlayiso.com/library/accounting-p2-gr12-answerbook-sept2020-english/7c7795c6-891d-43ba-bdd7-60bcccc8c166) — Accounting · Addendum · 2020 · Eng - [Grade 12 NSC Accounting (English) Answer Book 2015 Prepartory Examination Answer Book](https://www.hlayiso.com/library/grade-12-nsc-accounting-english-answer-book-2015-prepartory-examination-answer-book/1504bb7f-526b-44e4-991e-b308973bbfca) — Accounting · Addendum · 2015 · Eng - [Accounting Answer Book June 2019 Eng](https://www.hlayiso.com/library/accounting-answer-book-june-2019-eng/f0337e26-60ca-46dd-91c2-7c1abed76045) — Accounting · Addendum · 2019 · Eng - [ACCOUNTING P1 GR12 QP JCT 2025 ENG D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-qp-jct-2025-eng-d-watermark/84d92eb0-f5bd-4442-bb6d-c55cdc52e25d) — Accounting · QP · 2025 · Eng ## More from Grade 12 Accounting - [Accounting](https://www.hlayiso.com/library/accounting/8f42a6a4-9593-4d36-86b1-d890dd1bb1bf) — Guide - [Acc P2 Memo ENg watermark](https://www.hlayiso.com/library/acc-p2-memo-eng-watermark/5c899e95-f3c2-4bf6-b539-ed8b1bcec50d) — Memo · 2025 · Eng - [ACCOUNTING P2 QP GR12 JCT 2025 ENG D watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr12-jct-2025-eng-d-watermark/13425f71-aba6-4328-b084-d9b108884315) — QP · 2025 · Eng - [Accounting P1 (English) June 2025 Possible Answers](https://www.hlayiso.com/library/accounting-p1-english-june-2025-possible-answers/86671777-58f6-4c82-932c-4924bae022c0) — Memo · 2025 · Eng - [Accounting Grade 12 NSC MEMO P1 May June 2025 Limpopo](https://www.hlayiso.com/library/accounting-grade-12-nsc-memo-p1-may-june-2025-limpopo/4bc5dfae-35c0-4acd-83c3-4b53266a3680) — Memo · 2025 - [Accounting P1 May-June 2025 MG Eng](https://www.hlayiso.com/library/accounting-p1-may-june-2025-mg-eng/b3a00324-c447-494b-9131-3046982cc2bb) — Memo · 2025 · Eng ## Collection - [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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