Accounting Grade 12 Eastern Cape Mock 2023 QP (Eng)

Name: NATIONAL SENIOR CERTIFICATE GRADE 12 SEPTEMBER 2023 ACCOUNTING P2 ANSWER BOOK MAXIMUM MARKS MODERATED QUESTION MARKS OBTAINED MARKS 1 35 2 40 3 40 4 35 150 This answer book consists of 10 pages.

2 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 1 1.1 CREDITORS RECONCILIATION CREDITORS’ LEDGER STATEMENT OF ACCOUNT ACCOUNT Balance b/f 52 900 108 800 (i) (ii) (iii) (iv) (v) (vi) 10 1.2 BANK RECONCILIATION 1.2.1 CASH RECEIPTS CASH PAYMENTS 76 270 88 625 Bank Account balance: 12 1.2.2 BANK RECONCILIATION STATEMENT ON 31 MAY 2023 DEBIT CREDIT 7 Copyright reserved Please turn over

(EC/SEPTEMBER 2023) ACCOUNTING P2 (ANSWER BOOK) 3 1.2.3 Provide ONE suggestion on how the problem of counterfeit (fake) notes can be prevented. 2 1.2.4 Donald was concerned about the outstanding deposits. Provide TWO internal control measures that he can implement to address this concern. POINT 1 POINT 2 4 TOTAL MARKS 35 Copyright reserved Please turn over

4 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 2 2.1.1 FACTORY OVERHEAD COST Sundry factory expenses 65 570 12 2.1.2 PRODUCTION COST STATEMENT ON 28 FEBRUARY 2023 Direct material cost 374 500 PRIME COST Total manufacturing cost Work-in-progress (opening balance) 35 400 Work-in-progress (closing balance) Cost of production of finished goods 8 Copyright reserved Please turn over

(EC/SEPTEMBER 2023) ACCOUNTING P2 (ANSWER BOOK) 5 2.2 FAZEL MANUFACTURERS 2.2.1 Control over raw material: Fazel is concerned about the wastage of material in production. Calculate the number of metres of fabric that was wasted. WORKINGS ANSWER 4 Provide TWO possible reasons for this wastage. REASON 1 REASON 2 4 2.2.2 Break-even analysis: Calculate the break-even point for the year ended 28 February 2023. WORKINGS ANSWER 4 Explain whether the business should be satisfied with the number of units made during the current financial year. State TWO points. POINT 1 POINT 2 4 Fazel is concerned about the increase of R81 900 in total fixed costs. Provide ONE reason why he should not be concerned. Quote figures. 4 TOTAL MARKS 40 Copyright reserved Please turn over

6 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 3 STOCK VALUATION 3.1 3.1.1 3.1.2 3.1.3 3.1.4 4 3.2.1 Calculate the following for the financial year ended 28 February 2023: Value of closing stock (using weighted average) WORKINGS ANSWER 7 Number of units missing WORKINGS ANSWER 4 3.2.2 Explain TWO strategies that Lyon could use to address the problem of customers stealing items. POINT 1 POINT 2 2 Copyright reserved Please turn over

(EC/SEPTEMBER 2023) ACCOUNTING P2 (ANSWER BOOK) 7 3.2.3 The average stockholding period is 73,7 days. Explain whether Lyon should be concerned about this. Provide ONE point. 2 3.2.4 Calculate the cost of sales on laptop bags. WORKINGS ANSWER 5 3.2.5 Lyon was confused as to why the Coma bag sales are better than Komfi. Provide TWO possible reasons. REASON 1 REASON 2 4 VAT 3.3.1 Calculate the VAT amount payable to SARS on 30 April 2023. WORKINGS ANSWER 10 Copyright reserved Please turn over

8 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2023) 3.3.2 Offer ONE point of advice to Benjamin and an explanation or reason to support the advice. ADVICE REASON 2 TOTAL MARKS 40 Copyright reserved Please turn over

(EC/SEPTEMBER 2023) ACCOUNTING P2 (ANSWER BOOK) 9 QUESTION 4 4.1. List TWO items that would not appear on a Cash Budget. ITEM 1 ITEM 2 2 4.2 Calculate: WORKINGS ANSWER (i) Cost of sales: September 2023 (ii) Rent income: August 2023 (iii) Managers salaries: September 2023 (iv) Operating profit: August 2023 13 4.3 Calculate: Cost of new vehicle purchased on 1 August 2023 WORKINGS ANSWER 5 Calculate: The savings on interest on loan after the loan repayment WORKINGS ANSWER 3 Copyright reserved Please turn over

10 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2023) 4.4 Refer to the actual and budgeted figures for August 2023 and comment on the control of the following items: Quote figures. TELEPHONE, WATER AND ELECTRICITY Quote figures 3 ADVERTISING Quote figures 4 4.5 Explain the effect of the decrease in mark-up % on gross profit. Quote figures. 3 Provide ONE disadvantage of selling more goods on credit. 2 TOTAL MARKS 35 TOTAL: 150 Copyright reserved Please turn over