Accounting Grade 10 IEB June 2019 Memo

Downloaded from hlayiso.com TEACHERS WITHOUT BORDERS PROGRAMME BROUGHT TO YOU BY With grateful thanks to our associate partners, The National Department of Basic Education, The Independent Examinations Board, Siyavula Education, Smarticks, Noteshare, Lemonlicious, datacentrix, and most of all, to the schools and teachers from both the public and private education sectors who as founder contributors, have lent content to the Teachers without Borders programme, for the benefit of all South Africa's learners. In Bill Gates words, at the Mandela Day ‘Living Together’ address: “Maintaining the quality of this country’s higher education system while expanding access to more students will not be easy. But it’s critical to South Africa’s future” – working together, we can help achieve this." Contributing schools to date: Clifton School Milnerton High Rustenburg Girls’ High St Peter's Durban Girls' Northwood High St Anne's DC St Stithians Fairmont High Roedean St John's DSG Wynberg Boys' High Herzlia High Rondebosch Boys’ St Mary's DSG Kloof Wynberg Secondary

Downloaded from hlayiso.com ACCOUNTING GRADE 10 MAY 2019 Time: 2 Hours Total: 200 ANSWER BOOK NAME:_______________________________________________________________ PLEASE READ THE FOLLOWING INSTRUCTIONS CAREFULLY 1. This Answer Book consists of 7 pages. Please make sure your answer book is complete. 2. Make sure your rough work is legible and comprehensible. 3. You are strongly urged to make use of a pencil. QUESTION SECTION MARKS ACHIEVED 1 Transaction Analysis 94 2 General Ledger & Subsidiary Ledger 57 3 General Journal 49 TOTAL 200

Downloaded from hlayiso.com Accounting: May 2019 Page 2 of 7 QUESTION 1: Transaction Analysis (94 marks, 56 minutes) Using the information given to you for B.Careful Traders complete the table below. GENERAL LEDGER EFFECT ON Source No. Jnl Amount Document Account Debited Account Credited A O L Eg Cheque CPJ Rent Expense Bank 2 500 - - 0

Downloaded from hlayiso.com Accounting: May 2019 Page 3 of 7 QUESTION 2: General Ledger & Subsidiary Ledger (57 marks, 34 minutes) 2.1 GENERAL LEDGER (33 marks; 20 minutes) Using the information for Pretty Pillows, open the following General Ledger accounts, post from the Journals for August 2018 and correctly balance or total the accounts on 31 August 2018. GENERAL LEDGER OF PRETTY PILLOWS BALANCE SHEET SECTION TRADING STOCK B4 DEBTORS CONTROL B5 NOMINAL ACCOUNTS SECTION PACKING MATERIALS N16

Downloaded from hlayiso.com Accounting: May 2019 Page 4 of 7 2.2 INTERPRETATION (11 marks; 6 minutes) Study the ledger account given to you and answer the following questions. 2.2.1 State the Journal reference for A and explain what transaction gave rise to the R20 000. (2) 2.2.2 Give one possible reason for entry B. (1) 2.2.3 Name two accounts which could possibly be credited as a result of entry E for R1 250. (2) 2.2.4 Give a possible reason for entry F of R350. (1) 2.2.5 Interest has been charged by a creditor on the firm’s overdue account. In which entry is this included? (2) 2.2.6 Calculate the closing balance of this ledger account. (2) 2.2.7 The month-end balance on the Creditors Control account should be equal to the… (1)

Downloaded from hlayiso.com Accounting: May 2019 Page 5 of 7 2.3 DEBTORS LEDGER (13 marks; 8 minutes) Study the Debtors Ledger account of M. Brownie and answer the following questions. 2.3.1 Fill in the missing details of the letters A to G. (7) A. B. C. D. E. F. G. 2.3.2 What could the business have done to encourage M.Brownie to pay her account on (1) time? 2.3.3 The business has lost money as a result of this account. In your opinion was the business cautious with this debtor – give a reason for your answer based on the ledger account. (3) 2.3.4 Give a control measure that should be put in place to prevent this kind of thing happening again. (2)

Downloaded from hlayiso.com Accounting: May 2019 Page 6 of 7 QUESTION 3: General Journal (49 marks, 30 minutes) Enter the transactions given to you in the General Journal of Harry’s Retailers for the month of April 2019. Narrations are required. GENERAL JOURNAL OF HARRY’S RETAILERS No D Details Fol Debtors Control Creditors Control Debit Credit Debit Credit Debit Credit

Downloaded from hlayiso.com Accounting: May 2019 Page 7 of 7 No D Details Fol Debtors Control Creditors Control Debit Credit Debit Credit Debit Credit TOTAL MARKS: 200 Powered by TCPDF (www.tcpdf.org)