Accounting Grade 12 P2 Eastern Cape June 2024 Addendum (Eng)

Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 12 JUNE 2024 ACCOUNTING P2 ANSWER BOOK MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 45 2 50 3 30 4 25 150 This answer book consists of 9 pages. Hosted by www.ecexams.co.za

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 2 QUESTION 1 1.1 CONCEPTS 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2 BANK RECONCILIATION 1.2.1 CASH RECEIPTS JOURNAL DETAILS OF SUNDRY ACCOUNT AMOUNT TOTAL b/d 710 000 5 CASH PAYMENTS JOURNAL DETAILS OF SUNDRY ACCOUNT AMOUNT TOTAL b/d 663 600 9 1.2.2 Bank Reconciliation Statement on 30 June 2024 7 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 3 1.2.3 It appears that it will not be possible for Bird Traders to recover the outstanding deposit dated 24 May 2024. Explain ONE point to illustrate a possible cause of the missing deposit. Provide ONE action that could be taken against Sam Sly. 4 1.3 CREDITORS’ RECONCILIATION 1.3.1 No. Creditor’s ledger Statement received account from creditor Preliminary balance R174 640 R190 800 (i) (ii) (iii) (iv) (v) (vi) (vii) Correct balance 13 1.3.2 What advice would you offer the owner regarding the purchase of goods through the business’s accounts? Give ONE point. Make reference to a GAAP principle in your explanation. 2 QUESTION 1: 45 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 4 QUESTION 2 2.1 CONCEPTS 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 5 2.2.1 Calculate the direct material cost. CALCULATIONS ANSWER 6 2.2.2 Calculate the factory overhead cost. 11 2.2.3 Production Cost Statement for the year ended 31 May 2024. Direct material cost Prime cost Total manufacturing cost Work-in-progress (1 June 2023) Cost of production of finished goods 10 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 5 2.3 BRIGHT LTD 2.3.1 Calculate the break-even point for the year ended 29 February 2024. CALCULATIONS ANSWER 6 2.3.2 Compare and comment on the break-even point and the level of production for 2023 and 2024. Quote figures. 6 2.3.3 Provide TWO possible reasons for the increase in direct material cost per unit for the current financial year and suggest TWO ways in which this can be controlled. Reason 1 Suggestion 1 Reason 2 Suggestion 2 6 QUESTION 2: 50 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 6 QUESTION 3 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3 3.2 INVENTORY VALUATION 3.2.1 Calculate the value of the closing stock using the FIFO method. CALCULATIONS ANSWER 7 3.2.2 Calculate the mark-up percentage achieved on cost CALCULATIONS ANSWER 4 Calculate the stock holding period (in days) using the average stock CALCULATIONS ANSWER 4 3.2.3 As the internal auditor, explain TWO points of concern, relating to the mark-up achieved, that you will investigate. Point 1 Point 2 4 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 7 3.2.4 Discuss whether the owner should be satisfied with the stock holding period. (The stock holding period for 2023 was 30 days.) 4 3.2.5 Thandi Traders are planning to donate 10 tracksuits to the local netball club for an upcoming tournament. The sales manager alleged that this will be a waste of money and lost profit. Explain why you would DISAGREE with him. Provide TWO points. POINT 1 POINT 2 4 QUESTION 3: 30 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 8 QUESTION 4 4.1 FIXED ASSETS 4.1.1 General Ledger of Zee’s Wholesalers Asset Disposal Account 6 4.1.2 Calculate the total depreciation on vehicles for the year ended 29 February 2024. CALCULATIONS ANSWER 5 4.1.3 Calculate the carrying value of vehicles on 29 February 2024. CALCULATIONS ANSWER 5 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/JUNE 2024) ACCOUNTING P2 9 4.2 MANAGING FIXED ASSETS PROBLEM (WITH FIGURES) ADVICE SHOP 1 (TYALI) SHOP 2 (DUMISA) SHOP 3 (ZWENI) 9 QUESTION 4: 25 TOTAL MARKS TOTAL: 150 Copyright reserved Please turn over