Accounting Grade 12 P2 Eastern Cape Mock 2020 Addendum (Eng)

Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 12 SEPTEMBER 2020 ACCOUNTING P2 MANAGERIAL ACCOUNTING, INTERNAL AUDITING AND CONTROL ANSWER BOOK MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 34 2 40 3 50 4 26 150 This answer book consists of 10 pages.

Downloaded from hlayiso.com 2 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2020) QUESTION 1 1.1 BANK RECONCILIATION BANK RECONCILIATION STATEMENT ON 31 JULY 2020 Debit Credit Balance according to Bank Statement Balance according to Bank account 8 1.2 DEBTORS’ AGE ANALYSIS 1.2.1 How does the preparation of the Debtors’ Age Analysis assist in the control of debtors? 3 1.2.2 How much is owed by the debtors on 31 May 2020? 2 1.2.3 Which debtor would you gladly give a credit reference? 2 1.2.4 Which debtor would be ‘handed over’, and what does this mean? 3 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/SEPTEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 3 1.3 CREDITORS’ RECONCILIATION 1.3.1 What is the purpose of reconciling the balance on the Creditors’ Control Account with the total of the Creditors’ List from the Creditors’ Ledger? State TWO points. 4 1.3.2 Record the errors and omissions in the given table and calculate the correct balance and total. Creditors’ Control Creditors’ List Account Preliminary balance/total R74 715 R32 595 A B C D E F Correct balance/total 12 TOTAL MARKS 34 Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2020) QUESTION 2 2.1 VAT CONCEPTS Change the underlined parts in the following sentences to make the statements TRUE. Write the answer next to the question number. 2.1.1    2.1.2 2 2.2 VAT CALCULATIONS Calculate the correct amount of VAT the business has to pay. Show ALL workings. 12 2.3 INVENTORY VALUATION 2.3.1 Calculate the following in respect of the ladies’ watches on 31 August 2020. (a) Value of closing stock 5 (b) Cost of sales 5 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/SEPTEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 5 (c) Stock-holding period (in days), using average stock 4 2.3.2 Calculate the following in respect of the men’s watches on 31 August 2020: (a) Value of closing stock 7 (b) Sales 3 2.3.3 Explain why the business uses different methods to value each type of watch. State ONE valid point. 2 TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2020) QUESTION 3 3.1 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (3.1.1–3.1.2). 3.1.1 3.1.2 2 3.2.1 Note for Direct Material Costs Balance at the beginning of the year 210 000 Purchases 1 425 000 Balance at the end of the year 7 3.2.2 Production Cost Statement on 29 February 2020 Direct material 1 240 000 Total manufacturing costs 1 920 000 Work-in-process at the end of the year (90 000) Cost of production of finished goods 15 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/SEPTEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 7 3.2.3 Income Statement for the year ended 29 February 2020 Sales Gross Profit Administration Costs Net profit 11 3.3 COST ACCOUNTING 3.3.1 Calculate the break-even point for the year ended 31 August 2020. 4 3.3.2 Should the business be satisfied with the number of units that they produced and sold during the current financial year? Explain. Quote figures. 3 Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2020) 3.3.3 Give TWO possible reasons for the increase in the direct material cost per unit in the current financial year. 4 3.3.4 Tyler, the owner, suggests that in order to improve financial results in the new financial year, the quantity of cereal per box must be reduced by 10% but the selling price must remain the same. Give TWO valid reasons why he should not do this. 4 TOTAL MARKS 50 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/SEPTEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 9 QUESTION 4 4.1 Choose the correct description in COLUMN B to match the concept in COLUMN A. Write only the letter (A–E) next to the question numbers (4.1.1–4.1.4). 4.1.1 4.1.2 4.1.3 4.1.4 4 4.2.1 GENERAL LEDGER OF SHARKS LTD ASSET DISPOSAL 2020 2020 31 31 Aug Aug 10 Copyright reserved Please turn over

Downloaded from hlayiso.com 10 ACCOUNTING P2 (ANSWER BOOK) (EC/SEPTEMBER 2020) 4.2.2 Fixed Assets Land and Buildings Equipment Carrying value at the 4 050 250 660 000 beginning of the year Cost 4 050 250 1 200 000 Accumulated depreciation 0 (540 000) Movements: Additions Disposals Depreciation Carrying value at the end of the year Cost Accumulated depreciation 12 TOTAL MARKS 26 TOTAL: 150 Copyright reserved Please turn over