Accounting Grade 12 P2 NSC November 2021 Addendum (English)

Downloaded from hlayiso.com STICKER CENTRE NUMBER EXAMINATION NUMBER NATIONAL SENIOR CERTIFICATE ACCOUNTING P2 GRADE 12 NOVEMBER 2021 SPECIAL ANSWER BOOK QUESTION MARKS INITIAL MOD. 1 2 3 4 TOTAL This answer book consists of 12 pages. Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 2 DBE/November 2021 NSC – Answer Book QUESTION 1 1.1 Provide TWO documents that Zig Zag Traders will need from potential debtors before they will be allowed to open accounts. 2 1.2 Refer to Information A and B. Calculate: Correct closing balance of the Debtors' Control Account on 30 September 2021. Indicate changes with '+' for an increase, '–' for a decrease or '0' for no change. PROVISIONAL BALANCE 228 000 (i) (ii) (iii) (iv) (v) (vi) (vii) 9 Calculate: Correct amounts owed by the following debtors only. DEBTOR WORKINGS ANSWER A Barnes (13 500 C Davis (25 000 E Foley (18 300 9 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 3 DBE/November 2021 NSC – Answer Book 1.3 Refer to Information C. Explain THREE different problems highlighted by the debtors' age analysis. Provide the name of a debtor and/or the figure(s) in EACH case. NAME OF DEBTOR WITH PROBLEM FIGURES 6 1.4 Refer to Information D. Provide TWO points to support the internal auditor's concern that Susan's job description could lead to potential fraud. 4 TOTAL MARKS 30 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 4 DBE/November 2021 NSC – Answer Book QUESTION 2 2.1 PRUDY MANUFACTURERS 2.1.1 PRODUCTION COST STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2021 Direct material cost 1 494 000 Prime cost Factory overhead cost 520 280 Cost of production of finished goods 10 2.1.2 ABRIDGED STATEMENT OF COMPREHENSIVE INCOME (INCOME STATEMENT) FOR THE YEAR ENDED 28 FEBRUARY 2021 Sales 4 433 600 Cost of sales Gross profit Other expenses Selling and distribution costs 224 960 Administration cost 187 760 Net profit for the year 11 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 5 DBE/November 2021 NSC – Answer Book 2.2 CONTROL OF RAW MATERIAL 2.2.1 Calculate the metres of fabric: Internal control strategy Missing from the storeroom Wasted in the factory 6 2.2.2 Calculate the total cost of fabric lost and wasted. WORKINGS ANSWER Explain how this loss should be shown in the statements mentioned in QUESTION 2.1. 3 2.3 ROSEMARY'S TOY FACTORY 2.3.1 Provide a calculation to confirm that the break-even point for the 2021 financial year is correct. 3 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 6 DBE/November 2021 NSC – Answer Book 2.3.2 Explain why Rosemary is pleased with the production level, sales and break-even point. Quote figures. 4 2.3.3 Explain to Rosemary why the fixed cost per unit decreased from R56,00 to R45,71. 2 2.3.4 Rosemary made deliberate decisions regarding variable costs to improve the business. Explain the decisions that she might have taken on these costs and how these could have had positive effects on the business. Quote figures. Cost Comment and positive effect (with figures) Direct material cost Direct labour cost Selling and distribution cost 6 TOTAL MARKS 45 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 7 DBE/November 2021 NSC – Answer Book QUESTION 3 3.1 DEBTORS' COLLECTION SCHEDULE Calculate the amounts indicated by (a)–(c) Credit December January Sales 2021 2022 Bad debts R R R Oct. 2021 308 000 67 760 (a) Nov. 2021 319 200 143 640 70 224 Dec. 2021 364 000 103 740 (b) Jan. 2022 352 800 (c) 315 140 6 3.2 Calculate the amounts indicated by (a)–(c) on the Cash Budget in Information F (a) Rent income for December 2021: WORKINGS ANSWER (b) Payment to creditors in January 2022 WORKINGS ANSWER (c) Payment for cleaning services in January 2022 WORKINGS ANSWER 9 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 8 DBE/November 2021 NSC – Answer Book 3.3 Workload of employees: Refer to Information G. Provide TWO points that Brian can explain to his sales staff to justify his plan. Quote figures. 4 Explain why the repair staff members are not satisfied with their workload. Quote figures. 3 What suggestions can you offer to solve the problem of the workload of employees? Provide TWO points. 4 3.4 Sales trends: Comment on the cash and credit sales figures for November 2021. Explain why Brian is concerned. Quote figures. 3 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 9 DBE/November 2021 NSC – Answer Book 3.5 Comment on the control over fuel for the delivery vehicle and the consumable stores used for repairs. Quote figures. EXPENSE COMMENT (with figures) Fuel for delivery vehicle Consumable stores for repairs 6 TOTAL MARKS 35 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 10 DBE/November 2021 NSC – Answer Book QUESTION 4 4.1.1 Calculate: Value of the closing stock on 28 February 2021 WORKINGS ANSWER 7 4.1.2 Calculate: Stock turnover rate WORKINGS ANSWER 4 4.1.3 Comment on the stock turnover rates for boots and sandals and identify the major problem relating to EACH product. Comment on stock turnover Identify major problem rate (with figures) Boots Sandals 6 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 11 DBE/November 2021 NSC – Answer Book 4.2 FIXED ASSETS 4.2.1 List THREE points for good internal control over movable fixed assets. 3 4.2.2 Calculate: Cost of land and buildings purchased on 31 August 2020 WORKINGS ANSWER 3 4.2.3 Calculate: Depreciation on the vehicle for year ended 28 February 2021 WORKINGS ANSWER 2 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 12 DBE/November 2021 NSC – Answer Book 4.2.4 Calculate: Loss on photocopy machine traded in on 30 November 2020 WORKINGS ANSWER 6 Calculate: Depreciation on the new photocopy machine and on the remaining old equipment for the year ended 28 February 2021 WORKINGS ANSWER Depreciation on the new photocopy machine: 2 Depreciation on the remaining old equipment: 5 4.2.5 The CEO feels that the land and buildings are worth at least R10 000 000 and wants to adjust the figure in the Statement of Financial Position (Balance Sheet) accordingly. Explain why the auditor does NOT agree. 2 TOTAL MARKS 40 TOTAL: 150 Copyright reserved