# Accounting Grade 12 Eastern Cape June 2014 Question Paper > Grade 12 Accounting question paper from the Eastern Cape June 2014, 16 pages. Read online or get the free PDF download, memo linked when available. - Page: https://www.hlayiso.com/library/accounting-qp-26-5-14-d/2def0170-256c-4f6e-b8f5-7ff86c9a0556 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Document type: Question paper - Year: 2014 - Exam period: Eastern Cape June - Curriculum: CAPS - Pages: 16 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 Eastern Cape June 2014 Question Paper](https://www.hlayiso.com/library/accounting-qp-26-5-14-d/2def0170-256c-4f6e-b8f5-7ff86c9a0556) ## About this document Accounting · Grade 12 · Eastern Cape June · 2014. Question paper, 16 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com NATIONAL SENIOR CERTIFICATE  GRADE 12 ACCOUNTING COMMON TEST JUNE 2014 MARKS: 300 TIME : 3 hours This question paper consists of 16 pages and an answer booklet of 20 pages. *ACCNE* Copyright Reserved Please Turn Over ### Page 2 Downloaded from hlayiso.com Accounting 2 June 2014 Common Test NSC INSTRUCTIONS TO CANDIDATES Read the following instructions carefully and follow them precisely. 1. You are provided with a question paper and an ANSWER BOOK in which to answer ALL the questions. 2. This question paper comprises of SIX compulsory questions. Answer ALL the questions. 3. Use the format provided in the answer book in order to reflect your answers. 4. Where applicable-workings must be shown in order to achieve part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil or blue/black ink to answer the questions. 7. Use the information in the table in the next page as a guide when answering the question paper. Try NOT to deviate from it. TOPICS CONTENT QUESTION 1 (29 marks; 18 minutes) x Interpretation Bank Reconciliation and Interpretation x Bank reconciliation statement QUESTION 2 (74 marks; 44 minutes) x Tangible assets x Ordinary share capital Financial Statement x Retained income x Balance sheet QUESTION 3 (28 marks; 17 minutes) x Calculation of weighted average Stock Valuation method and specific identification method QUESTION 4 (63 marks; 38 minutes) x Asset disposal Ledger Account, Income Statement and x Income statement Notes x Trade and other receivables QUESTION 5 (34 marks; 20 minutes) x Debtors control Debtors Control and Age Analysis and x Age analysis Creditors Reconciliation x Creditors reconciliation QUESTION 6 (72 marks; 43 minutes) x Interpretation of ratios Cash Flow and Interpretation x Calculations of ratios x Cash flow statement Copyright Reserved Please Turn Over ### Page 3 Downloaded from hlayiso.com Accounting 3 June 2014 Common Test NSC QUESTION 1 You are provided with information relating to Belino Traders. REQUIRED 1.1 Why is it important for a business to prepare a monthly Bank Reconciliation Statement? Provide TWO points. (4) 1.2 One of the cheques not presented to the bank has been treated incorrectly. Which cheque is it and explain your choice? Indicate the correct action that must be taken in February. (3) 1.3 Calculate the correct totals in the CRJ and CPJ for February 2014. (6) 1.4 Prepare the Bank Reconciliation Statement on 28 February 2014. (7) 1.5 Explain how cheque No. 908 should be treated when preparing the financial statements as at 28 February 2014, and explain the reason for this treatment. (4) 1.6 Explain why a post-dated cheque received by Belino Traders on 10 February 2014 but dated 25 March 2014 does not appear in the Bank Reconciliation Statement. (2) 1.7 Refer to information G. The bookkeeper has decided to write off the amount of R50 000. x Which GAAP principle will the bookkeeper apply in this case? Briefly explain this principle x The bookkeeper wants to prevent a problem such as this in future. Give TWO solutions to improve internal control in this regard. (3) Copyright Reserved Please Turn Over ### Page 4 Downloaded from hlayiso.com Accounting 4 June 2014 Common Test NSC INFORMATION: A. At the end of the previous month 31 January 2014, the following items appeared in the Bank Reconciliation Statement: DEBIT CREDIT Debit balance as per Bank statement 19 310 Outstanding deposit (10 December 2013) 50 000 Outstanding cheques No.892 (1 July 2013) 12 340 No.897 (10 January 2014) 8 700 Debit balance as per Bank Account 9 650 50 000 50 000 B. Provisional totals in: CRJ R146 970 and CPJ R68 900 C. The Bank Statement for February reflected the following: x Bank charges R2 100 x Interest on an overdraft R920 x Debit order for insurance R600 x Direct deposit R1 800 D. The bank overcharged on the bank charges for February by R800. The bank has agreed to correct the error during March 2014. E. Cheque no. 892 was not cancelled in February 2014. Correct this. F. Cheque no. 897 did not appeared in the February Bank Statement G. A deposit of R50 000 cannot be traced and the cashier has disappeared H. A cheque received from Zulu Traders dated 25 March 2014 of R15 000 was not recorded and deposited by Belino Traders. I. The following items appear in the February Cash Journals but not on the Bank Statement: x A deposit of R18 000, dated 27 February 2014. x Cheque No. 905, R1 200, dated 28 February 2014. x Cheque No. 908, R3 100, dated 15 March 2014. J. The Bank Statement on 28 February 2014 reflects a favourable bank balance of R42 440. Copyright Reserved Please Turn Over ### Page 5 Downloaded from hlayiso.com Accounting 5 June 2014 Common Test NSC QUESTION 2 (74 marks; 44 minutes) You are provided with information related to Durban Limited for the year ended 28 February 2014. The company authorised 2 000 000 shares. REQUIRED: 2.1 Complete the tangible asset/fixed asset note. (17) 2.2 Ordinary share capital note. (4) 2.3 Retained income note. (15) 2.4 Prepare the Balance Sheet on 28 February 2014. (38) 1. The following figures were identified from the accounting records at the end of the financial year 28 February 2014. Ordinary share capital (1 March 2013) 3 000 000 Retained income (1 March 2013) 44 700 Long-term loan: Zululand Bank (1 March 2013) 120 000 Land and buildings 1 900 000 Vehicles 1 050 000 Equipment 650 000 Accumulated depreciation on vehicles (1 March 2013) 120 000 Accumulated depreciation on equipment (1 March 2013) 310 000 Trading stock 527 450 Debtors control 290 000 Provision for bad debts 2 750 Creditors 62 000 Creditors for salaries 30 000 SARS (income tax-provisional tax payments) DR 340 000 SARS (PAYE) 7 000 Fixed deposit at Dlangezwa Bank 120 000 Expenses payables 10 000 Income receivable 1 000 Bank-debit 122 000 Cash float 500 Consumable stores on hand 9 000 2. Two third of the fixed deposit matures on the 1 May 2014. 3. The loan from Zululand bank was originally received on 1 March 2011. The loan is to be repaid in equal monthly installment over 5 years. The first installment was paid on 28 February 2012. Copyright Reserved Please Turn Over ### Page 6 Downloaded from hlayiso.com Accounting 6 June 2014 Common Test NSC 4. The following items were not taken into account when the net profit of 1 300 000 was calculated: A. A vehicle was sold on credit for R95 000 on 31 December 2013, with the cost price, R180 000 and accumulated depreciation at the beginning of the year was R72 000. This sale has not been recorded. B. The new vehicle was purchased for R450 000 on 1 February 2014. This purchase has been recorded. C. New equipment was purchased on credit for R70 000 on 1 September 2013. This purchase has not been recorded. D. Depreciation is calculated as follows: x On vehicles at 20% p.a. on the diminishing balance method. x On equipment at 15% p.a. on cost. E. Provision for bad debts must decrease to R2 100. F. Income tax is calculated at 30% of the net profit. 5. Shares x Shares issued at the beginning 600 000. x An unhappy shareholder who owns 10 000 shares decided to sell his shares to the company. The directors have arranged for the company to buy back his 10 000 shares for R7 per share, an electronic transfer was made to him on 30 June 2013. x A further 40 000 shares were issued on 1 September 2013 at R8. 6. Dividends were as follows: x Interim dividends of 206 500 cents were paid on 31 August 2013. x Final dividends of 40 cents per share were declared on 28 February 2014. Copyright Reserved Please Turn Over ### Page 7 Downloaded from hlayiso.com Accounting 7 June 2014 Common Test NSC QUESTION 3 (28 marks; 17 minutes) You are provided with the information related to Vish Traders on 28 February 2014. The business is selling Grocery and Bicycles. In Grocery they are using FIFO method while in Bicycles they are using Specific Identification method. The business use 50% mark-up on both products. INFORMATION: A. Opening stock on 1 March 2013. GROCERY BICYCLES Number Cost Number Cost Model of Units Per Unit of Units Per Unit 12 R940 9 Bmx140 R400 B. Purchases during the year. GROCERY BICYLES Number Cost Number Cost Dates Model of Units Per Unit of Units Per Unit 21/04/2013 20 R800 15 Bmx400 R600 27/06/2013 40 R700 24 Bmx305 R510 15/08/2013 60 R890 19 Bmx200 R300 14/11/2013 100 R900 41 Bmx205 R380 16/01/2014 15 R910 07 Bmx300 R500 C. Returns during the year: GROCERY BICYCLES Returns of Number Number Model Faulty Items of Units of Units June 4 7 Bmx305 November 5 11 Bmx205 D. Sales during the year: GROCERY BICYCLES Number of Units Number of Units Model 171 7 Bmx140 14 Bmx400 16 Bmx305 17 Bmx200 28 BMX205 Copyright Reserved Please Turn Over ### Page 8 Downloaded from hlayiso.com Accounting 8 June 2014 Common Test NSC REQUIRED: 3.1 Calculate the value of the closing stock for the following stock items. Show all workings. 3.1.1 Grocery (use the FIFO method) (3) 3.1.2 Bicycles (use the Specific Identification method) (7) 3.2 Calculate cost of sales for: 3.2.1 Grocery. (11) 3.3 The owner and accountant disagree on the method of stock valuation of Bicycles. The owner wants to continue using the Specific Identification method, because he says it is easier to calculate. The accountant wants to use the weighted average method, because she says the profit will be lower and therefore the income tax will be lower. As internal auditor, what would you say to the owner and accountant? State TWO points. (4) 3.4 The accountant discovered that the new supplier of bicycles is a family member of the buyer of the business. What advice would you offer to the owner in this regard? (3) Copyright Reserved Please Turn Over ### Page 9 Downloaded from hlayiso.com Accounting 9 June 2014 Common Test NSC QUESTION 4 (63 Marks; 38 Minutes) You are provided with the Pre-adjustment Trial Balance of Zola Limited for the year ended 30 April 2014. REQUIRED: 4.1 Prepare Asset Disposal Account. (10) 4.2 Prepare the Income Statement for the year ended 30 April 2014. (42) 4.3 Prepare the following note: 4.3.1 Trade and other receivables (11) INFORMATION: 1. ZOLA LTD PRE-ADJUSTMENT TRIAL BALANCE AS AT 30 APRIL 2014 DEBIT CREDIT Balance Sheet Accounts Section Ordinary share capital 1 404 030 Retained income 342 230 Mortgage loan: Zip Bank 402 250 Land and buildings 1 048 500 Vehicles 407 000 Equipment 308 000 Accumulated depreciation on vehicles 147 400 Accumulated depreciation on equipment 170 500 Trading stock 477 500 Consumable stores on hand 7 500 Bank 156 550 Petty cash 1 650 Debtors control 198 000 Creditors control 268 610 SARS (Income tax) 150 900 Provision for bad debts 10 050 Fixed deposit: Lobola Bank (9% p.a.) 247 500 Nominal Account Section Sales 5 250 000 Debtors allowances 72 600 Cost of sales 3 743 500 Rent income 88 400 Interest income (on fixed deposit) 13 315 Bad debts recovered 1 150 Directors fees 420 000 Audit fees 36 900 Packing material 11 550 Salaries and wages 330 000 Marketing expenses 240 000 Bad debts 6 000 Sundry expenses 31 885 Ordinary share dividends 202 400 8 097 935 8 097 935 Copyright Reserved Please Turn Over ### Page 10 Downloaded from hlayiso.com Accounting 10 June 2014 Common Test NSC 2. ADJUSTMENTS: A. The company has two directors. They all received the same monthly remuneration. One director took his May 2014 fee on 15 April 2014. This has been recorded. B. The account of debtor, G. Zondi, R1 000 must be written off as irrecoverable. C. N. Ngubo credit balance of R2 000 in the debtors ledger must be transferred to his account in the creditors ledger. D. The provision for bad debts must be adjusted to 5% of the good book debtors. E. A physical stock-taking on 30 April 2014 revealed the following inventories on hand: x Trading stock R470 000 x Packing material R450 F. A vehicle was sold for cash for R120 000 on 28 February 2014. The fixed asset register revealed the following regarding this vehicle: x Cost price R210 000 x Accumulated depreciation on 1 May 2013 R106 000 This transaction has not yet been recorded by the bookkeeper. G. Make provision for depreciation as follows: x Vehicles at 10% p.a. on cost price x Equipment at 15% p.a. on the diminishing balance method. NOTE: New equipment costing R80 000 was purchased on 1 November 2013. This has been correctly recorded. H. Make provision for outstanding interest on a fixed deposit. This investment has been in existence for the entire year. Interest is not capitalised. I. The rent decreased by R1 300 on 1 April 2014. The tenant has paid rent until the end of May 2014. J. The loan statement received from Stanley Bank on 30 April 2014 reflected the following: Balance at the beginning R 402 250 Interest capitalised R? Repayment R 417 250 Balance at the end R 0.00 K. A final dividend of 50 cents was declared. L. Income tax for the year amounted to R140 000. Copyright Reserved Please Turn Over ### Page 11 Downloaded from hlayiso.com Accounting 11 June 2014 Common Test NSC QUESTION 5 (34 marks: 20 minutes) 5.1 DEBTORS CONTROL AND AGE ANALYSIS You are provided with information relating to Five Ways Pharmacy. Mandla Mbambo was employed on 1 March 2014 to take over and resolve the problem that Five Ways Pharmacy is having with their debtors. REQUIRED: 5.1.1 Explain ONE method that Mandla Mbambo could have used to collect audit evidence. (2) 5.1.2 Calculate the new outstanding balance of Khethiwe Mdluli after taking into account errors and omissions. Use information 5. (7) 5.1.3 Calculate the amount of discount that Mduduzi Hlatshwayo received when he settled his account. (3) 5.1.4 Prepare the Debtors Age Analysis for Nonjabulo Mgabhi after taking into account the change in the Debtors collection Policy. (3) 5.1.5 A business can take legal action if debtors are not paying their accounts, but this would cost them money. What THREE strategies should Mandla Mbambo consider before deciding whether to take legal action or write off the debts? (3) 5.1.6 Five Ways Pharmacy is obviously having a problem controlling its debtors, Mandla Mbambo has been brought in to try and rectify the situation which he claimed he did very well. Do you agree with his statement? Give TWO opinions to support your answer. (5) Copyright Reserved Please Turn Over ### Page 12 Downloaded from hlayiso.com Accounting 12 June 2014 Common Test NSC INFORMATION: Before the appointment of Mandla Mbambo 1. Currently the pharmacy’s debtors collection policy states: x All debtors who settle accounts in the month following the transaction month will receive a 4% discount. x Debtors have 60 days to settle their accounts. 2. The following is actually what is taking place with regard to managing and collecting accounts. x The debtors collection period is 82 days. x Statements are not being sent out on a regular basis to debtors especially if the amount outstanding is insignificant. 3. The following information with regards to debtors has been extracted from the financial records of the business as at 1 March 2014. Extract from the Debtors Age Analysis (excluding interest) DEBTORS 90 DAYS + 60 DAYS 30 DAYS CURRENT Nonjabulo Mgabhi - 2 550 1 780 450 Mduduzi Hlatshwayo - - 1 600 850 Khethiwe Mdluli 5 400 1 200 800 - The balance of the debtors control account on 1 March 2014 was R419 270. After the appointment of Mandla Mbambo 4. Mandla Mbambo conducted an internal audit to check on the internal controls with regards to debtors as a result of his findings he made a request to the owner of the pharmacy to introduce an interest rate of 16% p.a. on account balances that are 60 days. The owner has approved this change to the debtor’s collection policy and this will be implemented as from 1 March 2014. 5. The following errors and omissions were noted from the account of Khethiwe Mdluli only. x Khethiwe Mdluli had made a payment of R6 000 in February 2014, but this had been recorded as R60 in the Cash Receipts Journal and posted as such. x A credit sale for R4 000 made to her was not entered in the Debtors Journal. x Khethiwe Mdluli had been issued a credit note for cosmetics that he returned for R340. No entry had been made. x Khethiwe Mdluli had purchased medicine for R530 but this had been incorrectly charged to another debtors account. 6. Mduduzi Hlatshwayo settles his accounts on 16 March 2014. 7. Nonjabulo Mgabhi makes no payment on 28 February 2014. Copyright Reserved Please Turn Over ### Page 13 Downloaded from hlayiso.com Accounting 13 June 2014 Common Test NSC 5.2 CREDITORS RECONCILIATION A statement received from a creditor, Zulu Suppliers, on 28 February 2014, reflects that Zwane Traders owes them R11 000. According to Zwane Traders, the amount outstanding is only R7 750. REQUIRED: Use the table in the ANSWER BOOK to indicate the differences that were discovered when comparing the account in the Creditors Ledger with the statement received from Zulu Suppliers. Write only the amount in the appropriate column and a plus (+) or minus (-) sign to indicate an increase or decrease in the balance. Calculate the correct balance/total at the end. (11) INFORMATION: 1. A cheque for R2 000 issued by Zwane Traders has not yet been recorded in the statement received from Zulu Suppliers. 2. The cheque in settlement of the January account was not received by Zulu Suppliers within 7 days; therefore the discount of R400 recorded by Zwane Traders in the Creditors Ledger must be cancelled. 3. A return recorded as R750 in the Creditors Ledger of Zwane Traders was recorded as R800 in the statement received from Zulu Suppliers. Zwane Traders had miscalculated the cost of goods returned. 4. An invoice received from Zulu Suppliers was correctly recorded as R9000 by Zwane Traders. However, in the statement received from Zulu Suppliers it was incorrectly recorded as R900. 5. An invoice for R4 500 received from Zulu Suppliers was incorrectly recorded as a credit note by Zwane Traders. Copyright Reserved Please Turn Over ### Page 14 Downloaded from hlayiso.com Accounting 14 June 2014 Common Test NSC QUESTION 6 (72 marks; 43 minutes) COMPANIES 6.1 State whether each of the following items is TRUE or FALSE. Write only the answer next to the question number, e.g. 4.1.6 False. 6.1.1 The Current portion of a loan is a non-current liability. 6.1.2 A debit balance of SARS (income tax) form part of trade and other payables. 6.1.3 The Balance Sheet reflects the Net Worth of the company. 6.1.4 The Directors’ report reflects whether the shareholders can rely on the financial statements or not. 6.1.5 Total assets: Total liabilities is the correct formula to calculate current ratio. (5) 6.2 ALWANDE LIMITED You are provided with information relating to Alwande Limited, a public company. The financial year end on 28 February 2014. REQUIRED: 6.2.1 Complete the note for the reconciliation of net profit before tax and cash generated from operations for the year ended on 28 February 2014. (8) 6.2.2 Complete the Cash Flow Statement for the year ended 28 February 2014. Some of the figures have been entered in the answer book. (Calculations must be shown in brackets.) (20) 6.2.3 Calculate the following for 2014. 6.2.3.1 Debt/equity ratio (3) 6.2.3.2 % return on average shareholders’ equity (after tax) (5) 6.2.3.3 % return on total capital employed (6) Copyright Reserved Please Turn Over ### Page 15 Downloaded from hlayiso.com Accounting 15 June 2014 Common Test NSC INFORMATION RELATING TO ALWANDE LTD 2014 2013 Sales 1 862 000 1 120 000 Interest expenses 19 500 28 000 Depreciation 56 000 41 000 Net profit after tax 522 900 310 000 Ordinary share capital 2 400 000 1 600 000 Retained income 200 000 168 000 Non-current liabilities 130 000 940 000 Fixed/tangible assets 1 928 600 2 937 600 Creditors 145 000 85 500 Debtors 141 000 113 000 Inventory 220 000 185 000 SARS-income tax DR 47 000 CR 18 000 Shareholders for dividends 320 000 175 000 Cash and cash equivalent 1 033 000 - Fixed deposit 715 900 753 000 Bank overdraft - 87 500 x Certain assets were sold at book value for R1 100 000 cash. x Income tax is calculated at 30% of the profit. x 320 000 shares have been issued, at the beginning of the year, at R5. x On the 1 April 2013, the company’s board of directors authorised the buy-back of 20 000 of the company’s shares from existing shareholders. A repurchased price was set at R8,50 each. An electronic transfer of funds was made to shareholders for shares repurchased. x 100 000 shares were issued at R9 on 1 September 2013. Copyright Reserved Please Turn Over ### Page 16 Downloaded from hlayiso.com Accounting 16 June 2014 Common Test NSC 6.3 FINANCIAL INDICATORS OF TWO COMPANIES Your friend, Mr Mathebula, wants to buy shares in a company which sells stationery. He asks you for advice and presents you with the following financial indicators of two companies he is considering. Both companies have the same number of shares. Mkhabela LTD Nyembe LTD Market price per share on the JSE 710 cents 920 cents Net asset value per share 535 cents 1120 cents Earnings per share 350 cents 285 cents Dividends per share 230 cents 160 cents % return on shareholder’s equity 25,4% 14,5% % return on total capital employed 33,4% 16,8% % on interest rate on loans 17% 17% Debt / Equity ratio 0,2 :1 3,1 :1 Current ratio 5,1 :1 2 :1 Acid-test ratio 0,8 : 1 1:1 Stock turnover rate 6 times 10 times Average debtors collection period 30 days 35 days Average creditors payment period 41 days 45 days x 189 000 ordinary shares for both companies were issued at the end of the accounting period, Mkhabela LTD issued same shares at 450 cents while Nyembe LTD issued same shares at 1 200 cents. REQUIRED: Answer the following questions. In each case, you must support your answer by: x Quoting the relevant financial indicators (actual figures, ratios or percentages). x Indicating the trends from one year to the next. x Provide an additional relevant comment. 6.3.1 Comment on the price at which the new shares were issued for both companies. Will the directors and the shareholders be satisfied with this? Explain, quoting relevant figures from the question in each company. (5 x 2) (10) 6.3.2 Consider the use of loans by the two companies: x Which company is making more use of loans? Quote a financial indicator for each company to indicate this. x Explain whether or not it was a good idea for that company to make use of loans. Quote ONE financial indicator to indicate this. (6) 6.3.3 Mr Mathebula is of the opinion that the directors of Nyembe are generally happy with the handling of its working capital more effectively and are in a better liquidity situation than Mkhabela LTD. Explain and quote THREE financial indicators to support his opinion. 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