Accounting Grade 12 NSC June 2013 Memo

Downloaded from hlayiso.com basic education Department: Basic Education REPUBLIC OF SOUTH AFRICA SENIOR CERTIFICATE EXAMINATION _ ACCOUNTING _ STANDARD GRADE. 213 POSSIBLE ANSWERS | MARKS: 300 This memorandum consists of 13 pages. Please turn over Copyright reserved

Downloaded from hlayiso.com Accounting/SG 2 DBE/2013 SCE - Memorandum QUESTION 1 1.1 DEBTORS' COLLECTION SCHEDULE OF TSHWANE TRADERS FOR THE PERIOD 1 APRIL 2013 TO 31 MAY 2013 Credit sales April May February R140 000 9800 March R133 000 vv 53 200 77 9 310 April v 147 000 vm 69 825] vu* 58 800 May v 126 000 vu 59 850 M$ 132 825 wu 127 960 W* - Any figure @$ must include R9 800 14 14 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 3 DBE/2013 SCE ~ Memorandum TSHWANE TRADERS 1.2 CASH BUDGET FOR THE PERIOD APRIL TO MAY 2013 CASH RECEIPTS April May Cash sales _ 63000] vv 54 000 Collection from debtors (See 1.1) 1°) 132 825 u 127 960 Rent income vv 4000 v 4800 Fixed deposit # v 80 000 Interest on fixed deposit # v 5 000 YM 284 825 u 186 760 CASH PAYMENTS Payments to creditors vv 81400] vv 85 250 Cash purchases v 73 600 7 82 500 Wages v 36000] vv 50 000 Advertisement v 2000] vv 2 200 Operating expenses v 3 000 uM 3 000 Equipment v 45 000 4 241 000 4 222 950 Surplus/Shortfall 4 43 825 Y (36 190) Balance at the beginning of the month v or Gs) Y 25 079 Balance at the end of the month Ta) 25 079 4 (11 111) # Can be combined @ Operation Mark figuers 36 36 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 4 DBE/2013° SCE -— Memorandum QUESTION 2 2.1 PS TRADERS INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2013 Sales (950 500 v— 10 500”) ic) 940 000 Cost of sales v (460 000) Gross profit for the year ic) 480 000 Other income 4 60 904 Rent income (52 000 v— 4 000) 4 48 000 Discount received v 6 559 Bad debt recovered (4 700 v'+ 545v) u 5 245 Provision for bad debts recovered (2 800 v— 1 700) ic 1 100 Gross income for the year 540 904 Operating expenses ca) (450 304) Packing material v 22 450 Stationery (32 232 v—2 932v) ira) 29 300 Salaries and wages v 187 178 Discount allowed v 4446 Bad debts (7 658 v'+ 1 500“) ir) 9 158 Water and electricity (46 643 “+ 2 040) Yu 48 683 Insurance (16 597 v- 750”) uw 15 847 Sundry expenses v 88 292 Trading stock deficit (73 400 v— 73 000v’) 400 Depreciation (18 550“) +( 23 000 V+ 3 000 )“ or ee ey) a 44 550 Operating profit ir) 90 600 Interest income (2 500 v'+ 500v) uw 3 000 4 93 600 Interest expense v (10 000) Net income for the year 4 83 600 47 47 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 5 DBE/2013 SCE - Memorandum QUESTION 2.2 BOTSAM TRADERS CURRENT ACCOUNTS B Botha S Sammy Total Partners’ salaries y 120 000 _ 108000}; M 228 000 Interest on capital v 60000] vv 27000}; 87 000 Primary distribution u 180 000 4 135000} MW 315 000 Share of remaining profit 4 42 000 4] 28000] 70 000 Net profit for the year 222 000 163 000 385 000 Drawings v (65 500) v (182 500) (248 000) 156 500 (19 500) 137 000 Balance at the beginning 7 Ei eaeoe) v 22800] (131 500) Balance at the end 2 200 3 300 | v4 | 5 500 23 23 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 6 DBE/2013 SCE —-— Memorandum QUESTION 3 3.1 CASH RECEIPTS JOURNAL OF MOKEKI TRADERS — APRIL 2013 CRJ4 Doc Sundry no. | Dav Details Bank accounts Fol Details 30 | Total 45 200 45 200 317 Nogi Traders v 8376] Vv 8376] VY | Stationery B/S P Perrogo v 5950] vv 5950} ~ | Rentincome B/S Stormer Bank | ¥ 86] v 86] ~ | Interest on curr. acc 59 612 4 Must include 45 200 10 10 3.1 CASH PAYMENT JOURNAL OF MOKEKI TRADERS — APRIL 2013 CPJ 4 Doc f Sundry . noe Day | Details Bank accounts Fol Details 30 | Total 39 750 39 750 331 Nogi Traders 7 8376)” 8376] v | Stationery B/S B Naidoo v 567 | ¥ 567] ~ | Debtors’ control B/S Hall Insurers _ 1000} ¥ 750} v | Insurance v 250] “ | Drawings BS Stormer Bank v 159 |v 159] ~ | Bank charges mw 49 852 Must include 39 750 15 15 AAA Pm. Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 7 DBE/2013 SCE - Memorandum 3.2 GENERAL LEDGER OF MOKEKI TRADERS Dr BANK Cr Sundry account foe 1 | Balance bid | “| 20875 ae 31 | Total Chl wm | 49.852 payments” Sundry account | cri 3 | Total teceiptsYy | 4 M| 59612 Balance 30 635 80 487 80 487 May |1 | Balance 30 635 3.3. BANK RECONCILIATION STATEMENT OF MOKEK! TRADERS -— 30 APRIL 2012 Cr Balance according bank statement vv 37 300 Cr Outstanding deposit vv 15211 Dr. Outstanding cheques - No. 295 vv 4545 - No. 331 vv 8 376 - No. 354 vv 8 955 Dr Balance as per bank account vv 30 635 Total must be the same §2511] 4 52511 Marking only figures 13 13 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 8 DBE/2013 SCE - Memorandum 3.4 Give TWO examples of bank charges that will appear on the Bank Statement. Service fee Cash handling fee Credit card levy Cheque book Electronic funds transfers v ATM fees v Etc. TOTAL MARKS 45 45 QUESTION 4 Dr GENERAL LEGER OF CHAD SWIMMING CLUB Cr 41 MEMBERSHIP FEES ACCOUNT Income received aan 4 | Acctued income ¥ 2 9600]] 72 |, |inadvance v v 4440 Deferred income Income received Dec { 31 | in advance v 1920]] Dec | 31 | Bank v v 47 040 Deferred income Membership fee written off v 2 880 Baddebts Vv Income & , expenditure vy v4 47 520 Accrued income Vv v 7 680 59 040 59 040 15 15 Copyright reserved Please turn over Ger

Downloaded from hlayiso.com Accounting/SG 9 DBE/2013 SCE ~ Memorandum 4.2 CHAD SWIMMING CLUB STATEMENT OF RECEIPTS AND PAYMENT FOR THE YEAR ENDED 31 DECEMBER 2012 RECEIPTS u 88 690 Membership fee Mu 47 040 Entrance fee v 5 500 Equipment v 950 Sale of refreshments (21 700V - 1 500”) u 20 200 Donation 4 15 000 PAYMENTS 4 (65 970) Wages (9 600 v'+ 1 000 v+ 4 800 v’+ 500”) u 15 900 Bank charges v 490 Equipment v 10 500 Honorarium | 4400 Creditors for refreshments (4 200 v'+ 15 700 v—5 300”) uw 14 600 Operating expenses vv 10 800 Loan _ #8000 Interest on loan vv #1 280 Cash surplus/deficit for the year uw 22 720 Balance at beginning of year v wus 22) Balance at end of year uw 791 #Can combine for three marks. a 30 30 TOTAL MARKS Copyright reserved /E Please turn over

Downloaded from hlayiso.com Accounting/SG 10 DBE/2013 SCE — Memorandum QUESTION 5 5A GENERAL LEDGER OF MASNEER CC Dr MEMBERS’ CONTRIBUTION cr Way _| 20 | Bank ¥ v 35.000]] 701" | 1 | Balance 384 000 Jun | 30 | Balance 372 500]} Oct | 21 | Equipment ¥ 23 500 407 500 407 500 2012 | 4 | Balance a 372 500 5.2 Dr LOAN TO P MASANGO Cr 2011 | 4 | Balance v 120000]] 7) |15| Vehicles Vo =v 50 000 aor tas|Bank oY =v 10 000 30 | Balance 60 000 120 000 120 000 2012 Jul | 1 | Balance u 60 000 7 5.3 Dr SARS — INCOME TAX Cr 2011 | 47 | Bank 19 350]] 701 | 1 | Balance 19 350 Dec | 30 | Bank 68 500}| 4°"2 | 28 | Incometax ¥ 118 750 2012 | 298 | Bank v 61500 30 | Balance w 11 250 149 350 149 350 ate 1 | Balance u 11250 14 14 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 1" DBE/2013 SCE - Memorandum 5.4 Dr DISTRIBUTION PAYABLE TO MEMBERS Cr au, 17 | Bank ¥ v 75 000}]70'' | + | Balance 75.000 2012 2012 Distribution to ‘Jun | 20 | Balance 95 000N Sine | 28 Members v 95 000 170 000 170 000 ay | 1 | Balance 95 000 5 5.5 Dr APPROPRIATION ACCOUNT Cr 202 | 30 | incometax ¥ |Z 118 750]} 70%? | 30 | Profit and loss” 380 000 Distribution to Retained Members ¥ 4 95 000 income v 65 656 Retained feats y |g 231 906 445 656 445 656 10 10 TOTAL MARKS. 40 40 Copyright reserved cm, Please turn over

Downloaded from hlayiso.com Accounting/SG 12 DBE/2013 SCE — Memorandum QUESTION 6 BOOKS OF PIETERSE LIMITED FIXED ASSETS Land and ' building Vehicles Equipment Cost 7 420000} v 340000] v 280 000 Accumulated : depreciation (0) | v (145.600)| v (94 800) Carringvalue at beginning ic) 420000] 4 194400] 4 185 200 MOVEMENTS Additions at cost v 150 000 v 125 500 Depreciation (O)] ¥ (34000)} ¥ (12 600) Carrying value at the end | @ 570000; 4 160400) 4 298 100 Cost v 570000} v 340000| vj 405 500 Accumulated depreciation (0); Uw (179 600)} WY (107 400) 20 20 TRADE AND OTHER RECEIVABLES Trade debtors v 56 543 Provision for bad debts (1 970V + 200”) uw (2 170) 54 373 Prepaid expenses v 6 600 Accrued income v 3 800 4 64773 7 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 13 DBE/2013 SCE — Memorandum ORDINARY SHARE CAPITAL AUTHORISED __850 000__ Ordinary shares atR_ 3 vv 2 550 000 ISSUED ___ 460 000_v__ shares issued the previous yearatR__3 4 1 380 000 ____60000_Y___ shares issued during the yearatR__— 33 ss] 180 000 ___520000_V___sharesatR___3__ on closing date u 1 560 000 OR ISSUED ___400 000_V____ shares issued the previous yearatR__3_ 4 200 000 ____ 60 000_“___ shares issued during the yearatR_ 3 |] 180 000 ___460000_“___sharesatR__3__soon closing date 4 1 380 000 TRADE AND OTHER PAYABLES Creditors’ control (93 569 v’+ 150 000VY” u 243 569 SARS - Income tax (50 350” — 49 500v'v) 4) 850 SARS - PAYE _ 12 600 MK - Pension funds Y 3 600 Accrued expenses (payable) v 41 302 income received in advance (deferred) ve 15 840 Shareholders for dividends _ 64 000 vy 351 761 @ - One part correct 15 15 TOTAL MARKS Copyright reserved