Accounting Grade 12 NSC June 2012 Question Paper (English)

Downloaded from hlayiso.com basic education Department: Basic Education REPUBLIC OF SOUTH AFRICA SENIOR CERTIFICATE EXAMINATION ACCOUNTING STANDARD GRADE 2012 MARKS: 300 TIME: 3 hours ACCOUNTING SG 4012E 40120E This question paper consists of 15 pages and a 13-page answer book. X@5 VIM Copyright reserved GAUTENG Please turn over |

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Accounting/SG 3 DBE/2012 SCE INSTRUCTIONS AND INFORMATION 1. Answer ALL the questions. fs A special ANSWER BOOK is provided in which to answer ALL the questions. 2 Show ALL the calculations in order for part marks to be allocated. 4. Read the instructions carefully and follow them precisely. 5. Candidates will forfeit marks for the following: 5.1 Important dates which are omitted Downloaded from hlayiso.com 5.2 Use of non-standardised abbreviations 5.3 Over-writing of figures 5.4 Superfluous entries/foreign items/errors of principle 6. Non-programmable calculators may be used. a No pages may be removed from the ANSWER BOOK. 8. Use the information in the table below as a guide when questions and try not to deviate from it. answering the QUESTION TOPIC MARKS aCe 1 Close Corporation 40 23 2 Partnership 70 43 3 Bank Reconciliation 40 24 4 Club 50 30 5 Budget 50 30 6 Company 50 30 300 marks 180 minutes Comritresoned AI HY AA A Please turn over

Downloaded from hlayiso.com Accounting/SG 4 DBE/2012 SCE QUESTION 1 CLOSE CORPORATION (40 marks; 23 minutes) M Mangojane and N Sicwetsha are members of Manwetsa CC. Their financial year ends on 30 April each year. REQUIRED: Draw up the following Ledger Accounts, properly balanced or closed off on 30 April 2012: 11 Members’ contribution (7) 1.2 Retained income (6) 1.3 SARS - Income tax (10) 1.4 Distribution payable to members (7) 1.5 Appropriation Account (10) INFORMATION: Balances on 1 May 2011: Members' contributions R 318 000 Retained income 34 600 SARS — Income tax (Cr) 18 200 Distribution payable to members 45 080 Transactions for the period May 2011 to April 2012: May 2011: 8 Paid the amount due to members for profit distribution. 29 Paid SARS the amount due for tax. July 2011: 3 M Mangojane gave a cheque to the value of R50 000 to the close corporation. The amount will form part of his members' contribution. August 2011: 12 N Sicwetsha gave her personal computer and printer valued at R18 700 to the close corporation for administration purposes. The amount will form part of her members' contribution. October 2011: 29 Paid first provisional tax to SARS, R54 250. Cony sere UNIAN A UIMAANN) = ees ve

Downloaded from hlayiso.com Accounting/SG 5 DBE/2012 SCE February 2012: 18 M Mangojane used a business cheque valued at R15 000 from the CC to buy a laptop for his son. The CC agreed to adjust the members’ contribution for this amount. April 2012: 25 Made a second provisional tax payment of R56 750 to SARS. 28 The net income for the year, R332 000. The tax liability is calculated at 30% of the net profit. 30 The members decided to distribute R110 000 of the profit. 40 Comrireoned ACTUAL) ess

Downloaded from hlayiso.com Accounting/SG 6 DBE/2012 SCE QUESTION 2 PARTNERSHIP (70 marks; 43 minutes) 2.1 SAMKOK TRADERS Samkok Traders is owned by K Kok and S Sam. The following balances appeared in the Pre-adjustment Trial Balance on 29 February 2012, the end of the accounting period. REQUIRED: Prepare the Current Account note for the year ended 29 February 2012. INFORMATION: Balances on 1 March 2011: R Capital: K Kok (1/3/2011) 400 000 Capital: S Sam (1/3/2011) 300 000 Current account K Kok (1/3/2011) Cr 21212 Current account S Sam (1/3/2011) Dr 10 101 ADDITIONAL INFORMATION: 1. S Sam increased his capital contribution in the business by R100 000 cash on 1 September 2011. This has been recorded. The partners are entitled to interest on capital at 12% per annum. Take into consideration that there were changes to the capital during the year. K Kok and S Sam are entitled to a monthly salary of R11 000 and R9 500 respectively. The remaining profit must be divided between the partners K Kok and S Sam in the ratio 2 : 1 respectively. Drawings on 29 February 2012: K Kok, R96 600 S Sam, R64 400 The net income as determined in the Profit and Loss Account amounted to R339 000. Comrieeoned UNIAN IILEN| 2 er

Downloaded from hlayiso.com Accounting/SG 7 DBE/2012 SCE | LINTON TRADERS You are provided with information relating to Linton Traders with partners B Tom and E Lindani on 29 February, the end of the financial year. REQUIRED: Use the information below to prepare the Income Statement of Linton Traders for the financial year ended 29 February 2012. (45) PRE-ADJUSTMENT TRIAL BALANCE ON 29 FEBRUARY 2012 Debit Credit Balance Sheet Accounts Section R R Capital: B Tom 350 000 Capital: L Lindani 450 000 Current account: B Tom 4 500 Current account: L Lindani 13 500 Drawings: B Tom 36 442 Drawings: L Lindani 31 550 Land and buildings 400 000 Vehicles 335 000 Equipment 191 200 Accumulated depreciation on vehicles (01/03/2011) 101 500 Accumulated depreciation on equipment (01/03/2011) 38 240 Fixed deposit: Beta Bank 50 000 Trading stock 86 550 Debtors’ control 25 000 Provision for bad debts 1 250 Bank 7 441 Creditors' control 44 308 Nominal Accounts Section Sales 904 000 Debtors' allowances 12 000 Cost of sales 446 000 Stationery 15 890 Packing material 11 750 Salaries and wages 201 400 Rent income 39 000 Interest on fixed deposit 2 400 Bad debts 3 789 Discount allowed 2 035 Discount received 3 980 Insurance 19 019 Bad debts recovered 1771 Water and electricity 48 653 Sundry expenses 21 730 1 949 949 1 949 949 Copynani reserved FATA AON TA A A Mease tam over

Downloaded from hlayiso.com Accounting/SG 8 DBE/2012 SCE ADJUSTMENTS AND ADDITIONAL INFORMATION: No entries have been made for the following: 1. Stock on hand according to a physical count on 29 February 2012: e Trading stock R85 000 e Stationery R1 452 2. The rent was received for 13 months. The monthly rent has remained the same for the past 2 years. 3. Write off the account of a debtor, M Motsoeneng, of R513 as a bad debt. 4. The new balance for the provision for bad debts must now be R1 375. 5. Received R458 from a debtor, J Benjy, whose account was previously written off as irrecoverable. 6. Insurance amounting to R725 was prepaid for the following year. Ue The Water and Electricity Account for February 2012, R4 996, has not been paid yet. 8. The investment into the Fixed Deposit Account was made on 1 September 2011 at an interest rate of 12% per year. Provide only for outstanding interest. 9. Depreciation must be calculated as follows: e Equipment — 10% per annum on the cost price method e Vehicles — 15% per annum on the diminishing balance method 10. The partners share remaining profits equally. Cony reserved JANA AAA) == ease ve

Downloaded from hlayiso.com Accounting/SG 9 DBE/2012 SCE QUESTION 3 BANK RECONCILIATION (40 marks; 24 minutes) The information below has been taken from the books of Masango Stores. The business has a current banking account at Delta Bank. REQUIRED: 3.1 Complete the Cash Receipts Journal and the Cash Payments Journal for April 2012. Total only the bank columns in the Cash Journals. (26) 3.2 Prepare the Bank Reconciliation Statement on 30 April 2012. (14) INFORMATION: 1. Provisional totals in the Cash Journals for April 2012: CRJ CPJ Bank 42 333 39 444 Sundry accounts 42 333 39 444 2. The Bank Reconciliation Statement on 31 March 2012 showed the following: Debit Credit Favourable balance as per Bank 4870 Statement Outstanding deposit 9 810 Outstanding cheques: No. 333 1 650 No. 341 1150 No. 437 2 730 Favourable balance as per bank account 9 150 14 680 14 680 3. A comparison of the Bank Reconciliation Statement of March 2012 with the Bank Statement for April 2012 showed the following: e The outstanding deposit of R9 810 was credited by the bank. e Cheque No. 333 for R1 650 was paid by the bank. e Cheque No. 341 for R1 150 was issued as a donation to Bulls Bowls Club that has since been dissolved. The cheque must be cancelled. e NOTE: Cheque No. 437, dated 10 March 2012, which was issued to Fifa Traders to settle an account of R2 730, was lost. Payment of the cheque was stopped. A new cheque (No. 566) was issued for R2 750. This cheque includes interest of R20. No entries were made. Conese LANAI NUNN ALIN) ove

Downloaded from hlayiso.com Accounting/SG 10 DBE/2012 SCE 4. A comparison of the Bank Statement for April 2012 with the Cash Journals for April 2012 showed the following differences: 1. Two stop orders appeared on the Bank Statement: e R3 150 in favour of Delta Bank for the monthly repayment of a loan. e R940 in favour of Jimmy Insurers for owner's personal insurance. _ The Bank Statement shows the following items: e §©Service fees: R285 e Interest on favourable bank balance: R136 e Cash handling fee: R345 3. A tenant, P Paulus, deposited his rent for April directly into the bank account, R3 900. 4. The following cheques were not presented to the bank for payment: e §=6—No. 533: R1 693 e No. 543: R2 345 e No. 555: R1 642 5. A deposit of R11 340 made on 30 April does not appear on the Bank Statement. 6. The Bank Statement reflected a favourable balance of RQ 575 at the end of the month. 40 Carn nd TTT NCC

Downloaded from hlayiso.com Accounting/SG 11 DBE/2012 SCE QUESTION 4 CLUB (50 marks; 30 minutes) The information was taken from the records of Makwanazi Tennis Club. REQUIRED: 4.1 Draw up a Membership Fees Account for the year ended 31 December 2011. (17) 4.2 Prepare the Statement of Receipts and Payments for the year ended 31 December 2011.. (33) INFORMATION: Balances on 1 January 2011 included the following: R Bank: Methlo Bank Dr 9 000 Income received in advance: (Membership fees) 960 Accrued income: (Membership fees) 3 120 Summary of transactions for the year ended 31 December 2011: a Membership fees are R240 per member per year. _ Membership fees received during the year: 2010 -— R 2400 2011 -— R25 200 2012 - R_ 720 TOTAL R28 320 3. Membership fees outstanding for 2010 must be written off. 4. Membership fees of seven members were outstanding on 31 December 2011. . Entrance fees received from new members amounted to R5 600. 6. The secretary's honorarium is R3 600 per year. She has been paid only R3 300. Refreshments were sold for R19 500. R1 500 of this amount is still owing to the club. 8. Refreshments were purchased for R16 650, of which R13 350 has been paid. The balance will be paid next year. 9. Wages for R600 per month were paid in cash to each of the part-time employees, P Piet, J Joe and S Sam. P Piet and J Joe were employed for the entire year at R600 per month. P Piet and J Joe were given a 13'" payment as a bonus. S Sam started employment on 1 July 2011. He received a bonus of R300. Conrihtesoned ANAM NI) ese me

Downloaded from hlayiso.com Accounting/SG 12 DBE/2012 SCE 10. Sundry operating expenses were paid, R13 600. A further R1 600 is owed. 11 Bank charges for the year as per bank statements, R450. 12 Purchased groceries for cash and donated them to the old age home, R2 455. 13 Equipment bought for cash, R13 500. 14 Old equipment with a book value of R625 was sold for cash. 15 Sold old tennis balls for cash, R450. 16 Received R10 000 as a donation from the Ngwathe municipality. 17. Receive an invoice from PP Stationeries for R5000 and paid 50% per cheque. The balance will be paid next year. 50 Copyright reserved UDI AA OG I A A hematin

Downloaded from hlayiso.com Accounting/SG ce DBE/2012 SCE QUESTION 5 BUDGET (50 marks; 30 minutes) The information below was taken from the books of Hall Traders. OPDRAG: 5.1 Complete the Debtors' Collection Schedule for the period 1 April 2012 to 31 May 2012. (13) 5.2 Prepare the Cash Budget for the period 1 April 2012 to 31 May 2012. (37) INFORMATION: _ Actual and budgeted information: Actual Budgeted February March April May R R R R Cash sales 90 000 110 000 113 000 125 000 Credit sales 84 000 96 000 108 000 120 000 Cash purchases 65 000 73 000 77 000 81 500 Credit purchases 85 800 98 700 102 400 111 300 2. Debtors' pay their accounts as follows: e 40% within 30 days (i.e. in the same month as the sales transaction) and receive 5% discount e 50% after 30 days (i.e. in the month following the sales transaction month) e 8% after 60 days (i.e. in the second month following the sales transaction month) e 2% is irrecoverable debt 3. Creditors are paid in full in the month after the purchase is made. 4. A campaign for the advertising of a new brand of stationery is planned for 2012. R2 000 will be paid in April and R1 600 in May. 5. Rent of R3 500 is received monthly and will increase by 10% on 1 May 2012. 6. The fixed deposit with Kenny Bank matures on 25 April 2011. The R20 500 received includes R500 interest for April. i Operating expenses amount to R48 000 for the year and are distributed evenly throughout the year. 8. New equipment of R45 000 will be bought for cash in April 2012. Cony served LNAI NUMAN) 282m ve

Downloaded from hlayiso.com Accounting/SG 14 DBE/2012 SCE 9. The wages amount to R30 000 per month for ten workers. Two additional workers will be employed from 1 May 2012 for R2 000 each. 10. On 1 April 2012 the Bank Statement reflected a favourable balance of R10 500. 50 QUESTION 6 COMPANY (50 marks; 30 minutes) The following information was taken from the books of Mokeki Limited. The company has an authorised share capital of 480 000 ordinary shares of R5 each. REQUIRED: Draw up the following notes to the Balance Sheet on 29 February 2012: e Fixed assets a ) e Trade and other receivables (9) e Ordinary share capital (12) e Trade and other payables The amounts for SARS, shareholders for dividends and current portion of loan must be included in the notes and not directly in the Balance Sheet. INFORMATION: LIST OF SOME BALANCES TAKEN FROM THE GENERAL LEDGER ON 29 FEBRUARY 2012 Debit Credit R R Ordinary share capital (01/03/2011) 950 000 Land and buildings (01/03/2011) 230 000 Vehicles at cost (01/03/2011) 485 000 Equipment at cost (01/03/2011) 310 600 Accumulated depreciation on vehicles (01/03/2011) 121 600 Accumulated depreciation on equipment (01/03/2011) 64 600 Fixed deposit t Loan: Nikkie Bank 480 000 Debtors' control 33 600 Provision for bad debts 1 950 Creditors' control 36 750 SARS — Income tax (provisional payments) 48 600 Trading stock 86 570 Cash float 1 750 Bank 23 550 Accrued expenses 3 670 Prepaid expenses 1640 Shareholders for dividends 36 000 Accrued income 1.800 Income received in advance 2 200 es CANTATA TATA Oe

Downloaded from hlayiso.com Accounting/SG 15 DBE/2012 SCE ADDITIONAL INFORMATION: 1. 5 000 new shares were issued on 31 May 2011 at par value. 2. The changes in the fixed assets were as follows: An extra storeroom for R70 000 was built during the year. During the year new equipment was bought for R85 600. No equipment was sold. e Sold a vehicle on 29 February 2012, cost price R85 000 for R45 000 cash. The accumulated depreciation on this specific vehicle amount to R41 250 on 29 February. No new vehicles were bought during the year. e Depreciation for the year on vehicles was calculated as R66 800 and on equipment as R21 300. 3. Final dividends declared have been entered. The bookkeeper has not adjusted for the following: 4. Annual repayment of the loan amounts to R50 000 on 28 February. 5. Income tax for the whole year amounts to R88 600. No entry has been made. 50 TOTAL: 300 Copyright reserved FAITE IAA