Accounting Grade 12 NSC June 2014 Memo (English)

basic education Department: Basic Education REPUBLIC OF SOUTH AFRICA SENIOR CERTIFICATE EXAMINATION ACCOUNTING STANDARD GRADE 2014 MEMORANDUM MARKS: 300 This memorandum consists of 12 Pages. Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 2 DBE/2014 SCE - Memorandum QUESTION 1 1.1 CASH RECEIPTS JOURNAL OF MAKWENA TRADERS FOR MAY 2014 CRJ6 DOC | pay DETAILS BANK SUNDRY | FoL DETAILS NO. ACCOUNTS 30 | Total 46 464 46 464 Benzo Stores tors! v 512 (Cancelled cheque) ¥Y 2315 ¥ 2315 Creditors’ control Interest on current Bulls Bank v 85 v 85 account v J Jennings ¥ 1950 v¥ 1950 Rent income v M 50814 50 814 10 10 1.1 CASH PAYMENTS JOURNAL OF MAKWENA TRADERS FOR MAY 2014 + CPJ6 DOC | pay DETAILS SUNDRY | FoL DETAILS NO. BANK ACCOUNTS 30 | Total 37 373 37 373 562 Benzo Stores ¥ 2340 ¥ 2340 Creditors' control ¥ Bulls Bank ¥ 345 ¥ 345 Bank charges v L Bryden v v 1 v (RID cheque) 775 775 Debtors’ control Helpline Insurers ¥ 980 v 750 Insurance v ¥ 230 Drawings v M 41813 41 813 15 15 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 3 DBE/2014 SCE — Memorandum 1.2 Dr GENERAL LEDGER OF MAKWENA TRADERS cr) BANK May | | Balance ¥ 13191} [fey | 31 | Sundry account ” M 41813 31 | Sundry account Vv 50 814 Balance M 22192 64 005 64 005 sore | 7 | Balance M 22192 7 1.3 BANK RECONCILIATION STATEMENT OF MAKWENA TRADERS ON 31 MAY 2014 Debit Credit Y — Cr. Balance according to bank statement ¥ 23921 ¥ Cr. Outstanding deposit v 14441 v _ Dr. Outstanding cheques - 534 ¥Y §876 - 562 ¥ 2340 - 556 Y 7954 ¥ _ Dr. Balance according to bank account ¥ 22192 M 38 362 M 38 362 12 12 1.4 ONE example of bank charges 1 Service fees, Cash handling fees, ATM fees, cheque fees, etc. Vv 1 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 4 DBE/2014 SCE — Memorandum QUESTION 2 JB TRADERS NOTES TO BALANCE SHEET ON 28 FEBRUARY 2014 21 CAPITAL ACCOUNTS J JONES B BOTHA R R Balance at the beginning of the year v¥ 80000 ¥ 60000 Additional capital contributed ¥ 15000 Withdrawal of capital ¥ (30 000) Balance at the end of the year [svc [7 72000 | 6 CURRENT ACCOUNTS — J JONES B BOTHA R R Interest on capital (2 000 +3 750) vVvM 5 750] 6 000 Salary to partner VVv 79 800 | v 51 000 Primary distribution 85 550 57 000 Share of remaining profit vv 14 700} Vv 22 050 Business profit for the year ra) 100 250] WM 79 050 Drawings for the year vv (99 100)| v (77 000) 1 150 2 050 Balance at the beginning of the year v 8700] Vv (2 000) Balance at the end of the year a) 9850] Ww 50 20 20 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 5 DBE/2014 SCE — Memorandum 2.2 JB TRADERS BALANCE SHEET ON 28 FEBRUARY 2014 ASSETS Non-current assets M 172940 “Fixed assets Mv 122 940 ¥ Financial assets vv 50 000 Current assets M 88760 Inventories (56 700 ¥+ 1 700 - 400v) M58 000 Trade & other receivables 9 760 Cash & cash equivalents 21 000 (3.000 V+ 18 000v) ee TOTAL ASSETS M 261 700 —<—<—<—<—d EQUITY AND LIABILITIES Owners Equity M 134900 Capital Mv 125 000 Current accounts My 9900 Non-current liabilities M 46500 Loan (54 000 v - 7 500”) M 46500 Current liabilities M 80300 Trade & other payables (65 600 V+ 3 800 V+ 7 500v) M 76 900 Bank overdraft (2 700 v+700v) M 3400 TOTAL EQUITY AND LIABILITIES TOTAL MARKS Copyright reserved 4, 4, M 261 700 ——<—<—<—— 3 3 Please turn over

Downloaded from hlayiso.com Accounting/SG 6 DBE/2014 SCE — Memorandum QUESTION 3 3.1 GENERAL LEDGER OF SCHEUNSAMY TRADERS CC Dr MEMBERS’ CONTRIBUTIONS Cr bee. | 28 | Bank ¥ 18600][i2'9 | 1 | Balance ¥ 423000] zon | 28 | Balance 464 900}Joct | 17 | Equipment v Y 27000 Remuneration: Nov |? Accounting officer_v ¥_ 33500 483 500 483 500 2ot4 | 4 | Balance M1 464 900 9 9 3.2 Dr SARS — INCOME TAX Cr | Mer | 11] Bank v ¥ 12.550]}70"9 | 1 | Balance v 12550 sept | 30] Bank v ¥ 34.7501] 72'* | 28 | income tax” ¥ 69000 rent | 27 | Bank ¥ Y 35250 Balance 1 000 82 550 82 550 2nt4 | 4 | Balance M 1000 11 14 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 7 DBE/2014 SCE - Memorandum 3.3 Dr DISTRIBUTION PAYABLE TO MEMBERS Cr te? | 23 | Bank ¥ ¥ 20 000]/02'9 | 1 | Balance v 40000 Loan to Scheun ¥ ¥ 20000 2014 Distribution to Feb | 28 members v vv 101 100 3.4 Dr DISTRIBUTION TO MEMBERS Cr 2014 Distribution payable 2014 Appropriation Fed | 281 tg members > ¥ 101 100] ron | 28 | sercunt @ 101 100 4 3.5 Dr APPROPRIATION ACCOUNT Cr Zep’ | 28 | Income tax v 69.000] ?0* | 28 | Profit and loss 168 500 Distribution to Retained members v M 101 100 income v Y 11650 Retained income “ M 10050 180 150 180 150 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 8 DBE/2014 SCE — Memorandum QUESTION 4 4.1 DEBTORS' COLLECTION SCHEDULE OF RAZIA TRADERS FOR THE PERIOD 1 APRIL 2014 TO 31 MAY 2014 CREDIT SALES APRIL MAY R R R February 48000} vv 3 840 0 March 70 000 28000) vv 5 600 April 60000] vv 30000} vv 24 000 May 44 000 O| vv 22 000 4 61840; 51 600 12 12 4.2 CASH BUDGET FOR THE PERIOD 1 APRIL 2014 TO 31 MAY 2014 APRIL MAY R R CASH RECEIPTS Cash sales v 120000; Vv 88 000 Collection from debtors M 61840; M 51 600 Rent income v 3600} vv 3 960 M 185440); 143 560 CASH PAYMENTS Cash purchases v 46 000 v 52 000 Payment to creditors v 16 000 v 28 000 Operating expenses v 2 400 2 600 Salaries v 18000; vv 24 000 Drawings v 3 500 v 3 500 Equipment vv 32 200 w 32 200 yw 118100} 142 300 Surplus/Shortfall M 67340; WM 1 260 Bank balance at the beginning of the month vv (70000); (2 660) j Bank balance at the end of the month v4 (2 660) | v4 (1 400) 34 34 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 9 DBE/2014 SCE ~ Memorandum 4.3 TWO EXPENSES THAT WILL NOT APPEAR IN A CASH BUDGET Depreciation, Discount allowed, Bad debts, Provision for bad debts | adjustment etc. (any two) vv vv TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 10 DBE/2014 SCE ~- Memorandum QUESTION 5 BALLITO TRADERS INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2014 Sales (820 200 v— 5 500“) 814 700 M Cost of Sales (361 490) v Gross profit 453 210 [<4] Other operating income 14040 [°4] Rent Income (13 260V — 1 020”) 12 240 [ra] Commission income (1 100V + 100“) 1 200 M Provision for bad debts adjustment 600 | *Mvv Gross operating income 467 250 M Operating expenses (215 000) Mu Salaries & Wages 105 000 v Rates 26100] vv Director fee (40 000V + 20 000”) 60 000 M Bad debts (600 w+ 500“) 1 100 [r4) Audit Fees 3 500 v Sundry expenses (3 000 v— 250v) 2 750 v Trading Stock deficit (120 000 — 119 300) 700; vv Depreciation (2 750 V+ 13 100”) 15 850 [e4| Operating profit 252 250 M Interest income (100 V +390) 490 [v4] Profit before interest expense 252 740 Interest expense (12 740V’+ 910V) (13 650) M Profit before tax 239 090 [raj Taxation (79 400) v Net profit 159690| va *M Any figure. 46 46 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 11 DBE/2014 SCE — Memorandum 5.2.1 Retained Income Balance at the beginning of the year 94800] v Net Profit after tax 159690/ 4 Ordinary dividends (95 200)| @ Paid 11200| v Recommended 84000 | vv Balance at the end of the year 159 290 | Mv 5.2.2 Trade and other receivables ( debtors) Trade Debtors (55 500V — 500V) 55 000 | Less: Provision for Bad Debts ( 1 700 Y— 600V) (1 100) | ¥ Net Trade Debtors 53 900 Accrued Income 100 | ¥ Prepaid expense 250 |v 54 250 | Mv 11 11 TOTAL MARKS Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/SG 12 DBE/2014 SCE — Memorandum QUESTION 6 6.1 Dr GENERAL LEDGER OF VORSTER BOWLING CLUB Cr MEMBERSHIP FEES | 7013 | | | Accrued income ¥ 7200} 70" | , | jrcome received in v900 20 | Bank v Y —— 300}|Dec | 31 | Bank v ¥80 700 Income received in Membership fees Dec | 31 advance Vv ¥ 1800 written off v 3 300 Income and . expenditure v’ M 82500 Accrued income” v6 900 91 800 91 800 16 16 6.2 _ ANALYSIS OF TRANSACTIONS NO. RECEIPTS PAYMENTS INCOME EXPENSES Example R8 500 R8 500 6.2.1 vv 1 500 vv 1 350 6.2.2 vv 180 vv 180 6.2.3 vv 500 6.2.4 vv 400 vv 200 6.2.5 vv 210 6.2.6 vv 900 vv 900 6.2.7 vv 28 100 vv 100 24 24 TOTAL MARKS Copyright reserved