Economics And Management Sciences Grade 8 November 2017 QP

Downloaded from hlayiso.com Write either with a BLUE or BLACK pen, Non-programmable calculators allowed This paper consist of questions Bb Se. QUESTION 1: SHORT QUESTIONS [30] MULTIPLE CHOICE [10] ACCOUNTING GRADE: 8_ NOVEMBER EXAMINATION 2017 TIME: 2HR NAME: TOTAL: 200 Qi Q2 Q3 Qa Qs : Q6 Q7 Qs TOTAL 30 45 12 30 26 27 25 35 200 INSTRUCTIONS: Answer all the questions in the allocated spaces provided. Write neatly and legibly Four possible options are provided as answers to the following questions. Choose the correct answer and write only the CAPITAL LETTER in the last column. NO. | QUESTION ANSWER | 1.4.1 Equipment is 8/AN cesseesseee sesesnuen ACCOUNT. A. Liability B. Owner's Equity C. Asset D. income 1.1.2 | An agreement between a buyer and a seller to exchange something of value for money is known as. A. Contract B. Transaction Cc. Handover D. Asset 1.1.3 | A list of closing balances of the General ledger. A. Trial balance B. Income statement C. Journals D. Balance sheet | 1.1.4 | The following have a debit balance, except. A. Assets B. Expenses C. Drawings D. Capital 1.1.5 | Increase on the debit side and decrease on the credit. A. Expenses B. Liabilities C. Owner’s equity D. Assets aan Page1 - Sas (5x2)

Downloaded from hlayiso.com PROVIDE THE CORRECT WORD/TERM [40] STATEMENT/ QUESTION ANSWER 1.2.1, For every debit, there must be a credit entry. 1.2.2 Determines the financial position of a business. 1.2.3 When the debit and credit side is equal, we say it 1.2.4 AIL cesseseeersseonteseenseereneees accounts is found in the income statement. 1.2.5 Trading stock is A vitesse asset. CALCULATIONS [1.0] Use the correct formula to calculate the following. (5 * 2) NO PROFIT % COST PRICE SELLING PRICE 1.3.1 3% i? R9 450 ; 1,3.2 100 % R 8 400 ? 1.3.3 40% ? R 2100 1.3.4 25 % R8 740 ? 1.3.5 33 1/5 % R 600 ? QUESTION 2: ACCOUNTING CYCLE [15] Complete the cycle and answer the questions that follow, _ a >|” re (5 x 2) ~ Page2 -

Downloaded from hlayiso.com 2.7 Read the following case study below and answer the questions that follow. CHARLSEA’S CUPCAKE CRAZE Charlsea is an entrepreneur at her school. She decided to start selling cupcakes on a Monday to Thursday. She is dedicated to achieve her goal to raise enough funds so that she can expand her business. She keep a small box.on her to safe keep her money. 2.7.1 Refer to the case study. State whether Charlsea’s business is a trading or service business. (1) 2.7.2 Give a reason for your answer in 2.7.4 (2) 2.7.3 Quote from the case study the entrepreneurial quality Charlsea possess. (1) 2.7.4 Name TWO strategies Charlsea can use to increase sales for next year. (2) . 2.7.5 ‘She keep a small box on her to safe keep her money’. Name the term for the definition. (2) 2.7.6 In your own words, define an entrepreneur. — a Page 3 a

Downloaded from hlayiso.com QUESTION 3: ACCOUNTING EQUATION [12 3.1 Cash sales, R 2 200 3.2 Bought equipment, R 7 400 3.3 Paid the city council for water and electricity, R 1690 NO SOURCE ACCOUNT ACCOUNT ASSET OWNERS EQUITY ncn cecal DEBIT DOCUMENT | JOURNAL CREDIT EFFECT REASON EFFECT REASON 3.2 3.3 oe QUESTION 4: JOURNALS [30 Khaliq Daniels is the owner of Daniels Dealership. He buys and sell used vehicles. He uses a mark-up of 25% on all cars sold. REQUIRED: 4.1 Complete the headings 4.2 Record the following transactions in the correct subsidiary journal. TRANSACTIONS FOR AUGUST 2017 01 The owner, K Daniels increased his capital by R 70 000. Receipt number 54 issued. 08 Paid CNA for stationery, R 940. Cheque number 61 12 Cash sales according to the cash register roll 19, R 40 000. 18 Cash sales, R 32 000. 22 Paid Caltex Garage with a cheque: e Repairs, R 2500 e Fuel, R850 25 Received R 4100 from Laeeq Davids for renting out part of our storeroom. 27 Cashed a cheque for wages, R 6 700 30 Bought two vehicles at R 23 400 each. ett ae ~ save Page 4~- ae

Downloaded from hlayiso.com QUESTION 5: GENERAL LEDGER [26] Complete the General Ledger of George Wholesalers for September 2017 by filling in the missing amounts and details. GENERAL LEDGER OF GEORGE WHOLESALERS BALANCE SHEET SECTION CAPITAL B1 [4] DAY. DETAILS FOL [AMOUNT DAY DETAILS FOL [AMOUNT 1-Sep|? b/d 75-800 30-Sep|Bank 2 51 000 30-Sep|Bank 25 000 vd € TRADING STOCK B4 [9] 1-Sep/Balance bid _|45 000 30-Sep/? CRd {38 700 30-Sep|Bank 2 32 000 Balance ? ? ? 2 ? Balance bid_|? BANK B5 _ [7 1-Sep | Balance b/d_ (51300 30-Sep|? GPJ |? 30-Sep}? CRJ {14 800 Balance ? 35 000 66 100 86 100 ? Balance b/d_ |? € NOMINAL SECTION SALES N1 [3 1-Sep|Balance bid 9 700 30-Sep/Bank ? 24 400 2 COST OF SALES N2 [3] 1-Sep|Baiance b/d 3 000 30-Sep!? CRJ |? 8525 Page 5

Downloaded from hlayiso.com QUESTION 6: TRIAL BALANCE [27] The previous accountant of Agherdien Traders incorrectly entered the amounts in the trial balance. Find the mistakes and correct them for February 2017. FOLIO | DEBIT CREDIT SALES 40 770 EQUIPMENT 42 800 BANK 40 000 COST OF SALES 6 400 TELEPHONE 1700 DRAWINGS 6 380 | TRADING STOCK 11 400 ; nem ene eal VEHICLES 10 800 RENT INCOME 4800 — CASH FLOAT 250 CURRENT INCOME 25 370 WAGES ; 3 200 STATIONERY 3700 PETTY CASH 460 WATER AND ELECTRICITY 950 RENT EXPENSES 3900 LAND AND BUILDING 50 000 CAPITAL 81 000 QUESTION 7: INCOME STATEMENT [25] Use the list of balances and totals provided ABOVE (REFER TO THE TRIAL BALANCE IN QUESTION 6) and draw up the Income statement of Agherdien Traders for the year ended February 2017. QUESTION 8; BALANCE SHEET [35] Use the list of balances and totals provided ABOVE (REFER TO THE TRIAL BALANCE IN QUESTION 6) and draw up the Balance sheet of Agherdien Traders for the year ended February 2017. THE END | 1 { i i

Downloaded from hlayiso.com QUESTION 4: CRI AND CPJ [30] Cash Receipts Journal of For a Sundry Accounts Doc Analysis of Sales Cost of no. | Day Details Fol| Receipts Bank Sales Amount Details Cash Payments Journal of For Sundry Accounts Doc Trading no. | Day | Name of Payee | Fol Bank stock |Wages | Stationery| Amount Details

TRIAL BALANCE OF Downloaded from hlayiso.com QUESTION 6: TRIAL BALANCE [27 MARKS] FOR Details Fol. Debit Credit SECTION SECTION

Downloaded from hlayiso.com INCOME STATEMENT OF QUESTION 7: INCOME STATEMENT [25 MARKS] FOR THE YEAR ENDED LESS: GROSS PROFIT PLUS: LESS: NET PROFIT FOR THE YEAR

Downloaded from hlayiso.com QUESTION 8: BALANCE SHEET [35 MARKS] BALANCE SHEET OF FOR YEAR ENDED ASSETS NOTES NON- CURRENT ASSETS CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES Current liabilities Bank overdraft TOTAL EQUITY AND LIABILITIES [ NOTES TO THE BALANCE SHEET 1. FIXED ASSETS 2, CASH AND CASH EQUIVALENTS 3. OWNER’S EQUITY Balance on the last day of the previous year Balance on the last day of the current year 10.