Accounting Grade 10 Gauteng June 2024 Memo (English)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2024 GRADE 10 MARKING GUIDELINES ACCOUNTING 11pages MARKING PRINCIPLES: 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced items). No double-penalty is applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Full marks for correct answers. If the answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method mark for the answer). 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. Where penalties are applied, the marks for that section of the question cannot be a final negative. 8. Operation means 'check operation'. 'One part correct' means operation and one part correct. Note: check operation must be +, -, x, ÷ as per candidate’s calculation (if valid) or per marking guideline. 9. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer and at least one part must be correct before awarding the mark. 10. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 11. Be aware of candidates who provide valid alternatives beyond the marking guidelines. 12. Codes: F=foreign item; P=placement/presentation.

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 1: CONCEPTS AND ANALYSIS OF TRANSACTIONS 1.1 CONCEPTS 1.1.1 C✓ 1.1.2 E✓ 1.1.3 A✓ 1.1.4 B✓ 4 2

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 1.2 ANALYSIS OF TRANSACTIONS NO. SUBSIDIARY GENERAL LEDGER AMOUNT EFFECT ON JOURNAL ACCOUNT DEBITED ACCOUNT CREDITED EQUATION A O L e.g. Cash Payments Journal Trading Stock Bank 10 000 +/- 0 0 1.2.1 Debtors' Journal ✓ Debtors' Control ✓ Sales ✓ 1 225 ✓✓ +✓ +✓ 0 Cost of Sales ✓ Trading stock ✓ 700 ✓ -✓ -✓ 0 1.2.2 Cash Receipts' Journal ✓ Bank ✓ Loan: SQ Bank ✓ 50 000 +✓ 0 +✓ Creditors' Allowances 1.2.3 Journal Creditors' Control ✓ Trading Stock ✓ 2 100 -✓ 0 -✓ 1.2.4 Cash Payments Journal ✓ Drawings ✓ Bank ✓ 1 800 -✓ -✓ 0 Bank ✓ Debtors' Control ✓ 7 020  +/-✓ 0 0 1.2.5 Cash Receipts Journal Discount Allowed ✓ Debtors' Control✓ 180 ✓✓ -✓ -✓ 0 1.2.6 Cash Payments Journal Bank Charges ✓ Bank ✓ 340✓ -✓ -✓ 0 TOTAL MARKS 45 3

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 2: GENERAL LEDGER GENERAL LEDGER OF THE SPORTS SHOP 2.1.1 DEBTORS' CONTROL B3 2024 2024 Debtors✓ March 01 Balance b/d ✓156 000 March 31 Allowances DAJ ✓✓8 192 (409 600 x 2 %) Bank and discount 31 Sales ✓ DJ ✓409 600 allowed✓ # CRJ ✓✓400 000 (396 000 x 100/99) Or (396 000 x 1/99 = 4 000 + 396 000) Journal credits Journal /sundry debits/sundry GJ ✓ 5 200 GJ ✓✓7 800 accounts accounts ✓ ✓(156 000 x 5%) Balance c/d 154 808 570 800 570 800 2024 01 Balance b/d 154 808 Apr 1 mark if all folio number inserted # can be split 1 mark for R4 000 and 2 marks for R396 000 17 2.1.2 TRADING STOCK B5 2024 2024 Cost of ✓✓ 01 Balance b/d ✓534 000 31 DJ March March sales ✓ 256 000 Creditors' 31 Bank ✓ CPJ ✓✓600 000 CAJ ✓29 000 Control ✓ Creditors' Cost of CJ ✓351 800 CRJ ✓418 000 Control ✓ sales ✓ Cost of sales ✓ Donations See debtors DAJ ✓ 2 925 GJ ✓✓11 000 allowances ✓ above x 100/160 Balance c/d 782 800 1 485 800 1 485 800 2024 01 Balance b/d 782 800 Apr 1 mark if folio number inserted 21 4

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 2.2 List THREE ways that debtors can be encouraged to settle their accounts earlier. Any THREE valid answers✓✓ ✓✓ ✓✓ (3 x 2) • Offer early settlement discounts. • Charge debtors interest on overdue accounts. • Sent letters of demand. • Send SMS’s. • Hand accounts over to debt collectors. 6 2.3 Discuss THREE measures that can be implemented to sell stock much quicker. Any THREE valid answers✓✓ ✓✓ ✓✓ (3 x 2) • Reduce the mark-up to below 60%. • Have period sales where prices of slow-moving goods are reduced. • Advertise more to increase sales. 6 TOTALE PUNTE 50 5

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 3 3.1 GENERAL JOURNAL (Narrations are not required) GENERAL JOURNAL OF ESSACKS TRADERS ON 30 APRIL 2024 Debtors Control Creditors Control Details Debit Credit Debit Credit Debit Credit 30 Totals 420 230 105 90 Repairs ✓ 32 000 A Land and Buildings ✓ 32 000 *✓ Vehicles ✓ 500 000 B 500 000* Capital ✓ ✓ 4 080*✓✓ Bad Debts ✓ C 4 080 4 080 F. Patel ✓ 80 *✓✓ 80 M. De Villiers ✓ D Interest on overdue account/interest 80 income ✓ 280 Mlwazi Wholesalers ✓ 280 ✓ E 280 280 H. Lwazi ✓ *✓ ✓ Debtors' Allowances ✓ 3 400 F 3 400*✓ 3 400 J. Ndlovu ✓ ✓ * ✓one mark for figure on debit and credit side 2 500 7 990  385  90✓ TOTAL MARKS 30 6

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 4: CREDITORS RECONCILIATION 4.1 GENERAL LEDGER OF CHERNOBYL WHOLESALERS CREDITORS CONTROL B7 2024 Bank and 2024 01 April Discount April Balance  31 Received CPJ (225 000 ✓ – b/d ✓196 000 192 890 (192 700✓ 29 000✓) + 190 ✓✓) Creditors' 31 Creditors Control Control (197 000 ✓ +  CAJ 14 800 CJ (21 000 ✓– 16 400 ✓ + 6 200 219 600 6 200✓) ✓) Journal Journal Credits Debits CJ ✓ 1 200 (3 100 ✓ + GJ  6 960 3 500  + 360  see Khambule below) Balance c/d 213 670 422 560 422 560 2024  01 Balance b/d May 213 670 19 CREDITORS LIST ON 31 OCTOBER 2023 Mohamed Suppliers (–11 200 + 7 700 ✓+ 3 500✓✓) ✓ 0 Khambule Traders (86 400 +360 ✓✓)  86 760 Reddy & Sons (56 900 + 16 400 ✓) ✓ 73 300 Buthelezi Exporters (61 500 – 7 700 ✓ – 190 ✓✓)  53 610 Total  213 670 14 7

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 4.2 List TWO considerations before he changes suppliers. Quality of goods from the new supplier ✓ Reliability of the supplier ✓ Any relevant answers 2 TOTAL MARKS 35 8

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 5: CONCEPTS AND SALARIES 5.1 CONCEPTS 5.1.1 True ✓ 5.1.2 False ✓ 5.1.3 False ✓ 5.1.4 True ✓ 4 5.2.1 Calculate Ms. Cooper's monthly salary in her first year of employment? 135 000 ÷ 12 = 11 250 ✓✓ 2 5.2.2 What will her annual salary be in the third year of her employment? 135 000 + 14 640 = 149 640 ✓ + 14 640 ✓ = 164 280  4 5.2.3 Calculate the percentage increase in her monthly salary in her sixth year of employment. Year 6: Monthly salary – R17 730 Year 5: Monthly Salary – R16 320 % increase: 17 730 ✓– 16 320✓ × 100 OR 212 760✓ – 195 840✓ × 100 16 320 ✓ 195 840 4 = 8,6%  = 8,6%  9

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 5.3 SALARIES JOURNAL SALARIES JOURNAL OF DAVID'S SUPERMARKET ON 31 MARCH 2024 DEDUCTIONS Total Employee Gross PAYE Medical Pension UIF deductions Net salary Aid Fund salary T. Pillay 15 000 2 250 625 1 200 150 4 225 10 775 V. Radebe 19 000 ✓ 3 420 ✓ 850 ✓ 1 520 ✓ 190 ✓ 5 980  13 020  TOTALS 34 000 ✓ 5 670  1 475 ✓ 2 720  340 ✓ 10 205  23 795 14 EMPLOYER’S CONTRIBUTIONS Medical Pension UIF SDL Employee Aid Fund T. Pillay 938 750 150 150 V. Radebe 1 700 ✓ 950 ✓ 190 ✓ 190 ✓ TOTALS 2 638  1 700  340 340 8 Pension Fund: Use T. Pillay- 750/15000 * 100 = 5% 19 000 * 5% = 950 10

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 5.3.2 The owner decided that he would not pay over the money collected as PAYE from this month as he needed the cash and would make a double payment in the following month. Advise Mr Davids against this decision by indicating the consequences of this action. This is unethical/illegal as the money belongs to SARS and should be paid over timeously. ✓✓ Consequence: Late payment penalty/levy will be imposed by SARS ✓✓ 4 TOTAL MARKS 40 TOTAL: 200 11