Accounting Grade 10 P1 Gauteng November 2023 Addendum (Eng)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2023 GRADE 10 ACCOUNTING (PAPER 1) ANSWER BOOK NAME OF SCHOOL: NAME OF LEARNER: MODERATED QUESTION MARKS MARK OBTAINED MARK 1 33 2 44 3 38 4 35 TOTAL 150 6 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING (PAPER 1) 2 ANSWER BOOK GRADE 10 QUESTION 1: GAAP CONCEPTS AND TRANSACTION ANALYSIS 1.1 GAAP CONCEPTS 1.1.1 1.1.2 1.1.3 1.1.4 4 1.2 ANALYSIS OF TRANSACTIONS GENERAL LEDGER AMOUNT EQUATION Account debited Account credited R A O L E.g. Stationery Bank 2 000 - - 0 1.2.1 Equipment 1.2.2 Debtors' Control 1.2.3 Bank Cost of sales 3 000 1.2.4 Trading stock 850 1.2.5 Trading Stock 29 TOTAL 33 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (PAPER 1) 3 ANSWER BOOK GRADE 10 QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME 2.1 STATEMENT OF COMPREHENSIVE INCOME OF SEBENZA TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2023 Sales Cost of sales Gross profit Other operating income Commission income 10 150 Gross operating income Other operating expenses Salaries 43 500 Stationery 3 320 Advertising 2 300 Operating profit Profit before interest expense Net profit for the year 44 TOTAL 44 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (PAPER 1) 4 ANSWER BOOK GRADE 10 QUESTION 3: NOTES AND STATEMENT OF FINANCIAL POSITION 3.1 3.1.1 OWNER'S EQUITY AMOUNT Capital balance on 01 June 2022 Capital balance on 31 July 2023 6 3.1.2 TRADE AND OTHER PAYABLES AMOUNT Trade creditors Pension Fund (19 000 Medical Aid (17 000 20 3.2 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2023 EQUITY AND LIABILITIES EQUITY Owner’s equity NON-CURRENT LIABILITIES Loan: SWYS Bank CURRENT LIABILITIES Trade and other payables TOTAL EQUITY AND LIABILITIES 12 TOTAL 38 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (PAPER 1) 5 ANSWER BOOK GRADE 10 QUESTION 4: CONCEPTS AND INTERPRETATION OF FINANCIAL STATEMENTS 4.1 CONCEPTS 4.1.1 4.1.2 4.1.3 3 4.2 Calculate the financial indicators as at 28 February 2023. 4.2.1 Calculate the mark-up percentage. 3 4.2.2 Calculate the net profit on sales. 3 4.2.3 Calculate the current ratio. 3 4.2.4 Calculate the acid test ratio. 4 4.2.5 Calculate the return on owner's equity. 5 P.T.O.

Downloaded from hlayiso.com 4.2.6 James Milan is not happy with the control of expenses in the business. Quote ONE financial indicator with figures to support his concern. 3 4.2.7 Comment on the liquidity of the business. Quote TWO financial indicators and provide figures to support your answer. 4 4.2.8 Milan Dealers has a mark-up policy of 40% on all merchandise. The owner is concerned that the business is not achieving the mark-up. Provide TWO reasons why the business is not achieving its intended mark-up. 2 4.2.9 State whether Milan Dealers will be happy with the % return on equity. Give TWO reasons for your answer. Quote the financial indicators and relevant figures. Yes or No (Circle your choice) 5 TOTAL 35 TOTAL: 150 END