Gr 10 Accounting P2 (English) 2023 Possible Answers hlayiso.com

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2023 GRADE 10 MARKING GUIDELINES ACCOUNTING (PAPER 2) 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 answer. 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 the candidate’s calculation (if valid) or per memo. 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. 8 pages 1

Downloaded from hlayiso.com ACCOUNTING (PAPER 2) MARKING GUIDELINES GRADE 10 QUESTION 1: CONCEPTS AND CREDITORS' RECONCILIATION 1.1 CONCEPTS 1.1.1 True ✓ 1.1.2 False ✓ 1.1.3 False ✓ 3 1.2 CREDITORS' RECONCILIATION 1.2.1 GENERAL LEDGER OF METH STORES CREDITORS’ CONTROL ACCOUNT 2023 31 Bank and CPJ ✓25 550 2023 1 Balance b/d ✓33 500 Aug discount Aug received✓ Total CAJ  2 970 31 Total CJ  26 400 returns✓ purchases✓ (2 200✓+ 770✓) (26 100✓ + 300✓) *Sundry ✓950 *Sundry ✓800 debits✓ credits✓ Balance c/d  31 230 60 700 60 700 2023 1 Balance b/d  31 230 Sept *Accept journal debits/credits 17 1.2.2 CREDITORS' LIST OF METH STORES ON 31 AUGUST 2023 Creditor Amount AB Dealers (14 350 ✓ + 1 200 ✓ – 330 ✓ – 330 ✓) 14 890 BB Traders (7 400 ✓ – 1 200 ✓ – 770 ✓)  5 430 Otto Furnishers (9 300 ✓ – 90 ✓✓)  9 210 Crox Stationers (2 300 – 600) ✓ ✓1 700  31 230  One part correct 16 2

Downloaded from hlayiso.com 1.2.3 Provide THREE internal control measures that should be implemented by Meth Stores. Any three acceptable answers ✓✓ ✓✓ ✓✓ one mark for partially correct response • All purchases of goods must be authorised by senior personnel. • Goods received must be checked against the purchase order, invoice, and delivery note. • Placement of orders, receiving of goods from suppliers and payment to suppliers should not be handled by one person. (Allocate one mark for division of duties.) • Detailed inventory records should be maintained for any movement of stock. • Access to stock should be limited and supervised. • Regular physical stocktaking must be undertaken. 6 TOTAL 42 3

Downloaded from hlayiso.com QUESTION 2: BUDGETING 2.1 2.1.1 Calculate the total expected cost of the tour for all the players (for a three-day tour). Receipts Sponsorship ✓ 18 200 Donation ✓ 7 700 Total receipts ✓ 25 900 Payments/Costs Item Calculation Answer Uniform/Kit (23 x 800)✓ + (2 x 250)✓ 18 900 Accommodation 980✓ x 2✓ x 3✓  5 880 Transport 18 000✓ + (3,50✓ x 2 164✓)  25 574 Meals (46✓ + 18✓) x 25✓ x 3✓  4 800 Entrance fees 150✓ x 25✓ x 80/100✓ OR  3 000 120 x 25 2 marks 1 mark Total payments/costs  58 154 Total expected cost of the tour for all players 32 254 58 154 – 25 900 (see payments and receipts)  27 2.1.2 Calculate the cost of the tour per player. 32 254 see 2.1.1/23✓ = 1 402,35  one part correct 3 2.1.3 How can the contributions expected from each player be reduced? Provide TWO methods that can be used to raise funds for the team, excluding the sources of funds mentioned in the given information. Any two valid points ✓✓ ✓✓ • Request a donation from the school governing body (SGB) • Sell refreshments on the school premises • Sell raffle tickets 4 TOTAL 34 4

Downloaded from hlayiso.com QUESTION 3: INVENTORY PROBLEM SOLVING AND ETHICS 3.1 INVENTORY 3.1.1 What is the contra account for A? Bank ✓ 1 3.1.2 Where do we record the closing trading stock in the financial statements? In the statement of financial position or balance sheet ✓ under current assets ✓ 2 3.1.3 What transaction gave rise to B? Goods bought on credit (on account). ✓✓ 2 3.1.4 What is the contra account indicated by C? Cost of sales ✓ 1 3.1.5 Give a reason for entry D. Paid out of petty cash for the delivery of goods. ✓✓ 2 3.1.6 Calculate the missing amount for E. 102 000 – 54 780 – 7 008 – 36 192 – 2 370 = 1 650 ✓✓ 2 3.1.7 What is the contra account indicated by F? Creditors' control ✓ 1 3.1.8 Calculate G, goods were sold on credit for R27 000, a mark-up of 25% was added. 27 000 ✓ x 100/125 ✓ = 21 600  one part correct 3 3.1.9 What is the folio reference for H? CRJ ✓ 1 3.1.10 Give THREE possible reasons for item I. Any THREE (Any other acceptable answer) ✓✓✓✓✓✓ • The owner took goods for personal use or drawings. • Goods stock were donated. • Correction of error. 6 5

Downloaded from hlayiso.com 3.1.11 Calculate the missing amount for J. 102 000 – 5 700 – 21 600 – 22 800 – 900 = 51 000 ✓✓  two parts Check 3.1.8 correct 3 3.2 PROBLEM SOLVING 3.2.1 Calculate the number of cakes sold at Diepkloof Square Bakery. 280 - 8 = 272 ✓  one part correct 2 3.2.2 Diepkloof Square Bakery has a high number of cakes that are not collected. Suggest TWO strategies that can be implemented by the business to improve the collection of cakes by customers. (Refer to information A and B.) Any two valid strategies ✓✓ ✓✓ • Increase the deposit (accept any reasonable percentage above 10%.) OR • A deposit charged must be sufficient to cover the costs of baking. • Call customers and remind them to collect their orders. 4 3.2.3 Suggest TWO methods that can be used by the business to promote sales. Any two valid answers ✓✓ ✓✓ • Use flyers or catalogues to advertise the cakes. • Use social media such as WhatsApp, Facebook etc. to advertise goods • Create a website to advertise goods. 4 3.2.4 Refer to information A. Identify a problem at Naledi Mall Bakery and provide TWO solutions to a problem. Use figures to support the problem identified. Problem ✓and figure(s) ✓ any two valid solutions ✓✓ ✓✓ Problem and figures Solutions Theft/34 cakes are missing Cakes that are not collected must be kept in a lockable glass cabinet. Do regular physical counts of cakes. 6 6

Downloaded from hlayiso.com 3.3 ETHICS 3.3.1 What advice would you offer her? Provide THREE points. Any three valid points ✓✓ ✓✓ ✓✓ • This is unethical conduct. • The business will lose customers and its good reputation. • It will create a negative impression of the business when this is discovered by customers. 6 TOTAL 46 QUESTION 4: COST ACCOUNTING 4.1 CONCEPTS 4.1.1 D ✓ 4.1.2 E ✓ 4.1.3 A ✓ 4.1.4 B ✓ 4.1.5 C ✓ 5 4.2 Calculate the following costs and show all the calculations. 4.2.1 Calculate the direct material cost. Quantity Price per Calculation Answer item Zips 2 R5 R10 x 100 R1 000✓ Material 1,5 R25 R37,50 x 100 R3 750✓ Cotton 10 R2 R20 x 100 R2 000✓ Beads 4 R9 per R36 x 100 R3 600✓ packet one part correct R10 350  9 7

Downloaded from hlayiso.com 4.2.2 Calculate the direct labour cost. (3 x R36)✓ x 100✓ = R10 800 one part correct 3 4.2.3 Calculate the total direct cost. 10 350 + 10 800 = R21 150   # see 4.2.1 and 4.2.2 2 4.2.4 Calculate the factory overhead cost. 700 + 4 000 + 590 + 350 = 5 640✓ one part correct 2 4.2.5 Calculate the total cost of production. 21 150 + 5 640 = R26 790   # see 4.2.3 and 4.2.4 2 4.2.6 Calculate the production cost per handbag. 26 790  / 100 = R267,90 OR R268  one part correct see 4.2.5 2 4.2.7 Calculate the selling price per handbag. 267.9  x 140/100✓ = R375 ,06 OR R375.20  one part correct 3  # One method mark for one correctly transferred amount Two method marks for two correctly transferred and added marks TOTAL 28 TOTAL: 150 8