Accounting Grade 12 P2 Gauteng Prelim 2024 QP (Eng)

Downloaded from hlayiso.com PREPARATORY EXAMINATION 2024 10712 ACCOUNTING PAPER 2 ANSWER BOOK 11 pages NAME OF SCHOOL: NAME OF LEARNER: LEARNER’S QUESTION TOPIC MARKS MARKS 1 Reconciliations 40 2 Cost Accounting 35 3 Stock Valuation and VAT 40 4 Budgets 35 TOTAL 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 (PAPER 2) 10712/24 QUESTION 1 1.1 BANK RECONCILIATION 1.1.1 CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL Amount Amount R158 100 R94 790 8 Bank Account balance in the General Ledger on 31 August 2024 WORKINGS ANSWER 4 1.1.2 Choose only ONE template below to answer this question. TWO-COLUMN METHOD BANK RECONCILIATION STATEMENT ON 31 AUGUST 2024 DEBIT CREDIT 6 OR ONE-COLUMN METHOD BANK RECONCILIATION STATEMENT ON 31 AUGUST 2024 6 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 (PAPER 2) 10712/24 1.1.3 Provide ONE reason why the Internal Auditor should be concerned about the control of cash. Provide a solution to his concerns. Reason Solution 2 1.1.4 Provide ONE benefit of receiving payments from customers using EFT. Provide a reason for the benefit. Benefits Reason 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 (PAPER 2) 10712/24 1.2 DEBTORS' RECONCILIATION 1.2.1 CORRECTION TO THE DEBTORS’ CONTROL ACCOUNT Provisional balance 14 500 (i) (ii) (iii) (iv) (v) 4 1.2.2 DEBTORS' LIST A. Kunene T. Naidoo X. Zulu M. Smit 10 1.2.3 Explain why the balance on the Debtors' Control Account in the General Ledger should be the same as the total of the Debtors' List. 2 1.2.4 Provide TWO internal control measures that the business can use to improve the collection of money from debtors, except the charging of interest. 2 TOTAL MARKS 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 (PAPER 2) 10712/24 QUESTION 2 2.1 HLUBI MANUFACTURERS 2.1.1 Calculate direct labour cost. WORKINGS ANSWER 7 Calculate factory overhead costs for the year. Incorrect total 884 160 5 2.1.2 Calculate the total cost of production. WORKINGS ANSWER 5 2.1.3 Provide TWO reasons why the factory workers choose to work overtime without any concern. 4 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 (PAPER 2) 10712/24 2.2 MUG 'n SIP MANUFACTURERS 2.2.1 The owner wants to redeploy some of the production staff to other departments. Provide TWO suggestions why it is not a good decision. Quote figures and trends. 4 2.2.2 The manager is concerned that factory overheads have increased the fixed cost. Explain why he should not be concerned. Provide TWO points. Quote figures and trends. 4 2.2.3 Identify ONE cost-related concern by the auditor and provide a corresponding solution for EACH concern. Quote figures and trends. Identify the problem Solution 4 2.2.4 Calculate the % increase in the selling price of the coffee mugs. WORKINGS ANSWER 2 TOTAL MARKS 35 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 (PAPER 2) 10712/24 QUESTION 3 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3 3.2.1 Calculate the value of the closing stock on 29 February 2024. Use the weighted-average method. WORKINGS ANSWER 7 3.2.2 Calculate how long (in days) it will take to sell the closing stock. WORKINGS ANSWER 3 3.2.3 The owner suspects that bars of face soap are being stolen. Provide a calculation to confirm his suspicions. WORKINGS ANSWER 4 3.2.4 The owner is thinking of employing another security guard at a monthly salary of R6 200 to help control the stock of face soap. Explain why this is NOT a good idea. Provide ONE point with figures. 3 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 (PAPER 2) 10712/24 3.3 Provide ONE distinct problem (with figures) relating to EACH branch, with a corresponding solution for EACH problem. Problem Solution Sedibeng Tshwane Mogale City 9 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 (PAPER 2) 10712/24 3.4.1 Calculate the amount of VAT payable to SARS for the VAT period ended 31 July 2024. WORKINGS ANSWER 9 3.4.2 Ali insists that the laptop must be recorded as part of Baya Trader’s equipment, and R1 680 must be recorded as a VAT input in the business' books. Explain what you would say to Ali. Provide ONE point. 2 TOTAL MARKS 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 (PAPER 2) 10712/24 QUESTION 4 4.1 Differentiate between Cash Budget and Projected Income Statement. 2 4.2 DEBTORS' COLLECTION SCHEDULE CREDIT MONTHS MARCH APRIL SALES JANUARY 1 791 000 358 200 FEBRUARY 2 077 560 MARCH 2 520 000 598 500 APRIL CASH FROM DEBTORS 7 4.3 Calculate the previous salaries of each employee before the new employee was hired. WORKINGS ANSWER 3 4.4 Calculate the missing amount denoted by (i) to (iii) in the Cash Budget. WORKINGS ANSWER (i) (ii) (iii) 10 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 11 (PAPER 2) 10712/24 4.5 Billy has a new competitor that started operating in January 2024. He is concerned about the declining number of customers. Comment on sales and provide evidence (with figures or calculation) to justify Billy’s concern. 4 Explain how the business can expand its reach to customers in other provinces without opening new branches. Give ONE point with reason. EXPLANATION REASON 2 4.6 Billy is concerned that delivery expenses are not well controlled. Provide ONE reason to explain his concern. Quote figures. 3 Billy feels that it is important to use a fleet company to deliver goods sold. Provide TWO benefits of using an external delivery company. 4 TOTAL MARKS 35 TOTAL: 150 END

PREPARATORY EXAMINATION 2024 10712 ACCOUNTING PAPER 2 ANSWER BOOK 11 pages Downloaded from hlayiso.com