Accounting Grade 12 P2 Gauteng June 2024 Addendum (English)

Downloaded from hlayiso.com JUNE EXAMINATION GRADE 12 2024 ACCOUNTING (PAPER 2) ANSWER BOOK NAME AND SURNAME: NAME OF SCHOOL: LEARNER'S MODERATOR'S QUESTION TOPIC MARKS MARKS MARKS 1 Cost Accounting 60 2 Inventories 65 3 Fixed Assets 25 TOTAL 150 10 pages Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 (PAPER 2) GR12 0624 QUESTION 1: COST ACCOUNTING (60 marks; 48 minutes) 1.1 CONCEPTS 1.1.1 1.1.2 1.1.3 3 1.2 PERFECT EATS 1.2.1 Calculate: Raw materials (kg) issued to the factory WORKINGS ANSWER 2 Calculate: Total cost of raw materials issued to the factory WORKINGS ANSWER 3 1.2.2 PRODUCTION COST STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Prime cost 3 946 120 Total manufacturing cost Work in progress at the beginning of the year Work-in-progress at the end of the year Total cost of production of finished goods 15 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 (PAPER 2) GR12 0624 1.2.3 ABRIDGED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024 Sales Cost of sales Gross profit Other expenses Administration cost (890 700 Selling and distribution cost (2 145 000 Net profit for the year 13 1.2.4 Calculate: Total cost of wasted raw materials WORKINGS ANSWER 6 Give ONE point of advice on how the owner can recover this loss. 2 1.3 CLEAR WATER PRODUCERS 1.3.1 Determine the total number of extra units that need to be manufactured to reach the goal of increasing profits by R75 000 in the next financial year. WORKINGS ANSWER 4 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 (PAPER 2) GR12 0624 1.3.2 In 2024, the owner Solly intentionally made strategic decisions regarding variable costs to improve the business. Identify TWO costs that were effectively controlled, resulting in a positive impact on the business. COST REASON 6 1.3.3 The selling price increased by 12,5% from 2023 to 2024. Explain how this impacted on the performance of the business. Quote figures or calculations. 4 1.3.4 Explain to Solly why the fixed cost per unit decreased by R1,11 while the total fixed cost increased by R313 680. 2 60 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 (PAPER 2) GR12 0624 QUESTION 2: INVENTORIES (65 marks; 52 minutes) 2.1 CONCEPTS 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 5 2.2 LILY STATIONERS 2.2.1 Calculate the value of the closing stock using the first-in-first-out (FIFO) method of stock valuation on 29 February 2024. WORKINGS ANSWER 7 2.2.2 Calculate the cost of sales for the year ended 29 February 2024. Opening stock Purchases Carriage on purchases Cost of stock available for sale Closing stock Cost of sales 10 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 (PAPER 2) GR12 0624 2.2.3 Calculate the percentage mark-up achieved in 2024. WORKINGS ANSWER 5 2.2.4 Calculate the cost of sales using the weighted-average method. WORKINGS ANSWER 5 Give ONE reason why Lily thinks it would be beneficial to the business. 2 Give TWO reasons why the bookkeeper feels that this does not comply with the requirements of GAAP. 4 2.2.5 Provide TWO reasons why it is beneficial to support the local school by sponsoring calculators to them. 4 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 (PAPER 2) GR12 0624 2.2.6 Calculate the value of the closing stock for shredders. WORKINGS ANSWER 5 2.2.7 Even though security cameras are installed, the owner remains worried about potential theft within the LX Shredder (5 sheets, 6,8 mm) product line. Provide a calculation to prove the owner’s concern. WORKINGS ANSWER 5 Give TWO points of advice that Lily can implement to prevent this from occurring. 4 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 (PAPER 2) GR12 0624 2.3 PROBLEM-SOLVING PRODUCT PROBLEM RECOMMENDATION Automatic cordless vacuum cleaner Handheld vacuum cleaner Wet and dry handheld vacuum cleaner 9 65 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 (PAPER 2) GR12 0624 QUESTION 3: MANAGEMENT OF FIXED ASSETS (25 marks; 20 minutes) 3.1 (i) The purchase price of the Kia Truck WORKINGS ANSWER 2 (ii) The rate of depreciation WORKINGS ANSWER 3 (iii) Determine/Calculate the date of purchase. WORKINGS ANSWER 5 (iv) Depreciation for the year ended 29 February 2024 WORKINGS ANSWER 2 (v) Accumulated depreciation on 29 February 2024 WORKINGS ANSWER 2 (vi) Book/Carrying value on 29 February 2024 WORKINGS ANSWER 2 Please turn over

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 (PAPER 2) GR12 0624 3.2 Patrick van Wyk wants to know why it is important to have an asset register for the business. Give ONE reason. 1 3.3 Comment on the use and condition of the Kia Truck and how the business should manage this vehicle and why. 2 3.4 Patrick is concerned about the use of vehicles in the business. A number of vehicles have excess mileage and are in poor condition. The fuel expense is very high in Patrick’s opinion. Explain THREE internal control measures to manage the vehicles of the business more efficiently. 6 25 TOTAL: 150 END

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JUNE EXAMINATION GRADE 12 2024 ACCOUNTING (PAPER 2) ANSWER BOOK Downloaded from hlayiso.com