Economics Grade 9 Paper 1 Gauteng June 2023 Memo (English)

PROVINCIAL EXAMINATION JUNE 2023 GRADE 9 MARKING GUIDELINES ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY PAPER 1 7 pages

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 SECTION A: SHORT QUESTIONS QUESTION 1 1.1 MULTIPLE-CHOICE QUESTIONS 1.1.1 D current asset  1.1.2 C debtor  1.1.3 A mark-up  1.1.4 B R5 000  1.1.5 B National Credit Act  (5 x 1) 5 1.2 MATCHING ITEMS 1.2.1 E 1.2.2 B 1.2.3 F 1.2.4 G 1.2.5 C (5 x 1) 5 TOTAL SECTION A: 10 2

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 SECTION B: ACCOUNTING EQUATION AND JOURNALS QUESTION 2: ACCOUNTING EQUATION No. Account Account Amount Effect on the accounting equation debited credited A OE L e.g. Stationery Bank 500 - - 2.1 Bank Sales 4 000  + + Cost of Trading 2 500  - - sales  Stock  2.2 Bank Debtors' 1 800 + Control  -  [9] 3

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 QUESTION 3: JOURNALS 3.1.1 Cash Receipts Journal of Red Hot Dealz for March 2023 CRJ 1 Doc. Day Details Fol. Analysis Bank Sales Cost Debtors' Sundry Accounts no of of sales control receipts Amount Details CRR 5 Cash 5 250 5 250 5 250  3 000   32 25 B. Baloyi 4 630 4 630  4 630  (7) 3.1.2 Cash Payments Journal of Red Hot Dealz for March 2023 CPJ1 Doc. Day Details Bank Trading Stationery Wages Sundry Accounts no Stock Amount Details EFT 11 FM Suppliers 3 625 3 625  72 BS 15 FIN Surance 1 000 1 000 Insurance  * (3) * 1 mark awarded for both entries if source documents are correct. 3.1.3 Debtors' Journal of Red Hot Dealz for March 2023 DJ1 Doc. Day Details Fol. Sales Cost of sales no 23 9 B. Baloyi 4 375  2 500  (3) 4

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 3.2 Answer the following questions. 3.2.1 Complete the following statement by filling in the missing word. The money that Mr Reddy takes from the business to buy gifts for his grandchildren should be recorded as drawings . (1) 3.2.2 Identify TWO things that Mr Reddy must consider before allowing a customer to buy on account.  A credit check must be performed to identify if the person is creditworthy.   A credit limit must be set on the account.   A credit payment term must be set. (2) (Any 2 for 1 mark each.) [16] TOTAL SECTION B: 25 5

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 SECTION C: GENERAL LEDGER AND TRIAL BALANCE QUESTION 4: GENERAL LEDGER General Ledger of Tabby Wholesalers for April 2023 4.1 Dr Debtors' Control B6 Cr Date Details Fol. Amount Date Details Fol. Amount 2023 30 Sales  DJ 3 015  2023 30 Bank CRJ 1 290 April April (3) 4.2 Dr Sales N1 Cr Date Details Fol. Amount Date Details Fol. Amount 2023 30 Bank  CRJ 14 000 April  Debtors' DJ 3 015 Control   (5) [8] 6

ECONOMIC AND MANAGEMENT MARKING GUIDELINES SCIENCES (Paper 1) GRADE 9 QUESTION 5: TRIAL BALANCE 5.1 Trial Balance of VIP Traders for May 2023 Fol. Debit Credit BALANCE SHEET ACCOUNTS SECTION Capital B1 156 000 Drawings B2 8 000 Land and buildings B3 95 000 Equipment B4 20 000 Debtors' control B5 15 500 Bank B6 20 043 Trading Stock B7  52 000 NOMINAL ACCOUNTS SECTION Sales N1 240 000 Cost of sales N2 160 000 Rent income N3 6 000 Water and electricity N4 5 495 Sundry expenses N5 4 962 Salaries and Wages N6 21 000 402 000 * 402 000 (5) N.B. – Marks must be awarded only if both the correct details and the amount are on the correct side. * – Award 1 method-mark only if both the TOTAL amounts are the same. 5.2 Calculation: Sales – Cost of sales x 100 Cost of sales 1 = 240 000 – 160 000 160 000  Answer: 50%  (2) N.B.  Award 2 marks if both the answer and the calculation are correct.  Award 1 mark only if only the answer is correct, but the calculation is either incorrect or not shown. [7] TOTAL SECTION C: 15 TOTAL: 50 7