Economic And Management Sciences Grade 9 P1 2024 Memo (Eng)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2024 GRADE 9 MARKING GUIDELINES ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY (PAPER 1) 7 pages

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 SECTION A: SHORT QUESTIONS QUESTION 1 1.1 MATCHING ITEMS 1.1.1 D Trading business ✓ 1.1.2 G Double entry principle ✓ 1.1.3 F Sundry accounts ✓ 1.1.4 B Expenses ✓ 1.1.5 C Credit sales ✓ (5 x 1) (5) 1.2 CHOOSE THE CORRECT WORD 1.2.1 mortgage bond ✓ 1.2.2 bank statement ✓ 1.2.3 Merchandise ✓ 1.2.4 Assets ✓ 1.2.5 credit limit ✓ (5 x 1) (5) TOTAL SECTION A: 10 2

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 SECTION B: THEORY, ACCOUNTING EQUATION AND JOURNALS QUESTION 2: CREDIT TRANSACTIONS – THEORY AND ANALYSIS OF TRANSACTIONS 2.1 Identify the debtor in the above transaction. G Smith ✓ (1) 2.2 State the law which protects both the business and the consumer in the above transaction. National Credit Act ✓ (1) 2.3 Suggest ONE practice which the business can put in place to get the debtor to pay on time. • Grant discount for early payments ✓✓ • Charge interest/penalties on overdue accounts (late payments) • Send out reminders to the debtor to pay his/her account (call, email, messages, etc.) (Any ONE of the above) (2) 2.4 Analyse the transaction from the source document and show the effect that it has on the accounting equation. No. Account Account credited Amount Effect on the accounting debited equation A OE L 2.4 Debtors' Sales 8 496 + + Control ✓ Cost of sales Trading Stock 5 310 ✓ ✓✓ -✓ -✓ (6) [10] 3

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 QUESTION 3: JOURNALS AND DEBTORS' LEDGER 3.1.1 Cash Receipts Journal of Dahl Book Stores for May 2024 CRJ 1 Doc. Day Details Fol. Analysis of Bank Sales Cost Debtors' control Sundry accounts no. receipt of sales Amount Details CRR 11 Cash 7 000 7 000 7 000 ✓ 4 375 ✓ 24 27 E. Blyton 780 780 780 ✓✓ (4) 3.1.2 Cash Payments Journal of Dahl Book Stores for the month – May 2024 CPJ1 Doc. Day Details Bank Trading stock Stationery Wages Sundry accounts no. Amount Details EFT 3 Goosebump 6 100 5 400 ✓ 700 ✓ 132 Traders BS 20 J. Rowling 3 200 3 200 ✓ Salary ✓ (4) 3.1.3 Debtors' Journal of Dahl Book Stores for May 2024 DJ1 Doc. Day Details Fol. Sales Cost of sales no. 39 15 E. Blyton 2 600 ✓ 1 300 ✓✓ (3) 4

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 3.1.4 Debtors' Ledger of Dahl Book Stores E. Blyton D1 Date Details Fol. Debit Credit Balance 2024 27 Receipt No 24 ✓ CRJ 780 * May *- refer to transaction dated 24th in the CRJ (2) 3.2 The business did not achieve its intended mark of 75% for the transaction dated the 11th. Show a calculation to justify this. 7 000 – 4 375 = 2 625 ✓ 2 625 x 100 = 4 375 1 = 60% ✓ (2) [15] TOTAL SECTION B: 25 5

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 SECTION C: GENERAL LEDGER AND TRIAL BALANCE QUESTION 4: GENERAL LEDGER General ledger of NEF Wholesalers for March 2024 4.1 Dr Bank B5 Cr Date Details Fol. Amount Date Details Fol. Amount 2024 1 Balance b/d 23 100 2024 31 Total CPJ 127 882 March March Payments ✓ 2024 31 Total CRJ 151 637 Balance c/d 46 885 March receipts ✓✓ 174 737 174 737 2024 1 Balance b/d 46 885 April * *- both balance c/d and balance b/d must be the same and balanced correctly (4) 4.2 Dr Cost of Sales N2 Cr Date Details Fol. Amount Date Details Fol. Amount 2024 31 Trading CRJ 27 760 ✓ March stock ✓ Trading DJ 13 941 ✓ stock ✓ (4) [8] 6

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES MARKING GUIDELINES (PAPER 1) GRADE 9 QUESTION 5: TRIAL BALANCE 5.1 Trial balance of Savoy Traders for February 2024 Fol. Debit Credit BALANCE SHEET ACCOUNTS SECTION Capital B1 140 000 ✓ Drawings ✓ B2 8 000 ✓ Vehicles B3 75 000 Trading stock B4 27 500 Debtors' control B5 15 250 Bank B6 55 975 NOMINAL ACCOUNTS SECTION Sales N1 99 975 ✓✓ Cost of sales N2 75 000 Rent income N3 36 000 Wages N4 15 000 Sundry expenses N5 4 250 ✓ 275 975 275 975 * [7] * - Award the 1 method mark if both the totals are the same TOTAL SECTION C: 15 TOTAL: 50 7