Economic And Management Sciences Grade 9 P1 Gauteng June 2024 QP

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2024 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY (PAPER 1) TIME: 1 hour MARKS: 50 7 pages P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 2 (PAPER 1) GRADE 9 INSTRUCTIONS AND INFORMATION 1. This question paper consists of Sections A, B and C (Financial Literacy topics) and is based on the prescribed content framework in the CAPS amendment document and the 2023/24 ATP. SECTION A: SHORT QUESTIONS QUESTION 1.1: Matching items (5) QUESTION 1.2: Choose the correct word (5) [10] SECTION B: THEORY, ANALYSIS OF TRANSACTIONS, JOURNALS AND DEBTOR’S LEDGER QUESTION 2: Credit Transactions – Theory and Analysis of Transactions (10) QUESTION 3: Journals and Debtors' Ledger (15) [25] SECTION C: GENERAL LEDGER AND TRIAL BALANCE QUESTION 4: General Ledger (8) QUESTION 5: Trial Balance (7) [15] 2. ALL questions are compulsory. 3. Answer ALL questions in the ANSWER BOOK provided. 4. Write neatly and legibly. P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 3 (PAPER 1) GRADE 9 SECTION A: SHORT QUESTIONS QUESTION 1 1.1 MATCHING ITEMS Choose a term in COLUMN B that best matches the description in COLUMN A. Write only the letter (A – G) next to the question number (1.1.1 to 1.1.5) in your ANSWER BOOK e.g. 1.1.6 H. COLUMN A COLUMN B 1.1.1 Resells goods at a higher price to make a A Trial Balance profit B Expenses 1.1.2 For every debit entry there must be an equal and corresponding credit entry. C Credit sales 1.1.3 Entries from this column are posted to the D Trading business general ledger on the date the transaction occurred. E Analysis of receipts 1.1.4 Decreases owners’ equity on the debit side F Sundry accounts 1.1.5 Payment for goods sold will be received at a G Double entry principle later stage. (5 x 1) (5) 1.2 CHOOSE THE CORRECT WORD Choose the correct word/term from within brackets. Write only the correct word next to the question numbers (1.2.1 to 1.2.5) in your ANSWER BOOK e.g. 1.2.6 receipt. 1.2.1 A (bank overdraft/mortgage bond) is classified as a non-current liability. (1) 1.2.2 The (bank statement/EFT) is a source document that can be used in both the CRJ and CPJ. (1) 1.2.3 (Merchandise/Consumables) purchased will be recorded in the Trading Stock column. (1) 1.2.4 (Assets/Expenses) are recorded in the Balance Sheet Accounts Section. (1) 1.2.5 The (credit limit/credit record) indicates the maximum amount that a debtor can owe to the business. (1) (5) TOTAL SECTION A: 10 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 4 (PAPER 1) GRADE 9 SECTION B: THEORY, ACCOUNTING EQUATION AND JOURNALS QUESTION 2: CREDIT TRANSACTIONS – THEORY AND ANALYSIS OF TRANSACTIONS The invoice below refers to a credit sale transaction where the business sold goods at a mark-up of 60%. Study the source document and answer the questions that follow. INVOICE INV NO: 31 TO: G Smith 44 Cricket Avenue 10 Protea Street Johannesburg Pretoria 1000 1050 Date:15 April 2024 SA SPORTS STORES Quantity Unit Price Amount R 20 T-shirts R240 4 800 50 Caps R56 2 800 2 Flags R448 896 TOTAL 8 496 Terms: 30 days Special instructions: None E&OE 2.1 Identify the debtor in the above transaction. (1) 2.2 State the law which protects both the business and the consumer in the above transaction. (1) 2.3 Suggest ONE practice which the business can put in place to get the debtor to pay on time. (2) 2.4 Analyse the transaction from the source document above and show the effect that it has on the accounting equation. (Follow the example and columns as set out in the table in the ANSWER BOOK). (6) [10] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 5 (PAPER 1) GRADE 9 QUESTION 3: JOURNALS AND DEBTORS' LEDGER R. Dahl is the owner of Dahl Book Stores. He buys and sells published books. The business normally uses a mark-up of: • 75% on cash sale transactions and • 100% on credit sale transactions REQUIRED: 3.1 Use the information provided below to record the transactions for Dahl Book Stores in the following journals and ledger for the month ending May 2024. Do NOT close off the journals at the end of the month. 3.1.1 Cash Receipts Journal (4) 3.1.2 Cash Payments Journal (4) 3.1.3 Debtors' Journal (3) 3.1.4 Debtors' Ledger – Show only how the transaction dated the 27th will be recorded in the Debtors Ledger account of E. Blyton. (2) 3.2 The business did not achieve its intended mark-up of 75% for the transaction dated the 11th. Show a calculation to justify this. (2) TRANSACTIONS May 2024 3 Processed EFT 132 for R6 100 as payment to Goosebump Traders. R5 400 was for trading stock and the balance was for printing paper. 11 Cash sales of merchandise according to the cash register roll, R7 000 (Cost price R4 375). 15 Invoice no. 39 was issued to E. Blyton for goods sold on credit to him, R2 600. 20 A stop order for R3 200 reflected on the bank statement as the monthly salary payment of the bookkeeper, J. Rowling. 27 E. Blyton paid 30% of the amount from the transaction dated the 15 th. Receipt no. 24 was issued. [15] TOTAL SECTION B: 25 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 6 (PAPER 1) GRADE 9 SECTION C: GENERAL LEDGER AND TRIAL BALANCE QUESTION 4: GENERAL LEDGER The following records were extracted from the books of NEF Wholesalers on 31 March 2024. REQUIRED: Use the information below to complete the following General Ledger accounts for the month ending 31 March 2024. 4.1 Bank (Balance indicated the Bank account) (4) 4.2 Cost of sales (4) Column totals in the subsidiary journals of NEF Wholesalers on 31 March 2024. Cash Receipts Journal of NEF Wholesalers – March 2024 CRJ1 Bank Sales Cost of sales Debtors' control Sundry accounts ? 79 857 27 760 11 780 60 000 Cash Payments Journal of NEF Wholesalers – March 2024 CPJ1 Bank Trading Stationery Wages Sundry accounts stock 127 882 58 890 11 316 21 560 36 116 Debtors' Journal of NEF Wholesalers – March 2024 DJ1 Sales Cost of sales 45 780 13 941 [8] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 7 (PAPER 1) GRADE 9 QUESTION 5: TRIAL BALANCE The following Trial Balance has been extracted from the books of Savoy Traders. The bookkeeper has fallen ill and the owner, Joy Savoy, is struggling to complete the Trial Balance for the month of February 2024. REQUIRED: 5.1 Use the additional information provided below to assist you to complete the Trial Balance for Savoy Traders for the month ended February 2024. INFORMATION Trial balance of Savoy Traders for February 2024 Fol. Debit Credit BALANCE SHEET ACCOUNTS SECTION Capital B1 B2 Vehicles B3 75 000 Trading stock B4 27 500 Debtors' control B5 15 250 Bank B6 55 975 NOMINAL ACCOUNTS SECTION Sales N1 Cost of sales N2 75 000 Rent income N3 36 000 Wages N4 15 000 Sundry expenses N5 2 050 Additional Information: • The owner’s capital contribution at the beginning of February was R120 000. She had increased her capital contribution to R140 000. • To date, the owner had taken R8 000 cash for personal use. • The business uses a mark-up of 33⅓% on all sales transactions. • An amount of R2 200 for Stationery was excluded from the Sundry expenses. [7] TOTAL SECTION C: 15 TOTAL: 50 END