Economic And Management Sciences Grade 9 P1 2022 QP (Eng)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2022 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY (PAPER 1) TIME: 1 hour MARKS: 70 7 pages P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 2 (PAPER 1) GRADE 9 INSTRUCTIONS AND INFORMATION 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 RATP. SECTION A: SHORT QUESTIONS QUESTION 1.1: Multiple-choice (5) QUESTION 1.2: Complete the sentences (5) QUESTION 1.3: Matching Items (5) [15] SECTION B: JOURNALS, ACCOUNTING EQUATION AND DEBTORS' LEDGER QUESTION 2: Accounting Equation (11) QUESTION 3: Journals and Debtors' Ledger (17) [28] SECTION C: GENERAL LEDGER AND TRIAL BALANCE QUESTION 4: General Ledger (18) QUESTION 5: Trial Balance (9) [27] 1. All questions are compulsory. 2. Answer all questions in the ANSWER BOOK provided. 3. Write neatly and legibly. P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 3 (PAPER 1) GRADE 9 SECTION A QUESTION 1 1.1 MULTIPLE-CHOICE QUESTIONS Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A – D) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK e.g., 1.1.6 E. 1.1.1 Life has changed and so has the way people choose to pay for goods and services. Which of the following is the easiest and most frequently used method of payment? A Cash B EFT C Cheque D Promissory notes (1) 1.1.2 Posting to the ledgers is the fourth step in the … A accounting cycle. B accounting equation. C financial year. D General Ledger. (1) 1.1.3 The __________ Account provides a summary of the total amount owed by customers to whom goods were sold on credit. A Trading Stock B Sales C Creditors' Control D Debtors' Control (1) 1.1.4 All transactions affect more than one account in the General Ledger. This is referred to as the ... principle. A money market B double entry C subsidiary journal D accounting cycle (1) 1.1.5 Businesses take risks by selling goods on credit. What is the major risk that they are taking? A Goods will perish. B Debtors may not pay. C The business may not have money to buy stock in future. D No cash in the business. (1) [5] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 4 (PAPER 1) GRADE 9 1.2 COMPLETE THE SENTENCES Use the words in the block (word bank) below to complete the following sentences. Write only the answer next to the question numbers (1.2.1 to 1.2.5) in the ANSWER BOOK e.g., 1.2.6 telephone. assets; discount; invoice; credit; bank; Subsidiary Journal; General Ledger; Analysis of Receipts; transaction; Trial Balance; receipt; debit 1.2.1 All monies received and paid by the business is done through the business’s __________ account. (1) 1.2.2 ____________is a motivation to debtors to pay or settle their debt in time. (1) 1.2.3 A payment to a creditor will decrease liabilities on the _______ side. (1) 1.2.4 The source document issued to a customer when goods are bought on credit is called a/an ___________. (1) 1.2.5 All possessions of the business used to generate income are known as ______. (1) [5] 1.3 MATCHING ITEMS Choose a term in COLUMN B that matches the description in COLUMN A. Write only the letter (A – F) next to the question numbers (1.3.1 to 1.3.5) in the ANSWER BOOK e.g., 1.3.6 G. COLUMN A COLUMN B 1.3.1 Suppliers from which a business buys goods on A Drawings credit B Creditor 1.3.2 Goods taken by the owner for personal use from the business C Trading stock 1.3.3 The main aim of starting a business D Capital 1.3.4 Protects the customer in the credit market and makes credit and banking services more E NCA accessible F Profit-making 1.3.5 The money the owner invests in the business [5] TOTAL SECTION A: 15 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 5 (PAPER 1) GRADE 9 SECTION B: JOURNALS, ACCOUNTING EQUATION AND DEBTORS' LEDGER QUESTION 2: ACCOUNTING EQUATION Analyse the following transactions and show the effect that each one has on the accounting equation. No. Transaction e.g. Paid salaries via EFT, R10 000. 6 Purchased office equipment, R5 000 from Ndaba and paid using the banking application on the business's cell phone. 12 Merchandise costing R6 000 with a mark-up of 30% was sold to R. Ross on credit. [11] QUESTION 3: JOURNALS AND DEBTORS' LEDGER Use the transactions below to prepare the following for Founders Traders, for the month ending October 2022. REQUIRED: 3.1 Cash Receipts Journal for the month ended October 2022 (5) 3.2 Cash Payments Journal for the month ended October 2022 (3) 3.3 Debtors' Journal for the month ended October 2022 (3) 3.4 Creditors' Journal for the month ended October 2022 (2) 3.5 Debtors' Ledger of P. Naidoo (4) TRANSACTIONS 3 The business is in financial need, and the owner, Mr Parker, cannot access a bank due to public holidays and banks that are closed. He transferred R20 000 from his personal account to the business account as an investment to the business. R5 000 of the transfer was then paid to B. Frances, a creditor. 6 Received Invoice 20 from Mawela Traders for trading stock purchased from him for R2 500. On the same day Invoice 6 was issued to P. Naidoo for trading stock sold to him for R3 000. 17 Received a notification from the bank for R1 500 received from P. Naidoo as part payment towards his account. [17] TOTAL SECTION B: 28 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 Emma Stores on 30 June 2022. REQUIRED: 4.1 Use the information below to complete the following General Ledger accounts: 4.1.1 Bank (opening balance) R10 000 (Dr) (5) 4.1.2 Trading stock (opening balance) R50 000 (9) 4.1.3 Sales (4) Column totals in the subsidiary journals on 30 June 2022. Cash Receipts Journal of Emma Stores – June 2022 CRJ1 Bank Sales Cost of Sales Debtors' Control Sundry Accounts R88 500 R65 000 R39 000 R17 000 R6 500 Cash Payments Journal of Emma Stores – June 2022 CPJ1 Bank Trading stock Wages Creditors' Control Stationery Sundry Accounts R50 200 R6 200 R3 400 R23 400 R650 R16 550 Debtors’ Journal of Emma Stores – June 2022 DJ1 Sales Cost of Sales R15 000 R9 000 Creditors' Journal of Emma stores – June 2022 CJ1 Creditors' Control Trading Stock Equipment Stationery Sundry Accounts R30 680 R18 400 R9 400 R1 280 R1 600 [18] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 7 (PAPER 1) GRADE 9 QUESTION 5: TRIAL BALANCE An inexperienced bookkeeper prepared the following Trial Balance. The owner is concerned as some mistakes were discovered. LION'S DEN (Hint: Some accounts are recorded in the incorrect section and some amounts are recorded on the incorrect side.) INSTRUCTIONS: 5.1 Compile the correct Trial Balance in your ANSWER BOOK. (7) 5.2 Calculate the missing amounts that are indicated at A and B. (2) Trial Balance of Lion’s Den for November 2022 Debit Credit BALANCE SHEET ACCOUNTS SECTION Capital A Drawings 4 160 Land and Buildings 192 000 Vehicles 134 000 Trading Stock 18 300 Water and Electricity 14 000 Creditors' Control 19 600 Cost of Sales 70 000 NOMINAL ACCOUNTS SECTION Debtors' Control 6 420 Bank (Dr) 26 180 Sales 220 000 Rent Income 35 000 Stationery 4 540 Salaries 40 000 509 600 B [9] TOTAL SECTION C: 27 TOTAL: 70 END