Economic And Management Sciences Grade 9 P1 2023 QP (Eng)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2023 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY PAPER 1 TIME: 1 hour MARKS: 70 9 pages and a 7-page answerbook 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 ATP. SECTION A: SHORT QUESTIONS QUESTION 1.1: Multiple-Choice questions (5) QUESTION 1.2: Matching items (5) QUESTION 1.3: Choose the correct word/term (5) [15] SECTION B: JOURNALS AND ACCOUNTING EQUATION QUESTION 2: Journals (20) QUESTION 3: Accounting equations (10) [30] SECTION C: LEDGERS AND TRIAL BALANCE QUESTION 4: General Ledger (8) QUESTION 5: Creditors' Ledger (7) QUESTION 6: Trial Balance (10) [25] 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 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 provided, e.g., 1.1.6 D. 1.1.1 Creditors' control can be classified as a/an … A expense. B current liability. C current asset. D non-current liability. (1) 1.1.2 BHS Wholesalers sells goods on credit to A. Money. A. Money is known as a … to the business. A payee B proprietor C debtor D creditor (1) 1.1.3 The … account normally has a debit balance. A stationery B capital C commission income D creditors' control (1) 1.1.4 Equipment purchased on credit will increase … A assets. B liabilities. C both assets and liabilities. D owner’s equity. (1) 1.1.5 An EFT was processed to Sumsurance on 25 October 2023. R3 900 was for the business's annual insurance premium and R1 400 for the owner’s home insurance. What amount will be recorded in the CPJ as insurance? A R5 300 B R3 900 C R1 400 D R9 200 (1) [5] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 4 (PAPER 1) GRADE 9 1.2 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 (1.2.1 to 1.2.5) in your ANSWER BOOK e.g. 1.2.6 G. COLUMN A COLUMN B 1.2.1 A debt that is repayable over a period A Double entry principle of more than a year B Equipment 1.2.2 Provides a summary of the amount owed to the business for goods sold C Mortgage bond on credit D Cash receipts journal 1.2.3 An expense account E Cost of sales 1.2.4 For every debit there must be an equal and corresponding credit F Debtors' Control 1.2.5 Increases the bank account [5] 1.3 CHOOSE THE CORRECT WORD/TERM Choose the correct word/term from within the brackets for each of the following statements. Write only the correct word/term in your ANSWER BOOK, e.g., 1.3.6 asset. 1.3.1 The money earned by a business for selling goods to customers is recorded as (current income/sales). (1) 1.3.2 Recording the details of a transaction on a source document is the first step in the (accounting cycle/accounting equation). (1) 1.3.3 The source document for rent received from a tenant is a (duplicate receipt/cash register roll). (1) 1.3.4 EFT is the acronym for (Electronic Financial Transactions/Electronic Funds Transfer). (1) 1.3.5 (Fixed/Current) assets are not purchased with the intention of reselling them at a profit. (1) [5] TOTAL SECTION A: 15 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 5 (PAPER 1) GRADE 9 SECTION B: JOURNALS AND ACCOUNTING EQUATION QUESTION 2: JOURNALS D. Disney owns Disney Stores. The business is run by D. Disney and two employees who each gets paid a wage. Disney Stores used to buy and sell toys for cash only. A few months ago, they decided to start buying and selling on credit as well. The business maintains a mark-up of 50% on cost. REQUIRED: 2.1 Use the information provided below to record the transactions for Disney Stores in the following journals for the month ending September 2023. Do not close the journals at the end of the month. 2.1.1 Cash Receipts Journal (5) 2.1.2 Cash Payments Journal (6) 2.1.3 Debtors' Journal (3) 2.1.4 Creditors' Journal (4) 2.2 Discuss ONE reason why the business decided to start selling goods on credit. (2) TRANSACTIONS: September 2023 6 Cash sales for the day amounted to R10 500. 8 Delivered goods to M. Mouse, R1 800 as per invoice number 36. 11 Paid Pluto R1 010 for repairs to the delivery vehicle. EFT 123 was processed. 14 Paid two weeks wages to the employees. Each employee earns R550 a week. 22 Purchased the following on account from D. Duck. (Invoice number 229) Merchandise, R7 200 Stationery, R360 25 Received R800 from M. Mouse as partial payment on his account. Issued receipt number 21. P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 6 (PAPER 1) GRADE 9 28 Paid D. Duck through EFT for half the amount owing from the purchase made earlier this month. [20] QUESTION 3: ACCOUNTING EQUATION Analyse the following transactions and show the effect that each one has on the accounting equation. No. Transaction e.g. Paid R1 000 for wages. 3.1 Goods costing R3 000 was sold on credit to Cinderella. A markup of 25% was maintained. 3.2 EFT 40 was processed as payment of R4 700 to Captain Hook in settlement of account. [10] TOTAL SECTION B: 30 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 7 (PAPER 1) GRADE 9 SECTION C: LEDGERS AND TRIAL BALANCE QUESTION 4: GENERAL LEDGER The following records were extracted from the books of VIVO Traders on 31 August 2023. REQUIRED: Use the information below to complete the following General Ledger accounts for the month ending 31 August 2023. 4.1 Trading Stock (8) Column totals in the subsidiary journals of VIVO Traders on 31 August 2023. Cash Receipts Journal of VIVO Traders – August 2023 CRJ1 Bank Sales Cost of sales Debtors' Sundry control Accounts 251 600 109 800 73 200 2 800 139 000 Cash Payments Journal of VIVO Traders – August 2023 CPJ1 Bank Trading stock Stationery Wages Sundry Accounts 117 500 ? 1 500 4 000 40 500 Debtors' journal of VIVO Traders – August 2023 DJ1 Sales Cost of Sales 72 000 48 000 Creditors' Journal of VIVO Traders – August 2023 CJ1 Bank Trading stock Stationery Equipment Sundry Accounts 82 200 51 000 1 200 30 000 [8] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 8 (PAPER 1) GRADE 9 QUESTION 5: CREDITORS' LEDGER Refer to the incomplete creditors' ledger below and answer the questions that follow. Creditors' Ledger of VW Traders for the month ended October 2023 POLO Stores CL1 DATE Details Fol. Debit Credit Balance Oct 2023 1 Balance b/d 1 240 Oct 2023 9 (A) No. 46 DJ 5 360 (B) Oct 2023 13 (A) No. 61 DJ (C) Oct 2023 25 EFT 74 CPJ ? ? (D) 5.1 Provide the detail/source document labelled (A). (1) 5.2 Calculate the balance labelled (B). (1) 5.3 For the transaction dated the 13th, the business purchased goods to the value of R3 900 and received a 10% trade discount on this purchase. Calculate the amount labelled (C). (2) 5.4 On the 25th, the business settled its account in full. What is the balance labelled (D)? (1) 5.5 The creditor sends a statement to the business at the end of the month reflecting the amount owing. Explain why it is still necessary for the business to draw up their own account for the creditor in the creditors' ledger. (2) [7] P.T.O.

Downloaded from hlayiso.com QUESTION 6: TRIAL BALANCE The bookkeeper of Golf Stores is ill. T. Woods, the owner, has asked you to assist him in drawing up the Trail Balance for his business for the month of September 2023. REQUIRED: 6.1 Identify the missing heading labelled (A) on the answer sheet. (1) 6.2 Using the information provided below and draw up the Trial Balance for the month ended September 2023. Some of the information has already been completed for you. (9) INFORMATION: Water and electricity 2 920 Telephone 1 590 Sales 20 500 Equipment 15 250 Rent income 2 500 Cost of sales 16 400 Drawings 8 700 Capital 72 000 (see note below) Bank 12 480 Creditors' control 4 890 Trading Stock 15 550 Note: The following error was not corrected. The owner increased his capital by R25 000 in March. This was however recorded as R52 000. [10] TOTAL SECTION C: 25 TOTAL: 70 END