Accounting Grade 10 Gauteng November 2017 Addendum (English)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2017 GRADE 10 ACCOUNTING ANSWER BOOK NAME OF SCHOOL: ____________________________________ NAME OF LEARNER: ___________________________________ MARKS MARKS QUESTION TOPIC MARKS OBTAINED MODERATED 1 Analysis of transactions 44 2 Debtors’ Reconciliation 40 3 Income Statement and Notes 88 4 Note ‘Tangible assets’ 38 5 Balance Sheet 30 6 Analysis and Interpretation 40 VAT, Manufacturing and 7 20 Budgets TOTAL 300 10 pages P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 2 QUESTION 1 44 MARKS TRANSACTION ANALYSIS General Ledger Accounting equation No Source document Account Account A OE L debited credited e.g Original invoice Stationery Creditors’ 0 - 500 + 500 Control 1 2 3 4 5 6 44 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 3 QUESTION 2 40 MARKS DEBTORS’ RECONCILIATION GENERAL LEDGER OF SOHO TRADERS BALANCE SHEET ACCOUNTS SECTION Dr DEBTORS’ CONTROL Cr 19 List of debtors at 30 September 2017 DEBTOR Debit S Cronje 6 500 00 P Diane G Tloubatla M Shumi R Coetzee P Moila T Kgaka 21 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 4 QUESTION 3 88 MARKS INCOME STATEMENT AND NOTES SAMANTHA DISTRIBUTORS INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017 Sales Cost of Sales Gross Profit Operating Income Discount Received 9 280 Rent Income Gross Operating Income Operating Expenses Discount Allowed Salaries and wages Bad Debts Bank Charges Insurance Telephone Operating Profit Profit Before Interest Expense Interest Expense (13 500) Net Profit 65 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 5 TRADE AND OTHER RECEIVABLES Trade Debtors Prepaid Expense Accrued Income 11 TRADE AND OTHER PAYABLES Trade Creditors 45 000 Income Received in Advance / Deferred Income Accrued Expenses SARS - PAYE Pension Fund Medical Aid Unemployment Insurance Fund Creditors for Salaries 12 QUESTION 4 38 MARKS TANGIBLE ASSETS 4.1 Total Depreciation on Vehicles Answer OLD NEW 5 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 6 4.2 Total Depreciation on Equipment Answer OLD NEW 5 4.3 NOTE 3 : FIXED / TANGIBLE ASSETS LAND AND BUILDINGS VEHICLES EQUIPMENT Carrying value at the beginning of 240 000 161 500 50 400 the year Cost Accumulated Depreciation MOVEMENTS Additions at cost Depreciation Carrying value at the end of the year Cost Accumulated Depreciation 20 4.4.1 Indicate the amount that will be recorded in the financial (2) statements on 30 June 2017 4.4.2 Name the GAAP principle that is applicable to Question 4.4.1. (2) P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 7 4.5 State TWO internal control measures that can be put in place to reduce the misuse of the delivery vehicle by the driver. (4) QUESTION 5 30 MARKS BALANCE SHEET LIVINGSTONE SUPPLIERS BALANCE SHEET AT 28 FEBRUARY 2017 ASSETS Non-Current Assets Fixed / Tangible Assets 947 180 Financial Assets Current Assets TOTAL ASSETS EQUITY AND LIABILITIES 630 800 Non-Current Liabilities Current Liabilities TOTAL EQUITY AND LIABILITIES P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 8 QUESTION 6 40 MARKS 6.1 CONCEPTS [6] The information provided below is incorrect, use the table provided to reclassify. Liquidity Profitability Return 6.2 ANALYSIS AND INTERPRETATION [34] 6.2.1 Calculate the Mark-up % 3 6.2.2 Comment on the change in the Mark up %. __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 2 6.2.3 Calculate % Operating Expenses on Sales for 2017. 3 6.2.4 Should the owner be satisfied with the % operating expenses on sales? 3 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 9 6.2.5 Calculate the Solvency Ratio for 2017. 4 6.2.6 Calculate the Current Ratio for 2017. 3 6.2.7 Calculate the Acid Test Ratio for 2017. 4 6.2.8 Comment on the liquidity of the business. 4 6.2.9 Calculate % Return on Equity for 2017. 5 Comment on the return on equity. Should the owner be satisfied with 6.2.10 the return? 3 40 P.T.O

Downloaded from hlayiso.com ACCOUNTING GRADE 10 10 QUESTION 7 7.1 VAT 7.1.1 7.1.2 7.1.3 7.1.4 7.1.5 7.1.6 7.1.7 7.2 MANUFACTURING 7.2.1 7.2.2 7.2.3 7.2.4 7.2.5 7.2.6 7.3 BUDGETS 7.3.1 7.3.2 7.3.3 7.3.4 7.3.5 7.3.6 7.3.7 20 TOTAL: 300 END