Gr10 Acc (English) June 2016 Question Papers hlayiso.com

Downloaded from hlayiso.com testpapers.co.za GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2016 GRADE 10 ACCOUNTING TIME: 120 minutes MARKS: 200 7 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 2 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING TIME: 120 minutes MARKS: 200 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1 Answer ALL the questions. 2 A special ANSWER BOOK is provided in which to answer ALL the questions. 3 Workings must be shown in order to achieve part-marks. 4 Non-programmable calculators may be used. 5 You may use a dark pencil or blue/black ink to answer the questions. 6 Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARK TIME Accounting Concepts and Analysis 1 65 39 min of Transactions 2 Salaries 30 16 min 3 Journals and Control Accounts 95 55 min 4 Loans and Interest 10 10 min TOTAL 200 120 min ` P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 3 QUESTION 1 ACCOUNTING CONCEPTS AND (65 marks; 39 minutes) ANALYSIS OF TRANSACTIONS QUESTION 1.1 ACCOUNTING CONCEPTS REQUIRED: 1.1 Match the description in COLUMN A to the items provided in COLUMN B. Write only the letter A – E next to the question number 1.1.1 – 1.1.5. (10) COLUMN A COLUMN B 1.1.1 Owner’s contribution to start A Trial Balance up the business 1.1.2 List of balances from the B Ethics General Ledger 1.1.3 Subsidiary Journal used to C Source Documents record minor payments 1.1.4 Beliefs that distinguish right or D Capital wrong 1.1.5 ______ are used to prepare E Petty Cash Journal Subsidiary Journals. QUESTION 1.2 ANALYSIS OF TRANSACTIONS REQUIRED: 1.2 Analyse the transactions of Fashion Boutique. Assume that the bank balance is favourable at all times. The business uses a mark-up of 70% on cost. 1.2.1 The bank statement reflected a total of R270 as bank charges. (5) 1.2.2 The bank statement reflected a deposit of R30 000 from FBN bank as a loan. (5) 1.2.3 Purchased merchandise on credit from Atlantic Traders for R10 700 subject to a trade discount of 10% (7) 1.2.4 Received a cheque for R3 150 from M. Naidoo in full settlement of his account. He was given a settlement discount of 10% on the amount owing. (12) 1.2.5 The petty cashier used R960. The petty cash imprest amount is R1 200. Issued cheque to restore imprest amount. (5) 1.2.6 Received R1 800 from H. May, a debtor. His account had previously been written off as irrecoverable. (5) P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 4 1.2.7 Invested R12 000 into a Fixed Deposit account at CB Bank at 18% p.a. interest, via EFT. (4) 1.2.8 The bank returned M. Sony’s cheque as unpaid. The cheque of R5 490 was received in settlement of his account of R5 660. (12) QUESTION 2 SALARIES (30 marks; 16 minutes) The information provided below was extracted from the books of Mzansi Plastics for the month of May 2016. REQUIRED: 2.1 Complete the Salaries Journal on 31 May 2016. (10) 2.2 Indicate what amount would be paid to the Pension Fund for May 2016. (3) 2.3 Indicate what amounts would be debited to the Salaries and Medical Aid Contributions accounts in the General Ledger on 31 May 2016. (3) 2.4 2.4.1 Analyse the salary scale of Omni in the columns provided in the answer book. 2.4.2 Indicate in which year Omni was employed if he started with a salary of R140 400 per year. 2.4.3 Give ONE possible reason why Omni was not appointed on the starting level of his salary scale. 2.4.4 What is Omni’s salary notch for 2016? (12) 2.5 Sherwin requested that his bonus be paid to him in cash and that it not be reflected on his salary advice slip. State ONE reason why this should not be done. (2) P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 5 INFORMATION: Employees 1. Details Omni Musi Sherwin Basic monthly salary R 14 400 R 12 000 R 13 000 Bonus - - R 6 500 Deductions PAYE R 1 400 R 1 000 R 1 200 Medical Aid R 1 000 R 800 R 900 Pension Fund 8% of basic salary for all employees UIF (1% of basic salary) 1% of basic salary for all employees 2. Contributions by the employer  Pension: 11% of basic salary  Medical aid: Rand-for-Rand Basis  UIF: 1% of basic salary 3. Omni is an Asset Manager at Mzansi Plastics. Omni’s salary scale is as follows: R135 200 x R5 200 – R150 800 x R11 000 – R194 800 Omni’s salary is R14 400 per month as from 1 January 2016. QUESTION 3 JOURNALS AND CONTROL ACCOUNTS (95 marks; 55 minutes) The information presented below was drawn from the books of Super Traders. REQUIRED: 3.1 State whether each of the following statements is TRUE or FALSE. (10) 3.1.1 Internal control processes assist in safeguarding the assets of the business. 3.1.2 The balance on the Debtors’ Control account does not have to be equal to the total of the Debtors’ List. 3.1.3 Physical stock taking is carried out to verify the balance of trading stock on the Trading Stock account. 3.1.4 Cash discounts are offered to debtors who settle their accounts on time. 3.1.5 Trade discounts are offered to bulk buyers and this increases the mark-up of the business. P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 6 3.2 Complete the General Journal for April 2016. Narrations are not necessary. (33) 3.3 Prepare the following General Ledger accounts: 3.3.1 Debtors’ Control (Balance on 1 April 2016 – R24 900) (16) 3.3.2 Creditors’ Control (Balance on 1 April 2016 – R21 350) (16) 3.3.3 Trading Stock (Balance on 1 April 2016 – R38 460) (20) INFORMATION: 1. Information for completing the General Journal for April 2016: Day Transaction: 5 Dealer Co (a creditor) charged the overdue account of the business with 15% p.a. interest for four months. The business owes R5 100 to Dealer Co. 7 Charge 10% p.a. interest on the outstanding account of M Moleki, a debtor. His account of R1 700 is outstanding for 6 months. 9 The bookkeeper erroneously posted the vehicle repairs amount of R7 000 to the vehicle account in the general ledger. Correct the error 13 An invoice for R1 300 received from Tiny Tots Ltd. was incorrectly recorded in the Teens Ltd. account. 21 Cash purchases of consumables for R3 600, was mistakenly recorded in the Trading Stock column in the CPJ and posted to the Trading Stock account. Rectify the error. 25 A debtor, R Man, was declared insolvent. Received 35 cents to the rand from his estate. His debt was R2 800. The balance must be written off as irrecoverable. 29 A credit note, R900, given to Omega Ltd. was posted to Game Ltd. 29 The owner took goods of R150 for his personal use. P.T.O.

Downloaded from hlayiso.com ACCOUNTING GRADE 10 7 2. Totals in Journals on 30 April 2016: A. Cash Receipts Journal R B. Cash Payments Journal R Bank ? Bank ? Discount allowed 720 Discount received 540 Debtors’ control 17 454 Creditors’ control 21 990 (including discount) (including discount) Sales 19 058 Trading stock 10 736 Cost of sales 12 754 Debtors’ control 747 Sundry accounts 1 540 Sundry accounts 6 243 C. Debtors’ Journal R D. Debtors’ Allowances R Journal Sales 12 942 Debtors’ allowances 820 Cost of sales 8 460 Cost of sales 260 E. Creditors Journal R F. Creditors’ Allowances R Journal Creditors’ control ? Creditors’ control ? Trading stock 11 764 Trading stock 984 Equipment 3 760 Equipment 490 Stationery 586 Stationery 56 Sundry accounts 1 590 Sundry accounts 320 G. Petty Cash Journal (Information from Sundry Accounts Column) R 17 The owner took cash for personal use 150 21 Paid cash to a creditor 350 QUESTION 4 LOANS AND INTEREST (10 marks; 10 minutes) REQUIRED: 4.1 Prepare the Loan: Star Bank account and balance it on 29 February 2016. (7) 4.2 Calculate the capital repayment of the loan. (3) INFORMATION: Loan Statement from Star Bank on 29 February 2016 Balance owing on 1 March 2015, beginning of the year 210 000 Total repayments including interest for the year 54 000 Balance owing on 29 February 2016 191 700 Note: Interest is capitalized by the bank. No entries were made in the general ledger for the loan. TOTAL: 200 END