Accounting Grade 10 Gauteng June 2017 Memo (English)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2017 GRADE 10 ACCOUNTING MEMORANDUM 9 pages 1

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING MEMORANDUM QUESTION 1 : ANALYSIS OF TRANSACTIONS General Ledger Subsidiary Ledger Equation A/c Dr A/c Cr A/c Dr A/c Cr Amount A O L E.g. Stationery Bank R300 - - 0 1 Capital✓ Bank✓ ✓R50 000 - - 0 Fixed + 2 Deposit: Bank✓ ✓R100 000 0 0 - NB Bank✓ Trading Creditors’ JB 3 ✓✓R3 570 + 0 + Stock Control Stationers Debtors’ 4 Sales N Costa ✓R9 100 + + 0 Control Cost of Trading ✓✓R6 500 + + 0 Sales Stock + 5 Petty Cash Bank ✓✓R870 0 0 - Debtors' Debtors’ 6 N Costa ✓1 360 - - 0 Allowance Control Trading 7 Drawings R1 600 - - 0 Stock Bank 8 Bank R380 + + 0 Charges Interest on Bank Current R520 + + 0 Account Interest on 9 Bank  fixed R800 - 0 - deposit✓ 60 2

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 QUESTION 2 : CONTROL ACCOUNTS AND GENERAL JOURNAL 2.1 GENERAL JOURNAL (No narrations needed) Debtors' control Creditors' control Doc D Details F Dr Cr Dr Cr Dr Cr no. 31 Totals 1 800 970 1 150 70 1 Stationery 1 200 Trading stock 1 200* 2 Debtors’ allowances✓ 7 400 J Chan✓ 7 400 7 400 ✓* 3 Bad debts 780 I M Broke 780✓* 780 4 Mario Stores✓ 3 000 3 000✓ Marion Traders✓ 3 000* 3 000✓ ✓ 5 G. Hope 500 500✓ Bad debts recovered 500* 6 T. Pule  1 000 1 000 ✓ T. Pule ✓ 1 000 1 000 * ✓ *Award 1 mark if both Dr and Cr 3 300 9 150 4 150 4 070 are correct 35 3

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 2.2 General ledger of Jalapeno Traders Debtors’ control account Mar 1 Balance b/d 85 200 Mar 31 Bank CRJ 110 000 31 Bank CPJ 4 000 Discount CRJ 1 700 Allowed  Sales DJ 135 900 Debtors' DAJ 1 710 allowances Journal Debits* GJ 3 300 Journal Credits* GJ 9 150 From Balance c/d ✓105 840 General Journal 228 400 228 400 Apr 1 Balance b/d 105 840 *Accept Sundry accounts 16 Creditors’ control account Mar 31 Bank CPJ 155 600 Mar 1 Balance b/d 100 600 Discount CPJ 1 000 31 Total CJ 180 700 Received Purchases Total CAJ 28 100 Journal Credits* GJ 4 070 Allowances/Returns Journal Debits* GJ 4 150 From General Journal Balance c/d ✓96 520 285 370 285 370 *Accept Sundry Apr 1 Balance b/d 96 520 accounts 14 4

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 Trading stock account Mar 1 Balance b/d 190 000 Mar 31 Cost of sales CRJ 87 800 31 Bank CPJ 80 050 Cost of sales DJ 90 600 Cost of sales DAJ 1 140 Creditors' CAJ 16 900 Control Creditors' CJ 160 300 Balance c/d ✓236 190 control 431 490 431 490 Apr 1 Balance b/d 236 190 15 80 5

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 QUESTION 3 CREDITORS’ LEDGER OF FAST TRADERS KINGSGATE LTD. Date Details Fol Debit Credit Balance 1 Balance ✓20 750 3 Invoice no. 231✓ CJ ✓5 940 ✓26 690 7 Cheque no. 559✓ CPJ ✓9 500 17 190 Discount received✓ CPJ ✓230 16 960 11 Debit note 53✓ CAJ ✓✓297 16 663 Journal voucher✓ 15 GJ ✓4 970 ✓11 693 Correction of error✓ Journal voucher✓ 25 GJ ✓68 ✓11 761 Interest charged✓ 20 6

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 QUESTION 4 4.1.1 Loan: ZA Bank 2017 28 Bank✓ ✓✓73 800 2016 1 Balance ✓380 000 Feb Mar 2017 28 Interest on ✓✓12 240 Feb loan✓ Balance ✓315 440 392 240 392 240 2017 1 Balance 315 440 Mar 9 4.1.2 Interest on Loan 2017 28 Loan: ZA 12 240 Feb Bank✓ see 4.1.1 2 4.2 Calculate the capital amount paid during the financial year. 380 000 ✓ - 315 440 ✓ = 64 560✓ 4 15 7

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 QUESTION 5: SALARIES 5.1 Explain the difference between the terms gross salary and net salary. Gross salary Is the amount earned before any deductions Net salary Is the amount earned after deductions 2 5.2 Complete Mary’s payslip for March 2017. PAYSLIP: MARY Date: March 2017 Calculation Amount Gross salary 7 600 Deductions SARS: PAYE -260 Medical aid  -900 Pension Fund 7 600 x 7.5 % -570 UIF  7 600 x 1 % -76 12 NET SALARY 9 406 5.3.1 What is Mr K Bulani’s monthly salary in his first year of service? 2 R48 000 / 12 = R4 000  5.3.2 What will Mr K Bulani’s increase amount to after the first year? 2 R2 400 8

Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 10 5.3.3 How many years will Mr K Bulani have to work to reach the second 3 level of his salary scale? R48 000 + R2 400 + R2 400 + R2 400 + R2 400 = R57 600 5 Years 5.3.4 What will Mr K Bulani’s monthly salary be once he reaches the 2 maximum on the salary scale? R66 300 / 12 = R5 525 5.4 Provide TWO reasons why people are appointed on different salary 2 scales. Qualifications Experience Responsibility Level of appointment ( 1 mark each ) 11 25 9