Accounting Grade 10 Gauteng June 2019 Memo (English)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2019 GRADE 10 ACCOUNTING MARKING GUIDELINES QUESTION MARKS 1 26 2 44 3 40 4 18 5 72 TOTAL 200 13 pages 1

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 1: CONCEPTS AND CASH JOURNALS 1.1 CONCEPTS Match the information in COLUMN A to the concept in COLUMN B. Write only the letter in your answer book. COLUMN A COLUMN B  1.1.1 G  1.1.2 D  1.1.3 E  1.1.4 A  1.1.5 B 5 2

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 1.2 CASH RECEIPTS JOURNAL OF WATERKLOOF TRADERS FOR SEPTEMBER 2018 Analysis Doc Day Details Fol of Bank Sales Cost of Debtors’ Discount Sundry Accounts Receipts Sales Control Allowed Amount Fol Details BS 01 L. Lally 80 000 80 000 Capital 92 K. Siwedi 152 152 160 8 93 03 Knysna Bank Ltd 16 600 16 600 16 000 Fixed deposit: Knysna Bank Ltd 600 Interest on fixed deposit CRR 04 Sales 3 900 3 900 1 950 BS 06 I. Patel 650 CRR 28 Sales 1 520 1 520 760 # #* 20 * accept interest income # 1 mark if at least 4 out of 6 document numbers are correct #*1 mark if at least 4 details are correct 3

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 CASH PAYMENTS JOURNAL OF WATERKLOOF TRADERS FOR SEPTEMBER 2018 Doc Day Payee Fol Bank Debtors’ Trading Creditors’ Discount Wages Sundry Accounts Control Stock Control Received Amount Fol Details 115 04 Gugu Wholesalers 2 500 120 BS 05 B. Brown (R/D) 111001 110 116 10 Dada Dealers 4 140 117 Go-Go Transporters 300 118 20 Municipality 870 Water and electricity 119 22 Natal Bank 7 000 Loan: Natal Bank 350 Interest on loan 120 27 Cash 1 980 520 Cash float BS 30 Knysna Bank Ltd 360 Interest on overdraft BS Knysna Bank Ltd 564 Bank charges * *1 mark if at least 6 details are correct 20 Total Marks 45 4

Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES GRADE 10 QUESTION 2: GENERAL JOURNAL 2.1 GENERAL JOURNAL OF DEVAAN STORES (Narrations are not required) Debtors’ control Creditors’ control Date Details F Dr Cr Dr Cr Dr Cr 31 Totals b/d 624 316 702 454 Bad debts N 840 A. Pondor DL 840 840 J. Klop DL 30 30 Discount allowed N 30 Trading stock B 170 Drawings B 170 Trading stock B 640 Consumable N 640 stores M. Mokwena DL 210 210 M. Mawema DL 210 210 T. Smith CL 550 550 B. Smith DL 550 550 Award one mark for details and amount 864 1 916 1 252 454  For both totals  For both totals Total Marks 22

Downloaded from hlayiso.com ACCOUNTING 6 MARKING GUIDELINES QUESTION 3: GENERAL LEDGER AND INTERNAL CONTROL 3.1 Complete the missing information A Debtors’ Control B CRJ C Trading Stock D R57 500 E Cost of Sales F R50 000 G CPJ H Creditors’ Control I Creditors’ Control do not accept creditors allowances J PCJ K Cost of Sales L R6 000 M GJ N R267 000 – R7 000 – R5 000 – R2 000 – R50 000 – R57 500 = R145 500  15 6

Downloaded from hlayiso.com ACCOUNTING 7 MARKING GUIDELINES 3.2.1 The owner took goods for personal use. What was the selling price of the goods taken? R5 000 x 1.6 = R8 000 2 3.2.2 What would be the source document for amount L ,recorded in DAJ? Duplicate credit note. 1 3.3 List TWO internal controls to safeguard stock. Any valid answer   (2 x 2)  Division / separation of duties.  All purchases of goods should be properly authorised.  Proper authorisation of stock issued from the warehouse.  Regular physical stock count.  Install security cameras in the warehouse and store.  Hire security guards to monitor the warehouse.  Stock must be kept in a safe place. One mark for partly correct answer 4 Total Marks 22 7

Downloaded from hlayiso.com ACCOUNTING 8 MARKING GUIDELINES QUESTION 4: DEBTORS’ RECONCILIATION AND INTERNAL CONTROL 4.1 DEBTORS CONTROL ACCOUNT GENERAL LEDGER OF SCHUMANN WHOLESALERS BALANCE SHEET ACCOUNTS SECTION Dr DEBTORS’ CONTROL Cr Mar 1 Balance b/d 83 560 00 Mar 31 Bank and CRJ 266 040 00 [89 560 - discount 6 000] allowed 30 Sales DJ 270 000 00 Debtors’ DAJ 1 930 00 allowances [1 200 + 210+ 520] Bank (R/D) CP 300 00 Journal credits GJ 1 950 00 J Journal GJ 1 020 00 Balance c/d 84 960 00 debits [720 + 300] 354 880 00 354 880 00 Apr 1 Balance b/d 84 960 00 1 mark if all folios inserted 14 4.2 LIST OF DEBTORS AS AT 31 MARCH 2019 NAME Debit Cooper (17 900 – 520) 17 380 Baloyi (16 380 + 2 900 + 300) One part correct 19 580 Hope (14 400 – 400) 14 000 Smith (21 900 – 2 900) One part correct 19 000 Williams (18 200– 1 600 – 1 600) One part correct 15 000 One part correct 84 960 16 8

Downloaded from hlayiso.com ACCOUNTING 9 MARKING GUIDELINES 4.3 Provide ONE reason why should the Debtors’ Control account and the Debtors’ List should always agree? Any relevant answer   The debtors’ control is a summary of the debtors’ list and the debtors’ list is summary of the debtors’ ledger.  Both are prepared from the same source documents (transactions). 2 4.4 The owner Paul Schumann is worried that debtors are not paying on time. List THREE measures that he can put in place to ensure debtors pay on time. Any Three valid answers    (3 x 2)  Offer early settlement discounts.  Charge debtors interest on overdue accounts.  Sent letters of demand.  Send SMS’s.  Hand accounts over to debt collectors. 6 4.5.1 If the discount allowed was R35 720, how much was received from debtors for the month of March? R266 040 – R35 720 = R230 320 2 4.5.2 Apart from interest charged, what else could appear as a journal debit? Provide ONE item or answer. Any valid answer   Transfer of a credit balance in the debtor’s ledger to the creditors’ ledger  Correction of errors 2 4.5.3 Provide TWO possible reasons for the debit of R300 in the Debtors’ Control account. Any TWO valid answers    Refund to a debtor who over paid  A dishonoured cheque 4 Total Marks 46 9

Downloaded from hlayiso.com ACCOUNTING 10 MARKING GUIDELINES QUESTION 5: ANALYSIS OF TRANSACTIONS 5.1 ACCOUNTING EQUATION GENERAL LEDGER AMOUNT EQUATION Account debited Account credited R A O L + e.g. Donation Stationery 540 0 0 – 1 Interest expense Creditors’ control 36 0 - + 7 Bank Debtors’ control 1 400 0 0  +/- Bad debts Debtors’ control 2 600 - - 0 16 Bank Interest income* 130 + + 0 19 Debtors’ control Bank 1 260 0 0  +/- Debtors’ control Discount allowed 40 + + 0 25 Petty cash Bank 480 0 0  +/- 31 Trading stock Creditors’ control 1 530 + 0 + 38 * Accept interest on current account 10

Downloaded from hlayiso.com ACCOUNTING 11 MARKING GUIDELINES 5.2.1 What is the meaning of R/D? (Refer to transaction on the 19th) When payment is not authorised by the bank and the cheque is returned to payee. 2 5.2.2 Provide TWO reasons why a bank may dishonour a cheque. Any TWO valid reasons    The amount in words differ from the figures.  The cheque is not signed.  The cheque is older than 6 months.  The cheque is post-dated.  A mistake has been made on the cheque.  The drawer does not have sufficient funds in the bank.  The drawer of the cheque has died, and his account cannot be accessed. 4 Total Marks 44 11

Downloaded from hlayiso.com ACCOUNTING 12 MARKING GUIDELINES QUESTION 6: CONCEPTS AND SALARIES AND WAGES 6.1 Indicate whether the following statements are TRUE or FALSE 6.1.1 True  6.1.2 False  6.1.3 False  6.1.4 True  05 6.1.5 False  6.2 Calculate the missing amounts in the Wages Journal and the Salaries Journal for May 2018. 6.2.1 160 + 240 + 28.74 + 809 = R1 237.74 6.2.2 2 874 – 1 237.74* = R1 636.26 *see 6.1.1 6.2.3 R28.74 6.2.4 13 261 – 1 480 – 1 450 – 2 111 = R8 220 2 parts correct 6.2.5 21 110 – 13 261 = R7 849 6.2.6 R211,10  10 12

Downloaded from hlayiso.com ACCOUNTING 13 MARKING GUIDELINES 6.3.1 Provide the double entry for the Pension Fund contributions in the Wages Journal. DEBIT: Pension fund contribution OR WagesAccept any of two CREDIT: Pension fund 2 6.3.2 The net salary calculated in 6.2.5 of the Salaries Journal would be posted to Salaries Account in the ledger and which other account? Creditors for salaries  1 6.4 The owner Mr Thomas Ndebele decided that he would not pay the money over for PAYE this month as he needed the cash. He will make a double payment the next month. Why are you against the decision he took? Provide consequences (result) for this action in ONE point. Unethical / Fraud money belongs to SARS. Consequences Late payment penalty / levy will be imposed by SARS  3 Total Marks 21 13