Accounting Grade 12 P2 Gauteng Mock 2022 Addendum (English)

Downloaded from hlayiso.com PREPARATORY EXAMINATION 2022 10712 ACCOUNTING PAPER 2 ANSWER BOOK 14 pages NAME OF SCHOOL: NAME OF LEARNER: MARKER/ QUESTION TOPIC MARKS MODERATOR 1 Reconciliation and Age Analysis 35 2 Manufacturing 40 3 Fixed Assets and Inventory 40 4 Cash Budgets and VAT 35 TOTAL 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 (Paper 2) 10712/22 QUESTION 1 1.1 BANK RECONCILIATION 1.1.1 Cash Receipts Journal Cash Payments Journal 60 334 34 865 10 1.1.2 Calculate the correct balance of the Bank account in the ledger on 31 May 2022. 5 1.1.3 Prepare the Bank Reconciliation Statement on 31 May 2022. Debit Credit 7 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 (Paper 2) 10712/22 1.1.4 Problem with figure Advice 3 1.2 DEBTORS’ AGE ANALYSIS 1.2.1 How does the preparation of a Debtors’ Age Analysis assist the business in controlling their debtors? 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 (Paper 2) 10712/22 1.2.2 Identification of problem Internal control measure with evidence and figures to correct the problem Problem 1 Problem 2 6 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 (Paper 2) 10712/22 1.2.3 The owner of Rag Doll Traders is not happy with the control of the debtors. Provide figures to motivate your answer. 2 35 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 (Paper 2) 10712/22 QUESTION 2 2.1 CONCEPTS 2.1.1 2.1.2 2.1.3 2.1.4 4 2.2 FACE-IT MANUFACTURERS 2.2.1 Calculate: Value of the closing stock of raw materials Workings Answer 4 Calculate: Value of direct/raw materials issued for production Workings Answer 3 Calculate: Correct factory overhead costs Workings Answer 750 200 4 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 (Paper 2) 10712/22 2.2.2 Production Cost Statement for the year ended 31 March 2022. Direct labour cost Prime cost Total manufacturing costs Work-in-process at beginning of year 56 200 Cost of production of finished goods 11 2.2.3 Face-It Manufacturers plans to retrench workers and replace them with robotic arms. In keeping with good corporate governance, state TWO points they need to consider when taking such a decision. 4 2.2.4 Give TWO reasons why the business should support local suppliers. Reason 1: Reason 2: 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 (Paper 2) 10712/22 2.3 JM WOODWORK MANUFACTURERS 2.3.1 Should the business be satisfied with the number of tables that were produced and sold during this financial year? Explain. Quote relevant figures in your answer. 3 2.3.2 Jabu aimed for a profit of R400 000 for this financial year. How many tables must she make to achieve the target of a R400 000 profit? Provide a suitable calculation to support your answer. 5 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 (Paper 2) 10712/22 QUESTION 3: FIXED ASSETS AND INVENTORY 3.1 Calculate the missing amounts (indicated by a, b, c and d) in the Fixed/ Tangible Asset Note for the year ended 31 March 2022. Workings Amount a b c d 12 3.2 INVENTORY VALUATION AND INTERNAL CONTROL 3.2.1 Calculate the value of the closing stock of the XB 300 smartphones on 28 February 2022. 6 3.2.2 Calculate the Cost of sales for the year ended 28 February 2022. 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 (Paper 2) 10712/22 3.2.3 Calculate how long (in days) it will take to sell the closing stock of 135 smartphones. Comment on your findings and give advice to Sam in this regard. Calculation: Comment: 6 3.2.4 Provide a calculation to prove that the information given by the sales assistant about smartphones is true. Give ONE point of advice. Calculation: Give ONE point of advice. 7 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 11 (Paper 2) 10712/22 3.3 Based on the information given, provide TWO separate suggestions to Sam to improve the profit on printers in 2023. Suggestion 1 (with figures): Suggestion 2 (with figures): 4 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 12 (Paper 2) 10712/22 QUESTION 4 CASH BUDGETS AND VAT 4.1 Indicate amounts in the appropriate blocks for the Cash Budget and Projected Income Statement for the month ending 31 August 2022. Cash budget Projected Income Statement No. Receipts Payments Income Expenditure 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 9 4.2 Information relating to budget period of Compu Bytes Ltd ending 31 December 2022. 4.2.1 Complete the Debtors’ Collection Schedule for October to December 2022. Months Credit Sales December September 64 800 October 73 800 5 904 November 63 000 December Total 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 13 (Paper 2) 10712/22 4.2.2 AMOUNTS FOR CASH BUDGET No. CALCULATIONS AMOUNT (a) Cash purchases of trading stock for December (b) Payments to creditors for December (c) Interest on loan for October 11 4.3 Comment on the control of delivery costs and give ONE point of advice. Quote figures or calculations. DETAILS COMMENT ADVICE Delivery costs 3 4.4 Calculate the amount owing to SARS in respect of VAT at the end of February 2022 after taking transactions 1–5 into account. Clearly state whether the amount would be added or subtracted by using a (+) or (-) sign. NO. VAT AMOUNT OWING TO SARS 1. R 8 120 2. 3. 4. 5. 7 35 TOTAL: 150 END

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PREPARATORY EXAMINATION 2022 10712 ACCOUNTING PAPER 2 ANSWER BOOK Downloaded from hlayiso.com