Economic And Management Sciences Grade 9 P1 Gauteng June 2022 QP

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2022 GRADE 9 ECONOMIC AND MANAGEMENT SCIENCES: FINANCIAL LITERACY (PAPER 1) TIME: 1 hour MARKS: 50 7 pages and an answer book of 7 pages P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 2 (Paper 1) GRADE 9 INSTRUCTIONS AND INFORMATION 1. This question paper consists of Sections A and B based on the prescribed content framework in the CAPS Amendment Document and RATP. This paper includes questions only on the topic of Financial Literacy. SECTION A QUESTION 1.1: Multiple-choice (5) QUESTION 1.2: Complete the sentences (5) [10] SECTION B QUESTION 2: Accounting Equation (11) QUESTION 3: Journals (11) QUESTION 4: General Ledger (8) QUESTION 5: Trial Balance (10) [40] 2. ALL the questions are compulsory. 3. Answer ALL the questions in the ANSWER BOOK provided. 4. Write neatly and legibly. P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 3 (Paper 1) GRADE 9 SECTION A QUESTION 1 1.1 MULTIPLE-CHOICE QUESTIONS Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A – D) next to the question number (1.1.1 – 1.1.5) in the ANSWER BOOK provided. 1.1.1 A/An … increases on the credit side and decreases on the debit side. A asset B liability C expense D profit (1) 1.1.2 A person who buys goods from the business and promises to pay at a later stage is called a … A creditor. B salesman. C debtor. D director. (1) 1.1.3 Money received from the sale of goods is recorded in the … A Debtors’ Journal. B Cash Receipts Journal. C Creditors’ Journal. D General Ledger. (1) 1.1.4 When a transaction affects more than one account in the General Ledger it is called the … A money market. B double entry principle. C subsidiary journal. D accounting cycle. (1) 1.1.5 The selling price of stock is R5 200 and the mark-up is 25%. Calculate the cost of sales. A 4 500 B 4 160 C 4 900 D 4 200 (1) [5] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 4 (Paper 1) GRADE 9 1.2 COMPLETE THE SENTENCES Use the words in the word bank below to complete the following sentences. Write only the answer next to the question number in the ANSWER BOOK e.g. 1.2.6 assets. debit; EFT; invoice; cash receipts; credited; Subsidiary Journal; General Ledger; bank; cash payments 1.2.1 All money received by the business is deposited in the ______ account. 1.2.2 When funds are moved from one account to another electronically, it is called a/an ______. 1.2.3 A/An ______ is issued when goods or services are sold on credit. 1.2.4 A ______ balance of the bank account is also called a favourable balance in the General Ledger. 1.2.5 When the owner pays for his personal cell phone from the business bank account, it will be recorded in the ______ journal. (5 x 1) [5] TOTAL SECTION A: 10 P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 5 (Paper 1) GRADE 9 SECTION B QUESTION 2: ACCOUNTING EQUATION Analyse the following transactions and show the effect that each one has on the accounting equation. No. Transaction e.g. Bought goods from Mzimba Traders costing R6 500 and transferred the cash to his account. 2.1 Purchased pens and envelopes, R3 000 from JP Traders and paid by EFT. 2.2 Stock with a cost price of R2 500 and mark-up of 25% was sold for cash to Mr Marais. [11] QUESTION 3: JOURNALS Mr Bubble is the owner of The Bubble Shop, a local bubble bath and soap shop. He had to leave the country for an urgent family matter and asked you to record his transactions for the month of February 2022 in the Subsidiary Journals. Use the transactions below to prepare the following journals for The Bubble Shop for February 2022. REQUIRED: 3.1 Cash Receipts Journal for February 2022 (5) 3.2 Cash Payments Journal for February 2022 (3) 3.3 Debtors’ Journal for February 2022 (3) [11] NOTE: Do not close the journals at the end of the month. TRANSACTIONS 3 The owner of The Bubble Shop increased his capital contribution from R135 000 to R200 000 via the business banking app. Receipt 001 was issued to him. He also paid the municipality for rates and taxes, R5 500. (EFT 01) 6 Goods with a cost price of R4 000 were sold to Mr Z. Zulu. Invoice 10 was issued to him for R5 000. 17 Received a notification from the bank for R2 000 received from Mr Z. Zulu as partial payment of his account. P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 6 (Paper 1) GRADE 9 QUESTION 4: GENERAL LEDGER You are supplied with the following information for Sweety Vendors for May 2022. REQUIRED: Use the journal entries to post/complete the following General Ledger accounts: 4.1 Bank (5) 4.2 Sales (3) NOTE: Opening balance: The bank reflected a favourable balance of R12 000 on 1 May 2022. Cash Receipts Journal of Sweety Vendors for May 2022 CRJ5 Doc Day Details Fol. Analysis Bank Sales Cost of Debtors’ Sundry Accounts no. of receipts Sales Control Amount Fol. Details 31 Balance b/d 7 500 6 000 4 500 3 500 Debtors’ Journal of Sweety Vendors for May 2022 DJ5 Doc no. Day Debtor Fol. Sales Cost of Sales 1 Van der Merwe D1 4 000 2 800 [8] P.T.O.

Downloaded from hlayiso.com ECONOMIC AND MANAGEMENT SCIENCES 7 (Paper 1) GRADE 9 QUESTION 5: TRIAL BALANCE Study the following balances and totals from the General Ledger of The Hat Provider on 30 April 2022. Stationery 12 000 Trading stock 30 000 Drawings 8 000 Wages 15 000 Sales ? Capital 60 000 Rent income 5 000 Bank (Dr) 50 000 Telephone 10 000 Equipment 5 000 Cost of sales 100 000 Creditors’ control 15 000 The business uses a mark-up of 50% on cost price. REQUIRED: 5.1 Classify the accounts according to Nominal and Balance Sheet Account sections and complete the Trial Balance in your ANSWER BOOK. [10] TOTAL SECTION B: 40 TOTAL: 50 END