Accounting Grade 10 KZN June 2021 Question Paper

} KWAZULU-NATAL PROVINCE EDUCATION REPUBLIC OF SOUTH AFRICA NATIONAL | SENIOR CERTIFICATE GRADE 10 o ACCOUNTING * " COMMON TEST ‘ : JUNE 2021 i MARKS: 100 TIME : 1% Hours N.B. This paper consists of 5 pages and Answer booklet of .3 pages. | Copyright Reserved Please Turn Over

NSC-Grade 10 INSTRUCTIONS AND INFORMATION 1. You are provided with a question paper and an ANSWER BOOKLET in which to answer ALL questions. This question paper comprises TWO compulsory questions. Answer ALL the questions. Use the format provided in the answer book in order to reflect your answers. Where applicable-workings must be shown in order to achieve part-marks. Non-programmable calculators may be used. You may use dark pencil or blue/black ink to answer the questions. Use the information in the table, below, as a guide when answering the question paper. Try NOT to deviate from it. QUESTION | TOPICS MARKS_ | MINUTES 1 Wages Journal , Ethics and_ Internal Control 43 39 2 Final Ledger Accounts: Trading Account and Profit and Loss Account 57 51 TOTAL 100 90 Copyright Reserved Please Turn Over

Accounting 3 June 2021 Common Test NSC-Grade 10 QUESTION 1 WAGES JOURNAL (43 Marks; 36 Minutes) 1. WAGES JOURNAL You are provided with information related to Corona Traders for March 2021. REQUIRED: 1.1. Complete the wages journal for the last week ending 31 March 2021. 1.2. The owner is concerned about the number of hours that were lost during power cuts or load shedding that occurred during the first months of the year such that he feels he has been paying wages to his workers whilst there were doing nothing. He feels this is bad for his business. Do you agree? Suggest TWO points he can implement to avoid this in future. INFORMATION: Corona Traders is a business manufacturing school equipment. They employed three workers production workers as follows: INFORMATION: The business employs two employees who earn wages as follows: Sechaba Mhliongo 30 hours @ R 200 per hour Tira Sibiya 40 hours @ R 250 per hour Mdu Ngobese 40 hours @ R 300 per hour Both Tira Sibiya and Mdu Ngobese have worked overtime, and overtime rate is double the normal rate. Tira Sibiya worked 8 hours whilst Mdu Ngobese worked 12 hours of overtime. The other employee was away on holiday. Deductions are as follows Pension Fund 8% of basic wage UIF 1% of gross wage PAYE is 18% of gross wage for employee Sechaba Mhiongo and 22% for other two employees Medical Aid 12% of basic wages Corona Traders contributes on Rand — for — Rand basis toward pension fund and UIF. Corona Traders also contributes R1.50 for every rand deducted on employees for medical aid fund. (38) (5) Copyright Reserved Please Turn Over

NSC-Grade 10 QUESTION 2 FINAL LEDGER ACCOUNTS (57 Marks; 51 Minutes) REQIURED: 2.1. Trading Account (09) 2.2 Profit and Loss Account (48) INFORMATION The information is from the books of Supporta Traders. The financial year ended on 28 February 2021. SUPPORTA TRADERS EXTRACT OF TRIAL BALANCE FOR THE YEAR ENDED 28 FEBRUARY 2021 Debit Credit BALANCE SHEET SECTION Capital 955 000 Drawings 61 860 Land and buildings 650 000 Vehicles 345 000 Equipment 60 000 Accumulated depreciation on vehicles 28 125 Accumulated depreciation on equipment 8 700 Fixed Deposit: SABA Bank (8.5 % p.a) 50 000 Trading inventory 33 320 Debtors control 23 500 Bank 7 500 Creditors control 51 577 Loan: FNB Bank (14% p.a) 60 000 NOMINAL ACCOUNT SECTION Sales 758 413 Cost of sales 500 000 Debtors allowances 12 435 Rent income i 31 300 Interest on fixed deposit 2125 Discount received 560 Bad debts : 1.250 Salaries 114 000 Telephone 7 490 Water and electricity 5 350 Stationery 3210 Advertising 6 346 Insurance 3 250 Interest on loan 2 Discount allowed 789 Copyright Reserved Please Turn Over

Accounting 5 June 2021 Common Test NSC-Grade 10 Adjustments and additional information: A Donated goods, R525 to Itshelejuba Primary School. No entry for this transaction has been made. On the last day on the financial year, a physical stock taking revealed the following: Trading stock on hand R31 590 ~ Stationery on hand R390 The Fixed deposit was invested on 1 March 2020 at SABA Bank. The interest on the fixed deposit has been received for six months only. The account of a debtor, KF Gumede, amounting to R320 must be written off as irrecoverable since he cannot be traced. Rent has been received for 13 months. Take into account that the rent was increased by R250 per month from 1 January 2021. The telephone account for February 2021 has been received but not yet paid, R405. An annual insurance premium of R1 140 was paid on 30 September 2020. The loan statement received from FNB bank reflected the following on 28 February 2021: Balance on 1 March 2020 R 85 000 Interest on loan (Capitalised) R . Repayments (Including Interest) R 32 500 Balance on 28 February 2021 R 60 000 The business’s policy on depreciation states the following: ° Depreciation on vehicles is calculated at 15% p.a. according to the cost price. Take into account that a new vehicle, with a cost of R120 000, was purchased and entered into the books on 1 November 2020. ° Depreciation on equipment must be provided for at 10% p.a. according to the diminishing balance method. TOTAL MARKS: [100) Copyright Reserved

KWAZULU-NATAL PROVINCE EDUCATION REPUBLIC OF SOUTH AFRICA | SENIOR CERTIFICATE NATIONAL | GRADE 10 « ACCOUNTING « | P COMMON TEST : : JUNE 2021 ; | " SPECIAL ANSWER BOOK : Name: Grade: ‘ . Learners | Moderators : Question Topic Mark Mark 1 Wages Journal, Ethics and Internal Controls 2 Final Ledger Accounts | TOTAL : N.B. This answer book consists of 3 pages. opyright Reserved Please Turn Over

PALCUUIIUN IY 4 YUH 4UZ1 UONNHUL LESt NSC-Answer Book QUESTION 1 1.1. WAGES JOURNAL WAGES JOURNAL OF CORONA TRADERS ON 31 MARCH 2021 Employee Basic Wages (Normal Time) Overtime Gross Hours | Rate Amount Hours Rate Amount | Wage Sechaba Mhlongo Tira Sibiya Mdu Ngobese 20 Employee Deductions Net PAYE Pension ae UIF Total Wages Fund Sechaba Mhlongo Tira Sibiya Mdu Ngobese 18 1.2 The owner is concerned about the number of hours that were lost during power cuts or load shedding that occurred during the first months of the year such that he feels he has been paying wages to his workers whilst there were doing nothing. He feels this is bad for his business. Do you agree? Suggest TWO points he can implement to avoid this in future. Copyright Reserved Please Turn Over

Accounting QUESTION 2 3 NSC-Answer Book June 2021 Common Test GENERAL LEDGER OF SUPPORTA TRADERS ON 28 FEBRUARY 2021 2.1 TRADING ACCOUNT 2.2 PROFIT AND LOSS ACCOUNT Copyright Reserved 57 48 TOTAL MARKS: [100]