Accounting Grade 10 North West June 2024 Memo (English)

Grade 10 – Marking Guidelines PROVINCIAL ASSESSMENT ACCOUNTING GRADE 10 JUNE 2024 MARKING GUIDELINES MARKING PRINCIPLES: 1. Unless otherwise stated in the marking guideline, penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item). No double penalty applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Full marks for correct answer. If answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method mark for the answer). Note: If figures are stipulated in the marking guidelines for components of workings, these do not carry the method mark for final answer as well. 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. Where penalties are applied, the marks for that section of the question cannot be a final negative. 8. Operation means 'check operation'. 'One part correct' means operation and one part correct. Note: check operation must be +, -, x, ÷, or per memo. 9. 'One part correct' means ‘operation and one part correct’. Where method marks are awarded for one part correct, the marker must inspect the reasonableness of the answer and at least one part must be correct before awarding the mark. If a figure has earned a method mark, this will be regarded as ‘one part correct’. 10. In calculations, do not award marks for workings if numerator and denominator are swapped – this also applies to ratios. 11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 12. Be aware of some candidates who provide valid alternatives beyond the marking guideline. Codes: f = foreign item; p = placement/presentation. These marking guidelines consist of 11 pages. Copyright reserved Please turn over

Accounting 2 NW/June 2024 Grade 10 – Marking Guidelines QUESTION 1: E  Historical cost 1.1 F  Materiality 1.2 A  Business entity 1.3 D  Prudence 1.4 B  Matching 1.5 5 QUESTION 2: Debtors Journal of Alpha Traders for April 2024 DJ2 Doc Day Debtor Fol Sales Cost of Sales 60 5 S Botha  6 250  5 000 61 23 G Simenya(3 640 x 125%) () 4 550  3 640 5 Debtors Allowance Journal of Alpha Traders for April 2024 DAJ2 Debtors Doc Day Debtor Fol Cost of Sales Allowance 15 26 S Botha (250 ÷ 125%)  250  200 16 28 G Simenya  600  0 6 Copyright reserved Please turn over

Accounting 3 NW/June 2024 Grade 10 – Marking Guidelines Cash Receipts Journal of Alpha Traders for April 2024 CRJ2 Analysis Sundry accounts of Cost of Debtors Discounts Doc Day Details Receipt Bank Sales sales control allowed Amount Account Rec20 1 F Alpha 50 000 50 000 Capital CRR5 5 Sales 12 500 12 500 12 500 10 000 Rec21 14 N Themba 2 000 2 000 Rec22 B Zulu (3000 x 112%) 3 360  5 360 3 360 Rent income Rec23 16 M Manning 2 385 2 385 2 650 265 CRR6 19 Sales 8 765 8 765 8 765 7 012 B/s 22 Invest Bank 20 850 20 850 20 000 Fixed deposit Interest on fixed 850 deposit 25 Copyright reserved Please turn over

Accounting 4 NW/June 2024 Grade 10 – Marking Guidelines Cash Payments Journal of Alpha Traders for April 2024 CPJ2 Sundry accounts Trading Creditors Discounts Doc Day Details Bank stock Stationery control received Amount Account EFT9 3 Abdul Wholesalers 9 145 9 145 EFT10 Stofile Transport 500 500 B/s 15 Cash *()2 000 1 500 Cash float 500 Drawings EFT11 24 AB Suppliers 2 800 ()3 000 200 EFT12 30 West Bank 5 200 5 200 Loan 16 *one part correct Creditors Journal of Alpha Traders for April 2024 CJ2 Sundry accounts Creditors Trading Doc Day Creditor control stock Stationery Amount Account 47 12 All Suppliers 16 500 15 000 ()1 500 Equipment 48 26 Office Suppliers ()5 350 850 4 500 /Furniture 7 Copyright reserved Please turn over

Accounting 5 NW/June 2024 Grade 10 – Marking Guidelines Creditors Allowance Journal of Alpha Traders for April 2024 CAJ2 Sundry accounts Creditors Trading Doc Day Creditor control stock Stationery Amount Account 54 27 All Suppliers 1 750 1 750 2 Petty Cash Journal of Alpha Traders for April 2024 PCJ2 Sundry accounts Petty Trading Doc Day Details Cash stock Stationery Amount Account PCV20 21 Stationery 50 50 PCV21 25 Postage 100 100 Debtors control for doc 5 Copyright reserved Please turn over

Accounting 6 NW/June 2024 Grade 10 – Marking Guidelines 2.2 Name and describe TWO internal controls for Cash Receipts Any two   or 1 mark for short answers Cash receipts must be physically safeguarded against theft and loss. Division of duties between the person receiving and banking the cash All cash received must be bank as soon as possible All cash receipts should be promptly entered in the CRJ Bank reconciliation must be done monthly Division of duties between cash receipts and cash payments 4 Total marks 70 QUESTION 3 3.1 Debtors Ledger of Horeseshoe Stores L Martino DL1 Date Details Fol Debit Credit Balance 2024 May 1 Account rendered / Balance 2 680 5 Receipt 800 CRJ 2 600 80 Receipt 800 (discount allowed) CRJ 80 0 7 Invoice 500 DJ 1 500 1 500 14 Invoice 516 DJ 1 050 2 550 15 Credit note 10 DAJ 400 2 150 -1 if the transaction of 10 May was entered 12 Copyright reserved Please turn over

Accounting 7 NW/June 2024 Grade 10 – Marking Guidelines 3.2 FOR YOU TRADERS A Cost of Sales  B 12 345 ÷ 150% = 8 230  * C DAJ  D (82 722 – 9 560 – 19 260 – 53 762) = 140  * E DJ  F 7 610  G Creditor control  H Debtors allowance  I Sundry returns and allowances  J Sundry purchases  K (19 260 + 17 410)  – (26 400 + 270)  = 10 000  * L Debtors control  M CRJ  N 11 415  26 *one part correct Total marks 38 Copyright reserved Please turn over

Accounting 8 NW/June 2024 Grade 10 – Marking Guidelines QUESTION 4 Salaries Journal of XY Stores for February 2024 SJ12 Deductions Contributions Gross Pension Nett Pension Name of Payee Salary PAYE fund UIF Total salary Fund UIF M Mathaba 15 000 950 1 125 150 2 225  12 775 1 125 150 10 GENERAL LEDGER OF GOOD QUALITY CLOTING STORE BALANCE SHEET ACCOUNTS Dr SARS (PAYE) B7 Cr 2023 Oct 21 Wages WJ 150 Dr MEDICAL AID B8 Cr 2023 Oct 21 Wages WJ 280 Medical aid contribution WJ 160 Dr PENION FUND B9 Cr 2023 Oct 21 Wages WJ 150 Copyright reserved Please turn over

Accounting 9 NW/June 2024 Grade 10 – Marking Guidelines Dr UIF B10 Cr 2023 Oct 21 Wages WJ 50 UIF Contribution WJ 50 Dr CREDITORS FOR WAGES B11 Cr 2023 Oct 21 Wages WJ 4 870 NOMINAL ACCOUNTS Dr WAGES N11 Cr 2023 Oct 21 Gross wages WJ 5 500 Dr MEDICAL AID CONTRIBUTION N12 Cr 2023 Oct 21 Medical Aid WJ 160 Dr UIF CONTRIBUTION N13 Cr 2023 Oct 21 UIF WJ 50 12 Copyright reserved Please turn over

Accounting 10 NW/June 2024 Grade 10 – Marking Guidelines 4.2.2 Name and describe TWO internal controls that the business can put in place to prevent fake employees to be created on the payroll system. Any two   All new employees that need to be added to the payroll, must be authorised by the owner/manager. Do a physical verification of the employees/ clock system using finger prints Proof of bank account with FICA verification Any other relevant answer 4 Total marks 26 QUESTION 5 GENERAL LEDGER OF JK TRADERS FINAL ACCOUNTS Dr PROFIT AND LOSS F2 Cr 2024 Salaries &  2024 (268 400 – * Feb 28 Wages GJ 59 000 Feb 28 90 000– 2 000) GJ 176 400 Trading account Bad debts GJ 2 800 Rent income GJ 26 000 Advertising GJ 4 560 Interest income GJ 5 680 Repairs GJ 11 900 Depreciation GJ 3 590 Telephone GJ 6 770 Insurance GJ 6 790 Capital GJ 112 670 208 080  208 080 *one part correct Total marks 15 Copyright reserved

Accounting 11 NW/June 2024 Grade 10 – Marking Guidelines QUESTION 6 6.1 TRANSACTION ANALYSIS No Journal Account Debit Account Credit A OE L (i) GJ Bad Debts Debtors control - 850 - 850 0 Creditors (ii) GJ Interest paid control 0 -50 +50 Land & (iii) GJ Repairs Buildings -20 000 -20 000 0 Creditors (iv) CPJ control Bank -8 540 0 -8 540 (v) DJ Debtors control Sales +600 +600 0 Cost of sales Trading Stock -300 -300 0 29 6.2 RECONCILIATION Dr DEBTORS CONTROL B5 Cr 2024  2024 Bank & discount * April 1 Balance b/d 12 895 April 30 allowed CRJ 12 380 (11 560 + 820) (15 750 + 1 000) * (1 155 + 395)  30 Sales DJ 16 750 Debtors Allowance DAJ *1 550 Petty Cash PCJ 250 Balance c/d 15 965 29 895  29 895  May 1 Balance b/d 15 965 *one part correct 17 Total marks 46 TOTAL: 200 Copyright reserved