# Accounting Grade 12 P2 NW June 2025 Question Paper (English) > Grade 12 Accounting Paper 2 question paper from the NW June Exam 2025 (English), 13 pages. Read online or get the free PDF download, memo linked when available. - Page: https://www.hlayiso.com/library/grade-12-accounting-2025-nw-june-exam-question-paper-paper-2-english/3cdd7230-67cf-4463-adfc-43b4565a5f18 - Updated: 2026-09-28 - Subject: Accounting - Grade: Grade 12 - Language: English - Document type: Question paper - Year: 2025 - Exam period: NW June Exam - Paper: 2 - Curriculum: CAPS - Pages: 13 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 P2 NW June 2025 Question Paper (English)](https://www.hlayiso.com/library/grade-12-accounting-2025-nw-june-exam-question-paper-paper-2-english/3cdd7230-67cf-4463-adfc-43b4565a5f18) ## About this document Accounting · Grade 12 · NW June Exam · 2025 · English. Question paper, 13 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 PROVINCIAL ASSESSMENT GRADE 12 ACCOUNTING P2 JUNE 2025 MARKS: 150 TIME: 2 hours This question paper consists of 11 pages, a formula sheet and a 11-page answer book. Copyright reserved Please turn over ### Page 2 Accounting/P2 2 NW/June 2025 Grade 12 KEEP THIS PAGE BLANK. Copyright reserved Please turn over ### Page 3 Accounting/P2 3 NW/June 2025 Grade 12 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL questions. 2. A special ANSWER BOOK is provided in which to answer ALL questions. 3. A Financial Indicator Formula Sheet is attached at the end of this question paper. 4 Show ALL workings to earn part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil or blue/black ink to answer questions. 7. Where applicable, show ALL calculations to ONE decimal point. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS MINUTES 1 Reconciliations and internal controls 50 40 2 Cost Accounting 60 45 3 Inventory Valuation 40 35 TOTAL 150 120 Copyright reserved Please turn over ### Page 4 Accounting/P2 4 NW/June 2025 Grade 12 QUESTION 1: BANK-, CREDITORS'- AND DEBTORS’ RECONCILIATION (50 marks; 40 minutes) 1.1 BANK RECONCILIATION THEORY Indicate whether the following statements are TRUE or FALSE. Write only “true” or “false” next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. 1.1.1 A favourable balance on the Bank statement is indicated as a debit. 1.1.2 Credit card sales are recorded in the Debtor’s journal. 1.1.3 Interest that is debited on the Bank statement, is recorded in the cash receipts journal. 1.1.4 Bank charges are automatically indicated on the credit side of the bank statement. 1.1.5 Bank reconciliation is part of the internal control system of your business. (5) 1.2 BANK RECONCILIATION The information relates to Calamata Traders on 30 June 2025. The business sells goods for cash and on credit. REQUIRED: 1.2.1 Calculate the correct balance of the Bank account in the General Ledger on 30 June 2025. Indicate whether this balance is favourable or unfavourable. (15) 1.2.2 Compile the Bank reconciliation statement on 30 June 2025. (6) 1.2.3 Assume that the charge on credit card sales is a 4% charge. Calculate the total credit card sales for the month. (2) 1.2.4 Refer to Information F. Explain TWO internal control measures that the business should implement to ensure that this does not happen in the future. (2) Copyright reserved Please turn over ### Page 5 Accounting/P2 5 NW/June 2025 Grade 12 INFORMATION: A. Extract from the Bank Reconciliation Statement on 30 May 2025. Debit Credit Balance according to Bank Statement 8 520 Outstanding deposits not yet recorded: 12 May 2025 24 000 31 May 2025 12 760 Outstanding EFTs: No. 71, 28 May 2025 7 880 No. 73, 15 May 2025 15 400 Balance according to Bank account 4 960 36 760 36 760 Copyright reserved Please turn over ### Page 6 Accounting/P2 6 NW/June 2025 Grade 12 B. The provisional totals in the cash journals before being compared with the Bank Statement: CRJ R325 000 and CPJ R290 000. C. Items included in the June 2025 bank statement, but not in the journals:  Outstanding deposit, R12 760.  EFT 71 for R7 880.  Sales to customers who paid by credit card, R15 300.  Service fees, R230.  Credit card charges, R1 050.  Interest on overdraft, R130.  Direct deposit by a tenant for rent, R5 900.  Cash withdrawal by debit card, R3 600.  Interest on savings account, R430. (not capitalised)  A direct payment made by Calamata Traders, R4 140 to a creditor.  A direct payment in favour of Calamata Traders from a debtor, R12 000.  Debit orders to service providers, R17 200. D. Items that appeared only in the cash journals:  Deposit dated 30 June 2025 R30 400.  EFT 121 dated 29 June 2025 R19 200.  EFT 122 dated 30 June 2024 R4 700. E. The following differences were noted:  EFT 73 dated 15 May 2025 for R51 400 appeared on the bank statement, but the CPJ incorrectly reflects this as R15 400.  The bank informed Calamata Traders that there had been a transfer of R19 740 to them in error. F. The outstanding deposit of R24 000 on 12 May 2025 still does not appear on the June Bank Statement. An investigation revealed that this money was never deposited. The cashier disappeared. This outstanding amount must be written off. G. The closing Bank Statement balance on 30 June 2025 was favourable, R 480. 1.3 CREDITORS RECONCILIATION The information relates to Smith Traders for June 2025. REQUIRED: 1.3.1 Give TWO reasons why it is important for the business to prepare the Creditors Reconciliation Statement every month. (2) 1.3.2 Calculate the correct Creditors Control Account balance after taking into account the errors and omissions. (6) 1.3.3 Calculate the correct balances for creditors Hunt Wholesalers and Tiger Wholesalers, taking the errors and omissions into account. (10) Copyright reserved Please turn over ### Page 7 Accounting/P2 7 NW/June 2025 Grade 12 INFORMATION: A. Balances and totals on 30 June 2025: Creditors Control Account in the General Ledger R32 640 List of Creditors: Hunt Wholesalers R16 580 Tiger Wholesalers R24 620 Blackwood Manufacturers 0 B. ERRORS AND OMISSIONS (i) The Creditors control column in the Creditors journal was understated by R5 020. (ii) A credit invoice for trading inventory on 28 June 2025 for R12 800 purchased from Hunt Wholesalers was not recorded. (iii) A payment of R3 150 to Tiger Wholesalers was posted as an invoice in the Creditors ledger. The CPJ was correct. (iv) A debit note of R1 280 for goods returned to Hunt Wholesalers was wrongly recorded in the Creditors Journal, and posted accordingly to the General Ledger. Posting from the document to the Creditors ledger was done correctly. (v) VAT of R1 720 was omitted on an invoice received from Hunt Wholesalers. (vi) Equipment purchased on credit from Blackwood Manufacturers, R4 900, was mistakenly transferred to the account of Tiger Wholesalers. (vii) An invoice for R3 575 from Hunt Wholesalers was wrongly transferred as R3 375 to their account in the Creditors ledger. 1.4 DEBTORS- AGE ANALYSIS Explain in detail the purpose of preparing a debtor's age analysis. State TWO points. (2) Copyright reserved Please turn over ### Page 8 Accounting/P2 8 NW/June 2025 Grade 12 QUESTION 2: PRODUCTION COST STATEMENT, GROSS PROFIT AND UNIT COSTS (60 marks, 45 minutes) Current Ltd builds inverters to sell to households and small businesses throughout Africa. The financial year ends on 30 June 2025. REQUIRED: 2.1 Calculate the cost of the imported raw materials. (adjustment 5) (3) 2.2 Prepare the following: 2.2.1 Production cost statement for the year ending 30 June 2025. 2.2.2 Notes:  Direct material costs (10)  Factory overhead cost (11)  Cost of finished goods sold. (4) 2.3 Calculate the gross profit for the year ending 30 June 2025. (3) 2.4 Calculate the following: 2.4.1 The unit cost of each inverter; rounded to the nearest rand. (3) 2.4.2 The selling price of each inverter. (3) 2.4.3 Calculate the break-even point and comment on it. (7) 2.5 Give TWO reasons why you would advise Current Ltd to support local suppliers. (2) 2.6 The owner of Current Ltd. is not satisfied with the profit he is making. Currently there is an enormous demand for inverters in the country which the industry cannot supply. The owner found an alternative supplier of raw materials for the manufacturing of the inverters. This supplier is much cheaper, but they are not approved by the Electricity Board as the safety of the material cannot be guaranteed. The owner calculated that he would be able to cut his direct material costs by around 40% by using the alternative material. Since the demand is so high and people will buy whatever they can find, he decided to take this option. Do you agree with him? Explain the possible implications of his decision on his business. (2) Copyright reserved Please turn over ### Page 9 Accounting/P2 9 NW/June 2025 Grade 12 INFORMATION: Stock on 1 July 2024: Raw material inventory R120 000 Work-in-Process inventory 240 000 Finished goods inventory 616 080 Consumables on hand 15 000 Transactions during the year: Consumables purchased for cash 70 000 Raw materials purchased 420 000 Carriage paid on raw materials 39 000 Raw materials issued during the year 492 000 Factory wage 396 000 Factory manager salary 120 000 Electricity: factory 18 000 Maintenance on factory equipment paid 48 000 Medical fund contributions for factory workers 78 000 Rental expense 120 000 Depreciation on factory equipment 70 200 Administration costs 82 170 Selling and distribution costs 452 640 Sales 3 600 600 ADJUSTMENTS: 1. The following stock was on hand on 30 June 2025:  Work-in-process stock 82 000  Finished goods inventory 120 600  Consumables on hand 8 000  Raw materials stock ? 2. The factory's wage journal for June 2025 has not yet been posted. Gross wages are R39 600, and the employers' medical aid contributions to the medical aid are R7 200. 3. An electricity amount is still outstanding, R9 000. Electricity must be divided between the factory, administration, sales and distribution, in the ratio 4 : 1 : 1. 4. All rent has been paid for the year but the factory rent of R10 000 per month has been increased by 8% p.m. from 1 January 2025. The bookkeeper forgot to process the increase for January to June. 5. A shipment of raw material imported from China was delivered on 30 June 2025. No entry was made. The cost was as follows: The exchange rate: ¥ 1 = R18,12 Cost of raw materials: ¥ 5 000 Freight charge on purchases: ¥ 800 Import duty: 10% of the raw material cost 6. Total units produced: 780 7. Total units sold: 850 8. The variable cost per unit R1 125 60 Copyright reserved Please turn over ### Page 10 Accounting/P2 10 NW/June 2025 Grade 12 QUESTION 3: STOCK VALUATION (40 marks; 35 minutes) 3.1 CONCEPTS Choose ONE term for each of the following descriptions by using the term provided in the list below. Write only the term next to the question numbers (3.1.1 to 3.1.3) in the ANSWER BOOK. first in first out (FIFO), perpetual inventory system; periodic inventory system, weighted average method; specific identification method 3.1.1 This inventory system is more suitable for low value goods that are purchased in bulk. 3.1.2 This method of inventory valuation assigns a unique or individual value to each inventory item. 3.1.3 This method assumes that inventory is sold in order of purchase date. (3) 3.2 MY VELLIES The information relates to My Vellies. The business sells one type of ostrich leather vellies. The financial year ends on 28 February 2025.The company uses the weighted-average method for inventory valuation and the periodic inventory system. REQUIRED: Calculate the following for the year ending 28 February 2025: 3.2.1 The value of the closing inventory using the weighted average method. (7) 3.2.2 Number of units of missing inventory. (4) 3.2.3 The average inventory holding period (in days). (5) 3.2.4 The value of the closing inventory using the FIFO method. (5) 3.2.5 The owner feels that it is better for the business to use the periodic inventory system rather than the perpetual inventory system. Briefly explain the difference between the two systems. (4) INFORMATION: A. Stock: Date Pairs of vellies Total value (including carriage) 1 March 2024 520 R320 770 28 February 2025 325 ? . Copyright reserved Please turn over ### Page 11 Accounting/P2 11 NW/June 2025 Grade 12 B Purchases: Date Pairs of Cost Total Carriage on Total cost vellies price per purchases purchases (including pair per pair carriage) R R R R 31/05/2024 460 650 299 000 18 307 280 01/08/2024 700 680 476 000 18 488 600 15/10/2024 500 710 355 000 30 370 000 01/02/2025 300 725 217 500 30 226 500 TOTAL 1960 1 347 500 1 392 380 C. Returns Thirty pairs of vellies from the purchases on 1 February 2025 were not of high quality. It was returned to the supplier. The business account was credited with R22 650 (including carriage on purchases, according to the agreement). D. Sales 2 115 pairs of vellies were sold during the financial year for R2 961 000. The selling price was kept constant at R1 400 per pair. 3.3 QUICK FRY Julia Mthembu invested in the latest “smart” air fryers and has opened three shops in shopping malls over the North West province to sell these air fryers. The three shops are managed by Miyaz Moola, Daleen Coetzee and Themba Ndaba. Julia has obtained the annual figures from the three shops for the financial period ending 28 February 2025. REQUIRED: Identify ONE problem in relation to each shop and a solution to solve the problem. Quote figures to substantiate your point. (12) INFORMATION: Klerksdorp Potchefstroom Vryburg Air fryers for sale 300 units 500 units 350 units Sales for the year 175 units 400 units 350 units Stock 28/02/2025 225 units 75 units Nil Cost price per air fryer R4 500 R4 500 R4 500 Sales price per air fryer R6 500 R6 500 R6 500 Rent for the year R520 000 R230 000 R180 000 Advertisements per year R80 000 R40 000 R100 000 Salary of manager R20 000 p.m. R20 000 p.m. R20 000 p.m. 40 TOTAL: 150 Copyright reserved ### Page 12 Accounting/P2 NW/June 2025 Grade 12 KEEP THIS PAGE BLANK. Copyright reserved ### Page 13 Accounting/P2 NW/June 2025 Grade 12 GRADE 12 ACCOUNTING FINANCIAL INDICATOR FORMULA SHEET Gross profit x 100 Gross profit x 100 Sales 1 Cost of sales 1 Net profit before tax x 100 Net profit after tax x 100 Sales 1 Sales 1 Operating expenses x 100 Operating profit x 100 Sales 1 Sales 1 Total assets : Total liabilities Current assets : Current liabilities (Current assets – Inventories) : Current liabilities Non-current liabilities : Shareholders' equity (Trade & other receivables + Cash & cash equivalents) : Current liabilities Average trading stock x 365 Cost of sales . Cost of sales 1 Average trading stock Average debtors x 365 Average creditors x 365 Credit sales 1 Cost of sales 1 Net income after tax x 100 Net income after tax x 100 Number of issued shares 1 Average shareholders' equity 1 (*See note below) Net income before tax + Interest on loans x 100 Average shareholders' equity + Average non-current liabilities 1 Shareholders' equity x 100 Dividends for the year x 100 Number of issued shares 1 Number of issued shares 1 Interim dividends x 100 Final dividends x 100 Number of issued shares 1 Number of issued shares 1 Dividends per share x 100 Dividends for the year x 100 Earnings per share 1 Net income after tax 1 Total fixed costs Selling price per unit – Variable costs per unit NOTE: 1. Trading stock at the end of a financial year may be used if required in a question. 2. Credit purchases may be used instead of cost of sales (figure will be the same if stock is constant). . 3. If there is a change in the number of issued shares during a financial year, the weighted-average number of shares is used in practice. 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