Grade 12 NSC Accounting P2 (English) 2020 Preparatory Answer Book_hlayiso.com_.pdf

Downloaded from hlayiso.com GAUTENGSE DEPARTMENT OF EDUCATION PREPARATORY EXAMINATION 2020 10712 ACCOUNTING P2 ANSWER BOOK 13 pages Name QUESTION MARKS MARKER / MODERATOR 1 2 3 4 TOTAL P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 (Paper 2) 10712/20 QUESTION 1: RECONCILIATIONS AND VAT (35 marks; 30 minutes) 1.1.1 Identify the items that must be entered in the CRJ. 4 1.1.2 Identify the items that must be entered in the CPJ. 3 1.1.3 Prepare the Bank Reconciliation Statement on 30 June 2020. Bank Reconciliation Statement on 30 June 2020 Debit Credit Balance as per bank statement 60 096 7 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 (Paper 2) 10712/20 1.1.4 Explain how the business must handle item 9. 2 1.1.5 In your opinion, was it wise of Woodmead Traders to invest R100 000 on fixed deposit on 15 June 2020? Explain your answer. Quote specific figures or details from the question to support your answer. 3 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 (Paper 2) 10712/20 1.2 VAT 1.2.1 Calculate the amounts marked (A) to (C). Workings Answer (A) (B) (C) 7 1.2.2 Calculate the VAT amount payable to/receivable from SARS on 29 February 2020. Indicate if the amount will be recorded under the current assets or current liabilities in the Balance Sheet. 7 1.2.3 Give TWO reasons for the entry of R576 on the debit side of the account. 2 MARKS 35 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 (Paper 2) 10712/20 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 (Paper 2) 10712/20 QUESTION 2: MANUFACTURING (40 Marks; 30 minutes) 2.1 MANGA MANUFACTURERS 2.1.1 Calculate the value of the closing stock of raw materials. 5 2.1.2 Calculate the direct material cost issued for production. 4 2.1.3 Calculate the direct labour cost. 8 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 (Paper 2) 10712/20 2.1.4 PRODUCTION COST STATEMENT ON 30 SEPTEMBER 2020 Prime cost Factory overhead costs 11 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 (Paper 2) 10712/20 2.2 MISCHKA MAGIC 2.2.1 Explain why it is necessary to calculate the break-even point each year. Provide TWO reasons. 4 2.2.2 Provide a calculation to prove that the break-even point is 3 998 units. 4 2.2.3 Should Mischka be concerned about the break-even point for 2020? 4 MARKS 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 (Paper 2) 10712/20 QUESTION 3: FIXED ASSETS AND INVENTORY VALUATION (45 marks; 35 minutes) 3.1 TALLIES LTD Workings Answer (A) (B) (C) 12 3.2.1 CASES FOR PLACES Calculate the value of closing stock on 29 February 2020. 10 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 (Paper 2) 10712/20 3.2.2 Calculate the cost of sales. 3 Calculate the gross profit. 3 Calculate the average stock-holding period (in days). 5 3.2.3 Should the owner be satisfied with the stock-holding period calculated above? Explain. Quote figures. NOTE: The stock-holding period for 2019 was 65 days. 3 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 11 (Paper 2) 10712/20 3.3 Identify ONE different problem in respect of the manner in which each product is managed. Quote figures to support your answer. In each case offer practical advice. Problem with figures Possible solution Gym towels Golf caps T-shirts 9 MARKS 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 12 (Paper 2) 10712/20 QUESTION 4: Budgeting (30 marks; 25 minutes) 4.1 Identify TWO items which should not appear in this cash budget. 2 4.2 Debtors’ Collection Schedule for July and August 2020 CREDIT MONTH JUNE JULY AUGUST SALES May 2020 89 000 35 600 22 250 June 2020 72 000 21 600 18 000 July 2020 22 800 30 400 August 2020 69 000 Cash from debtors 57 200 4 4.3 4.3.1 Explain why the owner is concerned. Give TWO reasons with supporting figures. 4 4.3.2 Suggest ONE measure that he could introduce to improve the situation. 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 13 (Paper 2) 10712/20 4.4.1 Workings Answer (a) (b) (c) 8 4.4.2 The interest on loan amount expected to be paid in August 2020 4 4.4.3 The mark-up percentage obtained for the year ended 31 May 2020 3 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 14 (Paper 2) 10712/20 4.5 Comment on which the change in mark-up, was a good decision or not. Show relevant figures to support your answer. 3 MARKS 30 TOTAL: 150 END