# Accounting Grade 12 Gauteng Mock 2017 Question Paper > Grade 12 Accounting question paper from the Gauteng Mock Exam 2017, 21 pages. Read online or get the free PDF download, memo linked when available. - Page: https://www.hlayiso.com/library/grade-12-nsc-accounting-preparatory-2017-question-paper/135a4f47-f617-4ff6-a737-9714bac9f481 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Document type: Question paper - Year: 2017 - Exam period: Gauteng Mock Exam - Curriculum: CAPS - Pages: 21 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 Gauteng Mock 2017 Question Paper](https://www.hlayiso.com/library/grade-12-nsc-accounting-preparatory-2017-question-paper/135a4f47-f617-4ff6-a737-9714bac9f481) ## About this document Accounting · Grade 12 · Gauteng Mock Exam · 2017. Question paper, 21 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 Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PREPARATORY EXAMINATION 2017 10710 ACCOUNTING TIME: 3 hours MARKS: 300 21 pages 1 P.T.O. ### Page 2 Downloaded from hlayiso.com ACCOUNTING 2 10710 / 17 GAUTENG DEPARTMENT OF EDUCATION PREPARATORY EXAMINATION – 2017 ACCOUNTING TIME: 3 hours MARKS: 300 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. Show ALL workings in order to earn part-marks. 4. You may use a non-programmable calculator. 5. You may use a dark pencil or blue/black ink to answer the questions. 6. Where applicable, show all calculations to ONE decimal point. 7. Write neatly and legibly. P.T.O. ### Page 3 Downloaded from hlayiso.com ACCOUNTING 3 10710 / 17 8. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION 1: 35 marks; 20 minutes Topic of the question: This question integrates: Financial accounting Bank and Debtors’ Reconciliation Reconciliation Managing resources Internal control processes Ethics QUESTION 2: 40 marks; 25 minutes Topic of the question: This question integrates: Managerial accounting Manufacturing Concepts Production Cost Statement Break-even Point QUESTION 3: 65 marks; 40 minutes Topic of the question: This question integrates: Financial accounting Concepts Company Financial Income Statement Statement and Audit Report Balance Sheet Managerial Accounting Fixed Assets QUESTION 4: 70 marks; 45 minutes Topic of the question: This question integrates: Financial accounting Concepts Cash Flow Statement and Cash Flow Statement Interpretation Interpretation of financial information Managing resources Internal control QUESTION 5: 45 marks; 25 minutes Topic of the question: This question integrates: Financial Accounting VAT Inventory valuation Managing Resources Inventory valuation Internal control QUESTION 6: 45 marks; 25 minutes Topic of the question: This question integrates: Managerial Accounting Cash Budget VAT and Budgets Calculations Managing resources Internal control processes and Ethics P.T.O. ### Page 4 Downloaded from hlayiso.com ACCOUNTING 4 10710 / 17 QUESTION 1: RECONCILIATION (35 marks; 20 minutes) Zoxolo Traders does reconciliation each month as part of the internal control process. REQUIRED: 1.1 BANK RECONCILIATION 1.1.1 Provide ONE reason why Bank Reconciliation is important for a business. (2) 1.1.2 Refer to Information A. • Identify the cheque that is incorrectly entered in the Bank Reconciliation Statement for August 2017. Provide ONE reason for your choice. (2) • Show the correction of the error by completing the table in the answer book. This cheque was issued to a creditor. (4) • Calculate the correct balance as per the Bank Account in the General Ledger after taking the error into account. Indicate whether it is a favourable or an unfavourable balance. (7) 1.2 DEBTORS’ RECONCILIATION AND AGE ANALYSIS Refer to Information B, C and D. 1.2.1 Show the corrections that must be made to the Debtors’ Control Account and the Debtors’ List to reconcile the differences noted. (7) 1.2.2 Zoxolo feels that the debtors are not effectively controlled. • Provide ONE reason why you think he feels this way. Do a calculation to support your answer. (5) • State TWO actions that Zoxolo Traders could take in order to encourage debtors to settle their accounts according to the terms. (2) 1.3 ETHICS AND INTERNAL CONTROL You are provided with information on the following invoices: (a) Invoice BT101 was for goods that one of the staff members ordered for personal use. The goods were paid for using a business cheque. (b) Invoice BT109 was for goods that were ordered on behalf of the owner for personal use. 1.3.1 Explain ONE measure that the business must put in place to avoid the unethical practice that occurred with Invoice BT 101. (2) 1.3.2 Refer to Invoice BT109. State ONE case when the transaction will constitute ethical behaviour and ONE case when it will constitute unethical behaviour. (4) P.T.O. ### Page 5 Downloaded from hlayiso.com ACCOUNTING 5 10710 / 17 INFORMATION: A. BANK RECONCILIATION ON 31 AUGUST 2017 R Favourable Balance as per Bank Statement 12 000 Outstanding deposits 7 300 Amount incorrectly debited by bank 1 400 Outstanding cheques: No: 900 (dated 7 February 2017) 1 980 No: 1421 (dated 28 August 2017) 10 200 No: 1425 (dated 10 September 2017) 7 354 Balance as per Bank account in General Ledger ? B. INFORMATION BEFORE THE DIFFERENCES WERE NOTED ON 31 AUGUST 2017 R Balance as per Debtors’ Control Account 83 750 Balance as per Debtors’ Ledger: 88 550 Dali – credit limit R15 000 23 250 Derek – credit limit R35 000 33 700 Divya – credit limit R40 000 31 600 Difference ? C. ADDITIONAL INFORMATION A reconciliation of the Debtors’ Control Account with the Debtors’ List revealed the following: (i) An allowance on damaged goods to Derek, R2 400, was entered on the wrong side of his account. (ii) Interest of R150, was charged to Divya on her overdue account. (iii) A cheque for R10 000 received from Dali was returned by the bank due to insufficient funds. No entries were made. D. DEBTORS’ AGE ANALYSIS Debtors’ Age Analysis for August 2017 after the above transactions have been taken into account. TOTAL CURRENT 30 DAYS 60 DAYS 90 DAYS R98 750 R16 850 R18 150 R36 300 R27 450 Debtors’ credit terms: 30 days. 35 P.T.O. ### Page 6 Downloaded from hlayiso.com ACCOUNTING 6 10710 / 17 QUESTION 2: MANUFACTURING (40 marks; 25 minutes) CONCEPTS REQUIRED: 2.1 Choose a cost category from the list provided for each of the expenses listed below. Write only your answer next to the question number (2.1.1 – 2.1.4) in the ANSWER BOOK. Factory overhead cost; Administration cost; Direct labour cost; Direct material cost; Selling and distribution cost 2.1.1 Wages paid to employees in the production process 2.1.2 The wages paid to staff for the cleaning of the factory 2.1.3 The telephone and fax used in the office 2.1.4 Transport cost of raw materials delivered to the factory (4) 2.2 THE NUTTY DELIGHT FACTORY SHOP The Nutty Delight Factory Shop manufactures nutty snacks. The business is owned and managed by Romi Goni. REQUIRED: 2.2.1 Calculate the value of the raw materials that were issued to the factory for the year ended 30 June 2017. (9) 2.2.2 Prepare the Production Cost Statement for the year ended 30 June 2017. (14) 2.2.3 The Nutty Delight Factory shop buys mainly from overseas suppliers. Upon investigation, it was found that most of the nuts used in the production process can be obtained from local suppliers. Explain ONE possible reason why a local supplier should be used. (2) 2.2.4 Romi Goni plans to increase profits by reducing costs. Romi intends to replace the more expensive nuts with peanuts but still sell the snacks at R40 each. Should Romi carry out this plan? Explain ONE valid reason for your decision. (3) P.T.O. ### Page 7 Downloaded from hlayiso.com ACCOUNTING 7 10710 / 17 INFORMATION: A. Balances 30 June 2017 30 June 2016 Raw materials stock R310 000 R325 000 Work-in-progress R94 000 ? Finished goods R201 000 R285 000 B. Unit costs for the year 2017 2016 Cost price of each finished unit R21,25 manufactured during the financial year Number of units produced and sold 80 000 60 000 C. The following totals appeared in the General Ledger: • Factory Overhead Costs, R280 750 • Administration Costs, R296 000 • Selling and Distribution Costs, R280 000 • Sales, R3 200 000 D. Raw Materials Raw materials were bought during the year on credit for R1 093 400. Cashew nuts are imported. An invoice for the purchases was not recorded. The details are as follows: • Cost of cashew nuts is $1 375. One US dollar is equivalent to R16,00. • Import duty is 10 %. • Transport costs paid, R7 400 E. Salaries and Wages Salaries and wages amount to R400 000 for the financial year. 65% is for wages paid to employees who work directly on the manufacturing of the nutty snacks. F. Electricity Payments for electricity, R50 000, is split between the factory, administration and the sales and distribution departments in the ratio of 5 : 1 : 2. The amount allocated for electricity has not been recorded. P.T.O. ### Page 8 Downloaded from hlayiso.com ACCOUNTING 8 10710 / 17 2.3 JADEN STORES Jaden Stores manufactures and packs gift packs. The financial year ends on 28 February. REQUIRED: 2.3.1 Calculate the break-even point for 2017. (5) 2.3.2 Explain whether the owner should be concerned. Provide figures. (3) INFORMATION: A. The business produced and sold 4 600 gift packs during the year. B. The selling price of each gift pack is R693,00 C. The following costs were identified for 2017: Cost Total Unit Cost R R Prime cost 3 726 000 207,00 Direct material cost 2 214 000 123,00 Direct labour cost 1 512 000 84,00 Factory overhead cost 1 026 000 57,00 Selling and distribution cost 1 733 400 96,30 Administration cost 594 000 49,50 40 P.T.O. ### Page 9 Downloaded from hlayiso.com ACCOUNTING 9 10710 / 17 QUESTION 3: COMPANY FINANCIAL STATEMENTS AND AUDIT REPORT (65 marks; 40 minutes) 3.1 CONCEPTS Match the concepts in Column A with the descriptions in Column B. Write only the letter (A – E) next to the question number (3.1.1 – 3.1.5) in the ANSWER BOOK. (5) COLUMN A COLUMN B This is an annual document which Income 3.1.1 A explains the performance of the company Statement and the major decisions that were taken. This reflects the funds which have come into a company (or have been utilised by 3.1.2 Balance Sheet B it) through its operating, investing or financing activities. This reflects the profit or loss earned as a Cash Flow 3.1.3 C result of the operations of the company Statement for a year. This is an opinion issued on whether or 3.1.4 Directors’ Report D not the financial statements can be relied upon. Independent This reflects the assets, liabilities and net 3.1.5 E Auditors’ Report worth (equity) of the company. 3.2 AMARA LIMITED The following information relates to Amara Limited. The financial year ended on 28 February 2017. REQUIRED: 3.2.1 Refer to Information B. Calculate the Net Profit after Tax. (10) 3.2.2 Prepare the following notes to the Balance Sheet (Statement of Financial Position) for the year ended 28 February 2017. • Ordinary Share Capital (9) • Retained Income (10) 3.2.3 Prepare the Balance Sheet (Statement of Financial Position) for the year ended 28 February 2017. (31) P.T.O. ### Page 10 Downloaded from hlayiso.com ACCOUNTING 10 10710 / 17 INFORMATION: A. Extract of a list of Balances/Totals on 28 February 2017 Balance Sheet Accounts Section R Ordinary share capital ? Retained income (1 March 2016) 540 000 Land and Buildings 6 002 000 Equipment (1 March 2016) 700 000 Accumulated depreciation on equipment (1 March 2016) 263 750 Fixed Deposit: GP Bank 260 000 Trade and other receivables 696 000 Cash float 12 000 Loan: GP Bank 1 140 000 Creditors’ Control 294 600 Bank Overdraft 52 000 SARS: Income Tax 300 000 Nominal Accounts Section Rent income 177 600 Dividends on ordinary shares 96 000 B. Net Profit for the year The Internal Auditor found that the following adjustments were NOT taken into account when the Net Profit before Tax, R1 024 400 was calculated. • The telephone account, R3 000 for February 2017 was not yet paid. • Insurance amount of R4 500 was prepaid. • Rent Income for March and April 2017 was already received. The rent was increased on 1 September 2016 by 10%. The Rent Income account showed an amount of R177 600 in the General Ledger. • Stationery of R500 was on hand on 28 February 2017. • The Income Tax for the year is calculated at 28% of net profit before tax. P.T.O. ### Page 11 Downloaded from hlayiso.com ACCOUNTING 11 10710 / 17 C. Shares and Dividends (i) Authorised share capital comprises 400 000 ordinary shares. (ii) On 1 March 2016: 160 000 shares for R4 000 000 were in issue. (iii) On 31 August 2016: The directors decided to buy back 50 000 shares from the family of a deceased shareholder, at R30 per share. These shares are NOT entitled to final dividends. (iv) On 1 January 2017: 100 000 shares were issued at R17,50 each. (v) The directors declared a final dividend of 80 cents per share on 28 February 2017. D. Fixed Assets (i) Equipment, R250 000 was purchased on 1 December 2016. No equipment was sold during the year. (ii) The depreciation account was debited with a total amount of R76 250 for the year. E. Non-current Liabilities The loan statement from GP Bank reflected the following: Balance at beginning of financial year R1 500 000 Repayments during the year R? Interest capitalised R157 500 Balance at end of financial year R1 140 000 The capital portion of the repayment of the loan for the next financial year remains the same as the current financial year. 65 P.T.O. ### Page 12 Downloaded from hlayiso.com ACCOUNTING 12 10710 / 17 QUESTION 4: CASH FLOW STATEMENT AND RATIO ANALYSIS (70 marks; 45 minutes) 4.1 CONCEPTS Choose the correct answer from the options given to match the statements. Write down only the answer next to the question number (4.1.1 – 4.1.3) in the ANSWER BOOK. Solvency; Gearing; Liquidity; Profitability 4.1.1 The ability of the business to meet its short term obligations (debts) (1) 4.1.2 Total assets : total liabilities (1) 4.1.3 The extent to which the business is making use of loans (borrowed capital) (1) P.T.O. ### Page 13 Downloaded from hlayiso.com ACCOUNTING 13 10710 / 17 4.2 NKOSI LIMITED Nkosi Limited provided you with extracts from their financial records for the year ended 28 February 2017. REQUIRED: Prepare the Cash Flow Statement for the year ended 28 February 2017. (Where applicable, show calculations/workings in brackets to earn part marks.) (32) INFORMATION: A. Extract from the Income Statement R Depreciation 19 974 Income Tax 198 240 B. Extract from the Balance Sheet (Statement of Financial Position) on 28 February 2017 28 Feb 2017 29 Feb 2016 ASSETS Non-current Assets 1 331 328 1 205 760 Fixed/Tangible Assets 1 175 328 977 760 Financial Assets 156 000 228 000 Cash and cash equivalent 985 390 30 Equity and Liabilities Shareholders’ Equity 2 999 880 1 302 120 Ordinary Share Capital 2 850 000 1 200 000 Retained Income 149 880 102 120 Non-current Liabilities 420 000 1 284 000 Bank overdraft 0 80 130 Shareholders for Dividends 312 000 16 800 SARS Income Tax 12 450 4 800 C. Loan and interest on loan The loan statement from Invest Bank on 28 February 2017 reflected: Balance at the beginning of the financial year R 1 284 000 Repayments during the year (including interest) 1 008 000 Interest capitalised ? Balance at the end of the financial year 420 000 P.T.O. ### Page 14 Downloaded from hlayiso.com ACCOUNTING 14 10710 / 17 D. Share Capital and Dividends • On 1 March 2016 the business had 100 000 shares in issue at an average price of R12 per share. • The business paid interim dividends of 120 cents per share on 31 May 2016. • On 1 September 2016 the business issued new shares. • On 28 February 2017 the business repurchased 10 000 shares at R23 per share. This was R3 above the average share price. • A final dividend was declared on 28 February 2017. E. Fixed Assets • Equipment was sold at carrying value. The details for this equipment is as follows: Cost price R48 000 Accumulated depreciation to date sold R24 684 Date Sold 1 April 2016 Selling price ? P.T.O. ### Page 15 Downloaded from hlayiso.com ACCOUNTING 15 10710 / 17 4.3 FINANCIAL INDICATORS OF TWO COMPANIES Your friend is an existing shareholder of two companies that sell cellphones and data. She presents you with information of both companies. REQUIRED: 4.3.1 Calculate the following financial indicators: • Net Asset Value of Talk Ltd. (3) • Debt-Equity Ratio of Data Ltd. (3) 4.3.2 Your friend is of the opinion that the liquidity position of Talk Ltd. is better than that of Data Ltd. Quote TWO financial indicators (with figures) to support her opinion. (6) 4.3.3 Data Ltd. paid off a large portion of its loan during the financial year. Quote TWO financial indicators with relevant figures to show why this was not a good decision taken by the directors. (7) 4.3.4 Will the shareholders be satisfied with the price at which the new shares were issued for both companies? Explain. Quote relevant financial indicators and figures for each company. (6) 4.3.5 Your friend owns 30 000 shares in each of the companies. • Calculate the dividends that she earned from each company. (2) • Compare and comment on the dividend pay-out policies of the two companies. Provide calculations in your explanation. (4) • Explain ONE reason for the dividend pay-out of each company. (4) P.T.O. ### Page 16 Downloaded from hlayiso.com ACCOUNTING 16 10710 / 17 INFORMATION: A. Extract from the Balance Sheet (Statement of Financial Position) on 28 February 2017 DATA LTD. TALK LTD. Shareholders’ Equity 1 011 150 2 116 800 Ordinary Share Capital 808 000 1 593 000 Retained Income 203 150 523 800 Non-current Liabilities 202 230 1 270 080 B. Financial indicators DATA LTD. TALK LTD. Current ratio 3,6 : 1 2,4 : 1 Acid-test ratio 0,6 : 1 1,2 : 1 Stock turnover rate 4 times 8 times Debt-equity ratio ? 0,6 : 1 % return on average shareholders' equity 25,4% 14,5% % return on total capital employed 18,4% 10,2% % interest rate on loans 10,5% 10,5% Market price per share on JSE 710 cents 910 cents Net asset value per share 535 cents ? Dividends per share 230 cents 245 cents Earnings per share 350 cents 285 cents C. Both companies have the same number of shares in issue at the end of the current financial year; 189 000 shares. D. Additional information • Data LTD. issued additional shares at 450 cents per share. • Talk LTD. issued additional shares at 1 200 cents per share. 70 P.T.O. ### Page 17 Downloaded from hlayiso.com ACCOUNTING 17 10710 / 17 QUESTION 5: INVENTORY VALUATION AND PROBLEM-SOLVING (45 marks; 25 minutes) 5.1 HAT ACCESSORIES Hat Accessories sells fashionable hats. REQUIRED: 5.1.1 Calculate the number of hats on-hand on 28 February 2017. (3) 5.1.2 Calculate the following using the weighted-average method: • Value of the final stock on-hand on 28 February 2017 (7) • Gross profit (5) 5.1.3 The owner wants to alternate between using the weighted-average method and the First-In-First-Out (FIFO) method, depending on which will result in a higher profit. • Calculate the following using the FIFO method:  Value of the final stock on-hand on 28 February 2017 (5)  Gross profit percentage on cost of sales (6) • Provide TWO reasons why alternating between the two methods of valuing stock does not comply with the requirements of International Financial Reporting Standards (IFRS). (4) P.T.O. ### Page 18 Downloaded from hlayiso.com ACCOUNTING 18 10710 / 17 INFORMATION: A. Stock on hand and Sales for the year Purchases for the year Details No. of Unit Total No. of Unit Total items Price R items Price R Opening stock 1 March 2016 100 R40 4 000 100 R150 15 000 Purchases 500 38 000 410 61 500 April 2016 100 R50 5 000 100 R150 15 000 July 2016 150 R60 9 000 150 R150 22 500 November 2016 200 R90 18 000 160 R150 24 000 February 2017 50 R120 6 000 0 R150 0 B. The order for hats to be received in March 2017 is 250 hats at R140 each. The business intends to sell all hats at R200 each. 5.2 GYM TRIM Gym Trim is an outlet of Vitality Sports Wholesalers. Stock is valued using the FIFO method. The following figures have been given to the owner of Gym Trim but he is not happy as the actual figures as per stocktaking and the figures of the Trading Stock records in the books do not agree. REQUIRED: 5.2.1 Calculate the number of days of stock on-hand for Gym Bags. Gym Bags are sold at a mark-up of 25% on cost. The average stock amounted to R153 600. (6) 5.2.2 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. (9) ITEMS OF STOCK Sweatbands Towels Gym Bags Opening stock in unit 120 80 150 Purchases in units 5 600 960 1 200 Sales in units for the year 4 800 840 930 Closing stock in units 810 200 420 Selling price per unit R45 R125 R350 Period of stock on hand 50 days 70 days ? Cash deposited for the year R216 000 100 000 R325 500 45 P.T.O. ### Page 19 Downloaded from hlayiso.com ACCOUNTING 19 10710 / 17 QUESTION 6: VAT AND BUDGETS (45 marks; 25 minutes) 6.1 VAT Complete the following sentences by writing down only the missing words or figures next to the question number (6.1.1 – 6.1.4) in the ANSWER BOOK. 6.1.1 The VAT charged by a vendor when it sells goods or renders services is known as ... tax. (1) 6.1.2 A credit balance in the VAT Control Account indicates that VAT is ... SARS by the vendor. (1) 6.1.3 Goods are purchased for R36 900 excluding VAT. The amount of VAT on these goods is R... . (2) 6.1.4 Goods are sold for R7 410 including VAT. The amount of VAT included in the selling price of these goods is R___________ . (2) 6.2 CASH BUDGET You are provided with an incomplete Cash Budget and additional information in respect of Soweto Traders. The financial year ends on 31 December. REQUIRED: 6.2.1 Provide ONE reason why it is essential for the business to prepare a Cash Budget. (2) 6.2.2 Complete the Debtors’ Collection Schedule. (7) 6.2.3 Calculate the missing figures for cash surplus / deficit and bank balances (A – E) on the Cash Budget. (16) 6.2.4 • Comment briefly on the bank balances. Quote figures. • Explain TWO significant measures they have used to improve the cash flow. Quote figures. (8) 6.2.5 Refer to Information F. The owner feels that there is a problem regarding some of the income and expense items. In each case suggest how to improve the internal control of the items concerned. (6) P.T.O. ### Page 20 Downloaded from hlayiso.com ACCOUNTING 20 10710 / 17 INFORMATION: A. Debtors and sales • The owner decided to start selling goods on credit with effect from 1 November 2017. • Credit sales are expected to comprise 40% of total sales. • Debtors are expected to settle their accounts as follows: o 25% in the same month as the credit sale, subject to a 5% discount. o 68% in the month following the credit sale. o 7% of debtors' accounts are expected to comprise bad debts. B. Purchase of stock and mark-up • All goods are sold at a mark-up of 50% on cost. • Goods are replaced monthly to maintain a fixed stock level. • Goods are purchased as follows: 25% for cash and 75% on credit. • All credit purchases are settled during the following calendar month. C. Salaries Monthly salaries for all 11 staff members will be increased with effect from 1 November 2017. The increase will be as follows: • The manager will receive an increase of 35% on his present monthly salary of R12 000 from 1 November 2017. • The ten shop assistants, who receive an equal salary, will each receive an increase of R520 per month from 1 November 2017. • An additional shop assistant will be employed from 1 December 2017 at the same increased salary as the other shop assistants. D. Loan and interest • A short-term loan of R800 000 was received on 31 August 2017. • This is to be repaid in four equal instalments every three months. The first instalment must be paid on 30 November 2017. • Interest (15%p.a.) is paid monthly by cheque. P.T.O. ### Page 21 Downloaded from hlayiso.com ACCOUNTING 21 10710 / 17 E. CASH BUDGET FOR THE PERIOD 1 OCTOBER 2017 TO 31 DECEMBER 2017 OCT NOV DEC RECEIPTS R R R Cash sales 288 000 216 000 252 000 Collections from debtors 0 34 200 ? Rent income 8 400 10 080 0 Sale of part of shop premises 1 000 000 Capital contribution 370 000 TOTAL RECEIPTS 666 400 1 260 280 ? PAYMENTS Payments to creditors 135 000 A 180 000 Cash purchases 48 000 60 000 70 000 Salaries 64 000 B 79 120 Drawings 40 000 60 000 60 000 Advertising 2 880 3 600 8 400 Water and electricity 15 000 15 000 15 000 Telkom and cell phone costs 26 000 28 000 30 000 Vehicle instalment 100 000 15 000 Repayment of loan 200 000 Interest on loan 10 000 10 000 C Delivery vehicle expenses 8 940 9 208 9 484 Sundry operating expenses 40 000 40 000 40 000 TOTAL PAYMENTS 389 820 743 208 ? Cash Surplus (Deficit) 276 500 517 072 (124 684) Bank : Opening balance (195 308) 81 192 D Bank: Closing balance 81 192 598 264 E F. OCTOBER 2017 BUDGETED ACTUAL Cash Sales 288 000 260 000 Rent Income 8 400 2 000 Delivery expenses 8 940 17 600 45 TOTAL: 300 END ## Related documents - [Accn Qp Eng](https://www.hlayiso.com/library/accn-qp-eng/265bc973-172b-49fd-b391-a52424963bfe) — Accounting · QP · 2017 · Eng - [Accounting Nov 2017 Eng](https://www.hlayiso.com/library/accounting-nov-2017-eng/8b621382-03b3-4de1-b85b-4b5cfd60b6f2) — Accounting · QP · 2017 · Eng - [Accounting Feb March 2017 Eng](https://www.hlayiso.com/library/accounting-feb-march-2017-eng/1553532b-c4b5-4962-b321-ef37e71fb728) — Accounting · QP · 2017 · Eng - [Grade 12 NSC Accounting P2 (Afrikaans) 2020 Preparatory Question Paper](https://www.hlayiso.com/library/grade-12-nsc-accounting-p2-afrikaans-2020-preparatory-question-paper/813d0ccb-dfb0-4caa-917e-f4fad84da119) — Accounting · QP · 2020 · Afr - [Accounting May June 2017 Answer Book Eng](https://www.hlayiso.com/library/accounting-may-june-2017-answer-book-eng/80214f65-7758-4efc-a0bf-bfb782a0fb3d) — Accounting · Addendum · 2017 · Eng - [Accounting Nov 2017 Answer Book Afr](https://www.hlayiso.com/library/accounting-nov-2017-answer-book-afr/577edd99-2c35-47d2-a46e-d92c45148ccb) — Accounting · Addendum · 2017 · Afr ## More from Grade 12 Accounting - [Accounting](https://www.hlayiso.com/library/accounting/8f42a6a4-9593-4d36-86b1-d890dd1bb1bf) — Guide - [ACCOUNTING P1 GR12 AB JCT ENG D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-ab-jct-eng-d-watermark/77ae8297-53f7-47b3-8e29-57bd38f30483) — Addendum · 2025 · Eng - [Acc P2 Memo ENg watermark](https://www.hlayiso.com/library/acc-p2-memo-eng-watermark/5c899e95-f3c2-4bf6-b539-ed8b1bcec50d) — Memo · 2025 · Eng - [Accounting P1 (English) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p1-english-june-2025-answer-book/7e96e433-56f8-43a1-9a38-c68c465746dd) — Addendum · 2025 · Eng - [Accounting P2 (English ) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p2-english-june-2025-answer-book-1/73bffe7c-1c96-49bd-af78-abb8db8c6618) — Addendum · 2025 · Eng - [Accounting P1 (Afrikaans) June 2025 Possible Answers](https://www.hlayiso.com/library/accounting-p1-afrikaans-june-2025-possible-answers/2f10559b-54d6-47f4-9fc2-b2efc62644c4) — Memo · 2025 · Afr ## Collection - [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. When citing, link the page URL above, not a PDF or /api/ URL.