Limpopo Accounting Grade 10 March 2023 QP and Memo hlayiso.com

Downloaded from hlayiso.com Downloaded from Stanmorephysics.com fs is a SO eg, PROVINCIAL GOVERNMENT REPUBLIC OF SOUTH AFRICA DEPARTMENT OF EDUCATION Prova COMMON rest | GRADE 10 ee ee ee ee ACCOUNTING TERM 1 TASK 2 CONTROLLED TEST NO 1 17 March 2023 ee eee eee eee eee ee ee es MARKS: 100 DURATION: 1HR 30 MINUTES This question paper consists of 9 pages, a Formula sheet and an Answer book of 8 pages

Downloaded from hlayiso.com RDeawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Instructions and Information Read the following instructions carefully and follow them precisely. 1. Answer Abb/the questions. 2. AspecialAANSWER BOOK is provided in which to answer ALL the questions. 3. A FORMULA SHEET for financial indicators is provided at the back of this question paper. You may use this if necessary. 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 the 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 1: 5 Marks; 4 Minutes Type of the question This question integrates Bookkeeping process Concepts Question 2: 35 Marks; 32 Minutes Type of the question This question integrates Bookkeeping Analysis of transactions Accounting equation Question 3: 50 Marks; 45 Minutes Type of the question This question integrates Subsidiary Journals and Ledger: Control accounts and Analysis Perpetual inventory system Internal control Question 1: 10 Marks; 9 Minutes Type of the question This question integrates Creative Problem solving Ethics and internal control Copyright reserved Please turnover

Downloaded from hlayiso.com Deawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Question 1 CONCEPTS AND ANALYSIS OF TRANSACTIONS (5 marks 4minutes) Choose the correstpword(s) from COLUMN A to match a description in COLUMN B. Write only the letter (A-E) in COLUMN B next to the question numbers (1.1—1.5) in the ANSWER BOGK for example 1.5 F. COLUMN-A COLUMN B 1.1 | Double entry principle A | Adebtor who owes R1 270, was written off as a bad debt as he could not be traced. 1.2 | Entity rule B_ | Sources of earnings to the business 1.3 | Duplicate invoice C_ | Owner takes goods or cash for personal use 1.4 | Owner’s equity D_ | For every debit , there must be a corresponding credit 1.5 | Prudence E | The document used to record goods sold on account. F | The owner pays her personal cell phone account with a business online banking app and does not record the amount as an expense to the business. Copyright reserved Please turnover

Downloaded from hlayiso.com Dawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Question 2. ANALYSIS OF TRANSACTIONS (35 marks; 28 minutes) REQUIRED: Use thefollowing information from the books of Mikateko Traders to analyse-the given transactions according to the format provided in the Answer book. E.G. The owner took cash worth R400, from the business bank account for her own use. 2.1 Received R1 000 from U Bank a monthly interest on fixed deposit. 2.2 Paid R15 400 to Equip solutions for the purchase of equipment, using the banking app. 2.3. Paid R 2 400 to Mica Traders in settlement of the business’s account after receiving a 4% discount. 2.4 Issued a credit note of R 540 to S. Makua for goods returned by her. Cost price is R360. 2.5 Bought trading stock from Nkoana Suppliers for R8 000 on credit. 2.6 Paid interest on the Loan with U bank at an interest rate of 15% p.a, for four months. The amount of the loan is R75 000 2.7 The owner T. Mikateko, invested R40 000 directly into the business bank account as her additional capital contribution. (35) Copyright reserved Please turnover

Downloaded from hlayiso.com Dawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Question 3 Concepts, Control accounts (perpetual Inventory system), and Internal control. (50 marks; 40 minutes) 3.1 Concepts Answer therquestion by filling in the missing words, indicated below. (Petty Cash Journal, Cash Receipts journal, Cash Payments Journal, Debtors-journal, Creditors Journal, Debtors allowances Journal, Creditors Allowances Journal). 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 is used when customers return goods or claim allowances is used when cash is received is used to record small amounts of money records credit purchases of goods. is used to keep records of cash paid out (5) 3.2. Control accounts and Internal control The information below was obtained from the books of Irma Traders REQUIRED 3.2.1 Open and balance off the following accounts in the in the General Ledger. Trading stock account (18) Debtors control (12) INFORMATION 1. The following balances appeared in the books of Irma Traders on 1 March 2022 Trading stock R 30 300 Cost of sales R? Debtors control R 15 800 2. Total columns form the journals on 31 March 2022 Copyright reserved Please turnover

Downloaded from hlayiso.com Dawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Cash Receipts Journal (CRJ4) Bank Sales Cost of Debtors | Discount | Sundry Accounts sales control allowed Amount Details 81 400 385700 25 800 8 340 200 24 550 550 Cash Payments Journal (CPJ4) Bank Trading Wages Creditors | Discount | Sundry Accounts inventory control received | Amount Details 53 420 15 690 7 000 8 456 310 17 244 Creditors Journal (CJ4) Creditors | Consumable | Equipment | Trading Sundry Accounts control goods Inventory | Amount | Details 24 500 530 18 300 9 250 663 Debtors Allowances Journal (DAJ4) Debtors Debtors allowances Cost of sales Totals 432 244 Debtors Journal (DJ4) Debtors Sales Cost of sales Totals 13 980 9 320 Creditors Allowances Journal (CAJ4) Creditors Trading Equipment | Sundry Accounts control inventory Amount Details 6 854 543 7 700 Dr Sales Cr Date Details | Fol | Amount | Date Details Foh>)| Amount 2022 | 31 | Bank ERG. 31 200 March Debtors DJ control Copyright reserved Please turnover

Downloaded from hlayiso.com Dewnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP 3. Additional Information e The owner took goods with a cost price of R900 for his own use. A mark up of 50% on cost is applicable. e Aninvoice of R 3 431 for goods sold on credit was not recorded Only entries regarding the cost were entered 3.3 Analyse théCreditors control account by answering the questions below. (15) Dr Creditors control Cr Date Details Fol | Amount | Date Details Fol | Amount rede 10 A CPJ 5 900 eves 1 Cc bd 12 789 April April Byun | cag 190 euney E | 10300 Returns Purchases Journal debits GJ 820 Bank(Refunds) | D 150 Balance cd Journal credits | GJ 350 F F G 1 H l J Questions 3.3.1 What is the detail denoted with the letter A? (4) 3.3.2 What is the date and source document for entry denoted with the letter, B? (3) 3.3.3 What is the details denoted with the letter, C? (1) 3.3.4 What is the folio reference denoted with the letter, D? (1) 3.3.5 Indicate the folio reference and the source document indicated by the letter E? (3) 3.3.6 Calculate the figures for the letter, F (2) 3.3.7 Indicate what should be written in the place for letters G, H and | and J. (4) 1501 Copyright reserved Please turnover

Downloaded from hlayiso.com Rawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-QP Question 4 Internal control and Ethics (10 marks; 8 minutes) 4.1. 4.2. 4.3. Define the term, Ethics? (2) The=owner of the business is concerned about the rate of theft of stocki/from the store room. He has since come to you for advice. Explain TWO internal control measures that you think must be applied in the business to maintain proper control over stock (4) The owner of Irma Traders | also worried about the amount of money that disappears between recoding and depositing. Give TWO internal control measures that the owner can put in place to keep proper control over cash. (4) /10/ TOTAL MARKS [100] Copyright reserved Please turnover

Downloaded from hlayiso.com Dewnlgadeds£rom Stanmorephysics.com LDoE/March NSC-QP 2023 GRADE 10 ACCOUNTING FINANCIAL INDICATORS FORMULA SHEET Gross profit 2200 Gross profit X 100 Net profit before tax X 100 Sales 1 Cost of sales 1 Sales 1 Operating expenses X 100 Sales 1 Operating profit X 100 Sales 1 Current assets : Current liabilities (Current assets — Inventories) : Current liabilities (Trade and other receivables + Cash and cash equivalents) : Current liabilities Owner's equity Net profit X 100 1 Total assets : Total liabilities Non-current liabilities : Owner’s equity Copyright reserved Please turnover

Downloaded from hlayiso.com Downloaded from Stanmorephysics.com I_TRA POPC PROVINCIAL GOVERNMENT REPUBLIC OF SOUTH AFRICA EDUCATION PROVINCIAL COMMON TEST GRADE 10 ANSWER BOOK ee ee ee ee ACCOUNTING TERM 1 TASK 2 CONTROLLED TEST NO 1: March 2023 School Name of learner. Date QUESTION MARKS MODERATED MARK MODERATOR INITIAL TOTAL MARK OBTAINED 05 50 35 10 100 This Answer book consists of 08 pages.

Downloaded from hlayiso.com Bownteaded: from Stanmorephysics.com LDoE/March 2023 NSC-ANSWER BOOK Question 1 Choose the correct word(s) from COLUMN A to match a description in COLUMN B. Write only the letter (A-E) in COLUMN B next to the question numbers (1.1-1.5) in the ANSWER BOOK, for example 1.5 F. 1.1 1.2 1.3 1.4 1.5 Total marks Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Hovwscaded: from Stanmore, af sics.com ER BOOK Question 2 ANALYSIS OF TRANSACTIONS LDoE/March 2023 Use the following information from the books of Mikateko Traders to analyse the given transactions according to the format provided in the Answer book Copyright reserved Provincial Common Test No Account Account | ASSETS EQUITY LIABILITIES debited credited e.g. | Drawings Trading -400 -400 0 inventory 35 Total marks 35

Downloaded from hlayiso.com Bownteaded: from Stanmorephysics.com LDoE/March 2023 NSC-ANSWER BOOK Question 3 Concepts, Control accounts (perpetual Inventory system), and Internal control. 3.1 Concepts Answer the question by filling in the missing words. 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 3.2. Control accounts and Internal control ks are 8 GENERAL LEDGER OF IRMA TRADERS Dr Trading stock acc Cr Date Details Fol Amount | Date Details Fol | Amount 18 Copyright reserved Provincial Common Test

Downloaded from hlayiso.com BHewneaded: from Stanmorephysics.com LDoE/March 2023 NSC-ANSWER BOOK Dr Debtors control acc Cr Date Details Fol Amount | Date Details Fol Amount 12 Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Hovwinecaoled: from Stanmore, af ‘sics.com LDoE/March 2023 ER BOOK 3.3 Analyse the Creditors Control account by answering the questions below. No Answer 3.3.1 Whatiis=the detail denoted with the letter A? 1 3.3.2 Whatis the date and source document for entry denoted with the letter, B? 3 3.3.3 What is the detail denoted with the letter, C? 1 3.3.4 What is the folio reference denoted with the letter, D? 1 3.3.5 Indicate the folio reference and the source document indicated by the letter E? 3 3.3.6 Calculate the figures for the letter, F 2 3.3.7 Indicate what should be written in the place for letters G, Hand I and J 4 15 ET J Total marks 50 Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Bownteaded: from Stanmorephysics.com LDoE/March 2023 NSC-ANSWER BOOK Question 4 Ethics & Internal control 4.1 Define the term,-Ethics. 4.2 The owner of the business is concerned about the rate of theft of stock from the store room. He has since come to you for advice. Explain TWO internal control measures that you think must be applied in the business to maintain proper control over stock. Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Bownteaded: from Stanmorephysics.com LDoE/March 2023 NSC-ANSWER BOOK 4.3 The owner of Irma Traders | also worried about the amount of money that disappears between recoding and depositing. Give TWO intefnal control measures that the owner can put in place to keep proper controfover cash. TOTAL MARKS 10 Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Downloaded from Stanmorephysics.com I_TRKAPOPRPc® PROVINCIAL GOVERNMENT REPUBLIC OF SOUTH AFRICA DEPARTMENT OF EDUCATION ay PROVINCIAL COMMON TEST GRADE 10 MEMORANDUM / MARKING GUIDELINES es ee eee ee ee ee ee ACCOUNTING TERM 1 TASK 2 CONTROLLED TEST NO 1: March 2023 eee ee eee ee ee ee General marking principles 1. Unless otherwise stated in the marking guidelines, 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. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. Full marks for correct answer. If answer incorrect, mark the workings provided. 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 memo for components of workings, these do not carry the method mark for final answer as well. 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. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from Candidates. This memorandum is not for public distribution, as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions. Where penalties are applied, the marks for that section of the question cannot be a final negative. . Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer. . Operation means 'check operation’. ‘One part correct’ means operation and one part correct. Note: check operation must be +, -, x, +, or per memo. . Incalculations, do not award marks for workings if numerator & denominator are swapped) this also applies to ratios. . In.awarding method marks, ensure that candidates do not get full marks for any item that js/incorrect at least in part. Indicate with a é. . Be aware of candidates who provide valid alternatives beyond the marking guideline:/Note that one comment could contain different aspects. . Codes: f = foreign item; p = placement/presentation. These marking guidelines consist of 17 pages This memorandum consists of 07 pages.

Downloaded from hlayiso.com RDawnlgadeds from Stanmorephysics.com LDoE/March 2023 NSC-MG Question 1 Choose the correct word(s) from COLUMN A to match a description in COLUMN B. Write only the letter (A-E) in COLUMN B next to the question numbers (1.1-1.5) in the; ANSWER BOOK, for example 1.5 F. 1.1 D v 12 F v 1.3 E i 14 B Vv 15 A v Total marks Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Rawnlgadedsfrom Stanmorephysics.com NSC-MG Question 2 ANALYSIS OF TRANSACTIONS LDoE/March 2023 Copyright reserved Provincial Common Test Use the following information from the books of Mikateko Traders to analyse the given transactions according to the format provided in the Answer book No Account Account | ASSETS EQUITY LIABILITIES debited credited e.g. | Drawings Trading -400 -400 0 inventory 2.1 Bank¥ Interest +1000V +1000¥ 0 on fixed depositY 2.2 |EquipmentY | Bank -/+15 400V¥ 0 0 2.3 Creditors Bank¥ -2 400V -2 500V¥ control/Mica traders¥ Bank Discount received¥ +100M 2.4 | Trading Cost of +360Y +360Y stockY sales¥ Debtors Debtors allowancesY | control/S -540Y -540V Makua¥ 2.5 | Trading Creditors +8 O00OY +8 00OY stockY control ¥ 2.6 Interest on Bank¥ -3 750VM1 -3 750VM loanY 35 27 Bank Capital¥ +40 000Y +40 000V Total marks 35

Downloaded from hlayiso.com Deawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-MG Question 3 Concepts, Control accounts and Account analysis (perpetual Inventory system), and Internal control. 3.1 Concepts Answer the question by filling in the missing words. 3.1.1 Debtérs! Allowances Journal “ 3.1.2 | Cast Receipts Journal 3.1.3 | Petty cash ¥ 3.1.4 | Creditors journal ¥ 3.1.5 Cash Payments Journal ¥ 2 3.2. Control accounts and account analysis 3.2.1 GENERAL LEDGER OF IRMA TRADERS Dr Trading stock acc Cr Date Details Fol | Amount | Date Details Fol | Amount 2022 1 | Balance bid 30 300Y 2022 | 31 | Costofsales” | DW 9 320V Mar Mar Cost of Sales CRJ 25 800¥ 31v¥ | Bank CPlY | 15690” Drawings ¥ GJ 900” Creditors CJ 9 250% Balance cld | 19464ba# controlv Cost of sales | DAW 244v 55 484 55 484 Y for For both totals both must April and 1 Apr 1 Balance bid 19464] must be same 18 as bal cd Copyright reserved Provincial Common Test

Downloaded from hlayiso.com Dawnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-MG Dr Debtors control acc Cr Date Details Fol | Amount | Date Details Fol | Amount 2022 | 1 Balance b/d 15 800V | 2022 | 31 | Bank& CRJ 8 340V Mar Mar discount all¥ 31 | Salesw (13980v +3431) | DJ 17411 # Debtors DAJ 432v allowances¥ Balance cid | 2443082 | 33 211 [c] 33 211 For both totals must Balance bid | 24 439M must be — 12 /— Hone part correct Copyright reserved Provincial Common Test

Deawnlgadeds from Stanmorephysics.com Downloaded from hlayiso.com NSC-MG LDoE/March 2023 3.3 Analyse the Creditors Control account by answering the questions below. No Answer 3.3.1 Whatisithe detail denoted with the letter A? Bank or Bank & Discount Received ¥ 3.3.2 Whats the date and source document for entry denoted with the letter, B? 30¥ and Debit note / duplicate Debit note VW” 3.3.3 What is the detail denoted with the letter, C? Balance b/d ¥ 3.3.4 What is the folio reference denoted with the letter, D? CRI V 3.3.5 Indicate the folio reference and the source document indicated by the letter E? CJ¥ and Original¥ invoice ¥ 3.3.6 Calculate the figures for the letter, F (12 789+10 300+350+150) 23 589 vfZI* (*must include one of the four figures) 2 3.3.7 Indicate what should be written in the place for letters G, H and | and J G= May ¥ H= Balance b/d “ l= b/d ¥ J= 16 679 M (figure in 3.3.6 — any of 5 900, 190, 820) 15 TOTAL MARKS 50 Copyright reserved Provincial Common Test

Downloaded from hlayiso.com RDaewnlgadedsfrom Stanmorephysics.com LDoE/March 2023 NSC-MG Question 4 Ethics & Internal control/Problem solving 4.1 Define the term,Ethics. Ethics may besfeferred to as the Principles or standards for deciding what is acceptable (tight) or unacceptable (wrong) behaviour in a business.v¥¥ 4.2 The owner of the business is concerned about the rate of theft of stock from the store room. He has since come to you for advice. Explain TWO internal control measures that you think must be applied in the business to maintain proper control over stock. e Compare physical stock against records on a regular (monthly) basis/regular stock count. vv Improve/strengthen security in the warehouses/storage rooms. ¥W Rotate your staff periodically. Don’t let one person order, receive, record and stock/division of duties) Let a senior person authorise/approve all stock transactions/movements. Install CCTV camera Any valid responses x2 4.3 The owner of Irma Traders is also worried about the amount of money that disappears between recording and depositing. Give TWO internal control measures that the owner can put in place to keep proper control over cash. e Have one person doing the recording and another one depositing.” ” e Appoint a person to double check the recording and deposit documents.” ” e Use properly trained/qualified people to handle cash/money. e Ensure that there are systems in place to properly record money received. Any relevant responses x 2 TOTAL MARKS 10 Copyright reserved Provincial Common Test