Accounting Grade 12 NW March 2023 Paper & Memo

education corner Thelesho Tawana and Lefapha la Thuto la Bokone Boph irima Modlrf Molema Road Noord-Wes Onderwys Departement Montshloa Tel.: (018) 384-6007 North West Education Department e-mail: mmojafi@nwpg.gov.za NORTH WEST PROVINCE e-mail: ndulker@nwpg.gov.za OFFICE OF THE SUB-DISTRICT MANAGER: MAHIKENG SUB-DISTRICT OFFICE NGAKA MODIRI MOLEMA DISTRICT GRADE 12

NMM/March/2023 NSC GRADE: 12 (Question paper) INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 2. A specia 1, WER BOOK is provided in which to answer ALL questions. 3. Show A -, rkings to earn part-marks. 3. You ma�se a non-programmable calculator. 4. You may use a blue/black ink to answer questions. 5. Where applicable, show ALL calculations to ONE decimal point. 6. Write neatly and legibly. 7. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS TIME IN MINUTES 1. Concepts and Accounting Equation 20 25 minutes 2. Statement of Financial position & Note 30 35 minutes TOTAL 50 60 minutes Copyright reserved Please turn over

Rewnlogded from Stanmorepkysics.com NMM/March/2023 NSC GRADE: 12 (Question paper) QUESTION: 1 CONCEPTS AND TRANSACTION ANALYSIS (20 marks; 25 minutes) 1.1 Choose an explanation in COLUMN B that matches the term in COLUMN A. Write only-the letters (A-E) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. NO COLUMN A COLUMN B 1.1.1] Internal auditor A. | Appointed by shareholders to manage a company 1.1.2] Memorandum of B. | The body responsible for registration incorporation (MOI) of all companies 1.1.3] Limited liability C. | Employed by a company to ensure good internal control procedures 1.1.4] Director D. | Indicates that a company has a legal personality of its own 1.1.5] Companies and E. | The document that establishes the Intellectual Property rules and procedures of a company Commission (CIPC) (5 x 1) (5) 1.2. CLAY-BRICK LTD REQUIRED: Analyse the transactions below according to the headings on the table provided in the ANSWER BOOK = Indicate account debited and account credited in the General Ledger and the effect on the accounting equation. Indicate an increase as +, a decrease as — and no effect as 0. Refer to the example provided. Example: Bought packing material on credit, R2 700. ACCOUNT | ACCOUNT NO. | pepreo | crepirep | AMOUNT | AO | Lt e.g. Packing Creditors’ 8 200 0 - + material Control TRANSACTIONS: 1.2.1 The company issued additional 250 000 shares at R3 per share. 1.2.2 The company bought back 50000 shares at R4.00 pémjshare; the average issue price of shares was R3.20. 1.2.3 The income tax assessment for the year was received./Thetincome tax amount, R720 000, exceeded the provisional tax payments made. (15) Copyright reserved Please turn over

Rewntogded from Stanmorephysics.com NMM/March/2023 NSC GRADE: 12 (Question paper) QUESTION 2: COMPANY FINANCIAL STATEMENTS: STATEMENT OF STATEMENT OF FINANCIAL POSITION (30 marks; 35 minutes) The information relates to Laysano Ltd for the financial year ended on 28 February 2022. REQUIRED; 2.1. Prepare-the following note of the financial statement 2.1.1. Retained income note (10) 2.2 Complete the following for the year ended 28 February 2022: 2.2.1 Equities and Liabilities section of the Statement of Financial Position (20) NOTE: Some amounts are provided in the ANSWER BOOK. INFORMATION: A. Extract: Balances and totals from the records on 28 February: 2022 2021 (R) (R) Ordinary share capital 6 670 000 Retained income 2 Loan: Saturn Bank 1 159 000 1 280 750 SARS: Income tax (provisional tax payments) 130 000 Creditors’ control ? Sales 9 355 250 Rent income 183 600 Interest on loan 142 250 Dividends on ordinary shares (interim) 207 000 B. Additional information: (i) A tenant has been leasing office space on the premises since March 2020. She has paid the rent until 30 April 2022. Note that the monthly amount was reduced by R1 350 with effect from 1 January 2022. (ii) Income tax for the year is calculated at 30% of the net profit. The met profit after tax is R356 300 after adjustments. Copyright reserved Please turn over

Rewnlagded from Stanmorepkysics.com NMM/March/2023 NSC GRADE: 12 (Question paper) (iii) Loan: Saturn Bank All transactions with respect to the loan were recorded. Interest of R142 250 on the loan is capitalised. A fixed.monthly instalment (including interest) was paid in full. Thercapital portion of the repayments will increase by 10% over the next/financial year. (iv) Shares-and dividends: ® On February 2022, the company bought back 40 000 shares at RO.50 above average issue price. ® A final dividend was declared on 28 February 2022. = Total dividends for the year amounted to R345 000. (v) Total Current assets amounted to R1 792 620 (vi). Financial indicator [ Current ratio | 24:1 ] Copyright reserved Please turn over

Downloaded from Stanmorephysics.com education comer Thelesho Tawana and Lefapha la Thuto la Bokone Bophirima Modiri Molema Road Noord-Wes Onderwys Departement rai (oissaoreuor North West Education Department e-mail: mmojafi@nwpg.gov.za NORTH WEST PROVINCE e-mail: nduiker@nwpg.gov.za OFFICE OF THE,SUB-DISTRICT MANAGER: MAHIKENG SUB-DISTRICT OFFICE INGAKA MODIRI MOLEMA DISTRICT NAME OF SCHOOL NAME OF CANDIDATE CLASS NO. [ GRADE 12 | Question Topic Marks | Teacher Internal External Moderator | Moderator 1 Concepts & 20 Accounting Equation 2 Notes & Statement of 30 Financial position 50 Total: 50 50 50 This answer book consists of 3 pages only

1.1 1.2 Rawintogded from Stanmorephysics.com NMM/March/2023 Grade: 12 (Answer Book) QUESTION: 1 ACCOUNTING CONCEPTS: 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 ACCOUNTING EQUATION: ACCOUNT ACCOUNT NO. DEBITED CREDITED AMOUNT ° L 1.2.1 1.2.2 1.2.3 15 TOTAL MARKS 20 Copyright reserved Please turn over

Rawintogded from Stanmorepbysics.com Grade: 12 (Answer Book) QUESTION: 2 LAYSANO LTD 2.1.1. RETAINED INCOME NMM/March/2023 Balance onji-March 2021 Ordinary share dividends Balance on 28 February 2022 10 2.2. LAYSANO LTD 2.2.1 COMPLETE LIABILITIES SECTION OF THE BALANCE SHEET SHAREHOLDERS' EQUITY Ordinary share capital 6 670 000 Retained income NON-CURRENT LIABILITIES CURRENT LIABILITIES Trade and other payables TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 9 534 500 20 TOTAL MARKS 30 Copyright reserved Please turn over

Qownloaded from Stanmorephysics.com <4 education Lefapha la Thuto la Bokone Bophirima Noord-Wes Onderwys Departement North West Education Department NORTH WEST PROVINCE corner Thelesho Tawana and Modiri Molema Road Montshioa Tel.: (018) 384-6007 e-mail: mmojafi@nwpg.gov.za e-mail: nduiker@nwpg.gov.za OFFICE OF THE-SUB-DISTRICT MANAGER: MAHIKENG SUB-DISTRICT OFFICE NGAKA MODIRI MOLEMA DISTRICT ACCOUNTING P 1 ACADEMIC YEAR 2023 GRADE 12 | This marking guideline consists of 3 pages only

Rawintogded from Stanmorephysics.com NMM/March/2023 Grade: 12 (Marking guideline) QUESTION: 1 ACCOUNTING CONCEPTS: 1.1 Y 1.1.1 S a2 | ip 113 [2~ 1.1.4 Av v 1.1.5 B 5 ACCOUNTING EQUATION: 1.2 ACCOUNT ACCOUNT NO. DEBITED CREDITED AMOUNT ° L Ordinary share v 1.2.1 | Bank ¥ capital 750 000 v + |0* Ordinary share v v - v 1.2.2 capital “ Bank 160 000 O* Retained income Y | Bank v 40 000 vv - |0 1.2.3 | Income tax v SARS Income | 799 goo ~ jaev Was tax v “one mark per line, accept blank as 0" TOTAL MARKS 20 Copyright reserved Please turn over

Rawintogded from Stanmorephysics.com NMM/March/2023 Grade: 12 (Marking guideline) QUESTION: 2 LAYSANO LTD 2.1.1. RETAINED INCOME Balance onj=March 2021 balancing figure 1101 200 M1 Net profit aftétitax 356 300 v Repurchases of shares (40 000 vx 0.50 “) (20 000) M1 Ordinary share dividends (345 000) v Interim 207 000 v Final balancing figure 138 000 MI Balance on 28 February 2022 — check 2.2.1 1092 500 M1 10 2.2. LAYSANO LTD 2.2.1 COMPLETE LIABILITIES SECTION OF THE BALANCE SHEET SHAREHOLDERS' EQUITY balancing figure 7 762 500 MI Ordinary share capital 6 670 000 Retained income SE-OSC balancing figure 2 1092 500 MI NON-CURRENT LIABILITIES 1025 075 Loan/ Mortgage bond (1 159 000 VY — (121 750 VM x 1,1 ¥ OR + 12 175) 1 280 750 — 1 159 000 two marks 1025 075 41 264 000 — 142 250 two marks 5 CURRENT LIABILITIES (1 792 620 = 2.4) 746 925 vv Trade and other payables balancing figure (428 000 ¥ + 24 300%) 452 300 M1 Shareholders for dividends# (345 000 — 207 000) 138 000 vv SARS Income tax 4152 700 Vv — 130 000 v) 22 700 M or 356 300 x 30/70 ** If -130 000 SARS:IT can be calculated independent of the SOCI; must be CL Check if Income Tax in SOCI is greater or less than 130 000 Current portion of loan# see loan above 13 133 925 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 9 534 500 20 -1F foreign items (max -2) For misplaced items mark workings only TOTAL -1 P max (if no, or inappropriate MARKS details) 30 Copyright reserved Please turn over