Accounting Grade 10 P1 North West November 2019 Addendum

Downloaded from hlayiso.com PROVINCIAL ASSESSMENT GRADE 10 ACCOUNTING P1 NOVEMBER 2019 ANSWER BOOK NAME OF LEARNER:__________________________________ QUESTION MARKS INITIALS MOD. 1 2 3 4 TOTAL This answer book consists of 6 pages.

Downloaded from hlayiso.com Accounting/P1 2 NW/November 2019 NSC – Grade 10 – Answer book QUESTION 1 1.1 GAAP PRINCIPALS 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2 ACCOUNTING EQUATION GENERAL LEDGER AMOUNT EQUATION Account Debited Account Credited R A O L E.g. Drawings Trading stock 500 – – 0 1.2.1 3 000 1.2.2 1.2.3 1.2.4 25 25 TOTAL MARKS 30 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 3 NW/November 2019 NSC – Grade 10 – Answer book QUESTION 2 RAV DISTRIBUTORS INCOME STATEMENT FOR THE YEAR ENDED 28 FEBR. 2019 Sales Cost of Sales Gross profit Other operating income Gross operating income Operating expenses Wages 20 300 Salaries 95 250 Water and electricity 11 700 Sundry expenses 3 570 Operating profit Profit before interest expense Net profit for the year 55 TOTAL MARKS 55

Downloaded from hlayiso.com Accounting/P1 4 NW/November 2019 NSC – Grade 10 – Answer book QUESTION 3 3.1 CONCEPTS: State TRUE or FALS 3.1.1 3.1.2 3.1.3 3 3.2 NOTES TO THE BALANCE SHEET: 3.2.1 STOCK 4 3.2.2 TRADE AND OTHER RECEIVABLES 5 3.2.3 OWNER’S EQUITY 7 3.2.4 TRADE AND OTHER PAYABLES 6 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 5 NW/November 2019 NSC – Grade 10 – Answer book 3.2.5 BALANCE SHEET ON 30 SEPTEMBER 2019 ASSETS Note R NON CURRENT ASSETS 2 582 350 Fixed Assets 1 933 000 Fixed Deposit 649 350 CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES OWNERS EQUITY NON CURRENT LIABILITIES CURRENT LIABILITIES TOTAL EQUITY AND LIABILITY 15 TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 6 NW/November 2019 NSC – Grade 10 – Answer book QUESTION 4 4.1 Calculate Sales if the firm uses a mark up of 50% on cost. 2 4.2 Calculate the return on average owner’s equity. Should the owner be satisfied with this return? Give a reason for your answer. 6 4.3 Calculate the current ratio for 2019. 5 4.4 Calculate the acid test ratio for 2019. 4 4.5 Calculate the degree of solvency on 30 June 2019. 8 TOTAL MARKS 25 Copyright reserved Please turn over