2024 Grade 12 Controlled Test MG 1 2

JOHANNESBURG EAST
D9
ACCOUNTING
GRADE 12
MARCH 2024
MARKING GUIDELINE
MARKING PRINCIPLES
Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the
1.
question for that item (no foreign item penalty for misplaced item). No double penalty applied.
2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is
earning marks on the figures for that item.
3. Full marks for correct answer. If the answer is incorrect, mark the workings provided.
4. 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).
5. 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.
6. Where indicated, part-marks may be awarded to differentiate between differing qualities of
answers from candidates.
7. Where penalties are applied, the marks for that section of the question cannot be a final
negative.
8. Where method marks are awarded for operation, the marker must inspect the reasonableness
of the answer before awarding the mark.
9. ‘Operation’ means ‘Check operation’. ‘One part correct’ means ‘Operation & one part correct’.
Note: Check operation means must be +, –, x or ÷ as per memo.
10 In awarding method marks, ensure that candidates do not get full marks for any item that is
. incorrect at least in part. In such cases, do not award the method mark. Indicate by way of 
11 Be aware that some candidates provide valid alternatives beyond the memorandum.
.
12 Codes: f = foreign item; p = placement/presentation.

.
This marking guideline consists of 4 pages.

QUESTION 1
1.1 CONCEPTS
1.1.1 F 
1.1.2 D 
1.1.3 E 
1.1.4 B 
1.1.5 A  5
1.2 WITCHVILLE LTD
1.2.1 Calculation of the correct net profit after tax

Accept brackets instead of –If no sign, assume +Positive effect
Incorrect net profit 1 581 810
Debtors control
15 000 
(35 000  x 75/175 ) OR (35 000 – 20 000).
Provision for bad debts adjusted (38 200 – 35 890) (2 310) 
Insurance (67 200 X 6/12) 33 600 
Packing material (21 250  x 75/25 ) (63 750) 
Rent income (336 400  x 112/1160) 32 480 
Directors fees (72 000) 
Audit fees (12 400) 
Stock loss due to flood (32 000 x 20/100) (6 400) 
Bad debts recovered 2 720 
Correct net profit before tax Operation, one part correct 1 508 750 *
Income tax (1 086 300 X 28/72) Accept if no sign (422 450) 
Net profit after tax 1 086 300 21
*Check operation if NPAT + IT
ORDINARY SHARE CAPITAL NOTE ON 29 FEBRUARY 2024

2 400 000  Shares in issue at the beginning 15 612 000 
balancing figure
check operation
300 000  Additional shares issued 2 100 000 
(275 000)  Share repurchased at R6,56  (1 804 000) *

Do not accept R8,25
2 425 000 * Shares in issue at the end 15 908 000

check operation 9
* one part correct
RETAINED-INCOME NOTE ON 29 FEBRUARY 2024

Balance at beginning of year 2 392 000
Net profit after tax see above 1 086 300 
Repurchase of shares
(275 000 x R1,69) OR (2 268 759 – 1 804 000) (464 750) 
If 464 750 without brackets or –ve sign, give 1 mark
Dividends One part correct, must be negative / brackets (481 500) 

Interim (2 400 000 x 14/100) 336 000 *
Final (2 42500 000 x 6/100) 145 500 *
Balance at end of year Operation, one part correct 2 532 050  9
* one part correct
TOTAL MARKS
45
QUESTION 2
2.1 STATEMENT OF FINANCIAL POSITION

*one part correct
ASSETS
NON-CURRENT ASSETS 3 937 500 *
Fixed assets (3 500 000  – 87 500 ) 3 412 500 *
Fixed deposit (45 500  × 100/13  ×12/8 ) 8 525 000 *
CURRENT ASSETS operation 2 971 010 
Inventories (725 800 + 65 200 + 4 500 ) 795 500 *
Trade and other receivables
(978 500  – 21 400 + 14 000  + 230 500  1 208 800 *
+ 7 200 )
Cash and cash equivalents (900 310  + 80 400 ) 980 710 *
TOTAL ASSETS operation 17 6 922 510 
EQUITY AND LIABILITIES
ORDINARY SHAREHOLDERS' EQUITY 3 544 850
Ordinary share capital 2 589 000
Retained income 955 850
NON-CURRENT LIABILITIES 640 000 
Loan (604 800 + 115 200) (275 200 – 195200)
640 000 *
720 000  – 80 000  6
CURRENT LIABILITIES 2 737 660 *
Trade and other payables
(819 835  + 12 000  + 100 000  + 7 200 
1 058 220 *
+ 77 815  + 1 970  + 15 760  + 11 280
+ 11 280 )
Current portion of loan see NCL 80 000 
Shareholders for dividends
1 584 000 *
(1 980 000  × 80/100 )
SARS: Income tax (580 440  – 565 000 ) 15 440 *
TOTAL EQUITY AND LIABILITIES operation 24 6 922 510 
TOTAL MARKS
55

2024 Grade 12 Controlled Test MG 1 2

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JOHANNESBURG EAST

12 Codes: f = foreign item; p = placement/presentation.

This marking guideline consists of 4 pages.

1.2 WITCHVILLE LTD

1.2.1 Calculation of the correct net profit after tax

ORDINARY SHARE CAPITAL NOTE ON 29 FEBRUARY 2024

300 000  Additional shares issued 2 100 000 

(275 000)  Share repurchased at R6,56  (1 804 000) *

2 425 000 * Shares in issue at the end 15 908 000

RETAINED-INCOME NOTE ON 29 FEBRUARY 2024

Dividends One part correct, must be negative / brackets (481 500) 

2.1 STATEMENT OF FINANCIAL POSITION

TOTAL EQUITY AND LIABILITIES operation 24 6 922 510 

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