.archQP - Accounting Gr10 JUNE EXAM - Eng 2023
.archQP - Accounting Gr10 JUNE EXAM - Eng 2023
.archQP - Accounting Gr10 JUNE EXAM - Eng 2023
GRADE 10
ACCOUNTING
TERM 2 TASK 4: JUNE EXAMINATION 2023
QUESTION PAPER
MARKS: 200
REQUIRED:
Match the description in COLUMN A to the items provided in COLUMN B.
Write only the letter A – E next to the question number 1.1.1 – 1.1.5. (8)
COLUMN A COLUMN B
1.1.1. Owner’s contribution to starting up the business.
A Trial Balance
1.1.2. List of balances from the General Ledger.
B Ethics
1.1.3. Subsidiary Journal used to record minor
C Source Documents
payments.
1.1.4. Beliefs that distinguish right or wrong.
D Capital
REQUIRED:
Analyse the transactions of Fashion Boutique. Assume that the bank balance is favourable
at all times. The business uses a mark-up of 70% on cost.
1.2.1. The bank statement reflected a total of R270 as bank charges. (5)
1.2.2. The bank statement reflected a deposit of R30 000 from FBN Bank
as a loan. (5)
1.2.3. Purchased merchandise on credit from Atlantic Traders for R10 700 subject
to a trade discount of 10% (8)
1.2.4. Received an EFT for R3 150 from M. Naidoo in full settlement of his account.
He was given a settlement discount of 10% on the amount owed. (11)
1.2.5. The petty cashier used R960. The petty cash imprest amount is R1 200.
Issued EFT to restore imprest amount. (6)
1.2.6. Received R1 800 from H. May. His account had previously been written off
as irrecoverable. (5)
1.2.7. Invested R12 000 into a Fixed Deposit account at CB Bank at 18% p.a.
interest, via EFT. (4)
1.2.8. The EFT of R5 490 was received from the debtor, M Sony in settlement
of his account of R5 660. (12)
The information provided below was extracted from the books of Mzansi Plastics for
the month of May 2023.
REQUIRED:
2.2. Indicate what amount would be paid to the Pension Fund for May 2023. (3)
2.3. Indicate what amounts would be debited to the Salaries and Medical Aid Contribution
accounts in the General Ledger on 31 May 2023. (3)
2.4.
2.4.1. Analyse the salary scale of Omni in the columns provided in the answer book. (9)
2.4.2. Indicate in which year Omni was employed if he started with a salary of
R140 400 per year. (1)
2.4.3. Give ONE possible reason why Omni was not appointed on the starting level
of his salary scale. (1)
2.5. Sherwin requested that his bonus be paid to him in cash and that it must not be
reflected on his salary advice slip.
State ONE reason why this should NOT be done. (2)
EMPLOYEES
1. Details Omni Musi Sherwin
Basic monthly salary R 14 400 R 12 000 R 13 000
Bonus - - R 6 500
Deductions
PAYE R 1 400 R 1 000 R 1 200
Medical Aid Fund R 1 000 R 800 R 900
Pension Fund 8% of the basic salary for all employees
UIF (1% of basic salary) 1% of the basic salary for all employees
30
The information presented below was drawn from the books of Super Traders.
REQUIRED:
3.1. State whether each of the following statements is TRUE or FALSE. (10)
3.1.1. Internal control processes assist in safeguarding the assets of the business.
3.1.2. The balance on the Debtors’ Control account does not have to be equal to
the total of the Debtors’ List.
3.1.3. Physical stock-taking is carried out to verify the balance of trading stock on
the Trading Stock account.
3.1.4. Cash discounts are offered to debtors who settle their accounts on time.
3.1.5. Trade discounts are offered to bulk buyers and this increases the mark-up of
the business.
3.2. Complete the General Journal for April 2023. Narrations are not necessary. (33)
INFORMATION:
Day Transaction:
5 Dealer Co (a creditor) charged the overdue account of the business with 15%
p.a. interest for four months. The business owes R5 100 to Dealer Co.
7 Charge 10% p.a. interest on the outstanding account of M Moleki, a debtor. His account of
R1 700 is outstanding for 6 months.
9 The bookkeeper wrongly posted the vehicle repairs amount of R7 000 to the vehicle account
in the general ledger. Correct the error.
13 An invoice for R1 300 received from Tiny Tots Ltd. was incorrectly recorded in the Teens Ltd.
account.
29 A credit note, R900, given to Omega Ltd. was posted to Game Ltd.
96
REQUIRED:
INFORMATION:
Balance owing on 1 March 2022 at the beginning of the year 210 000
Total repayments including interest for the year 54 000
Balance owing on 28 February 2023 191 700
10
Gross profit X 100 Gross profit X 100 Net profit before tax X 100
Sales 1 Cost of sales 1 Sales 1
(Trade and other receivables + Cash and cash equivalents) : Current liabilities