.archQP - Accounting Gr10 JUNE EXAM - Eng 2023

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NATIONAL SENIOR CERTIFICATE

GRADE 10

ACCOUNTING
TERM 2 TASK 4: JUNE EXAMINATION 2023
QUESTION PAPER

MARKS: 200

TIME: 160 minutes

This question paper consists of 9 pages,


and an 8-page answer book.

Please turn over


Accounting Grade 10 2 DoE/Limpopo/June Exam 2023
NSC Question Paper

INSTRUCTIONS AND INFORMATION

Read the following instructions carefully and follow them precisely.

1. Answer ALL questions.


2. A special ANSWER BOOK is provided which to answer ALL questions.
3. Show ALL workings to earn part marks.
4. You may use a non-programmable calculator.
5. You may use a dark pencil or blue/black ink to answer questions.
6. Where applicable, show ALL calculations to ONE decimal point.
7. Write neatly and eligibly.
8. Use the information in the table below as a guide when answering the question paper. Try
NOT to deviate from it.

QUESTION TOPIC MARK TIME


Accounting Concepts and Analysis of
1 64 50 min
Transactions
2 Salaries 30 25 min
3 Journals and Control Accounts 96 75 min
4 Loans and Interest 10 10 min
TOTAL 200 160 min

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Accounting Grade 10 3 DoE/Limpopo/June Exam 2023
NSC Question Paper
QUESTION 1: ACCOUNTING CONCEPTS AND ANALYSIS OF TRANSACTIONS
(64 Marks; 50 Minutes)
1.1. ACCOUNTING CONCEPTS

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

1.2. ANALYSIS OF TRANSACTIONS

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)

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Accounting Grade 10 4 DoE/Limpopo/June Exam 2023
NSC Question Paper
QUESTION 2: SALARIES (30 marks; 25 minutes)

The information provided below was extracted from the books of Mzansi Plastics for
the month of May 2023.

REQUIRED:

2.1. Complete the Salaries Journal on 31 May 2023. (10)

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)

2.4.4. What is Omni’s salary notch for 2023? (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)

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Accounting Grade 10 5 DoE/Limpopo/June Exam 2023
NSC Question Paper
INFORMATION:

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

2. Contributions by the employer:


• Pension: 11% of basic salary
• Medical aid: Rand-for-Rand Basis
• UIF: 1% of the basic salary

3. Omni is an Asset Manager at Mzansi Plastics. Omni’s salary scale is as follows:

R135 200 x R5 200 – R150 800 x R11 000 – R194 800

Omni’s salary is R14 400 per month as of 1 January 2023.

30

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Accounting Grade 10 6 DoE/Limpopo/June Exam 2023
NSC Question Paper
QUESTION 3: JOURNALS AND CONTROL ACCOUNTS (96 Marks; 75 Minutes)

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)

3.3. Prepare the following General Ledger accounts:

3.3.1. Debtors’ Control (Balance on 1 April 2023: R24 900) (16)


3.3.2. Creditors’ Control (Balance on 1 April 2023: R21 350) (16)
3.3.3. Trading Stock (Balance on 1 April 2023: R38 460) (21)

INFORMATION:

1. Information for completing the General Journal for April 2023:

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.

21 Cash purchases of consumables for R3 600, were mistakenly recorded in the


Trading Stock column in the CPJ and posted to the Trading Stock account.
Rectify the error.

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Accounting Grade 10 7 DoE/Limpopo/June Exam 2023
NSC Question Paper
25 A debtor, R Man, was declared insolvent. Received 35 cents to the rand from his estate.
His debt was R2 800. The balance must be written off as irrecoverable.

29 A credit note, R900, given to Omega Ltd. was posted to Game Ltd.

29 The owner took goods of R150 for his personal use.

2. Totals in Journals on 30 April 2023:

A. Cash Receipts Journal R B. Cash Payments Journal R


Bank ? Bank ?
Discount allowed 720 Discount received 540
Debtors’ control 17 454 Creditors’ control 21 990
(including discount) (including discount)
Sales 19 058 Trading stock 10 736
Cost of sales 12 754 Debtors’ control 747
Sundry accounts 1 540 Sundry accounts 6 243

C. Debtors’ Journal R D. Debtors’ Allowances R


Journal
Sales 12 942 Debtors’ allowances 820
Cost of sales 8 460 Cost of sales 260

E. Creditors Journal R F. Creditors’ Allowances R


Creditors’ control 17 700 Journal
Trading stock 11 764 Creditors’ control 1 850
Equipment 3 760 Trading stock 984
Stationery 586 Equipment 490
Sundry accounts 1 590 Stationery 56
Sundry accounts 320

G. Petty Cash Journal (Information from Sundry Accounts Column) R


17 The owner took cash for personal use 150
21 Paid cash to a creditor 350

96

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Accounting Grade 10 8 DoE/Limpopo/June Exam 2023
NSC Question Paper

QUESTION 4: LOANS AND INTEREST (10 marks; 10 minutes)

REQUIRED:

4.1. General Ledger:


Prepare the Loan: Star Bank account and balance it on 28 February 2023. (7)

4.2. Calculate the capital repayment of the loan. (3)

INFORMATION:

Loan Statement from Star Bank on 28 February 2023 R

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

Note: Interest is capitalized by the bank.


No entries were made in the general ledger for the loan.

10

TOTAL 200 MARKS

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Accounting Grade 10 9 DoE/Limpopo/June Exam 2023
NSC Question Paper

GRADE 10 ACCOUNTING FINANCIAL INDICATORS FORMULA SHEET

Gross profit X 100 Gross profit X 100 Net profit before tax X 100
Sales 1 Cost of sales 1 Sales 1

Operating expenses X 100 Operating profit X 100


Sales 1 Sales 1

Current assets : Current liabilities (Current assets – Inventories) : Current liabilities

(Trade and other receivables + Cash and cash equivalents) : Current liabilities

___Net profit__ X 100


Total assets : Total liabilities
Owner’s equity 1

Non-current liabilities : Owner’s equity

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