ACCOUNTING P2 GR10 QP NOV 2019 - Eng D
ACCOUNTING P2 GR10 QP NOV 2019 - Eng D
ACCOUNTING P2 GR10 QP NOV 2019 - Eng D
SENIOR CERTIFICATE
GRADE 10
NOVEMBER 2019
ACCOUNTING P2
MARKS: 300
TIME: 2 hours
*XACCE2*
4. You may use a dark pencil or blue/black ink to answer the questions.
1.1.1 Direct material cost plus direct labour cost is equal to … (1)
1.1.3 Define fixed cost and a variable cost and give ONE example of each cost. (4)
1.2 Lynx Sportswear is a small business that manufactures football jerseys which
are supplied to the local schools. During June 2019 the business manufactured
7 460 jerseys.
1.2.2 The accountant is concerned that the sales for the year dropped by 40%
and the cost of sales was higher than the previous year. This was due to
an increase in the wool price and also transport cost.
(b) If the sales for last year were R 500 000 and the profit mark-up is
25%, calculate:
x The sales for the current year (5)
x The cost of sales for the current year (5)
INFORMATION:
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2.1.5 Output VAT is VAT paid when goods and services are purchased by the
business. (5)
2.2 INVENTORY
REQUIRED:
The following information relates to Tru Traders. The business uses the
Perpetual Inventory System to record and manage their trading stock. Complete
the following table by filling in the answers in blank spaces. Assume that the
bank balance is favourable for all transactions.
INFORMATION:
No. Journal Account Account Credited A O L
debited
Eg. CRJ Bank Capital + + 0
1. Telephone Bank
2. CJ Trading stock
3. CRJ Rent income
4.1 DJ Sales
4.2 Cost of sales
5. CAJ Stationery (20)
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Kamva High School from East London has decided to go on an educational field tour
to Port Elizabeth. The tour group will consist of two educators and ten learners. They
have asked you to do some calculations of various costs for the tour so that they can
do proper planning and budgeting to ensure that the tour is a success.
x Transport with school bus from East London to Port Elizabeth is R450 per learner.
(The teachers do not pay for transport.)
x Accommodation in Port Elizabeth is R300 per room per night and two learners will
share a room while the teachers will have single rooms each at a cost of R250 per
room. They will book for ONE night.
x The VW factory tour is free of charge. They will visit the museum and snake park
that has an entry fee of R20 per person; however a school group gets a 10%
discount.
x They are budgeting a total of R120 per person for meals.
NOTE: The school will pay for the teachers’ accommodation and meals.
3.1.4 Total cost of accommodation for the teachers and the learners (3)
3.1.5 Cost for the tour group for the visit to the museum and snake park (3)
3.1.6 Total cost for all the meals for the group (3)
3.2 Sindi Mpoma, the school clerk, has been approached by the teachers to organise
the trip for them. She will make the bookings for teachers and the learners. Sindi
thought of asking for a discount for learners from the hotel where they have
booked and to use the extra money to book her holiday trip of two days in
December with her family. She decided not to tell anyone about her plans.
3.2.1 Should Sindi go ahead with her plan? Motivate your answer. (3)
3.2.2 What consequences could Sindi face should she decide to go ahead
with the plan and is caught? Give ONE point. (2)
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REQUIRED:
4.1.1 Provide the detail for the entry of R7 500 on the credit side. (1)
4.1.2 Provide the detail for the entry of R12 000 on the credit side. (1)
4.1.3 Give a reason for the entry of R13 200 on the credit side. (2)
4.1.4 Provide the journal folio for the entry of R52 500 on the debit side. (1)
4.1.5 Which source document will support the entry of R7 500 on the credit
side. (1)
4.1.6 How can the owner verify or confirm that the closing balance is correct? (2)
4.1.7 Give a reason for the entry of R1 400 on the debit side. (2)
4.1.8 Give the totals at the end of the month on both sides. (2)
GENERAL LEDGER
BALANCE SHEET ACCOUNTS SECTION
DEBTORS CONTROL
DR CR
2019 2019
May 1 Balance b/d 41 000 May 31 ? DAJ 7 500
31 Sales ? 52 500 ? CRJ 12 000
Bank CPJ 2 100 Discount
allowed CRJ 600
Sundry Sundry
Accounts GJ 1 400 Accounts GJ 13 200
Balance c/d ?
? ?
June 1 Balance b/d ?
The following information is given for UTH Traders, whose financial year ends
on 28 February 2019.
ADDITIONAL INFORMATION:
(b) A new vehicle was purchased on 1 November 2018 for R150 000 cash.
(It was properly recorded)
REQUIRED:
4.2.1 Calculate the depreciation for the NEW vehicle purchased. (5)
4.2.4 Provide TWO control measures that the owner can put in place as he is
concerned that some of the employees are abusing the vehicles and
equipment. They have no specific control measures in place. (4)
Pambo stores is a clothing store that sells cheap imported clothes manufactured
in China. Their mark-up on cost price is 75%.
PAMBO STORES
EXTRACT FROM INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE
2019.
2019 2018
Sales 1 280 000 1 118 000
Cost of Sales (800 000) ?
Gross Profit ? 468 000
Other Income 29 200 27 500
Gross Operating Income 509 200 495 500
Operating Expenses ? (106 590)
Operating Profit 390 400 ?
REQUIRED:
4.3.1 Calculate the percentage Gross profit on sales for 2019. Compare results
with 2018. Quote figures and comment. (4)
4.3.3 Calculate the percentage Net profit on sales for 2019. Compare with
2018. Quote figures and comment. (4)
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TOTAL: 150
ANNEXURE A