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GR 10 Accounting P2 Eng
GR 10 Accounting P2 Eng
PROVINCIAL EXAMINATION
NOVEMBER 2020
GRADE 10
ACCOUNTING
PAPER 2
P.T.O.
ACCOUNTING 2
PAPER 2 GRADE 10
150 45 58 47
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ACCOUNTING 3
PAPER 2 GRADE 10
1.1 CONCEPTS
Choose an answer from the list that completes each statement below. Write
only the answer next to the question number (1.1.1 to 1.1.5) in the ANSWER
BOOK.
1.1.2 Goods sold are always recorded at … price in the Trading Stock
account.
You are provided with information relating to Molefi Traders for June 2020.
The business buys and sells household appliances for cash and on credit.
The business is located in Gauteng and their financial year ends on 30 June.
The business uses a mark-up of 60% on cost price.
REQUIRED:
Complete the following General Ledger accounts for June 2020 and balance
them properly:
INFORMATION A:
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PAPER 2 GRADE 10
INFORMATION B:
Creditors’ Journal
Creditors’ Trading Stationery Equipment Sundry
control Stock accounts
R? R12 800 R4 400 R8 900 R3 100
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PAPER 2 GRADE 10
INFORMATION C:
The accountant did not record the following transactions in the General Journal:
The owner took goods for R1 650 at cost price per personal use.
It was discovered that goods bought on credit for R3 200 was wrongly recorded
as stationery.
Note: record the transactions directly into the General Ledger accounts. 45
ANSWER SHEET
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PAPER 2 GRADE 10
1.1 CONCEPTS
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
5
1.2.1
DR TRADING STOCK B6 CR
Jun 1 Jun 30
23
1.2.2
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PAPER 2 GRADE 10
DR CREDITORS’ CONTROL B7 CR
Jun 30 Jun 1
MARKING GUIDELINES
1.1 CONCEPTS
1.1.1 income
1.1.2 cost price
1.1.3 expense
1.1.4 original invoice
1.1.5 duplicate invoice 5
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PAPER 2 GRADE 10
1.2.1
DR TRADING STOCK B6 CR
Jun 1 Balance b/d 87 600 Jun 30 Cost of sales CRJ 26 250
Stationery GJ 3 200
1.2.2
DR CREDITORS’ CONTROL B7 CR
Jun 30 Bank CPJ 22 620 Jun 1 Balance b/d 38 900
Discount 30 Total
received CPJ 980 CJ 29 200
purchases
Total Journal
allowances CAJ 2 800 GJ 1 420
credits
Journal
debits GJ 780
69 520 69 520
Jul 1 Balance b/d 42 340
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ACCOUNTING 9
PAPER 2 GRADE 10
The information below has been taken from the books of Stephan Stores.
REQUIRED:
2.1.1 Why should the Debtors’ Control and the Debtors’ List always
agree? Explain in ONE point.
2.1.2 Reconcile the Debtors’ Control to the Debtors’ List for the month of
July 2020.
2.1.3 Stephan feels that his debtors are not paying timeously. List TWO
measures he can implement to collect his money earlier from
debtors.
INFORMATION:
DR DEBTORS’ CONTROL B6 CR
01 Balance b/d 212 080 31 Bank and CRJ 224 550
2020 2020
discount
Jul Jul
allowed
Debtors’
30 Sales DJ 277 300 DAJ 8 000
Allowances
Journal Journal
GJ 4 700 GJ 2 400
Debits Credits
Balance c/d 259130
494 080 494 080
2020
01 Balance b/d 259130
Aug
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PAPER 2 GRADE 10
B The credit balance of D. Mkhize in the Debtors’ List must be transferred to the
Creditors’ ledger.
C The total column of sales in the Debtors’ Journal was undercast by R25 000.
D A credit invoice of R7 700 for goods purchased by B. Zunaid has not been
recorded.
E A receipt of R15 000 for L. Nkozi was correctly recorded in the debtors’
account, but was omitted from the Subsidiary Journal.
G No entry has been made for a refund of R5 000 that was overcharged to
C. Botha.
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ANSWER SHEET
2.1.1 Why should the Debtors Control and the Debtors’ List always agree? Explain in ONE
point.
DR DEBTORS’ CONTROL B6 CR
Jul Jul 31
01
19
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PAPER 2 GRADE 10
2.1.3 List TWO measures Stephan can implement to collect his money earlier from
debtors.
4
MARKING GUIDELINES
2.1.1 Why should the Debtors’ Control and the Debtors’ List always agree? Explain in
ONE point.
Allocate two marks for any valid answer
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ACCOUNTING 13
PAPER 2 GRADE 10
DR DEBTORS’ CONTROL B6 CR
Bank and
Jul 01 Jul 31
discount
Balance 211 000 allowed 240 000
[212 080- b/d CRJ
1 080]
[224 550 +
15 000+
450]
Sales Debtors’
[277 300 + 310 000 Allowances
30 DJ DAJ 9 000
25 000+ [8 000 +
7 700] 1 000 ]
Bank Journal
CPJ 5 000 GJ 2 400
(refund) Credits
Journal
Debits
[4 700 +
GJ 4 800 Balance c/d 279 400
100 *]
*See
Stuurman 530 800 530 800
below
279 400
01 Balance b/d
Aug
19
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PAPER 2 GRADE 10
2.1.3 List TWO measures Stephan can implement to collect his money earlier from
debtors.
Allocate two marks for any valid answer
3.1 CONCEPTS
Indicate whether the following statements are TRUE or FALSE. Write only 'true' or 'false'
next to the question numbers (3.1.1 to 3.1.4) in the ANSWER BOOK.
3.1.1 Fixed assets are tangible assets that are purchased by the business for the
purpose of resale.
3.1.3 An Asset Register is a record of all the assets owned by the business.
3.1.4 The diminishing balance method is used to calculate depreciation for Land
and Buildings. (4 x 1)
The information provided is extracted from the financial records of Colin’s Car Dealership
REQUIRED:
Use the information below to complete the Fixed Asset Register provided in your
ANSWER BOOK. Their financial year ended on 29 February 2020.
INFORMATION:
Colin’s Car Dealership purchased a delivery van on 31 August 2018 on credit from
Falcon Motors for R150 000. Depreciation is calculated at 20% p.a. on the diminishing
balance method.
Martin Logistics
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PAPER 2 GRADE 10
The information relates to Martin Logistics for the financial year ended 29 February 2020.
REQUIRED:
3.31 Calculate the total depreciation for equipment for the year ending 29
February 2020.
3.3.3 Calculate the total depreciation for vehicles for the year ending
29 February 2020. (5)
INFORMATION:
A
EXTRACTED FROM TRIAL BALANCE ON 29 FEBRUARY 2020:
Balance Sheet Accounts Section Debit Credit
Land and buildings 5 500 000
Vehicles (cost) 1000 000
Equipment (cost) 2000 000
Accumulated depreciation on vehicles (1/3/2019) 375 000
Accumulated depreciation on equipment (1/3/2019) 1 200 000
During the year a payment for R500 000 was made to Gifts Renovators,
R300 000 was for a new storeroom and the balance of R200 000 was for
repairs to the roof of the old warehouse.
Equipment
Vehicles
The business owns THREE identical delivery vans. All three were purchased
on the same day and at the same price. A new delivery van was purchased
on 1 September 2019 at the same price of each of the other vans. This
purchase has already been recorded.
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ANSWER SHEET
3.1 CONCEPTS
3.1.1
3.1.2
3.1.3
3.1.4 4
RECORD OF DEPRECIATION
Date Depreciation Accumulated Carrying value
Depreciation
28 Feb
2019
29 Feb
2020
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PAPER 2 GRADE 10
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Accumulated
0 (1 200 000) (375 000)
Depreciation
Movements
Additions at cost
14
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PAPER 2 GRADE 10
MARKING GUIDELINES
3.1 CONCEPTS
3.1.1 False
3.1.2 False
3.1.3 True
3.1.4 False 4
RECORD OF DEPRECIATION
Date Depreciation Accumulated Carrying value
Depreciation
28 Feb
2019 15 000 15 000 135 000
check depreciation
29 Feb
27 000 42 000 108 000
2020
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PAPER 2 GRADE 10
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PAPER 2 GRADE 10
Old:
800 000
R2 000 000 – R1 200 000 x 10% = R80 000 one part correct
New:
115 000 2 marks
R90 000 + R25 000 x 10% x 3/12
Total Depreciation:
R80 000 + R2 875 = R82 875 carried over to the fixed asset note
Old:
750 000 1 mark 3.3.2
(R1 000 000 – R250 000) x 25% = R187 500 one part correct
New:
3.3.2
R250 000 x 25% x 6/12 = R31 250 one part correct
Total Depreciation:
R187 500 + R 31 250 = R218 750 carried over to the fixed asset note
5
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PAPER 2 GRADE 10
Accumulated
0 (1 200 000) (375 000)
depreciation
Movements
115 000
Additions at cost 300 000 Check 3.3.1 new 3.3.2 250 000
asset
Depreciation for the
0 3.3.1 (82 875) 3.3.3 (218 750)
year
Carrying value at the
end of the year 5 800 000 832 125 406 250
Accumulated
0 (1 282 875) (593 750)
depreciation
14
Rogers Mokoena is the owner of Rogers Traders. The business has two
delivery vehicles. According to the vehicles’ policy of the business, drivers are
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PAPER 2 GRADE 10
allowed to drive the delivery vehicles home especially when the last delivery
to customers finishes late. The policy clearly states that the delivery vehicles
must not be used for private trips.
The owner discovered that one of the delivery vehicles (driven by John) has
travelled 2 000 kilometres more for June 2020 compared to the average
kilometres travelled each month. After an investigation, John confessed that
he used the delivery vehicle to visit his family in Eastern Cape.
Rogers Traders has two employees who are responsible for the storeroom.
They receive stock and issue stock to the sales department. The large orders
that need to be delivered to customers are collected by the drivers from the
storeroom. After the physical stocktaking at the end of June 2020, it was
discovered that 15 gas heaters were missing. The employees responsible for
the storeroom could not account for the missing gas heaters.
REQUIRED:
4.1.1 Explain how John’s unethical conduct will affect the business
financially. Provide TWO points. (4)
4.1.3 Provide TWO steps that can be taken against John for his unethical
conduct. (4)
20
ANSWER SHEET
4.1.1 Explain how John’s unethical conduct will affect the business financially. Provide
TWO points.
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PAPER 2 GRADE 10
4.1.2 Provide THREE internal control measures that can be implemented by the owner
of the business to avoid any abuse of delivery vehicles by employees.
4.1.3 Provide TWO steps that can be taken against John for his unethical conduct.
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PAPER 2 GRADE 10
4.1.4 Discuss THREE internal control measures that can be implemented by the owner
to prevent theft of trading stock.
MARKING GUIDELINES
4.1.1 Explain how John’s unethical conduct will affect the business financially.
Provide TWO points.
4.1.2 Provide THREE internal control measures that can be implemented by the owner
of the business to avoid any abuse of delivery vehicles by employees.
6
ACCOUNTING 26
PAPER 2 GRADE 10
4.1.3 Provide TWO steps that can be taken against John for his unethical conduct.
Written warning
Disciplinary hearing
Open a case against John
(Any acceptable answer)
Note: do not give marks if learner said to fire John
4.1.4 Discuss THREE internal control measures that can be implemented by the owner
to prevent theft of trading stock.
20
TOTAL: 150