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PROVINCIAL EXAMINATION
JUNE 2023
GRADE 10

ACCOUNTING

TIME: 2½ hours

MARKS: 200

11 pages + an answer book of 9 pages

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ACCOUNTING 2
GRADE 10

INSTRUCTIONS AND INFORMATION

1. Answer ALL the questions.

2. Answer all questions in the ANSWER BOOK provided.

3. Show ALL calculations to earn part-marks.

4. Non-programmable calculators may be used.

5. You may use blue or black ink to answer the questions.

6. Where applicable, show ALL calculations to ONE decimal point.

7. Write neatly and legibly.

8. Use the information in the table below as a guide when answering the question paper. Try
NOT to deviate from it.

Question Topics Marks Time

1 GAAP Concepts and Transaction Analysis 55 40 minutes
2 Concepts and Salaries Journal 45 34 minutes
3 General Journal and Ledger Accounts 30 23 minutes
4 Ledger Accounts and Internal Control 40 30 minutes
5 Creditors Reconciliation and Internal Control 30 23 minutes
Total 200 150 minutes

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ACCOUNTING 3
GRADE 10

QUESTION 1: GAAP CONCEPTS AND ANALYSIS OF TRANSACTIONS

(55 marks; 40 minutes)

1.1 GAAP CONCEPTS

Match COLUMN A to COLUMN B. Write only the letter (A – D) next to the question
number (1.1.1 to 1.1.5) in the ANSWER BOOK.

COLUMN A COLUMN B
A Financial records prepared should maintain the
1.1.1 Business entity same accounting principles throughout
accounting periods.
B Bank charges and interest on overdraft are
1.1.2 Matching
recorded separately in the financials.
C The market value of land and buildings is
1.1.3 Materiality R4 000 000, the original cost price recorded in
the financial records is R800 000.
D Stock taken by the owner for personal use is
1.1.4 Historical cost recorded as drawings in the books of the
business.
E The cost of sales should be recorded in the
1.1.5 Going concern same financial period as the corresponding
amount generated from sales of goods.
F Trading stock is shown in the financials as
R100 000, even though it can only be sold for
R75 000 in the foreseeable future.
(1 x 5) (5)

1.2 ANALYSIS OF TRANSACTIONS

The following transactions appeared in the books of Naidoo Traders. The

business maintains a gross profit mark-up of 40% on cost.

REQUIRED:

Analyse the transactions below according to the table provided in your

ANSWER BOOK. The first transaction has been done for you as an example. (50)

NOTE: Assume that bank balance is unfavourable for all the transactions.

Example: Purchased stationery for cash, R3 000.

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ACCOUNTING 4
GRADE 10

TRANSACTIONS:

A. Sold goods for cash to customers, R91 000.

B. The owner took R15 000 worth of stock for personal use.

C. Paid J.A. Gupta, a creditor, R13 500 via EFT after a discount of 10% was
deducted.

D. Received R55 000 from NBS Bank. This was for the fixed deposit that matured
plus interest. The fixed deposit was taken out 12 months ago at an interest
rate of 10% p.a.

E. The bank statement received from BB Bank at the end of the month showed
the following:

 Cash deposit fees R350

 Administration fees R200
 Interest on unfavourable bank balance R700

F. Purchased merchandise from J.A. Gupta, a creditor, for R40 000 and received
a 5% trade discount.

55

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ACCOUNTING 5
GRADE 10

QUESTION 2: CONCEPTS AND SALARIES JOURNAL (45 marks; 34 minutes)

2.1 CONCEPTS

2.1.1 Explain the difference between the salaries and wages. (2)

2.1.2 To which government departments are the following paid?

 PAYE
 UIF (2)

2.2 SALARIES JOURNAL

HAIRCUT 100

Haircut 100 is a salon owned by Nick Heyward. He recently started the

business and has asked for assistance regarding salaries.

REQUIRED:

2.2.1 Use the information below to prepare the Salaries Journal for
December 2022. (41)

INFORMATION A:
Salary information for December 2022
Details B. Makumo J. Abrahams T. Khumalo
Basic salary ? R12 000 R12 000
100% of monthly basic 90% of monthly
Bonus None
salary basic salary
Deductions S. Makua J. Murray K. Mashaba
PAYE R 900 R1 300 R1 300
First Pension 10% of basic 10% of basic
10% of basic salary
Fund salary salary

KG Medical Aid R1 000 on basic salary of R10 000, in addition, 5% is used to

calculate medical deductions for all amounts above R10 000.
1% of basic salary 1% of basic 1% of basic
UIF
salary salary

INFORMATION B:

Employers contributions for the month of December are as follows:

 To the pension fund R1,50 for every R1 deducted from the employee.
 To the medical aid fund R2 for every R1 deducted from the employee.
 To the UIF on a rand for rand basis.
45

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ACCOUNTING 6
GRADE 10

QUESTION 3: GENERAL JOURNAL AND LEDGER ACCOUNTS

(30 marks; 23 minutes)
VICIOUS TRADERS

The information provided was taken from the accounting records of Vicious Traders on
28 February 2023. The business uses a mark-up of 50% on cost.

REQUIRED:

Record the transactions provided below in the General Journal. Narrations are not
necessary. (30)

Transactions for the month of February 2023:

A. Charged L. Dlamini, a debtor, interest on overdue account at 10% p.a. His balance
of R1 500 was two months overdue.
B. A building was repaired for R6 500, the amount was incorrectly posted to the Land
and Buildings account.
C. Discount of R600 received from Marie Traders was recorded in the account of a
creditor, Mario Brothers in error. Correct the error.
D. A credit note was issued to J.P. Morgan, a debtor, for goods returned by him for
R8 600.This entry was omitted from the records.
E. Received R900 from G. Hansen, a debtor whose account was previously written off.
The entry was recorded in the Debtors’ Control in the CRJ and posted accordingly.
Correct the error.
F. Received an EFT for R2 520 from a debtor, A.B. Villiers, which is a dividend of 40
cents in every rand he owed the business. The money received was properly
recorded in the Cash Receipts Journal. Write off the balance.
G. Transfer a credit balance of R750 from the account of J. Michil in the Debtors’ ledger
to his account in the Creditors’ Ledger.
H. 25% of the goods that were bought by the business for R18 000 were returned to
Ray Suppliers, a creditor. The returned goods were incorrectly recorded in the
Creditors’ Ledger of Ray Traders.

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ACCOUNTING 7
GRADE 10

QUESTION 4: GENERAL LEDGER AND INTERNAL CONTROL

(40 marks; 30 minutes)

4.1 GENERAL LEDGER

The information provided below relates to the financial records of Maningi Traders for
the month ended 28 February 2023. The business uses a mark-up of 50% on cost.

REQUIRED:

Prepare the following accounts in the general ledger :

4.1.1 Debtors’ Control (14)

4.1.2 Trading Stock Account (16)

Write folio references and balance the ledger accounts properly.

INFORMATION A:

The following balances appeared in the books on 1 February 2023:

Debtors’ control R67 800

Creditors’ control R80 600
Trading stock R173 200

INFORMATION B:

Cash Receipts Journal for February 2023

Cost of Debtors’ Discount

Bank Sales Sundries
sales control allowed
290 500 234 000 156 000 ? 10 000 1 000

Cash Payments Journal for February 2023

Trading Creditors’ Discount

Bank Stationery Sundries
stock control received
433 900 80 000 355 500 4 000 1 500 900

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ACCOUNTING 8
GRADE 10

Debtors’ Journal for February 2023

Sales Cost of sales

? 90 600

Debtors’ Allowances Journal for February 2023

Debtors’ allowances Cost of sales

17 100 ?

Creditors’ Journal for February 2023

Creditors’ Trading Consumable

Equipment Sundries
control stock stores
258 600 84 300 150 000 24 000 300

Creditors’ Allowances Journal for February 2023

Creditors' Trading
Equipment Stationery Sundries
control stock
81 000 ? 10 000 1 500 500

General Journal for February 2023

Debtors’ control Creditors’ control

Dr Cr Dr Cr
3 800 960 1 050 170

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ACCOUNTING 9
GRADE 10

4.2 INTERNAL CONTROL

RAINBOW TRADERS

The information provided below is extracted from the books of Rainbow

Furnishers. The business is owned by Ray Ndlovu.

REQUIRED:

Refer to the information provided below and answer the questions that follow.

4.2.1 Ray is concerned about the stock figures. He suspects that there are
employees who are stealing from the business. Provide calculations to
support his concern. (Refer to Information A.) (2)

4.2.2 Provide TWO internal control measures that must be implemented to

protect stock from theft. (4)

4.2.3 Comment on goods returned by customers. Provide figures to support your

answer. What control measures must be put in place by a business? (4)
(Refer to Information B.)

INFORMATION A

Balances and transactions affecting trading stock

Opening balance R85 000

Trading stock purchased during the month 75 000
Cost of goods sold during the month 63 000
Closing balance 89 000

INFORMATION B

Summary of transactions related to sales and debtors

Balance (1 March 2023) R19 220

Credit sales 21 000
Total sales 39 000
Selling price of goods returned by customers 4 680
Bank (amount received from debtors during the month) 22 480
Balance (31 March 2023) 15 060
40

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ACCOUNTING 10
GRADE 10

QUESTION 5: CREDITORS' RECONCILIATION AND INTERNAL CONTROL

(30 marks; 23 minutes)

5.1 CREDITORS' RECONCILIATION

KAGISO TRADERS

The information for February 2023 provided below relates to the books of Kagiso
Traders.

REQUIRED:

5.1.1 Use the information below to correct and reconcile the Creditors’ Control
account with the Creditors' list. (26)

5.1.2 The internal auditor of Kagiso Traders picked up invoices received from
suppliers which did not match entries in the stock records of the business.
He suspects that some goods were not delivered to the business premises.

What measures should be implemented by the business to avoid paying for

goods that were not received by the business? Provide TWO points. (4)

INFORMATION:

A. GENERAL LEDGER OF KAGISO TRADERS

CREDITORS’ CONTROL
Feb Bank and discount CPJ 30 800 Feb Balance b/d 8 330
28 received 28
Creditors' allowances CAJ 4 800 Total purchases CJ 48 400
Journal credits GJ 580 Journal debits GJ 450
Balance c/d 21 000
57 180 57 180
Mar Balance b/d 21 000
1

B. CREDITORS’ LIST
Credit
S. Mvelase 7 500
M. Pillay 3 800
G. George 2 850
R. Mokoena 6 300
20 450

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ADDITIONAL INFORMATION:

(i) The opening balance in the Creditors’ Control account is overcast by

R1 500.

(ii) The amount for goods bought from R. Mokoena was incorrectly recorded
as R6 750 in the books. The correct amount that appears in the invoice is
R6 570.

(iii) An amount of R2 400 has been transferred to S. Mvelase via EFT. The
transaction has not been recorded in the books of the business.

(iv) A debit note issued to R. Mokoena for R360 has not been recorded in the
journal but was posted to his account in the Creditors’ Ledger.

(v) P. George was paid R850. This transaction was correctly entered in the
journal but not posted to his ledger account.

(vi) A debit note of R250, sent to M. Pillay, was recorded as purchases in his
ledger account. This transaction was correctly recorded in the journal.

(vii) The total of the Creditors’ Allowances Journal was undercast by R300, and
was posted as such.
30

TOTAL: 200

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PROVINCIAL EXAMINATION
JUNE 2023
GRADE 10

ACCOUNTING

ANSWER BOOK

9 pages

NAME OF SCHOOL:

NAME OF LEARNER:

TOTAL MODERATED
QUESTION MARK OBTAINED
MARKS MARK
1 55
2 45
3 30
4 40
5 30

TOTAL 200

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ACCOUNTING 2
ANSWER BOOK GRADE 10

QUESTION 1: GAAP CONCEPTS AND TRANSACTION ANALYSIS

1.1 CONCEPTS

MATCH COLUMN A WITH COLUMN B

COLUMN A COLUMN B
1.1.1

1.1.2

1.1.3

1.1.4

1.1.5 5

1.2 ANALYSIS OF TRANSACTIONS

General Ledger Equation
Account Account Amount A E L
Debit Credit
e.g. Stationery Bank R3 000 0 - +
A R91 000

B R15 000
C Bank R13 500

50

TOTAL MARKS

55

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ACCOUNTING 3
ANSWER BOOK GRADE 10

QUESTION 2: CONCEPTS AND SALARIES JOURNAL

2.1 CONCEPTS

2.1.1 Explain the difference between salaries and wages.

Salaries:

Wages:

2.1.2 To which government departments are the following paid?

PAYE:

UIF: 2

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ANSWER BOOK GRADE 10

2.2.1 SALARIES JOURNAL OF HAIRCUT 100 FOR DECEMBER 2022

Deductions
Basic Total Total
Name Bonus Pension Medical UIF Net salary
salary earnings PAYE deductions
Fund Aid
B. Makumo 10 000 B. Makumo 10 000
J. Abrahams 12 000 J. Abrahams 12 000
T. Khumalo 12 000 T. Khumalo 12 000
Total Total

Employers contributions
Total
Name Pension
Medical aid UIF contributions
fund
B. Makumo 100
J. Abrahams 120
T. Khumalo 120
41
Totaal

TOTAL MARKS

45
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ACCOUNTING 5
ANSWER BOOK GRADE 10

QUESTION 3: GENERAL JOURNAL

GENERAL JOURNAL OF VICIOUS TRADERS ON 28 FEBRUARY 2023
Debtors' control Creditors' control
No Day Details Dr Cr
Dr Cr Dt Kt
28 Totals 3 800 960 1 050 170

TOTAL MARKS

30

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ACCOUNTING 6
ANSWER BOOK GRADE 10

QUESTION 4: GENERAL LEDGER AND INTERNAL CONTROL

GENERAL LEDGER OF MANINGI TRADERS ON 28 FEBRUARY 2023
4.1.1
DEBTORS’ CONTROL

Feb 1 Feb 28
28

14

4.1.2
TRADING STOCK ACCOUNT

Feb 1 Feb 28

16

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ACCOUNTING 7
ANSWER BOOK GRADE 10

4.2 INTERNAL CONTROL

4.2.1 Ray is concerned about the stock figures. He suspects that there are
employees who are stealing from the business. Provide calculations to
support his concern.

Calculations Answer

4.2.2 Provide TWO internal control measures that must be implemented to protect
stock from theft.

4.2.3 Comment on goods returned by customers. Provide figures to support your

answer. What control measures must be put in place by a business?

Comment:

Control measures:

TOTAL MARKS

40

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ACCOUNTING 8
ANSWER BOOK GRADE 10

QUESTION 5: CREDITORS' RECONCILIATION AND INTERNAL CONTROL

5.1.1 CREDITORS' RECONCILIATION

GENERAL LEDGER OF KAGISO TRADERS

BALANCE SHEET ACCOUNTS SECTION

CREDITORS' CONTROL

15

CREDITORS' LIST OF KAGISO TRADERS ON 28 FEBRUARY 2023

NAME Credit
S. Mvelase
M. Pillay
P. George
R. Mokoena

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5.1.2 What measures should be implemented by the business to avoid paying for
goods that were not received by the business? Provide TWO points.

TOTAL MARKS

30

TOTAL: 200

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PROVINCIAL EXAMINATION
JUNE 2023
GRADE 10
MARKING GUIDELINES

ACCOUNTING

9 pages

MARKING PRINCIPLES:
1. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is
earning marks on the figures for that item.
2. Full marks for correct answer. If answer incorrect, mark the workings provided.
3. 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). Note: If figures are stipulated in memo for
components of workings, these do not carry the method mark for the final answer as well.
4. Unless otherwise indicated, the positive or negative effect of any figure must be considered to
award the mark. If no + or – sign or brackets are provided, assume that the figure is positive.
5. Where indicated, part-marks may be awarded to differentiate between differing qualities of
answers from candidates.
6. Where penalties are applied, the marks for that section of the question cannot be a final
negative.
7. Where method marks are awarded for operation, the marker must inspect the reasonableness of
the answer and at least one part must be correct before awarding the mark.
8. Operation means ‘check operation’. ‘One part correct’ means operation and one part correct.
Note: check operation must be +, -, x, ÷, or per memo.
9. In awarding method marks, ensure that candidates do not get full marks for any item that is
incorrect at least in part. Indicate with a .
10. Be aware of candidates who provide valid alternatives beyond the marking guideline.
11. Codes: f = foreign item; p = placement/presentation

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MARKING GUIDELINES
GRADE 10

QUESTION 1: GAAP CONCEPTS AND TRANSACTION ANALYSIS

1.1 CONCEPTS

MATCH COLUMN A WITH COLUMN B

COLUMN A COLUMN B
1.1.1 D 

1.1.2 E 

1.1.3 B 

1.1.4 C 


1.1.5 F 5

1.2 ANALYSIS OF TRANSACTIONS

General Ledger Equation
Account Debit Account Credit Amount A O L
e.g. Stationery Bank R3 000 0 - +
A Bank Sales R91 000 0 + -
Cost of sales Trading Stock R65 000 - - 0
B Drawings Trading Stock R15 000 - - 0
Creditors' +
C Bank R13 500 0 0
Control -
Creditors'
Discount received  R1 500 0 + -
Control
Fixed Deposit:
D Bank R50 000 - 0 -
NBS Bank
Interest on fixed
Bank * R5 000 0 + -
deposit 
E Bank Charges Bank R 550 0 - +
Interest on
Bank R700 0 - +
Overdraft
F Trading Stock Creditors' Control R38 000 + 0 +
* Accept any reasonable difference between learner’s response and R55 000
50

TOTAL MARKS
55

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QUESTION 2: CONCEPTS AND SALARIES JOURNAL

2.1 CONCEPTS

2.1.1 Explain the difference between salaries and wages.

Allocate a mark for each valid response.  

Salaries
 Salaries are paid monthly.
 A salary is a fixed amount earned monthly.

Wages
 Wages are paid weekly.
 Wages earned are calculated according to the number of hours worked. 2

2.1.2. To which government departments are the following paid?

South African Revenue Services 

PAYE:
Accept SARS

UIF: Department of Labour  2

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MARKING GUIDELINES
GRADE 10

2.2.1 SALARIES JOURNAL OF HAIRCUT 100 FOR DECEMBER 2022

Deductions
Basic Total Total
Name Bonus Pension Medical Net salary
salary earnings PAYE UIF deductions
Fund Aid
B. Makumo 10 000 10 000  20 000  900  1 000  1 000  100  3 000  17 000
J. Abrahams 12 000  10 800  22 800  1 300  1 200  1 100  120  3 720  19 080
T. Khumalo 12 000 0  12 000  1 300  1 200  1 100  120 3 720  8 280
Total

Employers contributions
Total
Name Pension
Medical Aid UIF contributions
Fund
B. Makumo * 1 500 * 2 000 100  3 600
J. Abrahams  1 800  2 200 120  4 120
T. Khumalo  1 800  2 200 120  4 120
Total 41

* allocate For pension fund amount x 1,5 For medical aid amount x 2

TOTAL MARKS
45

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MARKING GUIDELINES
GRADE 10

QUESTION 3: GENERAL JOURNAL AND LEDGER ACCOUNTS

GENERAL JOURNAL OF VICIOUS TRADERS ON 28 FEBRUARY 2023
Creditors'
Debtors' control
No Day Details Dr Cr control
Dr Cr Dr Cr
28 Totals 3 800 960 1 050 170

A L. Dlamini 25  25
Interest on overdue
 25
account
B
Repairs 6 500

Land and buildings 6 500

C Marie Traders 600 600
Mario Brothers 600 600
D
Debtors’ allowances 8 600
J.P. Morgan 8 600 8 600
E G. Hansen 900 900

Bad debts recovered 900

F Bad debts 3 780

A.B. Villiers  3 780  3 780

G
J. Michil 750 750

J. Michil 750 750

H
Ray Suppliers 4 500 4 500

Ray Traders 4 500 4 500

Award a mark for correctly entered details and amount
4 700 13 340 7 800 6 920
Allocate one method mark for a minimum of two totals

TOTAL MARKS

30

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QUESTION 4: GENERAL LEDGER AND INTERNAL CONTROL
GENERAL LEDGER OF MANINGI TRADERS ON 28 FEBRUARY 2023
4.1.1
DEBTORS’ CONTROL
Bank and
Feb 1 Balance b/d  67 800 Feb 28 CRJ * 65 500
discount 
28 Sales Debtors'
DJ 135 900 DAJ 17 100
allowances 
Journal Journal
GJ 3 800 GJ 960
debits debits 
Balance c/d 123 940

207 500 207 500

Mar 1 Balance *Accept sundry accounts

b/d 123 940
- 1 mark if folio references are not written

14

4.1.2
TRADING STOCK ACCOUNT

Feb 1 Balance b/d 173 200 Feb 28 Cost of sales  CRJ 156 000

Bank  CPJ  80 000 Cost of sales  DJ 90 600

Cost of sales  Creditors' 69 000
DAJ 11 400 Control  CAJ

Creditors' CJ c/d
 84 300 Balance 33 300
Control 
348 900 348 900

Balance *Accept sundry accounts

Mar 1 b/d  33 300
- 1 mark if folio references are not written

16

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4.2 INTERNAL CONTROL

4.2.1 Ray is concerned about the stock figures. He suspects that there are
employees who are stealing from the business. Provide calculations to
support his concern.

Calculations Answer

85 000 + 75 000 – 63 000 – 89 000 8 000  one part

correct
Accept account or trading stock Value of missing stock
2
account.

4.2.2 Provide TWO internal control measures that must be implemented to

protect stock from theft.
Any TWO acceptable answers   one mark for partially correct response
 Regular and random physical stock counts.
 Order smaller quantities, but more frequently.
 Improve physical security e.g., controls at entrance/security cameras.
 Division of duties – receiving of stock, payments and stock keeping should be
done by separate individuals to minimise the risk of theft. 4
 Random audits on stock should be conducted regularly.

4.2.3Comment on goods returned by customers. Provide figures to support

your answer. What control measures must be put in place by a
business?
Comment
Valid comment figure 
 The percentage of goods returned is high compared to total sales, 12%
returns.(Accept total sales are R39 000 and returns are high at R4 680)

Control measures
Any one acceptable answer  one mark for partially correct response
 The business must ensure that correct goods are delivered to customers/delivery
matches the order placed.
 Packaging of goods should be improved to avoid any damages in goods.
 If inferior quality is the reason for returns, consider changing the supplier.
 Design a policy for returns (e.g. returns within 14 days).
 Goods must be checked for damages before they are handed over to the
customers. 4

TOTAL MARKS

40

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QUESTION 5: CREDITORS' RECONCILIATIONS AND INTERNAL CONTROL

5.1.1 CREDITORS' RECONCILIATION

GENERAL LEDGER OF KAGISO TRADERS

BALANCE SHEET ACCOUNTS SECTION

CREDITORS' CONTROL
Feb 28 Bank and CPJ 33 200 Feb 1 Balance b/d 6 830
Discount 
received (8 330 - 1 500)
(30 800 + 2 400)
Creditors' CAJ 5 460 28 Total purchases CJ  48 220
allowances (48 400 – 180)
(4 800 + 360
+ 300)
Journal debits GJ 450 Journal credits GJ 580

Balance c/d 16 520

55 630 55 630

Mar 1 Balance b/d  16 520

15

CREDITORS' LIST OF KAGISO TRADERS ON 28 FEBRUARY 2023

NAME Credit
S. Mvelase (7 500 - 2 400)  5 100
M. Pillay (3 800 – 250 – 250) or – 500 One part  3 300
correct
P. George (2 850 – 850 )  2 000
R. Mokoena (6 300 –180  –) check control a/c One part  6 120
correct

16 520 11

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5.1.2 What measures should be implemented by the business to avoid paying

for goods that were not received by the business? Provide TWO points.
Any two acceptable answers   one mark for partially correct response
 All purchases of goods must be authorised by the senior personnel.
 Goods received must be checked against purchase order, invoice and delivery
note.
 Receiving of goods from suppliers, storage of goods or recording of goods should
not be handled by one person.
4
(Allocate one mark for division of duties.)

TOTAL MARKS

30

TOTAL: 200