WESTERFORD HIGH SCHOOL GRADE 10 ACCOUNTING EXAMINATION NOVEMBER 2009 EXAMINERS: MS VISSER MRS ABRAHAMS

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1 WESTERFORD HIGH SCHOOL GRADE 10 ACCOUNTING EXAMINATION NOVEMBER 2009 MARKS: 300 TIME: 180 minutes EXAMINERS: MS VISSER MRS ABRAHAMS INSTRUCTIONS TO CANDIDATES: You are provided with a question paper and an answer book. The paper comprises 8 questions. Answer all the questions. Use the formats provided in order to reflect your answers. Workings must be shown in order to achieve part-marks. You must attempt to comply with the suggested time allocated to each question. Non-programmable calculators may be used. You may use pencil answering the questions. Marks will be deducted for the use of tippex.

2 QUESTION 1: 26 marks; 16 minutes LO1 Financial information AS 2 Use of source documents & ledger LO3 Managing resources Recording information & internal control AS 4 Ledger for perpetual inventory system AS 6 Knowledge of internal control QUESTION 2: 84 marks; 51 minutes LO1 Financial information AS 4 Prepare financial statements Income statements and ratio s LO3 Managing resources AS 6 Knowledge of internal control QUESTION 3: 40 marks; 24 minutes LO 3 Managing Resources Wages and Salaries, code of ethics AS 2 Wages and salaries AS 5 Code of ethics Debtors Ledger QUESTION 4: 21 marks; 12 minutes LO1 Financial information AS 2 Post to Ledger QUESTION 5: 20 marks; 12 minutes Cost in the manufacturing environment LO2 Managerial accounting AS 2 Identify basic cost concepts Accounting equation Cash budget VAT QUESTION 6: 39 marks; 23 minutes LO1 Financial information AS 3 Analyse and show effect QUESTION 7: 50 marks; 30 minutes LO2 Managerial accounting AS 3 Basic budget concepts QUESTION 8: 20 marks; 12 minutes LO1 Financial information AS 5 Basic VAT concepts

3 QUESTION 1 TRADING INVENTORY AND INTERNAL CONTROL (26 marks; 16 min) 1.1 Julie June opened her clothing boutique on 1 January She employs a shop assistant to help her on the weekends. Julie has no knowledge of Accounting and attempted to draw up a Trading inventory account for January 2009 on her own. Julie uses a profit mark-up of 75% on cost price. Draw up the correct Trading inventory account by making the necessary corrections. Insert the necessary folio s. (21) 2009 Jan Trading inventory 1 Balance b/d Jan 31 Cash sales Cash purchases Returns to creditors Returns from debtors (cost price) Balance c/d Feb 1 Balance b/d Information not considered when the above account was drawn up: a) Julie only entered the information from the cash journals when the above account was drawn up. The following information was extracted from the credit journals: Credit sales R Credit purchases R b) Stationery bought for R960 cash was entered into the Trading inventory column of the Cash Payments Journal. Correct the error. c) Julie had discovered that 2 dresses, with a cost price of R870 each, were stolen from her shop floor. She wants to adjust the stock account accordingly. Make the necessary entry. d) A debtor returned stock with a cost price of R630. This was not taken into account. 1.2 Problem solving question Stock is going missing from the shop. She suspects that either the customers or her assistant is stealing stock from her shop. REQUIRED: List the main points that Julie should apply in her business to solve the stock problem (5 main points) (5) [26]

4 QUESTION 2 INCOME STATEMENT & RATIOS (84 marks; 51 min) 2.1 You are presented with an incorrect Income Statement for the year ended 30 June 2008 as drawn up by an inexperienced bookkeeper. You are asked to help correct the Income Statement to include the relevant information only. Some items should not have been included and you must omit all foreign items. Some adjustments were also not considered when this Income Statement was compiled. (40) 2.2 Complete the following notes to the financial statements: Trade and other receivables (8) Owners equity (8) Trade and other payables (4) Incorrect Income Statement as compiled by the inexperienced bookkeeper on 30 June 2008: Sales Rent income Discount received Interest on investment Petty cash Bad debts recovered Cost of sales ( ) Debtors allowances (21 040) Stationery (32 912) Packing material ( ) Salaries and wages ( ) Bad debts (6 136) Discount allowed ( 1 800) Drawings (32 000) Insurance (36 168) Water and electricity (35 306) Sundry expenses (22 000) Interest on overdraft (1 060) Net profit for the year

5 Adjustments not considered and additional information: 1. Stock count according to a stock taking on 30 June 2008 revealed the following on hand: Trading inventory R Stationery Note: The Trading inventory account shows a debit balance of R in the Preadjustment trial balance. 2. Bad debts must still be written off on 30 June 2008, R700. According to the Pre-adjustment trial balance the Debtors Control account has a debit balance of R An investment of R was made on 1 July 2007 at an interest rate of 10% per year. The business has not received all the interest due to them for the current year. 4. The water and electricity account of R1 872 for June 2008 has not yet been paid. 5. Prepaid insurance, R Rent received in advance for July 2008, R Depreciation: on vehicles, R on equipment, R Capital balance on 1 July 2007, R The owner increased his capital to R on 28 February Calculate the following: Gross profit on Sales (6) Operating expenses on Sales (6) Operating profit on sales (6) 2.4 Internal control of Debtors: Many customers buy on credit. These customers pay back their debt very slowly and take their time to settle their accounts, often resulting in the debt being written off. This means that the business experiences cash flow problems and often can t pay back their creditors. This is obviously not ideal. What can the owner do in order to ensure that Debtors settle their accounts on time? Suggest 3 solutions to this problem (3 x 2) [84]

6 QUESTION 3 WAGES AND SALARIES, CODE OF ETHICS (40 marks; 24 min) Study the information of Teco Canned Fruit and the information of the Department Labour: Republic of South Africa. TECO CANNED FRUIT The following totals appeared in the Wages Journal for the week ended 28 April All employees are paid at the same normal time rate of R3,60 per hour and R5,00 per hour for overtime. Total hours (normal time) hours Total hours (overtime)? R Gross wages (normal time + over time) Medical Aid deductions 220 PAYE deductions Medical Aid Contribution 440 DEPARTMENT OF LABOUR Minimum wages for vulnerable groups: certain sectors in South Africa s economy are regarded as vulnerable and the Minister of Labour therefore announce Sectoral Determinations on a regular basis to ensure that vulnerable workers enjoy protection of basic conditions of employment as well as receiving at least the minimum wage as prescribed. The following is the new conditions of employment and minimum wages for Farm Workers Wages effective from 1 March 2006 R Hourly 4,54 Monthly 885,00 QUESTIONS 3.1 What does PAYE stand for? (1) 3.2 To whom will the company pay the PAYE (1) 3.3 Who is the Minister of Labour? (2) 3.4 What is your understanding of minimum wages? (4) 3.5 How much cash must be withdrawn by Teco Canning Fruit in order to pay the employees? (3) 3.6 Briefly explain the difference between deductions and contributions. (4) 3.7 Calculate the total number of overtime hours worked during the week. (6)

7 3.8 The medical Aid details have remained the same for all four weeks during April Calculate the amount which must be paid to the Medical Aid Fund by Teco Canned fruit at the end of April. (5) To which ledger account must the R3 354 be posted? (2) Must this account be debited or credited? (2) 3.10 What other important statutory deduction has Teco Canned Fruit failed to deduct from its employees and as an expense (contribution) of the business? (2) 3.11 In your opinion, did Teco Canned Fruit apply a proper code of ethics in the payment of a wages? Motivate. (8) [40] QUESTION 4 DEBTORS LEDGER (21 marks : 12 min) Slap Stick is a business selling comic books to book stores on credit. They have a debtor, Big Book Store, and the latest account the business rendered to them showed a debit balance of R REQUIRED: Complete the Debtors Ledger of Slap Stick account for the Big Book Store. TRANSACTIONS: The following transactions took place between Slap Stick and Big Book Store during February rd Sold books for R1 600 on credit. Cost price R th Received books which were returned, R160. These books were not according to the order. 10 th Received a payment in settlement of account as on 1 February Allowed a 10% discount for early payment. 20 th Sold books for R3 160 on credit. Cost price R th Sold a book for R120 cash. Cost price R th Received a cheque in for R2 300 in part-payment of account. [21]

8 QUESTION 5 COST ACCOUNTING (20 marks : 12 min) 5.1 What is the purpose of managerial accounting? (3) 5.2 Complete the supplied columns, by classifying each of the given manufacturing costs by placing a tick ( ) in the appropriate block. (17) INFORMATION: The following manufacturing costs refer to the production of a cell phone. Manufacturing cost Direct material cost eg Plastic for the cover of cell phone 1 Cost of rubber buttons for cell phone 2 Rubber used for mats to secure work tables 3 Factory cleaners wages 4 Machine operators wages 5 Factory supervisors salary 6 Cost of wire for cell phone antenna 7 Factory rent 8 Water and electricity: factory 9 Cost of pc board inside cell phone 10 Cost of silicon used inside cell phone 11 Factory security guard s wage 12 Paper film to protect cell phone screen 13 Cost of paint for cell phone branding 14 Cost of cell phone internal connector 15 Wage of cell phone assemblers 16 Factory cleaning materials cost 17 Depreciation on factory equipment Direct Labour cost Manufacturing overheads [20]

9 QUESTION 6 ACCOUNTING EQUATION (39 marks : 23 min) 6.1 Complete the following spreadsheet by showing the effect on the accounting equation for each of the numbers. Use a + ; - or ± to show the effect. (24) Note: The bank balance is unfavourable for the following transactions. No. A/C Debit A/C Credit Amount Assets Owner s equity 1 Trading stock Creditors control Debtors control Sales 3483 Cost of sales Trading stock Creditors control Bank 2280 Creditors control Discount received Bank Loan Bank Sales 3726 Cost of sales Trading stock Bank charges Bank Bank Interest income 67 8 Petty cash Bank Loan Bank Creditors control Bank 429 Creditors control Discount received Debtors allowances Debtors control 150 Trading stock Cost of sales Creditors control Trading stock 360 Liabilities 6.2 Refer to the above spreadsheet to answer the following questions: Write down the transaction that gave rise to the entry being made in no.10 (4) What % discount did the business receive in no.3 (4) Give a possible reason why the selling price is less than the cost price in no.5 (2) Name the source documents that would be used for the transactions: (5) No No No No No.12 [39]

10 QUESTION 7 CASH BUDGET (50 marks; 30 minutes) Dale Brown is a Business Science student at UCT. She is planning an overseas trip during December 2009 and needs to save R8 000 by 31 November She asks for your help in drawing up her Cash Budget for October and November as she is not sure that whether she would have saved enough by then. On the weekends she sells beaded jewelry at the Kirstenbosch market. 7.1 Use the additional information below to draw up her Cash Budget for October and November Please note that some of the figures have already been completed on the answer sheet for you. (27) ADDITIONAL INFORMATION: Interest on the savings account is calculated at 12% per annum and is received monthly. Note: Interest is calculated on the savings account balance at the beginning of each month She employs an assistant who earns R640 per month During November she will buy additional equipment for R1 000 in order to speed up production She pays rent of R200 per month to the Kirstenbosch market for the use of the stall. During October 2009 she will pay R400 because she did not pay the rent for September Her cell-phone bills will amount to R220 and R210 for October and November respectively She will donate R600 during October and R640 during November to the Red Cross Hospital Her drawings for October will be R1 500 and during November she plans to take R2 360 drawings to buy gifts for her family and friends Bank charges amount to R65 per month. 7.2 Answer the following questions: How many items of beaded jewelry does she plan sell during October if she sells the all her beaded jewelry for R8 each? (4) Calculate the percentage profit mark-up she maintains on the beaded jewelry if each each item costs R3,20 to make. (6) Will she be able to save R8 000 by the end of November? If not, quote an amount from the cash budget to justify your answer. (3) Do you think that it is a good idea for her to buy the new equipment? Motivate your answer by mentioning 2 facts. (5) Can she justify her drawings amounts for October and November? Mention two facts in your argument. (5) [50]

11 QUESTION 8 VAT (20 marks; 12 minutes) You are provided with information relating to Jopa General Dealers. The business is owned by John Paulse and is registered as a VAT vendor. Answer the following questions: 8.1 What is meant by: VAT input and; (2) VAT output (2) 8.2 What formula must be used to calculate the VAT payable to SARS? (2) 8.3 Refer to the invoice below. Calculate the following: The amount of VAT included in the R516,07. (3) The selling price per packet of Powa breakfast cereal excluding VAT. (3) The profit (in rands) per packet of Powa breakfast cereal earned by the business. (3) The amount of VAT that Jopa Dealers would have paid on the 15 packets of Powa breakfast cereal when the bought it. (3) Why is VAT not charged on the milk and the brown bread? (2) The following duplicate invoice is presented to you: Jopa Dealers Invoice 7051 Debit: Holly s Bed and Breakfast 18 November 2009 PO Box 1234, Newlands Description Cost price per unit (excl. VAT) VAT rate Selling price per unit (incl. VAT) Total 15 packets Powa breakfast cereal (1kg) R16,48 14% R27,93 R418,95 12 litres of fresh milk R3,87 0% R4,56 R54,72 8 loaves of brown bread R4,45 0% R5,30 R42,40 Total R516,07 Signed: H Holly TOTAL: 300 MARKS

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