# NATIONAL SENIOR CERTIFICATE GRADE 12

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1 NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING FEBRUARY/MARCH 2013 MEMORANDUM MARKS: 300 MARKING PRINCIPLES: 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item). No double penalty applied. 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). 4. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or sign or bracket is 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. This memorandum is not for public distribution, as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions. 7. Where penalties are applied, the marks for that section of the question cannot be a final negative. 8. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer before awarding the mark. 9. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 10. Codes: f=foreign item; p=placement/presentation. This memorandum consists of 18 pages.

2 Accounting 2 DBE/Feb. Mar QUESTION Indicate in which cost account each of the items will be classified by choosing the answer from the options provided Factory overheads cost Direct labour cost Administration cost Direct materials cost Calculate the total selling and distribution costs. R15 x = R Calculate the administration cost per unit. R / = R Calculate the total cost of production for = R OR 2 marks 1 mark ( ) x = R Calculate the break-even point for = units or 2 566, Will Charley be satisfied with the number of units produced? Explain quoting figures to support your answer. Yes / No Valid explanation Answer for yes: He is producing units more than the break-even point. Answer for no: He is producing and selling less (5 500 units) than he did in the previous year (6 300 units) 3

3 Accounting 3 DBE/Feb. Mar Direct materials cost: Explain why Charley should not be too concerned about the direct materials cost. Provide figures to support your answer. Explanation Figure(s) The increase is only R1 per unit which is less than 1% (less than the inflation rate of 6%) Direct labour cost and factory overhead cost: Provide figures to explain why direct labour and factory overhead cost should be of major concern to him. In each case, name a possible problem which led to an increase in each of these costs. Provide practical advice to solve each of the problems you have suggested. Explanation with figures Explanation Figures Possible problem which led to an increase in the cost Practical advice to solve this problem DIRECT LABOUR COST The increase of R18 per unit in the DLC amounts to 56 % (which is significantly higher than the inflation rate of 6%) NB: Do not accept salary/wage increases. The workers were inefficient. Too much overtime worked at higher rate. Inspect the work process/better training of workers FACTORY OVERHEAD COST The increase of R9 per unit in the FOHC amounts to 43% (which is significantly higher than the inflation rate of 6%) The number of units produced is lower than that of the previous year / an expense such as rent or depreciation or could have increased significantly Increase the production levels to take advantage of economies of scale/ inspect the individual fixed costs to try to control them and look for cheaper options 8 TOTAL MARKS 35

4 Accounting 4 DBE/Feb. Mar QUESTION Indicate whether the statements are TRUE or FALSE True False True True Calculate the correct totals for the Cash Receipts Journal and Cash Payments Journal for December Calculation of CRJ total Calculation of CPJ total Prepare the Bank Reconciliation Statement on 31 December Debit Credit Balance per Bank Statement Outstanding deposits Outstanding cheques Credit incorrect cheque 300 Credit balance per bank account Foreign entries - 1, maximum -2, e.g. PDC received R800.

5 Accounting 5 DBE/Feb. Mar Refer to cheque no. 620 in the Bank Reconciliation Statement of November How would this be recorded in the financial statements for the year ending 31 December 2012? Give a reason. Add to bank if Dr or subtract from bank if bank is overdraft Add to Creditors or Trade and other payables Reason The money is still owed and the debt will only be settled on 30 April when the cheque is due Which GAAP principle was applied in writing off this amount? Principle of Prudence How can a similar problem be avoided in the future? Any valid reason Division of duties: The person completing the deposit slip must not be the same person depositing the money at the bank. Deposit slips must agree to total of the receipts and cash slips. Check via internet banking that deposits are reflected daily (request the bank to send an sms each time a deposit is made.) 2 TOTAL MARKS 35

6 Accounting 6 DBE/Feb. Mar QUESTION Choose a GAAP principle from COLUMN B to match the description in COLUMN A. Write only the letter (A D) next to the question number ( ) C A D B GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS FIXED/TANGIBLE ASSETS Land and Buildings Vehicles Equipment Carrying value at beginning of year Cost Accumulated depreciation 0 ( ) (73 940) Movements Additions at cost Disposal at carrying value (2 700) (73 720) (35 040) Depreciation V: Carrying value at end of year Cost Accumulated depreciation 0 ( ) ( ) 18

7 Accounting 7 DBE/Feb. Mar GLOBAL LIMITED INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2013 Sales ( ) operation if one part correct Cost of sales ( ) 5 Gross profit Check operation, COS must be deducted Other operating income Check operation Discount received Bad debt recovered ( ) 670 Rent income ( ) operation if one part correct Provision for bad debts adjustment Profit on disposal of asset 400 Gross operating income Operating expenses Check operation, mark figure only ( Stationery ( ) Bad debts ( ) operation if one part correct Insurance ( ) Bank charges Salaries and wages Directors fees Auditors fees Depreciation ( see ) operation if one part correct Trading stock deficit ( ) Operating profit Interest income Profit before interest expenses/finance cost Interest expenses/finance cost (62 700) Profit before tax Income tax (35 264) 7 Net profit after tax Check operation, tax must be deducted Foreign items 1 each (max 2); Ignore Trading Stock & Prov for Bad Debts as foreign items If interest income / interest expense in two places, treat as foreign item If interest income / interest expense misplaced, -1 each time (-2 max)

8 Accounting 8 DBE/Feb. Mar RETAINED INCOME NOTE ON 28 FEBRUARY 2013 Retained income at the beginning of the year Net profit after tax Less dividends (57 750) Interim dividends paid Final dividends declared Retained income at the end of the year Check operation 9 TOTAL MARKS 80

9 Accounting 9 DBE/Feb. Mar QUESTION Complete the statements by choosing a word from the options provided Independent auditor Director Shareholder Internal auditor Calculate the current ratio : = 1,6 : 1 operation if one part correct Calculate the earnings per share (in cents) x = 183,3 cents operation if one part correct 3

10 Accounting 10 DBE/Feb. Mar Calculate the debt/equity ratio : ,3 : 1 operation if one part correct Calculate the percentage return earned on total capital employed (before tax) x 100 ½ ( ) 1 = * x * 1 30,9% * *operation if one part correct Calculate the figures that will appear in the Cash Flow Statement for: (a) Repayment of loans = (b) Proceeds of issue of ordinary shares = operation if one part correct (c) Fixed assets purchased (note that fixed assets with a book value of R were sold at carrying value) = operation if one part correct 5

11 Accounting 11 DBE/Feb. Mar Explain why the liquidity financial indicators of Lolly Ltd are better than those of Peggy Ltd. Quote THREE financial indicators to support your answer. Quoting of indicator Explanation by Lolly Comparison with Peggy Current ratio of Lolly is 1,7 : 1 and of Peggy is 5,8:1. Lolly has enough current assets to cover his current liabilities whereas Peggy Ltd is holding too much of his funds in the form of current assets which may not result in a return for the business. Acid test ratio of Lolly is 0,8 : 1 and of Peggy is 3,7 : 1. Even if Lolly is not able to sell all of his trading stock he should still be able to cover his short term debt. Peggy is holding much of his current assets in the form of trading stock (stock piling). Period for which enough stock is on hand for Lolly is 80 days and for Peggy is 140 days (almost 6 months). Lolly has enough stock for almost 3 months which is appropriate for a company selling sportswear as styles of sportswear normally change seasonally. Peggy is holding stock for too long, styles will change and clients will not be interested in buying outdated styles resulting in obsolete stock. Debtors are paying Lolly Ltd much sooner than the debtors of Peggy is paying them.debtors collection period for Peggy is 55 days whereas Lolly is collecting from their debtors within 26 days Which company uses more loans? Quote a financial indicator to support your answer. Lolly Ltd Debt / equity ratio 1,9 : 1 for Lolly and 0,2 : 1 for Peggy Explain whether this is a good idea or not. Quote a financial indicator to support your answer. It is not a good idea Return on Capital Employed for Lolly is 12,4 % which means that the return he is earning is lower than the interest he is paying on the loan, 14% (negative gearing) 6

12 Accounting 12 DBE/Feb. Mar The market price of shares in Peggy Ltd is doing much better than that of Lolly Ltd. Explain, quoting TWO financial indicators to support this opinion. Comparing market price and NAV of Lolly Comparing market price and NAV of Peggy Market price of Lolly Ltd is 590 cents which is lower than the Net Asset Value of 625 cents OR market price is 35 cents lower than the Net Asset Value. Market price of Peggy Ltd is 755 cents which is higher than the Net Asset Value of 605 cents OR market price is 150 cents higher than the Net Asset Value. Peggy is thus able to fetch a price higher than the value of the shares in the books of the company Peggy Ltd has a better percentage return, earnings and dividends than Lolly Ltd. Explain by quoting THREE financial indicators to support this opinion. Financial indicator Figures Explanation % ROSHE for Peggy is much higher (28,5%) than that of Lolly (11,5%). EPS for Peggy is 813 cents whereas Lolly is only earning 179 cents per share. DPS for Peggy is 637 cents whereas for Lolly it is only 182 cents per share Comment on the audit reports of Lolly Ltd and Peggy Ltd. In each case, explain how the report will affect Peter's decision concerning the shares he wishes to purchase in the company. Lolly Ltd: Comment on Explanation Lolly Ltd received an unqualified report which means that Peter can rely on the financial information in the financial statements in order to make a decision about purchasing the shares. Peggy Ltd: Comment on Explanation This company received a disclaimer audit report. This means that Peter cannot rely fully on the financial statements in making a decision about investing in this company. 4 TOTAL MARKS 65

13 Accounting 13 DBE/Feb. Mar QUESTION Calculate the value of the closing stock for cricket bats (use the FIFO method). (100 x 655 ) + (75 x 630 ) = = Calculate the value of the closing stock for cricket balls (use the weighted-average method) x = R OR R15 560,60 OR R Calculate the cost of sales for cricket bats = R Calculate the gross profit for cricket bats. R R = R Calculate the number of cricket bats that appear to be missing = 190 Amount on hand 175. Therefore amount missing is Explain TWO control measures Anele could put in place to avoid this from happening in future. Two control measures Possible responses: Improve physical security at exit points Have regular physical counts of stock 4

14 Accounting 14 DBE/Feb. Mar Provide evidence from the information provided to support Anele's concern regarding the cricket balls supplier. State TWO points and quote figures to support your answer. Two points Possible responses: The cost price of the cricket balls has increased significantly since November from R65 to R85 and R faulty cricket balls costing R5 300 have been returned to the new supplier. There were no returns prior to November which indicated that the batches from the new supplier are of a poorer quality Anele has since discovered that the new supplier of the cricket balls is a family member of Chris. What advice would you offer to Anele in this regard? Expected response: Excellent = 3 marks; average = 2 mark ; poor = 1 mark; incorrect = 0 marks Anele must explain to Chris that this is unethical and that his decision to favour his family member is disadvantaging the business. She must put a procurement policy in place and must ensure that employees abide by this policy. It is important to support loyal suppliers but the quality and price of the product must not be compromised. 3 TOTAL MARKS 35

15 Accounting 15 DBE/Feb. Mar QUESTION Identify TWO items that Mabel has incorrectly entered in the Cash Budget. Two items Depreciation Furniture bought on credit Apart from the items in QUESTION 6.1 above, name TWO other items in the Payments Section of the Cash Budget (see Information 4) that would NOT appear in a Projected Income Statement. Any two items Expected responses: Payment to creditors Repayment of loan Purchase of vehicle Drawings Cash purchases of stock Identify or calculate A and B. Indicate negative figures in brackets. A R B (R17 050) Identify or calculate the missing figures C and D in the extract from the Cash Budget (Information 4). C x 100/133⅓ = x 50% = R any one part correct D x 95% = any one part correct 7

16 Accounting 16 DBE/Feb. Mar Complete the Debtors' Collection Schedule for February Credit sales February collections December R January R February R TOTAL operation Calculate the percentage increase in salary and wages with effect from 1 February / x 100 = 12 % Calculate the interest on the fixed deposit for January x 7% / 12 = R Calculate the delivery expenses for January R x 8% = R John is of the opinion that this expense is costing him too much. Which TWO points should John consider before deciding on whether to discontinue this service? Two factors Whether his competitors are offering the service or not What the reaction from his customers will be should he withdraw the service (i.e. will they go to other suppliers?) The possibility of charging customers for the delivery service The possibility of finding a cheaper delivery service The possibility of using his own vehicles instead of subcontracting 4

17 Accounting 17 DBE/Feb. Mar Explain what you would say to John about each of the following items at the end of January Give ONE point of advice in each case. Comment Advice Advertising As he did not spend any money on Advertising, this will probably mean that he will not achieve his budgeted sales Make sure that he utilises the advertising budget fully each month (it is there for a purpose) Stationery Spent significantly more than budgeted figure. Ensure that there is no wastage of stationery./ Keep unused stationery secured. / find a cheaper supplier Staff training Under spent on the budget which means that staff might not be interacting well with customers He must consider that staff training affects the manner in which staff interacts with customers which leads to efficiency and goodwill. 6

18 Accounting 18 DBE/Feb. Mar Consider each of the options below and explain ONE other advantage and ONE disadvantage related to each option. Option 1: Raise a new loan at an interest rate of 14% p.a. to be repaid over 36 months Other Advantage He will own the assets and they could last longer than five years if he takes good care of them. Disadvantage He has to pay interest of R1 750 per month + R4 167 per month to repay the loan. Option 2: Hire (lease) the assets from IT Connect Ltd at R5 100 per month He does not have to raise a loan/does not have to pay interest on the loan./ he will not have to pay repair costs The lease charges are expensive, R5 100 per month (R over the expected life span of five years.)/never owns the assets but continues to pay Option 3: Invite his friend James to become an equal partner in the business and provide capital of R He will have the necessary funds to purchase the assets which will then belong to the business / share workload and skills TOTAL MARKS He will have to share half his profits with his new partner TOTAL: 300

### NATIONAL SENIOR CERTIFICATE GRADE 12

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