SENIOR CERTIFICATE EXAMINATIONS ACCOUNTING GRADE 12 SPECIAL ANSWER BOOK

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1 STICKER CENTRE NUMBER EXAMINATION NUMBER SENIOR CERTIFICATE EXAMINATIONS ACCOUNTING GRADE SPECIAL ANSWER BOOK QUESTION MARKS INITIAL MOD TOTAL This answer book consists of 18 pages.

2 Accounting 2 DBE/2017 QUESTION TRUE OR FALSE MIZZY BOUTIQUE Use the table provided to indicate corrections that must be made to the Debtors' Control Account and the debtors' list. Provide figures and a plus (+) or minus ( ) sign for each correction. Balance/Total on 28 February 2017 (a) Debtors' Control Account Debtors' List R7 710 R9 90 (b) (c) (d) (e) (f) Balance/Total on 28 February

3 Accounting DBE/ GLENDALE TRADERS 1..1 Explain how a debtors' age analysis can assist with internal control over debtors Calculate the percentage of total debts exceeding the credit terms. 1.. Explain ONE problem (with figures) relating to EACH of the following debtors: DEBTOR PROBLEM WITH FIGURES D Pillay W Patel 1.. Explain TWO problems (with figures) relating to debtor D Gouws. TOTAL MARKS 0

4 Accounting DBE/2017 QUESTION VAT (a) (b) (c) (d) No. VAT AMOUNT INCREASES THE AMOUNT DUE TO SARS DECREASES THE AMOUNT DUE TO SARS (a) (b) (c) INVENTORY VALUATION Give a reason why the business uses the weighted average method to value the stock of tyres Calculate: Value of closing stock on 28 February

5 Accounting 5 DBE/ Calculate: Cost of sales Calculate: Gross profit Calculate: Average stock-holding period (in days) Should the owner be satisfied with the stock-holding period calculated above? Explain. Quote figures. NOTE: The stock-holding period for 2016 was 70 days. TOTAL MARKS 0

6 Accounting 6 DBE/2017 QUESTION Factory Overhead Cost Note Production Cost Statement for the year ended 28 February 2017 Prime cost Total manufacturing cost Cost of production of finished goods 10

7 Accounting 7 DBE/ Infinity Hats are considering importing raw materials at a lower price than they are currently paying. Provide TWO points they should consider before deciding.. SANYATI BAKERY..1 PROBLEM WITH FIGURES SOLUTION Doughnut factory Cake factory 6..2 Provide workings to show that the break-even point of units for the doughnuts in 2016 was correctly calculated... Explain why Damon should be concerned over the break-even point of doughnuts. Quote figures.

8 Accounting 8 DBE/ PRODUCT COMMENT ON PRICE AND DEMAND (WITH FIGURES) Doughnuts Cakes 6 TOTAL MARKS 50

9 Accounting 9 DBE/2017 KEEP THIS PAGE BLANK.

10 Accounting 10 DBE/2017 QUESTION MTOMBENI LTD.2.1 Calculate: Carrying value of the vehicle sold on 0 November 2016 Calculate: Total depreciation on equipment on 28 February

11 Accounting 11 DBE/ MTOMBENI LTD Income Statement (Statement of Comprehensive Income) for the year ended 28 February 2017: Sales ( Cost of sales ( Operating expenses Directors' fees Audit fees Operating profit Interest income Net profit after interest income Net profit before tax Income tax Net profit after tax TOTAL MARKS 70

12 Accounting 12 DBE/2017 QUESTION MIHKA LTD ORDINARY SHARE CAPITAL Authorised Share Capital ordinary shares Issued Share Capital Ordinary shares on 1 January RETAINED INCOME Balance on 1 January CASH EFFECTS OF OPERATING ACTIVITIES Cash generated from operations

13 Accounting 1 DBE/ Amounts in the Cash Flow Statement: Calculate: Change in fixed deposit Calculate: Proceeds on disposal of equipment Calculate: Mark-up percentage on cost Calculate: Debt-equity ratio Calculate: Net asset value (in cents)

14 Accounting 1 DBE/ The financial director was questioned about the decision to increase the loan. Explain what he should say to justify this decision. Quote TWO financial indicators (with figures) Ashraf, a new shareholder, bought shares on 1 August He expected the company to distribute at least 80% of its earnings as it did in Ashraf is unhappy with the dividend pay-out policy for Provide a calculation to support his opinion. Explain TWO points to support the company's decision regarding dividends for 2016.

15 Accounting 15 DBE/ Comment on the re-purchase price paid for the shares on 0 December Provide TWO financial indicators (with figures) in your comment. TOTAL MARKS 65

16 Accounting 16 DBE/2017 QUESTION Comment on the control of EACH item and give ONE point of advice in each case. COMMENT ADVICE Telephone Staff training 6.2 Identify TWO items incorrectly entered in the Cash Budget CREDITORS' PAYMENT SCHEDULE CREDIT MONTH MAY PURCHASES March R April R May June R JUNE

17 Accounting 17 DBE/ Cash sales CALCULATION AMOUNT (i) Cash purchases of stock (ii) Delivery expenses (iii) Salaries and wages (iv) Repayment of loan (v) Cash at end of month (vi) Cash deficit for the month (vii) 21

18 Accounting 18 DBE/ Piet wants to save on costs by not offering a free delivery service. Is this a good idea? Explain. 6.6 Explain ONE advantage and ONE disadvantage of each option. OPTION ADVANTAGE DISADVANTAGE Raise a new loan Hire (lease) the assets from Computer Solutions Ask a friend to become equal partner 6 TOTAL MARKS 5 TOTAL: 00

NATIONAL SENIOR CERTIFICATE ACCOUNTING GRADE 12 NOVEMBER 2016 SPECIAL ANSWER BOOK

CENTRE NUMBER EXAMINATION NUMBER NATIONAL SENIOR CERTIFICATE ACCOUNTING GRADE 1 NOVEMBER 016 SPECIAL ANSWER BOOK QUESTION MARKS INITIAL MOD. 1 3 5 6 TOTAL This answer book consists of 15 pages. Sticker