1.1 List 2 current asset accounts. (2) 1.2 List 2 non-current asset accounts. (2) 1.3 List 2 expense accounts. (2) 1.4 List 2 income accounts.

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1 QUESTION 1 - THEORY [10 MARKS] 1.1 List 2 current asset accounts. (2) 1.2 List 2 non-current asset accounts. (2) 1.3 List 2 expense accounts. (2) 1.4 List 2 income accounts. (2) 1.5 List 2 liability accounts. (2) QUESTION 2 - THEORY [5 MARKS] Complete the following sentences by filling in the missing words. 2.1 The source documents used for recording transactions in the CRJ is a or a. 2.2 The source document used for EFT s is the. 2.3 The source document used to record transactions in the PCJ is a. 2.4 Capital is classified as a/an account. Page 1 of 9

2 QUESTION 3 TERMINOLOGY [10 MARKS] Match the definition from column B to the term in column A. Only write the letter next to the corresponding term in the answer column. COLUMN A - TERM ANSWER COLUMN B DEFINITION Accounting A Capital Drawings + Profit Accounting equation B Change in the cash register with which every day is started, and which is used to give change to clients. Current assets C Something that can function on its own, has its own assets, money and bank account. Current liability D The processing of data to provide information in such a way that meaningful decisions can be based on it. Expenses E Possessions of the business, which increase or decrease in value, within a year. Income F People or enterprises that owe our business money because we sold goods or rendered services to them on account. Non-current assets G Occurs every time something is bought or paid for, but has no lasting value. Non-current liability H Refers to a small amount of money that is kept as cash in a safe or box to pay for small items. Owner s equity I Debt repaid over a period of longer than one year. Petty cash J Occurs when income exceeds expenses. K L M N O Any business action or opportunity where money is involved. Assets = Owner s equity + Liabilities Generated through the sale of goods of services rendered. Debt that has to be paid within one year. Possessions of the business with a relative extended life span (more than one year). Page 2 of 9

3 QUESTION 4 ACCOUNTING EQUATION [44 MARKS] The following transactions of Nemo Traders took place during July INSTRUCTIONS Analyse the transactions and complete the table on the following page (page 4) to show the effect on the Accounting Equation. An example has been provided. Transactions for July 2015 E.g. Purchase stationery and paid R200 cash. 1. Nemo, the owner, increased his capital contribution from R to R Issue a cheque for the telephone account, R Purchase a delivery truck from Dory Motors, R Received R from Nedbank for a loan. 5. Services rendered according to the CRR, R Pay the monthly water and electricity bill to the City of Tswane, R Pay the weekly wages to the workers, R Cash sales according to the CRR, R (Cost price R6 000) 9. Paid R15 for stamps from the petty cash. 10. The owner withdrew a cheque for personal use, R Page 3 of 9

4 Nr Name of Account Effect on Assets Name of Account Effect on Owner s Equity Example Bank Stationery Name of Account Effect on Liabilities Page 4 of 9

5 QUESTION 5 SUBSIDIARY JOURNALS [60 MARKS] The following transactions were taken from the financial records of Sponge-Bob Stores during February INSTRUCTIONS Enter the transactions for February 2016 in the CRJ, CPJ and PCJ. Close off the journals at the end of the month. Transactions for February The owner, Mr Squarepants, increased his capital contribution with R A direct deposit was made by EFT. 2. A R50 donation was made to the SPCA from the petty cash (voucher number 22). 5. Issued cheque no. 732 to Squidward Services for repairs, R Services rendered according to the CRR, R Bought a desk and a chair from Mr. Krabs and paid by cheque, R Pay Ekurhuleni for the water and electricity account, R Received R for cash sales according to the CRR. (Mark-up 40%) 16. The owner took a cash cheque for personal use, R Receipt 336 issued for R received for rent from Plankton. 20. Paid for an advertisement in the Sunday Times, R Bought stationery from Gary Suppliers, R Paid by cheque. 25. Paid R70 to a casual worker from the petty cash. 27. Purchased trading stock from Sandy Traders for the office worth R and pay by cheque. 28. Issue a cheque for weekly wages, R Page 5 of 9

6 Cash Receipt Journal of for CRJ Doc Analysis of Current Cost of Sundry Accounts Nr Day Details receipts Bank income Sales sales Amount Details (22) Cash Payment Journal of for CPJ Doc Trading Sundry Accounts Nr Day Details Bank Stock Wages Drawings Amount Details Page 6 of 9 (28)

7 Petty Cash Journal of for PCJ Doc Nr Day Details Petty Cash Stationery Wages Drawings Sundry Accounts Amount Details (10) Page 7 of 9

8 QUESTION 6 CALCULATIONS [6 MARKS] 6.1 Calculate the Selling Price if the Cost Price is R1 500 and the mark-up is 40%. (3) 6.2 Calculate the Cost Price if the Selling Price is R and the mark-up is 50%. (3) QUESTION 7 SOURCE DOCUMENTS [15 MARKS] 7.1 Fill in the source document by using the following information. (5) Receive money from E Miller. He owes the business R5 000 for rent. Payment was received on 14 January Klein Karoo Farm Supplies Receipt number: 1125 Date: From: Amount: For: R Signature Page 8 of 9

9 7.2 Make use of the information below, and answer the questions in the space provided. (10) Date: 31/10/2015 To: Telkom For: Telephone Amount: R500, Big Bucks Bank Date: 31 October 2015 Pay: Telkom or bearer Five hundred rand and eighty cents R500, T Nkosi a) What is this source document called? b) In what journal is this source document recorded? c) Name the payee. d) Name the drawer. e) What is the reason for this payment? f) What does the no. 121 represent? g) What does the " " represent? h) What date did this transaction take place? i) If the bank balance was R4 000 before this transaction, what will the new balance be after the transaction? j) What is the name of the bank? A B C D E F G H I J TOTAL: 150 MARKS Page 9 of 9

ECONOMIC AND MANAGEMENT SCIENCES GRADE 8 JUNE EXAMINATION MEMORANDUM

ECONOMIC AND MANAGEMENT SCIENCES GRADE 8 JUNE EXAMINATION MEMORANDUM EXAMINER: C. BUCKLEY/G. BELL DATE: JUNE 2017 MODERATOR: E. FOURIE TIME: 1½ HOURS MARKS: 150 INSTRUCTIONS: 1. Read all the instructions