NATIONAL SENIOR CERTIFICATE GRADE 11
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1 NATIONAL SENIOR CERTIFICATE GRADE 11 REKENINGKUNDE EXEMPLAR 2007 This memorandum consists of 23 pages.
2 Accounting 2 QUESTION MARKS FINAL MARKS
3 Accounting 3 QUESTION JAYCEE SUPERMARKET DEBTORS COLLECTION SCHEDULE FOR OCTOBER & NOVEMBER2007 CREDIT SALES COLLECTIONS OCTOBER 2007 NOVEMBER 2007 August September October November x 80% x 50% x 95% Nil x 50% x 95% Nil # # method mark for operation inspect 7
4 Accounting JAYCEE SUPERMARKET CASH BUDGET FOR OCTOBER & NOVEMBER 2007 OCTOBER NOVEMBER CASH RECEIPTS R R Cash sales Receipts from debtors $ TOTAL RECEIPTS # CASH PAYMENTS Cash purchases of trading stock Salary of shop manager Wages of shop assistants Drawings Other operating expenses Repayment of loan $ Interest on loan TOTAL PAYMENTS # SURPLUS/ (DEFICIT) (12 999) # (22 187) BANK AT BEGINNING OF MONTH (28 000) (40 999) BANK AT END OF MONTH 4 (40 999) # (63 186) $ method mark for transfer of figure from 1.2 or previous calculation # method mark for operation inspect 19
5 Accounting At the end of November, you are told that total sales for October and November are R Should Johnny be satisfied with this? Explain, and provide two factors that he should consider in assessing this figure. Quote figures / financial indicators to support your answer. Opinion: No Explanation: This does not meet his budget of R His plan to increase the mark-up% from 52% to 75% has discouraged customers from buying from him. 1.4 The employees feel that the remuneration policy of this business is unfair, i.e. they are not satisfied with their earnings. Do you agree with them? Provide figures from the question to identify whether their opinion is valid or not. 5 Opinion: Yes / No Explanation: Possible responses: The shop assistants will receive a 4% increase, while the manager receives a 12% increase, and Johnny draws R per month. Or: Although the shop assistants are getting only a 4% increase, the cash flow situation is poor as reflected by the overdraft of R The business cannot afford to pay them any more. Comparison of the % increase to assistants compared to the manager Consideration of either the drawings or the bank overdraft 5
6 Accounting Provide two strategies that Johnny could consider in December to improve his cash flow. Provide a reason for each strategy. Any two valid strategies Two valid reasons Possible responses: Decrease his mark-up % to attract customers Decrease drawings to alleviate overdraft Advertise to attract customers Increase the % of sales for cash to generate immediate cash Buy stock on credit this will improve the cash situation by more that R immediately 4 MARKS 40
7 Accounting Calculation of direct material cost per unit / = Calculation of variable cost per unit / = Calculation of selling price per unit / = Method marks inspect operation if one aspect correct Calculation of break-even point: Let the number of units = x Sales VC FC = Profit 102 x 50,2 x = 0 51,8 x = 33 x = 638,9 accept 638 or 639 Method marks inspect operation if one aspect correct 6
8 Accounting Mar 2007 Feb 1 Balance b/d Creditors control Raw Materials Stock 2007 Feb 28 Raw materials issued / Direct materials cost / WIPS Balance c/d Bank Mar 1 Balance b/d Calculate Factory Overhead Cost for the year Salary & wages factory indirect workers Water & electricity (4/5 x ) * Indirect materials ( ) * Sundry expenses ( ) * TOTAL # No marks for workings. * method mark for any figure for that item # method mark for operation inspect 8
9 Accounting Mar 2007 Feb 1 Balance b/d Direct materials cost Direct labour cost Factory overhead cost Work-in-process stock 2007 Feb 28 Finished goods stock # $ Balance c/d $ Mar 1 Balance b/d $ method mark for transfer of figure from or or balance c/d # method mark for operation inspect Calculate Finished Goods Stock on hand at the end of the year. Balance WIPS $ COS ( ,4) * FGS on hand # No marks for workings. $ method mark for transfer of figure from WIPS * method mark for any figure for COS # method mark for operation inspect 5 MARKS 45
10 Accounting Complete the note to the Balance Sheet for Current Accounts on 28 February Tulani Business profit for the year # Partners salaries Interest on capital * Primary distribution Share of remaining profit (loss) Drawings # ( ) ( ) Retained income for the year # Balance at the beginning of the year (22 000) Balance at the end of the year Tim No marks for workings. * method mark for any figure for IOC # method mark for operation inspect 13
11 Accounting Complete the Balance Sheet on 28 February Tulani Themba and Tim Taylor trading as Tultim Traders BALANCE SHEET FOR THE YEAR ENDED 28 FEBRUARY 2007 ASSETS Non-current assets # Fixed assets Investment Fixed deposit: Bildco Current assets If CL x 1, Inventories If CL x 1, Trade & other receivables # Cash & cash equivalents TOTAL ASSETS 12 # PARTNERS EQUITY & LIABILITIES Partners equity # Capital Current accounts $ Non-current liabilities Mortgage loan: Gauteng Mortgages Current liabilities # Trade & other payables Bank overdraft TOTAL EQUITY & LIABILITIES 15 # $ method mark for transfer of figure from 3.1 # method mark for operation inspect MARKS 40
12 Accounting 12 QUESTION Calculate depreciation on vehicles for the year ended 28 February Vehicle traded in = 20% X X 10/12 Old vehicles on hand = 20% X = # = # New vehicle = 20% X X 2/12 = # TOTAL = # # method mark for operation inspect, at least one aspect correct Prepare the Asset Disposal account on 31 December Dec 31 Vehicles Ledger of Maduna Traders ASSET DISPOSAL 2006 Dec 31 Accu Depr on Vehicles Creditors control Loss on sale of asset # # method mark for operation inspect 9
13 Accounting Complete the note to the Balance Sheet for Fixed Assets on 28 February Land & buildings Vehicles Equipment Carrying value at the beginning of the year # Cost Accumulated depreciation ( ) ( ) Movements Additions 0 * Disposals 0 (38 400) 0 Depreciation 0 $ ( ) (11 400) Carrying value at the end of the year # Cost # Accumulated depreciation 0 ( ) # ( ) $ method mark for transfer of figure from # method mark for operation inspect * one mark for R * one mark for R
14 Accounting Briefly describe the crime that was committed by the two brothers. Good answer Satisfactory answer () Simplistic answer () Possible response: The brothers are accused of fraud. They used the resources of their employer to perform work for their own private business. They created false documents to provide to customers. They collected cash from these customers and deposited this into their personal bank accounts In your opinion, is it right that the personal assets of the brothers be confiscated if they are found guilty? Explain briefly. 3 Opinion, with one valid reason Possible response: Their gains are illegal. The sentence must serve as a serious deterrent to others who might be tempted to do the same As internal auditor of Grimebusters, what procedures or checks would you establish in the business to prevent this type of crime from occurring in future? Provide three points. 2 Three valid points Possible responses: Establish a register to record usage of fixed assets Clock cards and time sheets for employees to record the jobs they work on. Comparison of time sheets to invoices made out. Division of duties the work of one person serves as a check on another. 6 MARKS 40
15 Accounting 15 QUESTION Calculate the ratio of total assets to total liabilities for : = 3,1 : Method mark inspect operation if one aspect correct and shown as a ratio Comment on this ratio. Is this business likely to experience a solvency problem? Explain briefly. 3 Opinion: No Explanation: Assets outweigh liabilities by a significant amount Calculate the Debt / Equity ratio for : = 0,37 : or 0,4 : 1 Method mark inspect operation if one aspect correct and shown as a ratio Phala is not happy with the Debt / Equity ratio. Provide two points to support her opinion. 3 Any two valid points: one mark each Quoting of figures in each case: two marks each Possible responses: Interest rate on the loan (14%) exceeds return on total capital employed (10,1%) returns are being negatively affected by the loan. The debt/equity ratio has increased from 0,26 : 1 to 0,37 : 1. The degree of risk is increasing. High interest charges the loan has increased to R1m and the interest rate of 14% is higher than the ROTCE of 10,1% The only reason that the Debt/Equity ratio is still reasonable at 0,37 : 1 is that Phala has invested extra capital of R into the business. 6
16 Accounting Calculate Phala s % return on average equity X = Method mark inspect operation if one aspect correct and shown as a % Phala is of the opinion that her return is unsatisfactory and that Impey is taking advantage of his senior position in the partnership. Provide three points to support Phala s opinion. 5 Any three valid points: one mark each Quote figures in each case: two marks each Possible responses: Phala s return has dropped from 17,3% to 9,3% - this below the return of 10,1% for the partnership Impey s return has decreased from 16,6% to 14,7%, but is still higher than the partnership s return Impey has withdrawn R capital, while Phala has contributed an extra R this is affecting their returns Impey has a large unfavourable balance on his current account, while Phala has not drawn all the profits she is entitled to as reflected by her favourable current account balance of R Calculate the debtors average collection period for X = 94 or 3,1 months or 0,25 of a year Method mark inspect operation if one aspect correct and shown as days or months or year The customers are complaining that the business seldom stocks the models or styles that they are looking to buy. Which figures and financial indicators provide proof of this problem? Explain briefly. Provide two points. Any to valid points: one mark each Quoting of figures or indicators: one mark each Sales have declined from R4,2m to R3,1m Trading stock has declined from R to R Stock is being replaced 5,9 times p.a. (down from 7 times) 5 4
17 Accounting Impey is not worried about the liquidity situation for the immediate future. Provide two points to support his opinion. Any two valid points: one mark each Quoting of figures/indicators: two marks each Possible responses: Current ratio has decreased from 3,0:1 to 2,6:1 but CA still outweigh CL by a significant amount (more than double the CL). Acid-test ratio has increased from 1,2:1 to 2,1:1. This indicates that Debtors and Cash are more than double the CL. Phala feels that there are danger signs for the long-term sustainability of the business as far as liquidity and cash flow is concerned. Provide two points to support her opinion. Any two valid points: one mark each Quoting of figures/indicators: two marks each Possible responses: Debtors are taking too long to pay (54 days increased to 94 days) Creditors are being paid too early (25 days decreased to 23 days) Sales are decreasing (from R4,2m to R3,1m) Loans are now R1m which will mean high interest to pay and large loan repayments. 12 MARKS 50
18 Accounting 18 QUESTION Figures represented by: (a) R (b) R2 880 (c) method mark for any figure Does Jerry have a stock-lifting or stock theft problem in his business? If so, how many jackets have gone missing? Opinion: Yes Number of jackets stolen: R3 960 / R360 = 11 jackets $ method mark for transfer of figure from
19 Accounting Draw up a Trading account for the month of July July 31 Opening stock Purchases Carriage on purchases Ledger of Mary s Mugs TRADING Customs duty July 31 Sales Closing stock Profit & loss # 72 method mark for any figure for Purchases # method mark for operation inspect Calculate the actual mark-up % on cost achieved for the month $ X = 45% # $ method mark for transfer of figure from method mark for any figure for COS # method mark for operation inspect, at least one aspect correct 4
20 Accounting Does this calculation provide evidence that there is a shoplifting problem? If so, how serious is this problem? Quote figures or percentages to support your answer. Opinion: No Explanation: Good explanation Part-marks for incomplete explanations Target mark-up % was 50% R8 000 trade discount was given to special customers The profit would have been R R8 000 = R This would have been equal to the 50% mark-up target The trade discount accounts for the 5% difference Mary has been told that it will be much better for her business to convert to the perpetual inventory system. Do you agree? Explain briefly. Alternative answers possible, e.g. Opinion: Yes / No Explanation: No she does not have a control problem at the moment all mugs are accounted for there is no need to incur additional time and cost in changing systems OR Yes the perpetual inventory system provides stronger control although she does not have a problem at present, she should be aware of potential problems in future 3
21 Accounting What is meant by input VAT and output VAT and how does this affect the payment made to SARS by a business? Input VAT: VAT paid by a business to a supplier while Output VAT: VAT on goods sold to customers SARS is paid Output VAT less Input VAT (a) The amount of output VAT included in the R516,07 2 R51,45 Note: VAT only calculated only on R418,95 (b) The net selling price per packet of Powa breakfast cereal excluding output VAT R 24,50 (c) The cost of Powa breakfast cereal per packet excluding input VAT R16,48 (d) The profit per packet of Powa breakfast cereal earned by the business R8,02 If (b) (c) (e) The amount of input VAT per packet of Powa breakfast cereal R2,31 accept R2,30 (f) The amount of output VAT per packet of Powa breakfast cereal R3,43 12 MARKS 50
22 Accounting 22 QUESTION How many members owe fees to the club at the end of the year? / = How many members were expelled from the club during 2006 as a result of unpaid fees? / = What figure would appear in the 2006 Receipts & Payments Statement for Membership fees? R or R What figure would appear in the 2006 Income & Expenditure Statement for Membership fees? R78 IA/IR Bank 800 IRIA/DI I & E IRIA/DI Bank MFWO IA/IR 3 method mark for any figure How many members were registered in the club on 31 December 2006? (2 x R800) = R / = 64 # # method mark for operation inspect, at least one aspect correct OR = R / = = The club president was very happy with the progress of the club at the end of Consider the figures provided in the question and provide two points to support his opinion. Quote the figures in your answer. Two valid responses The number of members increased from 51 to 66 The outstanding fees have decreased significantly from 14,5 to 3 Members are paying their fees early increased from 2 to 9 Big sponsorship received for overseas tour
23 Accounting Calculate the bank balance on 1 July (30 400) (17 740) = Prepare the bank account in the ledger for July 2007 BANK July 01 Balance b/d $ July 31 Total payments / Sundry accounts CPJ Total receipts / Sundry accounts CRJ Balance c/d Aug 01 Balance b/d $ $ method mark for transfer of figure from above Prepare the Bank Reconciliation Statement on 31 July 2007 Debit Credit Balance per bank statement # Outstanding deposits Outstanding cheques ( ) Balance per bank account in the ledger $ method mark for transfer of figure from above # method mark for operation inspect OR: Balance per bank statement # Outstanding deposits Outstanding cheques ( ) Balance per bank account in the ledger $ MARKS 35
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