NATIONAL CERTIFICATE (VOCATIONAL) APPLIED ACCOUNTING (Second Paper) NQF LEVEL 4 SUPPLEMENTARY EXAMINATION 2010

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(3011004) 3 March (X-Paper) 09:00 12:00 This question

1 NTIONL ERTIFITE (VOTIONL) PPLIE OUNTING (Second Paper) NQF LEVEL 4 SUPPLEMENTRY EXMINTION 2010 ( ) 3 March (X-Paper) 09:00 12:00 This question paper consists of 24 pages, a 3-page answer sheet and 1 annexure.

2 ( ) -2- N200(E)(M3)V TIME: 3 HOURS MRKS: 200 INSTRUTIONS N INFORMTION nswer LL the questions. Read LL the questions carefully. Number the answers according to the numbering system used in this question paper. nswer SETION on the NSWER SHEET. Use appropriate accounting software for SETION. Write neatly and legibly. QUESTIONS TOPIS MRKS SETION REOMMENE TIME GUIE 1 Short theoretical questions minutes 2 VT minutes SETION 3 Practical on an accounting software hours TOTL hours

3 ( ) -3- N200(E)(M3)V SETION QUESTION Various options are given as possible answers to the following questions. hoose the correct answer and write only the letter ( ) next to the question number ( ) on the attached NSWER SHEET In a computerised system, cash sales are captured on a credit note. debit note. supplier invoice. tax invoice. (1) The term entry type is used in accounting software which is the same as a in manual accounting. date journal reference document number (1) The take-on balances for individual customers are recorded in the journal. customers general suppliers inventory (1) Early payment terms can be calculated from date of invoice. any day or period. from the last day or period. oth and (1) nother word for trading stock is merchandise. inventory. goods. ll the above-mentioned (1)

4 ( ) -4- N200(E)(M3)V When creating a supplier on accounting software, which of the following is NOT part of the initial setup of the supplier? Postal address ontact person mount due ontact details (1) When customers return goods to the business, the following document is generated: redit note Return and debit note Supplier invoice Tax invoice (1) The is the source document for the Petty ash Journal. cheque counterfoil receipt original tax invoice petty cash voucher (1) The services rendered, at a fee, by the bank on your bank account, are known as credits. bank charges. debits. direct deposits. (1) epreciation in accounting software is calculated weekly. fortnightly. monthly. yearly. (1) n amount of R450,00 for fuel was incorrectly posted to Vehicle Expenses. The entry in the General Journal to correct the error would be debit Fuel and credit Vehicle Expenses. debit ank and credit Vehicle Expenses. debit Vehicle Expenses and credit Fuel. debit Fuel and credit ank. (1)

5 ( ) -5- N200(E)(M3)V Tembi Khumalo paid her account of R early, which entitled her to a 15% early payment discount. What is the amount that Tembi paid after the discount was taken into account? R262,50 R1 487,50 R1 735,00 R1 521,74 (1) The source document used to generate a supplier invoice is a/an duplicate tax invoice. cheque counterfoil. duplicate receipt. original tax invoice. (1) Which entry type is linked to tax invoices? ustomers' Journal Suppliers' Journal ustomers' llowance Journal Suppliers' llowance Journal (1) ustomer ontrol ccount is classified as a/an accounts payable. non-current asset. financial asset. accounts receivable. (1) 1.2 hoose a word(s) from OLUMN, which is a printout generated on a computerised accounting software, that matches a word(s) in OLUMN. Write only the letter ( E) next to the question number ( ) on the attached NSWER SHEET. OLUMN OLUMN VT remittance Suppliers tax report General Ledger statement Inventory Trial alance ustomer E quantities (5)

6 ( ) -6- N200(E)(M3)V 1.3. Indicate whether the following statements are TRUE or FLSE. Write only 'true' or 'false' next to the question number ( ) on the attached NSWER SHEET Take-on balances are posted on the last day of the previous financial year. (1) When a customer makes an early payment, the discount given is known as trade discount. (1) ack-ups need to be done regularly. (1) Take-on balances for nominal accounts are recorded in the General Journal. (1) The ank Statement is automatically reconciled by the accounting software. (1) When printing the Income Statement and alance Sheet, it is essential that all batches and journals are first updated. (1) Updating of journals and batches are done daily. (1) Interest on current account is an example of a redit (+) on the ank Statement. (1) If the cost price of an inventory item is R760,00 and the mark-up on cost price is 250%, the selling price will be R1 900,00. (1) n age analysis gives only the total amount outstanding on suppliers and customers in the current period. (1) [30]

7 ( ) -7- N200(E)(M3)V QUESTION hoose the correct word(s) from those given in brackets. Write only the word(s) next to the question number ( ) on the attached NSWER SHEET VT is known as a/an (direct/indirect) tax in South frica. (1) VT is calculated at 14 (rand/per cent). (1) (Output/Input) VT is tax on goods and services received. (1) The current VT system being used in South frica is (payment/invoiced) based. (1) Goods taxed at 0% is referred to as (exempt/zero-rated) supplies. (1) (Output/Input) VT is tax charged on goods sold and services provided to others. (1) (Zero-rated/Exempt) supplies are goods that attract no VT. (1) VT (voucher/vendor) is a business which has to register for VT payments. (1) 2.2 Steel Partners is registered for VT. t the end of pril 2009 the following information and transactions were summarised and handed to you. omplete the VT return on the attached NSWER SHEET (VT 201 FORM). Registered name: Steel Partners VT No: ddress: 6 Maclean Street STUTTERHEIM 4930 Telephone: Nearest SRS office: East London Submission date: 12 May 2009 Tax period: pril 2009 uthorised person: J Warmberg (Financial Manager) ate form completed: 6 May 2009

8 ( ) -8- N200(E)(M3)V Tax Report as at 31 January 2009 OUTPUT TX INPUT TX NET TX Tax Inclusive Tax Inclusive Tax Inclusive Standard Other Standard apital goods ad debts Zero-rated (22) [30] TOTL SETION : 60

9 ( ) -9- N200(E)(M3)V SETION QUESTION 1 arry out the instructions below and answer the questions that follow. 1. Open the account system of Outdoor Essentials (OUTOOR), which has already been loaded on your computer. 2. Select SETUP. 3. Select OMPNY PRMETERS. 4. Select OMPNY ETILS, select the ompany name section and click on 'Educational Number'. 5. Press TRL+SHIFT+T and insert your examination number in the block that appears. s from the 1 March 2009 Outdoor Essentials decided to use accounting software to keep accounting records. Prior to the 1 March 2009 the manual system was used to record the transactions in the business. The following setup has already been created in the books of Outdoor Essentials. (a) ENTRY TYPES: Number Entry Type 01 ash Receipts Journal 02 ash Payments Journal 03 General Journal 04 ustomers' Journal 05 Suppliers' Journal 06 ustomers' llowances Journal 07 Suppliers' llowances Journal 08 Petty ash Receipts Journal 09 Petty ash Payments Journal 10 ad ebts Journal 11 Interest harged Journal 12 Stock Journal

10 ( ) -10- N200(E)(M3)V (b) PERIOS: Outdoor Essentials financial year starts on 1 March 2009 and ends on 28 February (c) VLUE E TX (VT): VT will be captured according to the invoice basis. Refer to the attached NNEXURE 1 concerning the admissible deductions with regard to INPUT TX. (d) USTOMERS: USTOMER OE USTOMER MOUNT UE S T 28 FERURY Garden Etc R9 350,00 02 uilders Paradise R6 850,00 Z99 ash (e) SUPPLIERS: SUPPLIERS OE SUPPLIERS MOUNT UE S T 28 FERURY 2009 S01 Steel raft R2 320,00 S02 Pure Steel R5 600,00 S03 Large R9 890,00 (f) INVENTORY: INVENTORY OE INVENTORY ITEM QUNTITY ON HN 28 FERURY 2009 G01 Standard Grid 30 G02 Maxi Grid 25 G03 Snoek Grid arbeque Tongs Long Fork Grid rush 22

11 ( ) -11- N200(E)(M3)V (g) TERM OES: 7% discount within 30 days 12% discount within 30 days (h) TKE-ON LNES: Required: Take on balances have already been processed. 1.1 Use the following information that appears in the books of Outdoor Essentials to complete the following for March 2009: Print all the documents after processing. When printing journals, select 'print batch' with contras. Update the documents and journals Make a printout of the General Ledger Master Listing Use the printout of the General Ledger Master Listing to refer to accounts which are in use. If there is NO account to enter a transaction into, such an account must be created. Keep the structure as set out in the General Ledger Master Listing.

12 ( ) -12- N200(E)(M3)V 1.2 Use the source documents and information provided below to record appropriate journals and generate documents in the books of Outdoor Essentials for March REIT PURHSES OF INVENTORY Large 47 urrie Street Quigney 5211 To: Outdoor Essentials 15 Oakleigh Road eacon ay 5205 Tax Invoice: L213 03/03/09 Quantity escription Price mount R R 15 Grid rush Snoek Grid Long Fork Subtotal Terms: 10% discount % trade discount % discount within 30 days 14% VT TOTL

13 ( ) -13- N200(E)(M3)V 11/03/08 09/03/09 Tax Invoice The raai Shop Quantity escription Price mount Terms: To: Outdoor Living R R 8 Maxi Grid Standard Grid Subtotal % discount TIV23 15 Frame Park hislelhurst EST LONON % discount within 30 days % VT Thank you for your support TOTL reate The raai Shop as a new supplier using the code S04. The supplier's details are as follows: ontact person is Jeff Tel: Fax: ell No: thebraaishop@mweb.co.za

14 ( ) -14- N200(E)(M3)V Pure Steel ate: 20 March 2009 Tax Invoice No: INV90 To: Outdoor Living Qty escription Price mount R R 10 Maxi Grids Toaster Grid Subtotal Terms: 5% discount % trade discount % discount within 30 days 14% VT TOTL Use code G07 to create a new stock item for the Toaster Grids. Outdoor Essentials work on a mark-up of 50%.

15 ( ) -15- N200(E)(M3)V Tax Invoice: X004 Steel raft ate: 27/03/09 To: Outdoor Living Quantity escription Price mount R R 9 arbeque Tongs Long Fork Grid rush Subtotal Terms: 0% discount % cash discount % within 30 days 14% VT TOTL REIT RETURNS OF INVENTORY Y OUTOOR ESSENTILS Outdoor Essentials have returned the following inventory items: The raai Shop 17 March 2009: 2 x Standard Grids Reason: roken Pure Steel 25 March 2009: 1 x Maxi Grids Reason: ent handles

16 ( ) -16- N200(E)(M3)V REIT SLES ate ustomer Item purchased Term 04/03/09 Garden Etc. 20 x Standard Grid 14 x Maxi Grid 19 x Snoek Grid 7% discount within 30 days 11/03/09 ash Sale: K obson 2 x arbeque Tongs 1 x Grid rush 3% cash discount 17/03/09 uilders Paradise 4 x Toaster Grid 12% discount within 2 x Snoek Grid 30 days 22/03/09 ash Sale: Stones Sports lub 11 x Long Fork 5% cash discount 30/03/09 Jeff's raai 12 x Maxi Grid 7 % discount within 10 x arbeque Tongs 30 days 1 x Standard Grid 31/03/09 ash Sale: P Pooven 1 x Long Fork 1 x Grid rush 4% cash discount Jeff's raai is a new customer (03). reate Jeff's as a customer with the following information: 25 Hill Street Vincent Gardens EST LONON 5247 Tel: Fax: (043) ellphone number: ontact person: Jill jeffsbraai@sainet.co.za redit limit: R5 000, REIT RETUNS OF INVENTORY TO OUTOOR ESSENTILS The following inventory items were returned to Outdoor Essentials: Garden Etc. 6 March 2009: 4 x Standard Grids Reason: roken lips 2 x Snoek Grid Reason: ented uilders Paradise 18 March 2009: 1 x Toaster Grid Reason: Tarnished

17 ( ) -17- N200(E)(M3)V SH REGISTER ROLLS 11/03/09 RR 17 R73,76 22/03/09 RR 18 R273,41 31/03/09 RR 19 R97, SH REEIPTS OUTOOR ESSENTILS REEIPT 140 Received from: Garden Etc. 02/03/09 mount: Nine thousand three hundred rand only In payment for: Settlement of account as at 01/03/09 With thanks: Lyons OUTOOR ESSENTILS REEIPT 141 Received from: uilders Paradise 09/03/09 mount: One thousand eight hundred rand only In payment for: Payment of account With thanks: Lyons

18 ( ) -18- N200(E)(M3)V OUTOOR ESSENTILS REEIPT 142 Received from: S ank 15/03/09 mount: Five hundred rand only In payment for: Interest received With thanks: Lyons OUTOOR ESSENTILS REEIPT 143 Received from: uilders Paradise 20/03/09 mount: Two hundred and ninety rand twenty two cents only In payment for: Settlement of inventory sold on 17/03/09 With thanks: Lyons OUTOOR ESSENTILS REEIPT 144 Received from: Living Large 27/03/09 mount: Two thousand five hand rand only In payment for: ommission Received With thanks: Lyons *reate account for ommission Received

19 ( ) -19- N200(E)(M3)V SH EPOSIT SLIPS S eposit Slip EP15 ate: 2 March 2009 oins redit: Outdoor Living Notes ccount number: TOTL SH heques rawer ank ranch Garden Etc. Nedbank ,00 Paid in by: Lyons Total eposit 9 300,00 S eposit Slip EP16 ate: 15 March 2009 oins 3,76 redit: Outdoor Living Notes 1 870,00 ccount number: TOTL SH 1 873,76 heques rawer ank ranch S S Pretoria 500,00 Paid in by: Lyons Total eposit 2 373,76

20 ( ) -20- N200(E)(M3)V S eposit Slip EP17 ate: 22 March 2009 oins 3,63 redit: Outdoor Living Notes 560,00 ccount number: TOTL SH 563,63 heques rawer ank ranch Paid in by: Lyons Total eposit 563,63 S eposit Slip EP18 ate: 31 March 2009 oins 7,50 redit: Outdoor Living Notes 90,00 ccount number: TOTL SH 97,50 heques rawer ank ranch Living Large FN Oxford 2 500,00 Paid in by: Lyons Total eposit 2 597, SH PYMENTS ate: 2 March 2009 ate: 5 March 2009 Payee: Steel raft Payee: Municipality For: Settlement of account as at 01/03/09 For: Rates and taxes mount: R2 200,00 mount: R11 500,00

21 ( ) -21- N200(E)(M3)V ate: 15 March 2009 ate: 17 March 2009 Payee: ITec Payee: PG Glass For: Photo-copying Machine For: Replaced broken window mount: R9 320,00 mount: R320,00 *reate account for repairs ate: 20 March 2009 ate: 25 March 2009 Payee: Outsurance Payee: T Naidoo For: Insurance For: Salary mount: R5 980,00 mount: R17 500, ate: 26 March 2009 ate: 30 March 2009 Payee: Pure Steel Payee: Outsurance For: Payment on account For: Owners' Insurance Premium mount: R2 000,00 mount: R1 459,00

22 ( ) -22- N200(E)(M3)V PETTY SH OUTOOR ESSENTILS PETTY SH VOUHER 08 For: John moved a cupboard (asual labour) mount: R20,00 08/03/09 pproved by: Lyons OUTOOR ESSENTILS PETTY SH VOUHER 09 For: Speedbag from the Post Office mount: R43,20 15/03/09 pproved by: Lyons For: Highlighters mount: R16,50 OUTOOR ESSENTILS PETTY SH VOUHER 10 25/03/09 pproved by: Lyons For: Tea and coffee mount: R51,00 OUTOOR ESSENTILS PETTY SH VOUHER 11 30/03/09 pproved by: Lyons *reate account for Refreshments

23 ( ) -23- N200(E)(M3)V NK STTEMENT Tel: Fax: To: Outdoor Essentials 15 Oakleigh Road eacon ay EST LONON 5205 ate: 31 March 2009 Page 1 of 1 S NK STTEMENT 431 Oxford Street EST LONON 5201 heque account: Statement no: 18 ate etail of transaction ebit (-) redit (+) alance 01/03/09 alance brought forward ,00 02/03/09 eposit EP , ,00 06/03/09 heque , ,00 15/03/09 heque , ,00 15/03/09 eposit EP , ,76 20/03/09 Service fees 350, ,76 22/03/09 eposit EP17 563, ,39 27/03/09 heque , ,39 30/03/09 Tax levy 17, ,89 31/03/09 /O X , ,89 31/03/09 heque , ,89 reate an account for ank harges and record all bank charges. The debit order on the 31/03/09 is for Pam Golding for rental of premises. reate an account for Rent Expense.

24 ( ) -24- N200(E)(M3)V JOURNL VOUHER OUTOOR ESSENTILS Journal Voucher: 5 ate: 31 March 2009 n amount of R250,00 for Postage was incorrectly posted to Stationery. orrect the error. Use Note 5 as the reference. NOTE: The printouts to be handed in the following order: Suppliers' invoice Return and debit notes Tax invoices redit notes ash Receipts Journal (fter the bank reconciliation) ash Payments Journal (fter the bank reconciliation) ank Reconciliation Petty ash Journal etailed ledger for insurance ustomers age analysis for the month of March 2009 showing full details Suppliers listing ONLY for The raai Shop (show details) Inventory valuation report TOTL SETION : GRN TOTL:

25 ( ) -25- N200(E)(M3)V NNEXURE 1 dmissible deductions with regard to input tax Is VT charged? Input VT deductible ank harges Tax levy Service fee YES NO YES NO X X X iscount llowed X X iscount Received X X iscount Received X X Equipment X X Furniture X X Insurance X X Interest Expense Interest on urrent ccount Interest Received X X X Postage X X Rates and Taxes X X Refreshments X X Rent Expense X X Repairs X X Salaries and Wages X Stationery X X Vehicles X X

26 ( ) -26- N200(E)(M3)V NSWER SHEET EXMINTION NUMER: SETION QUESTION (15) QUESTION (5)

27 ( ) -27- N200(E)(M3)V NSWER SHEET EXMINTION NUMER: QUESTION (10) [30] QUESTION (8)

28 ( ) NSWER SHEET -28- N200(E)(M3)V EXMINTION NUMER: 2.2 (22) [30] TOTL SETION : 60

NATIONAL CERTIFICATE (VOCATIONAL) APPLIED ACCOUNTING (First Paper) NQF LEVEL 4 SUPPLEMENTARY 2010 ( ) 26 February (X-Paper) 09:00 12:00

NATIONAL CERTIFICATE (VOCATIONAL) APPLIED ACCOUNTING (First Paper) NQF LEVEL 4 SUPPLEMENTARY 2010 ( ) 26 February (X-Paper) 09:00 12:00 NTIONL ERTIFITE (VOTIONL) PPLIE OUNTING (First Paper) NQF LEVEL 4 SUPPLEMENTRY 2010 (3011004) 26 February (X-Paper) 09:00 12:00 Non-programmable calculators may be used. This question paper consists of