ACCOUNTING Gr 12 SEPTEMBER MEMORANDUM (Eng)
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1 Metro East Education District ACCOUNTING Gr 12 SEPTEMBER 2015 MEMORANDUM (Eng) 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 foreign item penalty for misplaced item). No double penalty applied. 2. Full marks for correct answer. If the answer is 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).. 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.. Where penalties are applied, the marks for that section of the question cannot be a final negative. 7. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer before awarding the mark. 8. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 9. Codes: f = foreign item; p = placement/presentation. This memorandum consists of 19 pages.
2 Accounting MEMO 2 2 MEED September 2015 QUESTION DIRECT MATERIAL COST (Note) Opening Stock of raw materials Net purchases ( ) operation, one part correct Carriage on Purchases operation, OS+ P + CoP Closing Stock (15 000) Direct Material Cost operation, minus CS PRODUCTION COST STATEMENT FOR THE MONTH ENDED 31 AUGUST 2015 Direct material cost See Note above Direct labour cost ( ) operation, one part correct Prime cost operation, DM + DL Factory Overheads Total cost of production of finished goods operation, PC + FOH Calculate the cost of each loaf of bread produced in August = R,50 (see 1.1) Give TWO possible reasons for the increase in total raw material cost. Any TWO reasons: Number of units produced increased from to (figures not required) Higher purchasing costs and/or -prices/ Inflation More wastage New/Other production methods were introduced
3 Accounting MEMO 2 3 MEED September Calculate the variable cost per loaf of bread (to the nearest cent). one part correct see 1.1 ( ) ( 800) [ ] = = R5,1 Operation, one part correct 1.5 Calculate the break-even point for August (5 000). (R9 - R5,1) see 1. = R3,8 = 1 02,5 OR 1 03 Operation, one part correct correctly rounded up Do you consider the level of production to be satisfactory or not? Explain and quote figures to support your opinion. Satisfactory Explanation Quoting figures (Mark according to BEP calculated above) Business produced (50%) more in August, but the BEP increased only by ± (12,5%) Produced much more than the BEP in August ( vs 1 03) More products available on which to make a profit, so profit should increase July: ( ); Aug: ( )]
4 Accounting MEMO 2 MEED September James is worried about the overtime payment to factory workers. Quote TWO figures from the information that will confirm his concern. R (R 000 each) normal time /basic wage R0 000 (R8 000 each) overtime Explain TWO possible reasons that may justify the overtime. 2 Any TWO reasons in favour of overtime: Increased demand for bread Load shedding caused interruptions in productions Strike/Labour action lead to lower production. Mechanical breakdowns make it difficult to keep to due dates to deliver orders. Shortages/Delays in supply of raw materials High absenteeism of some workers may slow down the whole production process. Suggest TWO internal control measures that James could implement to monitor and reduce overtime. Any TWO internal control measures for overtime All overtime should be authorised by senior staff Set production targets that need to be reached during normal work hours Offer incentives to individuals that reach/exceed daily targets Identify slower/weaker individuals, redeploy them or offer training Monitor absenteeism/use clock card system Only buy quality raw materials from reliable suppliers, to ensure that production targets will be met in time Q1: Total Marks 50
5 Accounting MEMO 2 5 MEED September 2015 QUESTION Calculate the correct Bank balance in the General Ledger of Langa Stores on 31 August Consider the sign when allocating marks: ( ) 2 marks = R33 88 (dr) Operation; Any ONE part correct OR Balance b/d Stale cheque fixed dep + int rent income (Ignore details in the account above) BANK Cheque Bank charges 80 R/D cheque 7 00 Balance o/d Bank Reconciliation Statement on 31 August 2015 DEBIT CREDIT Cr balance as per Bank Statement Cr outstanding deposit Dr outstanding cheques: Correct Cheque 102 (bank error) Dr balance as per Bank Account see Operation; Totals do not have to agree
6 Accounting MEMO 2 MEED September Refer to the outstanding deposit of R18 00 dated 1 August Give TWO reasons why the internal auditor should be concerned about this deposit. Any TWO reasons: Deposit is long overdue (from the 1th) and should have been reflected within a day. It appears to be missing and will affect cash flow/liquidity as R18 00 is a large amount It could indicate that the deposit was not made and that the person responsible for depositing this R18 00 is rolling cash/committing fraud. It could be the result of a bank error where the deposit was not reflected on the bank statement/bank entered it incorrectly Suggest TWO internal control measures that will monitor cash deposits more effectively. Any TWO internal control measures for cash Division of duties so that one person serves as a check on the other Check cash and documents to and from bank regularly Request notifications (SMS) from bank for deposits Two people should go to the bank when depositing (security) Encourage direct electronic transfers instead of handling cash Introduce a policy for regular, daily depositing of cash 2.1. Refer to the dishonoured cheque, R7 00, received from the debtor. Explain TWO measures to prevent dishonoured cheques in future. Any TWO internal control measures to prevent dishonoured cheques: Check that receipt of cheques are authorised/by a person other than the cashier Check that cheques are completed accurately and signed before taking receipt of it. Institute a policy in the business which sets out procedure when accepting cheques from customers Refuse to accept any cheques as form of payment Check debtors' credit records when they apply for credit to ensure they will be able to pay their debt Encourage electronic transfers/payments from debtors/customers
7 Accounting MEMO 2 7 MEED September CREDITORS RECONCILIATION ACCOUNT OF DH SUPPLIERS IN THE CREDITORS' LEDGER OF PC TRADERS STATEMENT RECEIVED FROM DH SUPPLIERS Balance R1 905 R (or ) mark for the sign + 1 mark for the mount -1 foreign/incorrect entry per line (max - 3) Q2: Total Marks 0
8 Accounting MEMO 2 8 MEED September 2015 QUESTION Write only the GAAP principle next to the question number ( ) Historical cost Matching Prudence 3.1. Materiality Refer to Information E and calculate the profit or loss on the trade in of the delivery vehicle. Clearly indicate whether a 'profit' or 'loss' was made. Depreciation up to 1 May 2015: x 20% x 9/12 = see depreciation above ( ) (3 marks) OR ( ) OR Asset Disposal profit = R operation, one aspect correct Profit (based on calculations) (indication of 'profit /loss' must be clear) See Income Statement on the next page NOTE to the BALANCE SHEET as at 31 July 2015 INVENTORIES Trading Stock Consumable Stores on hand ( ) operation; one aspect -1 (max) foreign items; Ignore the order 00 operation
9 Accounting MEMO 2 9 MEED September METRO SUPERMARKET LTD INCOME STATEMENT FOR THE YEAR ENDED 31 JULY 2015 Sales ([ x1.] ) operation; one part correct * Cost of Sales brackets ( ) Gross Profit operation / inspection Other Income (operation) Bad debts Recovered Commission Income ( ) * Profit on sale of asset (see 3.2.1) Gross operating Income A Operating Expenses ('A' - 'B') ( ) Auditors' fees (balancing figure) ( ) (operation) Advertising ( ) * 7 00 Bad Debts ( ) * Directors' fees ( ) * Insurance Packing material 200 Salaries and Wages ( ) * Employers' contribution **Depreciation ( ) * *Loss due to fire 000 #Trading stock deficit( ) *[ALT: 'Loss due to fire' may be added here: = 000] 5 marks * #Provision for Bad debts adjustment ( ) [8 000 x %] * Operating profit B Interest Income ( ) * Net profit before tax ( x 100/30) Income tax (53 325) Net profit after tax ( x 70/30); or (operation: (NP - tax)) ** Depreciation: Vehicle sold: (see 3.2.1) New Vehicle: x 20% x 3/12 = Equipment: ( ) x 10% = * = one aspect correct Q3: Total Marks - 2 (max) foreign items # T/stock + PBD not to be penalised as "foreign items" as marks are allocated for correct terms 5
10 Accounting MEMO 2 10 MEED September 2015 QUESTION.1 Explain the difference between a Balance Sheet and a Cash Flow Statement. Balance Sheet: ANY explanation: It reflects the net worth/financial position of a company on a particular date. It shows the real value of assets, equity and liabilities on a certain date. Cash Flow Statement: ANY explanation: It reflects the cash flow in and out for the past financial year. It shows the cash results of operating, financing and investing activities. 2.2 Calculate the following amounts as it would appear in the Cash Flow Statement on 28 February Dividends paid: ( x 0,50) OR mark 2 marks 1 mark = R operation, one aspect correct 5 CASH FLOW FROM FINANCING ACTIVITIES operation Layout marks; ignore order Proceeds from issue of shares ( x R8) no brackets Repurchase of shares ( x 9,50) brackets (75 000) Additional long-term loan ( ) no brackets NET CHANGE IN CASH AND CASH EQUIVALENTS operation ( ) Cash and cash equivalents: beginning of year operation; one part correct Cash and cash equivalents: end of year ( ) Foreign entries -1 (max - 2) Presentation / Placement / Incorrect or incomplete details -1 (max - 2) ( )
11 Accounting MEMO 2 11 MEED September At the AGM a shareholder stated that she is unhappy about the bank overdraft on 28 February She feels that the directors made some poor decisions that resulted in this situation. Explain TWO decisions with relevant figures, to support her opinion. Any TWO valid answers: Explanation Figures (3 + 3) Dividends paid of R (see.2) caused a large outflow of cash. Fixed assets bought are very high (R [= ]) (see info E) The buy-back of shares (R75 000) (see.2) reduced cash resources / reduced the capital base of the company. The vehicle was sold at book value (R10 00) (see info E) although it was only 1½ years old. The directors allowed a large bank overdraft of R or R as a result of high payments for dividends/fixed assets...1 Calculate the acid test ratio. ( ) : OR ( ) : : ,22 : 1 operation 5..2 Calculate the net asset value per share x = 10 cents one part correct; R or c or 09, cents or R, Calculate the debt-equity ratio : = 0,1 : 1 one part correct; must be shown as ' x:1' 3
12 Accounting MEMO 2 12 MEED September The directors wanted to expand business operations and therefore chose to increase loans during the current financial year, instead of issuing more shares. Explain and quote TWO financial indicators (actual figures/ratios/percentages) that are relevant to their choice. Explain whether this was a good choice or not. Explain TWO indicators Figures quoted with each ROTCE This is 18,8% and increased from 1,% (more profits) DEBT/EQUITY RATIO This is 0,1 : 1 (see..3); it is the same as in 201 (risk the same with higher loans) Explanation: Depends on calculation above in..2 en..3 Positively geared, as ROTCE (18,8%) is higher than interest rate (12,5%) Low financial risk / Not making much use of loans (relies more on funds from internal sources) / They are able to repay loans (0,1: 1) This is therefore a good choice. (one mark only) 8. The directors are of the opinion that the liquidity has deteriorated. Explain and quote THREE financial indicators (with figures) to support their opinion. Any THREE valid financial indicators: Name of financial indicator Figure and trend Current ratio: 3, : 1 to 1, : 1 / decreased to 1, : 1 Acid test ratio: 3,1 : 1 to 1,2 : 1 / decreased to 1,2 : 1 Stock turnover rate: 5,1 to,8 times p.a./ increased to,8 times Debtors' collection period: 35 to 0 days / increased to 0 days General comment: For 3 marks Not in agreement with directors' opinion, i.e.: The liquidity has generally improved. The current ratio and acid-test ratio were too high in 201. They are much more efficient in Stock is now being sold more quickly which will generate greater profit. However the debtors are paying slightly more slowly this trend must be rectified next year. OR: In agreement with directors' opinion, i.e.: Liquidity has deteriorated, as current and acid test ratio's has decreased and debtors are taking longer to pay - less cash available, despite faster turnover rate of stock. One valid point per indicator OR 3 marks for overall comment: Excellent answer = 3 marks; Good = 2; Poor =1; Incorrect =0 Increases/decreases are not comments but trends; Comment would be on improvement or not / efficiency Expected responses for 1 mark each: The current ratio improved / was possibly too high in 201 / cash was too high/ current assets do not earn any return / they may be more efficient in The acid test ratio improved / is more efficient in 2015 / cash is lower The stock turnover rate has improved / stock increased but is being sold more quickly/ assists liquidity and is appropriate for a hardware store. The debtors are paying more slowly / this trend must be rectified / brought in line with normal credit terms of 30 days. 9
13 Accounting MEMO 2 13 MEED September The Nel family owns shares in this company. Explain the effect that the repurchase of shares on 31 December 201 had on their control of the company. Give a calculation(s) to support your answer. Before the repurchase the family's shareholding was: Both figures x 100 = 9,3% After the repurchase the family's shareholding is: Both figures x 100 = 51,0% (Note: Shareholding increased by 1,7%; this is correct for marks) The family is now the majority shareholder. For 3 marks: They owned less than half the shares in issue before the repurchase (1 mark) but now own more than half the shares in issue (1 mark). The family is now the majority shareholder (1 mark). OR For 3 marks: They owned of 1,5million shares before the repurchase (1 mark), and they owned of 1,5million shares after the repurchase (1 mark). The family is now the majority shareholder (1 mark). A relevant calculation without an explanation = max 2 Q: Total Marks 5 0
14 Accounting MEMO 2 1 MEED September 2015 QUESTION NO Amount in the Cash Budget for July 2015 Amount in the Projected Income Statement for July 2015 RECEIPT PAYMENT INCOME EXPENSE Example R3 000 R OR: = amount = placement Only : No mark if amount is shown in more than 1 column DEBTORS COLLECTION SCHEDULE CREDIT SALES August NOVEMBER September % 3 93 October ( x 0%) November % (33 00/12) = amount = placement Check 70% of credit sales One part correct NO. CALCULATIONS AMOUNT (i) (ii) (one mark) (8 000 x ) x 25% (one mark) ( x 75%) x 95% One part correct One part correct (iii) x 103% (iv) 2 90 x (v) (32 800) bracket/neg amount 12
15 Accounting MEMO 2 15 MEED September Chase decided to offer special discounts to customers during October. They will be reminded weekly by telephone or SMS about this offer. In your opinion, has this benefitted the business? Provide figures to support your answer. Opinion + ONE reason with figures No Actual sales were R8 000 compared to budget of R Sales decreased by R2 000 (22%), but telephone costs increased by R2 500 (50%) Profit margin was budgeted for 50%, but only 0% realised Explain what you would say to Chase about the control of the following: ITEM Delivery Costs Telephone costs COMMENT WITH FIGURES Two marks each Sales were less than budgeted, so actual delivery expenses should decrease to R8 00. (10% of sales) Overspent by R2 500 (R5 000 to R7 500)/ This extra costs did not result in an increase in sales. ADVICE One mark each Investigate possible fraud or inefficiency/ Change to another delivery firm/ Charge customers for deliveries. Investigate the use of telephone / SMS list Update contact list of customers/ Send s/flyers/etc. Investigate other methods of contact with customers.
16 Accounting MEMO 2 1 MEED September Calculate the purchase price of the new vehicle (R 250 x 3) x 100/90 = R One part correct brackets not required Apart from the deposit and the monthly instalment of R 250, explain how the next Cash Budget will be affected. State THREE points. Any 3 valid points, e.g. Delivery expenses paid to QIK Deliveries will be avoided. Fuel costs must be included. Salary of a driver must be provided for. Insurance must be included. Q5: Total Marks 50
17 Accounting MEMO 2 17 MEED September 2015 QUESTION B.1.2 D.1.3 E Calculate the value of the closing stock of 15 microwave ovens on 30 June 2015 using the FIFO method. ( ) R (55 x R 875) = R Operation; one part correct.2.2 Calculate the cost of sales. (see.2.1) R (3 x 875) = R one part correct Calculate the average mark-up % achieved for the year. Gross profit: = R (see CoS above) % Mark-up: x (see above) = 58.2% one part correct
18 Accounting MEMO 2 18 MEED September Refer to information D. Provide a calculation to prove whether the information given by the storeroom supervisor is accurate or not. Should be in stock: = 151 Counted on hand: = 15 Missing: (151-15) =.2. Jane is concerned that the final stock of 15 microwave ovens is not appropriate for the business. Provide a calculation or figures to support her opinion, and explain. Calculation / Figures: Any valid figures: 15 x 35 = 192 days 27 1 OR ( months+) OR x 35 = 170 days (5,7 months) OR ½ ( ) x 35 = 133 days (± months) OR Compare stock on hand (15 units) to total sales (27 units) Explanation: Not appropriate, as stock will last at least - months. (too much stock on hand) Microwaves have a long shelf life, but some models may become obsolete due to new technology being available. 3
19 Accounting MEMO 2 19 MEED September Jane has adjusted the selling prices during the year to attract new customers. Comment on whether or not this strategy has benefitted the business. Provide figures to support your answer. Excellent/Good answer = 3 marks; Average = 2; Poor = 1; Incorrect = 0 Expected response with figures: The strategy was successful in April, as sales increased to 150 units when selling price was R7 500 per oven. When the selling price increased significantly in May from R7 500 to R9 800 and sales dropped to 1 units. She has not reduced selling prices when cost prices decreased in Dec and Apr. Her competitors will probably decrease prices when possible to increase their market share Provide TWO points to assist Jane in improving internal control of inventory in the business. Any TWO points Possible responses: Regular stock counts to check that no stock goes missing. Division of duties to check that all sales are recorded properly Check that stock is properly secured. (security measures are in place) Reconsider pricing policy to reduce stock to acceptable levels. Q: Total Marks 35 TOTAL: 300
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