GENERAL EDUCATION AND TRAINING (GET)

Economic and Management Sciences

(EMS)
JUNE CONTROLLED TEST 2023
PAPER 1
GRADE 9

INSTRUCTIONS
This question paper consists of 2 sections:
1. Read each question carefully.
2. This paper must be completed in 60 minutes. _____ = ____%
3. Write neatly and legibly. 50
4. Answer ALL questions using the spaces provided.

LEARNER’S NAME :
__________________________________________

SURNAME :
__________________________________________

DATE : ______ June 2023

DURATION: 60 minutes MARKS: 50

MARKS TIME MARKS
SECTION TYPES OF QUESTIONS
ALLOCATION ALLOCATION OBTAINED
SECTION A 1.1. Multiple Choice Question 05
 Financial Literacy 1.2. True or False 05
15 20 minutes
1.3. Matching Columns 05
[15 Marks]
2. Trail Balance 04
SECTION B 2.1. General Ledger
 Financial Literacy 10 35 40 minutes
[35 Marks] 3.1 CRJ 10
3.2 CPJ 06
3.3 DJ 03
3.4 Accounting Equation
04
TOTAL MARKS 50 90 minutes 50
SECTION A
 QUESTION 1
1.1 MULTIPLE CHOICE QUESTIONS [05 Marks]
Choose one correct answer from the alternatives given. Write the correct letter in the
spaces provided.
STATEMENTS MARKS ANSWER
1.1.1 The percentage that represents the portion of profit that is
added to the cost price is called the …

A. cost price.
B. mark-up. (1)
C. selling price.
D. overhead costs.

1.1.2 If cash is received in the business for the services rendered the
___________account is debited, and current income account is
credited.
(1)
A. Trading Stock
B. Drawings
C. Capital
D. Bank
1.1.3 The arithmetical correctness of balances / totals in the General
Ledger is tested by ____________
A. a set of accounts in the General ledger
(1)
B. Final accounts
C. Trial balance
D. Balance Sheet
1.1.4 Sox Traders sells merchandise at R900, which is 25% profit
mark-up on cost price. Then the cost price is _______
A. R180.00
(1)
B. R720.00
C. R702.00
D. R925.00

1.1.5 The effect of cash sales on the accounting equation is to ____

A. increase Assets and decrease Owner’s Equity
B. increase Assets and increase Owner’s Equity (1)
C. increase Owner’s Equity and decrease Assets 05
D. decrease Assets and decrease Owner’s Equity
1.2. TRUE OR FALSE [05 Marks]
Indicate whether the following statements are true or false. Write only the answer in the
spaces provided e.g. 1.2.6. False
No STATEMENTS MARKS ANSWER
1.2.1 Income accounts have credit totals. (1)
1.2.2 The source document for the DJ is an original invoice. (1)
1.2.3 The mark-up is equal to the gross profit (1)
1.2.4 Trading businesses generate an income by performing a service. (1)
1.2.5 The Debtors Journal is used to record various items for credit (1)
sales

1.3. MATCHING COLUMNS QUESTION [ 05 Marks]

Choose a statement from column A that matches the term in column B. Write only the
letter in the spaces provided.
No COLUMN A COLUMN B MARKS ANSWER
1.3.1 The source document used to record A. Gross Profit (1)
payments made by the business.
1.3.2 P. Paul, a debtor pays R500 by cheque in B. Trial balance (1)
part payment of his account of R1000. His
balance will be reflected in.
1.3.3 Difference between sales and cost of sales C. Transaction (1)
1.3.4 A list of all the balances in the General D. Credit (1)
worthiness
Ledger goes to fifth steps of accounting cycle
1.3.5 The first step in the accounting cycle is…. E. Debtors Ledger (1)
05
F. Cheque
counterfoil
05

SECTION B: FINANCIAL LITERACY [04 Marks]

QUESTION 2 – TRIAL BALANCE

The bookkeeper of Mzansi Traders prepared the Trial Balance below and omitted some information
from the financial records for April 2023.

REQUIRED TO DO:
Take the following information into account and record the missing information in the Trial
Balance.
2.1 The owner increased his capital contribution from R 100 000 to R 176 800.

TRIAL BALANCE OF MZANSI TRADERS ON 30 APRIL 2023

Fol Debit Credit

Balance Sheet Accounts Section

Capital ?
Drawings 18 990 -
Bank 41 370 -
Trading Stock 32 440 -
Debtors’ Control 16 300 -
Nominal Accounts Section
Sales ?
Cost of sales 46 800
Packing material 3 220
Rent income 12 120
159 120 159 120
04

05

2.2 GENERAL LEDGER

You are supplied with information from the books of Polly Traders for 30 April 2023.
REQUIRED TO DO:

Post the following completed journals to the following accounts in the General Ledger:

2.2.1 Bank (5)

2.2.2 Trading Stock (5)

Balance the Accounts at the end of April 2023.

INFORMATION

Balance on 1 April 2023:

Trading Stock R 2 465

CASH RECEIPTS JOURNAL OF POLLY TRADERS FOR APRIL 2023 CRJ 1

Doc Day Details Fol Analysis of Bank Sales Cost of Sundry Accounts
no. Receipts Sales Amount Fol Details
19 050 10 800 7 840 8 250

CASH PAYMENTS JOURNAL OF POLLY TRADERS FOR APRIL 2023 CPJ1

Doc Day Name of Fol Bank Trading Wages Sundry Accounts
no. Payee Stock Amount Fol Details
16 770 9 650 3 800 3 320
B4 B5 N6

ANSWER SHEET
GENERAL LEDGER OF GB STORES.
Balance Sheet Accounts Section
2.2.1. DR BANK CR
Date Details Fol. Amount Date Details Fol. Amount
2023 CRJ 2023 CPJ
Apr 30 Apr 30
Balance c/d

19 050 19 050
2023
May 1 Balance b/d

(5)

2.2.2. DR TRADING STOCK CR

Date Details Fol. Amount Date Details Fol. Amount
2023 2023
Apr 1 Balance b/d Apr. 30 CRJ
 30 CPJ

12 115 12 115
2023
May 1 Balance b/d
(5)

QUESTION 3
You are provided with the transactions from the books of Sandy Jewellers for the month of
February 2023. Sandy Pam, the owner, sells goods for cash and on credit. She adds a mark-up of
60% on cost price for all goods.

REQUIRED TO DO:
Use the information provided to record the transactions in the following journals:
3.1 Cash Receipts Journal with analysis columns for Analysis of Receipts; Bank;
Sales; Cost of Sales; Debtors’ Control and Sundry Accounts. (10)

3.2 Cash Payments Journal with analysis columns for Bank; Trading Stock,
Equipment and Sundry Accounts. (6)

3.3 Debtors’ Journal with columns for Sales and Cost of Sales. (3)

3.4 Show the effect of transaction 4 on the accounting equation. (8)

IMPORTANT: Do not close off the journals on 28 February 2023.

TRANSACTION
02 Sold 4 pairs of earrings and a watch for cash and received R13 280. (CRT11)
04 Issued invoice 61 to D. Poole for R9 400 for the 2 watches that he bought on his
account.
16 Paid by EFT 101 for R28 800 to Cipro Jewellers in payment of jewellery purchased
for cash.
24 Paid by EFT for R1 900 to Telkom to pay for business’ telephone account
of R1 080 and the rest for the owner’s home telephone account.

27 Received an EFT of R9 400 from D. Poole in full settlement of his account to date.
Issued. receipt no.83
Received R6 200 from M. Saint, a tenant, in payment of February rental.

3.1. CASH RECEIPTS JOURNAL OF Sandy Jewellers – 28 February 2023 (10)

Doc. Day Details Analysis of Bank Sales Cost of Debtors Sundry Accounts
No. receipts sales control Amount Details
3.2. CASH PAYMENTS JOURNAL OF Sandy Jewellers – 28 February 2023 (6)
Doc. Day Name of Payee Bank Trading Wages Sundry Accounts
No. Stock Amount Details

3.3 DEBTORS JOURNAL OF Sandy Jewellers – 28 February 2023

. . (3)
Doc. Day Debtor Fol Sales Cost of sales
No.

3.4 ACCOUNTING EQUATION

Source Account Account Assets Owner’s Liabilities

document Debited Credited equity
 0

(8/2) 4

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