GR 10 Accounting 3 in 1 Templates 9 March 2020

090320
GRADE
Accounting
10
CAPS 3 in 1
Ann Botha
Accounting 3 in 1 TEMPLATES for

• Questions per topic
• Exam questions
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2019 revised
2012 publication These TEMPLATES may be PHOTOCOPIED
ISBN template book: 978-1-928404-29-3 for use with THE ANSWER SERIES
ISBN set (study guide & template book): 978-1-928404-30-9 Gr 10 Accounting 3 in 1 STUDY GUIDE ONLY.
CONTENTS
Unit 11: Cost Accounting .................................................................... 50
UNITS
Unit 12: Budgeting .............................................................................. 53
Unit 1: Basic Concepts........................................................................ 1
Unit 2: Informal / Indigenous Bookkeeping ......................................... 1
Unit 3: Cash Journals.......................................................................... 4 EXAM QUESTIONS
Unit 4: Credit (& other) Journals ......................................................... 8 Exam Questions ................................................................................. 56
Unit 5: Ledgers, Trial Balances and Accounting equation .................. 14
Unit 6: Value Added Tax ..................................................................... 26
Unit 7: Salaries and Wages ................................................................ 27
Unit 8: Final Accounts ......................................................................... 32
Unit 9: Financial Statements ............................................................... 41
Unit 10: Analysis and Interpretation of Financial Statements ............. 46
Copyright © The Answer Series: Photocopying of this material is illegal

UNIT 1: BASIC CONCEPTS UNIT 2: INFORMAL/INDIGENOUS
BOOKKEEPING; GAAP;
QUESTION 1 – IDENTIFY THE ACCOUNTS (15 mins)
ETHICS AND INTERNAL CONTROL
Classify the following accounts by ticking the correct box.
Asset Liability Expense Gain INFORMAL/INDIGENOUS BOOKKEEPING
advertising 
QUESTION 2 – INFORMAL BOOKKEEPING SYSTEMS (15 mins)
bad debts
bad debts recovered 2.1 ALICE'S LITTLE BOOK
bank overdraft CASH IN CASH OUT
cash float A B
commission income Money saved 1 500 Aggie's wages 50
cost of sales Sale of sandwiches 1 000 Tumi's transport
creditors (100 x R10) & wages (2 x R25) 50

debtors Bread 80
depreciation Fillings 420
discount allowed 500 packets 200
discount received 1 000 labels 50
electricity Cool boxes 300
equipment (2 x R150)
fixed deposit TOTAL 2 500 TOTAL 1 150
insurance
interest on current account 2.2
interest on loan
interest on overdraft
loan from XYZ 2.3
rates and taxes
rent
2.4
salaries
sales 2.5
trading stock
vehicles
wages
Copyright © The Answer Series: Photocopying of this material is illegal 1 UNIT 1: Basic concepts and UNIT 2: Informal bookkeeping
2.6 21 expenses = cash paid for anything
22 uses and keeps source documents for all transactions
23 cash float is in pocket
24 income = money earned
QUESTION 3 – COMPARISON OF FORMAL VS GAAP

INFORMAL BOOKKEEPING SYSTEMS (20 mins) QUESTION 4 – TEST YOURSELF: GAAP AND CONCEPTS (10 mins)
No. Formal Informal A Explanation B Concept Answer

1 selling price = cost of sales + mark-up 1 This is a loan which is not repayable in the next
A drawings
12 months.
2 owner takes money for personal use out of receipts
2 Interest on overdraft must not be shown as a
B historic cost
3 sells goods at whatever price she can get bank charge.
4 expenses = cost of items used in running the business 3 This is something owned by the business
C matching
which will constantly change in value.
5 plans and budgets for the future
4 A debt has been written off as bad even though
D GAAP
6 does not have a separate bank account for the business the debtor is not insolvent yet.
7 only sells for cash 5 This is a non-current asset which has a
E debtor
physical appearance i.e. it can be touched.
8 income = cash received
6 An office is rented to a tenant at R2 000 per
9 owner draws cheque for personal use month. The business has received R26 000 F going concern
for the year, but only shows R24 000 as principle
10 keeps an accurate record of labour costs
income for the year.
11 cash float is in cash register 7 someone who owes the business money G equity
12 pays employees cash out of takings 8 goods taken for personal use of owner H tangible asset
13 may use a computerised accounting software package 9 the value of the business I materiality
14 money can be borrowed from bank to supplement capital 10 Although the cost price of stock fluctuates
constantly, it is recorded at the actual price
15 not registered with any government agency J current asset
paid for it because it is assumed that it will be
16 does not use source documents for sales sold some time in the future.
11 A similar property next door has just been sold
17 keeps accurate register of fixed assets
for R1,5 million. The property owned by the non-current
K
18 keeps a record of important transactions in a notebook only business is shown at R850 000, the original liability
cost price, in the financial statements.
19 all capital contributed by owner
12 These principles make it possible to compare
20 uses GAAP principles to calculate an accurate profit L prudence
the financial results of different businesses.
Copyright © The Answer Series: Photocopying of this material is illegal 2 UNIT 2: Informal bookkeeping
ETHICS 6 The owner fires an employee after giving her three letters of
warning about her continued rudeness to customers.
QUESTION 5 – THE BASIC CHARACTERISTICS OF ETHICS (15 mins) 7 The secretary phones her daughter, who is overseas, every
week from the office.
1 Discipline 8 The owner pays his household telephone, rates and electricity
account with business cheques and instructs the bookkeeper
2 ___________________________________________ to show them as business expenses.
9 The business agrees to sell goods to a customer at a special
3 ___________________________________________ price and not charge VAT on them.
10 A customer returns a faulty washing machine. The business
repairs it and sells it as brand new to another customer.
4 ___________________________________________
11 A factory which washes and dyes material disposes of the waste
water in the nearby river.
5 ___________________________________________
12 A debtor asks the court to declare him insolvent as he cannot
pay all his debts and this will mean he does not have to.
6 ___________________________________________
7 ___________________________________________
INTERNAL CONTROL
QUESTION 7 – PROTECTING TANGIBLE ASSETS (10 mins)
QUESTION 6 – TEST YOURSELF: ETHICS (10 mins)
Activity Yes No
1 The business sues a debtor and asks the court to declare
her insolvent.
2 The business needs an additional telephone connection in the
new offices it has built on and offers the telephone department
official an extra amount of money to do it quickly. QUESTION 8 – HOW TO PREVENT THEFT OF STOCK
BY THE PUBLIC (10 mins)
3 Two separate businesses, White's Washing Powder and Bright's
Washing Powder, agree to sell their products for the same price.
4 The accountant, who knows that the business is interested in
buying a certain property, buys it himself with the aim of selling it
to the business.
5 When customers pay cash for goods, the owner does not put the
cash in the till, but takes it as drawings as he says it is his money
anyway.
Copyright © The Answer Series: Photocopying of this material is illegal 3 UNIT 2: Informal bookkeeping
UNIT 3: CASH JOURNALS
QUESTION 9 – CASH RECEIPTS JOURNAL (30 mins)
Q9 CASH RECEIPTS JOURNAL OF BOND DEALERS – JULY CRJ6

ANALYSIS SUNDRIES
COST OF DEBTORS DISCOUNT
DOC DAY DETAILS OF BANK SALES
SALES CONTROL ALLOWED AMOUNT DETAILS
RECEIPTS
267 1 G Lazenby 1 000 1 000 Rent income
Cash (or Sales) 5 960 6 960 5 960 4 470 (5 960 / 1,333333)
Copyright © The Answer Series: Photocopying of this material is illegal 4 UNIT 3: Cash Journals
QUESTION 10 – CASH PAYMENTS JOURNAL (30 mins)
Q10 CASH PAYMENTS JOURNAL OF BOND DEALERS – JULY CPJ7

CREDITORS SUNDRIES
TRADING CREDITORS DISCOUNT DEBTORS
DOC DAY PAYEE BANK FOR
STOCK CONTROL RECEIVED CONTROL AMOUNT DETAILS
WAGES
410 1 Neotel 2 360 2 360 Telephone
QUESTION 11 – CASH RECEIPTS JOURNAL (25 mins)
Q11 CASH RECEIPTS JOURNAL OF LIMPOPO TRADERS – JANUARY CRJ8

ANALYSIS SUNDRIES
COST OF CURRENT DEBTORS DISCOUNT
SALES INCOME CONTROL ALLOWED
RECEIPTS AMOUNT DETAILS
QUESTION 12 – CASH PAYMENTS JOURNAL (25 mins)
Q12 CASH PAYMENTS JOURNAL OF LIMPOPO TRADERS – JANUARY CPJ9
TRADING MATERIAL CREDITORS DISCOUNT DEBTORS SUNDRIES

DOC DAY PAYEE BANK
STOCK COSTS CONTROL RECEIVED CONTROL AMOUNT DETAILS
CREDITORS ALLOWANCES JOURNAL – SEPTEMBER CJ10
UNIT 4: CREDIT (& OTHER) JOURNALS
STATIONERY
CREDITORS
SUNDRIES
MATERIAL
CONTROL
PACKING
TRADING
STOCK
QUESTION 13 – THE CREDIT JOURNALS (20 mins) D/N DAY CREDITOR
AMOUNT DETAILS
OCEAN BLUE BROS
DEBTORS JOURNAL – SEPTEMBER DJ10
51 6 China & Co 3 000 3 000
INV DAY DEBTOR SALES COST OF SALES
521 1 R Red 1 200 1 000
DEBTORS 8 ALLOWANCES JOURNAL – SEPTEMBER DAJ10

DEBTORS COST OF
C/N DAY DEBTOR
ALLOWANCES SALES
72 4 R Red 120 100
CREDITORS JOURNAL – SEPTEMBER CJ10

STATIONERY
CREDITORS
SUNDRIES
MATERIAL
CONTROL
PACKING
TRADING
STOCK
INV DAY CREDITOR
AMOUNT DETAILS
321 6 China & Co 6 000 6 000
Copyright © The Answer Series: Photocopying of this material is illegal 8 UNIT 4: Credit (& other) Journals
QUESTION 14 – THE GENERAL JOURNAL (20 mins) QUESTION 15 – THE GENERAL JOURNAL (20 mins)
GENERAL JOURNAL OF HARRY'S RETAILERS – MARCH GENERAL JOURNAL OF R RABBIT – AUGUST

TOTAL DEBTORS CREDITORS TOTAL DEBTORS CREDITORS
DR CR DR CR DR CR DR CR DR CR DR CR
30 Totals b/f 525 350 150 285

31
QUESTION 16 – INTERNAL CONTROL (18 mins) 5.
1.
6.
2.
3.
4.
QUESTION 17 – ALL THE JOURNALS (60 mins)
Q17 CASH RECEIPTS JOURNAL OF FOREST FURNISHERS – MAY CRJ13

ANALYSIS SUNDRIES
COST OF DEBTORS DISCOUNT
SALES CONTROL ALLOWED AMOUNT DETAILS
RECEIPTS
PETTY CASH JOURNAL OF FOREST FURNISHERS – MAY PCJ13
TRADING SUNDRIES
DOC DAY DETAILS TOTAL WAGES ELECTRICITY STATIONERY
STOCK AMOUNT DETAILS
Q17 (cont.) CASH PAYMENTS JOURNAL OF FOREST FURNISHERS – MAY CPJ13
TRADING CREDITORS DISCOUNT DEBTORS SUNDRIES

DOC DAY PAYEE BANK
STOCK CONTROL RECEIVED CONTROL AMOUNT DETAILS
CREDITORS JOURNAL OF FOREST FURNISHERS – MAY CJ13
CREDITORS TRADING PACKING SUNDRIES

INV DAY CREDITOR EQUIPMENT STATIONERY
CONTROL STOCK MATERIAL AMOUNT DETAILS
Q17 (cont.) CREDITORS ALLOWANCES JOURNAL OF FOREST FURNISHERS – MAY CAJ13
CREDITORS TRADING PACKING SUNDRIES

D/N DAY CREDITOR EQUIPMENT STATIONERY
CONTROL STOCK MATERIAL AMOUNT DETAILS
DEBTORS JOURNAL OF FOREST FURNISHERS – MAY DJ13 GENERAL JOURNAL OF FOREST FURNISHERS – MAY GJ13
COST OF TOTAL DEBTORS CREDITORS
INV DAY DEBTOR SALES
SALES
DAY DR CR DR CR DR CR
DEBTORS ALLOWANCES JOURNAL

OF FOREST FURNISHERS – MAY DAJ13
DEBTORS COST OF
C/N DAY DEBTOR
ALLOWANCES SALES
DEBTORS CONTROL B7
UNIT 5: LEDGERS, TRIAL BALANCES May May
AND ACCOUNTING EQUATION
QUESTION 18 – GENERAL LEDGER AND TRIAL BALANCE (60 mins)
GENERAL LEDGER OF TREETOPS TRADERS

Balance Sheet accounts section
CAPITAL B1
May
DRAWINGS B2 CREDITORS CONTROL B8

May May May
LOAN FROM ABC B3

May
VEHICLE B4
May PETTY CASH B9
May May
EQUIPMENT B5
May
TRADING STOCK B6
May May
BANK B10
May May
Copyright © The Answer Series: Photocopying of this material is illegal 14 UNIT 5: Ledgers, Trial Balances and A = OE + L
Q18 GENERAL LEDGER OF TREETOPS TRADERS (cont.) TREETOPS TRADERS
Nominal accounts section
TRIAL BALANCE ON 31 MAY
SALES N1 FOLIO DEBIT CREDIT
May
DEBTORS ALLOWANCES N2
May
COST OF SALES N3
May May
ADVERTISING N4
May
BANK CHARGES N5
May
DISCOUNT ALLOWED N6
May
DISCOUNT RECEIVED N7
May
DONATIONS N8
May
INTEREST ON OVERDRAFT N9
May
PACKING MATERIAL N10

May May
STATIONERY N11
May May
QUESTION 19 – INTERPRETATION OF TREETOPS TRADERS (25 mins)
5.
QUESTIONS BASED ON TREETOPS TRADERS
1.
6.
2.
7.
3.
8.
4.
QUESTION 20 – WILL THE TRIAL BALANCE BALANCE? (20 mins) 5 The total of the discount
allowed column in the
CRJ, R85 was posted to
the credit side of the
Error Yes No Reason discount received
e.g. Stationery was debited  The stationery balance (E) will be R9 account.
with an amount of R45 too small which means that the debit
instead of R54. side of the Trial Balance will be too
small.
1 A printer bought for cash 6 The balance of the
for R2 500 was debited packing material account
to the stationery account. was omitted from the trial
balance.
2 The sales column in the 7 An invoice of R460 for

Debtors Journal was repairs to equipment was
overcast by R1 000. entered in the correct
journal as R640.
3 The total of the wages 8 A debtor was charged

column, R25 in the Petty R18 interest in the
Cash Journal was not General Journal. No
posted to the Ledger. entry was made in the
Debtors column.
4 An invoice received from 9 The total of the Sundries

a creditor for packing column in the Cash
material, R1 200 was not Payments Journal was
entered in any journal. undercast by R1 000.
QUESTION 21 – TRIAL BALANCE (24 mins) QUESTION 22 – SUBSIDIARY LEDGERS AND
RECONCILIATION OF LISTS (60 mins)
OAKDALE TRADERS
TRIAL BALANCE ON 30 JUNE
LIST OF CREDITORS' BALANCES – 31 MAY
DEBIT CREDIT
FOLIO DEBIT CREDIT
Balance sheet accounts section
Capital
GENERAL LEDGER OF FOREST FURNISHERS

DEBTORS CONTROL
May 1 Balance b/d 1 099 May 31
31
Nominal accounts section
Sales
CREDITORS CONTROL
May 31 May 1 Balance b/d 7 275
31
NOTE: This page is the first answer sheet for Question 22.
3.1
DEBTORS LEDGER OF FOREST FURNISHERS
Y CASSIA
DATE DETAILS / DOCUMENTS FOLIO DEBIT CREDIT BALANCE
May 1 Account rendered 449

1 Invoice 234 DJ 220 669
3.2
A CEDAR
May 1 Account rendered –
3.3
G CYPRESS
3.4
LIST OF DEBTORS' BALANCES – 31 MAY

FOLIO DEBIT CREDIT
CREDITORS LEDGER OF FOREST FURNISHERS QUESTION 23 – SUBSIDIARY LEDGERS AND
FIR ENTERPRISES RECONCILIATION OF LISTS (60 mins)
May 1 Account rendered 2 400 DEBTORS LEDGER OF OCEAN BLUE BROS

B BLACK
REDWOOD LTD Sep 1 Account rendered 2 230
May 1 Account rendered 1 050
R RED
Sep 1 Account rendered 520
STINKWOOD LTD
T TIMOR
Sep 1 Account rendered 1 500
YELLOWWOOD ENTERPRISES
May 1 Account rendered 2 875
MAPLE MOTORS LIST OF DEBTORS' BALANCES – 30 SEPTEMBER

DATE DETAILS / DOCUMENTS FOLIO DEBIT CREDIT BALANCE FOLIO DEBIT CREDIT
May 1
Now continue on page 19 above.
CREDITORS LEDGER OF OCEAN BLUE BROS GENERAL LEDGER OF OCEAN BLUE BROS
CASPIAN CC DEBTORS CONTROL
DATE DETAILS / DOCUMENTS FOLIO DEBIT CREDIT BALANCE Sep 1 Balance b/d 4 250
CHINA & CO
CREDITORS CONTROL
Sep 1 Balance b/d 10 000
TASMAN TRADERS
LIST OF CREDITORS' BALANCES – 30 SEPTEMBER

FOLIO DEBIT CREDIT
QUESTION 24 – LEDGER INTERPRETATION (14 mins) 5.
(5)
1. (2)
6. (1)
2. (2)
7.
3.
(4)
4. (2) (4)
5. (2)
QUESTION 26 – LEDGER INTERPRETATION (12 mins)
6. (2)
1. (2)
7. (2)
2. (2)
8. (1)
3.
9.
(4) (3)
QUESTION 25 – LEDGER INTERPRETATION (12 mins) 4. (2)
1. (2) 5.1 (2)
5.2 (2)
2. (2)
6.1 R440 –
3.
6.2 R32 200 – (4)
(4)
4. (2)
THE ACCOUNTING EQUATION
QUESTION 27 – ANALYSIS OF TRANSACTIONS (30 mins)
B GOOD
GENERAL LEDGER EFFECT ON
SUBSIDIARY
NO. SOURCE DOCUMENT OWNER'S
JOURNAL ACCOUNT DEBITED ACCOUNT CREDITED ASSETS LIABILITIES
EQUITY
e.g. Cheque counterfoil CPJ Rent Bank –2 500 –2 500 0
10
11
11
Y WORRY
GENERAL LEDGER EFFECT ON
SUBSIDIARY
NO. SOURCE DOCUMENT AMOUNT OWNER'S
JOURNAL ACCOUNT DEBITED ACCOUNT CREDITED ASSETS LIABILITIES
EQUITY
e.g. Cheque counterfoil CPJ Rent Bank R2 500 0 – +
10
B CAREFUL
OWNER'S
NO. ASSETS REASON REASON LIABILITIES REASON
EQUITY
e.g. –2 500 Rent expense increase +2 500 Bank overdraft increase
10
11
11
QUESTION 31 – CLAIMABLE/EXEMP/ZERO-RATED (15 mins)
UNIT 6: VALUE ADDED TAX
VAT can VAT
QUESTION 30 – CALCULATION OF VAT (20 mins) be cannot Zero-
Exempt
claimed be rated
back claimed
1.
Advertising in local press
TOTAL RETAILER'S RETAILER
% RETAILER'S Annual fire insurance premium
RETAILER INPUT ACTUAL OUTPUT RECEIVES
MARK- SELLING
PAID TO VAT COST VAT FROM Bank service fees
UP PRICE
SUPPLIER PRICE CUSTOMER
Box of chocolates as present for client
1 2 052,00 50% 1 026,00
Brown bread and milk for staff lunches
2 2 394,00 33⅓%
Computer bought for the owner
3 3 648,00 25% Electricity for the business
4 6 840,00 100% Flowers for the office reception area
5 285,00 66⅔% Interest on overdraft
6 Kettle for staff use in the office

7 500,00 40%
Merchandise bought for resale
7 20% 3 600,00
New motor car for use by salesperson
8 10% 440,00
Petrol for car
9 30% 3 380,00 Rates on property
10 60% 2 496,00 Year-end lunch for staff at restaurant
2. the manufacturer the retailer the consumer QUESTION 32 – CHOOSE THE CORRECT ANSWER (5 mins)
1. A 15th of the month B 25th of the month C Last day of the month
2. A R300 000 p.a. B R1 million p.a. C R30 million p.a.
3. A 3 years B 5 years C 10 years
4. A They may charge B They may not claim C They do not pay
VAT VAT back VAT
5. A The factory B The retailer C The consumer
Copyright © The Answer Series: Photocopying of this material is illegal 26 UNIT 6: VAT
QUESTION 33 – A VARIETY OF QUESTIONS (10 mins)
UNIT 7: SALARIES AND WAGES
1.
QUESTION 34 – IDENTIFY THE CONCEPTS (15 mins)
A Explanation B Concept Answer
1 this is calculated weekly based on the

a overtime 10
number of hours worked
2. 2 the person hired by the employer to

b net wage
work for her
3 the amount of money the wage/salary

c by cheque or EFT
earners receive
3.
4 the amount subtracted from the employee's
wage/salary for pension, medical aid, UIF, d salary
PAYE, etc.
5 salaries, wages and the employer's

e SDL
contributions to UIF, etc.
4.
6 salaried employees are paid this way f take home pay
7 the hours that a wage earner is expected to

g PAYE
work per day
8 this organization looks after the interests

of the employees and makes sure they h an expense
5. are fairly treated by the employer
9 the net salaries/wages plus the total of the

contributions and deductions are this to the i contribution
employer
10 the amount the wage earners receive for

working more than the 'normal' working j employee
hours
Copyright © The Answer Series: Photocopying of this material is illegal 27 UNIT 7: Salaries and Wages
QUESTION 35 – TRUE OR FALSE? (5 mins)
11 gross salary/wage minus deductions k wages
12 the amount earned by the employee 1 UIF is always 1% of gross salary/wage TRUE FALSE
according to the number of normal and l trade union
overtime hours worked
2 Normal time is the number of hours a wage earner works
TRUE FALSE
13 this is calculated on a monthly basis m UIF each week and it is always the same
14 the income tax calculated on earnings of 3 The more children an employee has the more medical aid
employees which is deducted from their n CCMA TRUE FALSE
he pays
wages and paid to SARS by the employer
15 the amount contributed by both the 4 The more children an employee has the less tax he pays TRUE FALSE
employer and the employee to the temporary
o
government to be used to help those liabilities
who are unemployed
5 Cheques are sent to the Medical aid fund, the Pension fund,
TRUE FALSE
etc. at the end of the year
16 the employer 'pays in' to the pension fund,
the medical aid and the UIF to increase the
p gross wage
value of the benefit to the employee. 6 The amount deducted from all employees' wages for Trade
TRUE FALSE
It is a cost to the business. union dues are the same irrespective of hours worked
17 the amount contributed by the employer

only to enable the government to help 7 A cheque is sent to SARS to pay the PAYE every month TRUE FALSE
q deduction
those who are unemployed find work by
training them
8 Overtime is paid to salary and wage earners who work
TRUE FALSE
18 an employee who has been unfairly longer than the time they normally work
dismissed can take the employer to this
r normal time
commission to have the dismissal set aside 9 Piece wages is a way of motivating wage earners to be
or claim compensation productive as they are only paid for the work they actually TRUE FALSE
complete
10 If an employer conducts training courses for its staff, it can claim

TRUE FALSE
the cost of these courses from the Skills Development Fund.
QUESTION 36 – WAGES JOURNAL, CASH PAYMENTS JOURNAL AND LEDGER (30 mins)
WAGES JOURNAL OF ISIDINGO INFORMATION SERVICES FOR WEEK ENDED 7 MAY WJ32
NORMAL TIME OVERTIME GROSS DEDUCTIONS EMPLOYER'S CONTRIBUTION
EMPLOYEE NET WAGE
HRS AMOUNT HRS AMOUNT WAGE PENSION PAYE UIF UNION TOTAL SDL PENSION UIF
R Kumar
V Moletsana
J Sibeko
CASH PAYMENTS JOURNAL OF ISIDINGO INFORMATION SERVICES – MAY CPJ32

CREDITORS FOR SUNDRIES
DOC DAY PAYEE BANK
WAGES AMOUNT FOL DETAILS
1061 09
GENERAL LEDGER OF ISIDINGO INFORMATION SERVICES

BALANCE SHEET SECTION
– PENSION FUND (L) + B18 – UNEMPLOYMENT INSURANCE FUND (L) + B21
May 7 May 7
– IEG TRADE UNION (L) + B22

– SARS (PAYE) (L) + B19 May 7
May 7
– CREDITORS FOR WAGES (L) + B23
– SKILLS DEVELOPMENT LEVY (L) + B20 May 7
May 7
NOMINAL ACCOUNTS SECTION CREDITORS FOR SALARIES B21
+ WAGES (E) – N33
May 7 SALARIES N16
MEDICAL AID CONTRIBUTIONS N17

+ PENSION FUND CONTRIBUTIONS (E) – N34
May 7
PENSION FUND CONTRIBUTIONS N18
+ SKILLS DEVELOPMENT LEVY EXPENSE (E) – N35

May 7
2.
+ UIF CONTRIBUTIONS (E) – N36

May 7
QUESTION 37 – LEDGER FOR SALARIES + (22 mins)

3.
1. GENERAL LEDGER OF MUVANGO TRADERS
MEDICAL AID B18
July 31
4.
SARS (PAYE) B19
5.
PENSION FUND B20
6.
QUESTION 38 – ACCOUNTING EQUATION (15 mins) Hilda Who gets the PAYE deducted from my wages? What is it for?
Vince 2.2
EGOLI ENTERPRISES
No Account Debited Account Credited A O L Amount
1 UIF 0 30
Hilda What is UIF? What benefit will it have for me?
2 8 300
Vince 2.3
3 Bank 4 100
4 Salaries 750
I would like to be paid in cash at the end of the week. Why are you insisting
Hilda
that you deposit my weekly wage into my bank account?
QUESTION 39 – WAGE ADVICE SLIP (18 mins) Vince 2.4
1. Fill in figures denoted by ,. QUESTION 40 – WAGES (18 mins)

WAGE ADVICE SLIP
Name: Week Ending: Employee No: Tax Code: Identity No.: 1.
Hilda 5 June 2013 001 R110 750122 5400 008
PAYMENTS DEDUCTIONS
Normal time Amount
Hours ,
Rate Amount PAYE 2.
worked
, , , ,
UIF
,
Overtime Pension fund
Hours
Rate Amount
worked 3.
, , , ,
TOTAL DEDUCTIONS
, ,
GROSS WAGE NET WAGE
2.
Hilda Why is my take home pay less than my actual weekly earnings?
Vince 2.1 4.
5.
UNIT 8: FINAL ACCOUNTS
6. QUESTION 41 – JOURNAL ENTRIES AND LEDGER

ACCOUNTS FOR ADJUSTMENTS (30 mins)
7. GENERAL LEDGER OF S SIMBA

2. ….. INSURANCE …….. …..
Total b/f 10 500
….. …………………………………… …….. …..
GENERAL JOURNAL OF S SIMBA

8.
3. …… INTEREST ON FIXED DEPOSIT …….. …..

Total b/f 1 260
9.
….. …………………………………… …….. …..
Copyright © The Answer Series: Photocopying of this material is illegal 32 UNIT 8: Final Accounts
4. ….. INTEREST ON LOAN …….. ….. 6. ….. TRADING STOCK …….. …..
Total b/f 12 000 Balance b/d 130 000
….. …………………………………… …….. …..
….. …………………………………… …….. …..

5. ….. PACKING MATERIAL …….. …..

Balance b/d 14 250
7. + VEHICLES (A) –
2011
Mar 1 Balance b/d 250 000
….. …………………………………… …….. ….. – ACCUMULATED DEPRECIATION ON VEHICLES (A-) +

2011
2012
Feb 29 Depreciation
sub-total
+ EQUIPMENT (A) –
2011
Oct 1 Bank 15 000
115 000
– ACCUMULATED DEPRECIATION ON EQUIPMENT (A-) + QUESTION 42 – UNDERSTANDING DEPRECIATION (20 mins)
2011
1.
sub-total
+ DEPRECIATION (E) – 2.
2012 2012
Feb 29 Accumulated Feb 29
depreciation
on vehicles
on equipment
3.
4.
5.
6.
7.
8.
9. GENERAL LEDGER OF WOODPECKER ENTERPRISES
DR VEHICLES CR
2012
Jan 1 Bank CPJ 145 000
10. 2015
Oct 1 Creditors control CJ 155 000
11. EQUIPMENT
2012
Jan 1 Bank CPJ 60 000
2015
July 31 Creditors control CJ 36 000
ACCUMULATED DEPRECIATION ON VEHICLES

2015
Jan 1 Balance b/d
QUESTION 43 – CALCULATING DEPRECIATION (18 mins)
1. CALCULATION OF DEPRECIATION ALREADY WRITTEN OFF:

Vehicles: 01.01.2012 – 31.12.2012 R................ % .......% = R..................
ACCUMULATED DEPRECIATION ON EQUIPMENT
01.01.2013 – 31.12.2013 R................ % .......% = R..................
2015
01.01.2014 – 31.12.2014 R................ % .......% = R.................. Jan 1 Balance b/d
Accumulated depreciation on vehicles balance on 01.01. 2015 = R
Equipment: 01.01.2012 – 31.12.2012 R.............. % .......% = R..................

01.01.2013 – 31.12.2013 R.............. % .......% = R.................. DEPRECIATION
2015
01.01.2014 – 31.12.2014 R............... % .......% = R.................. Dec 31
Accumulated depreciation on equipment balance on 01.01.2015 = R
QUESTION 44 – JOURNALISING ADJUSTMENTS (20 mins) QUESTION 45 – FINAL ACCOUNTS (40 mins)
GENERAL JOURNAL OF GARFIELD & CO – 30 JUNE 2014 GENERAL JOURNAL OF MIGHTY MOUSE RETAILERS
DEBIT CREDIT 1.
2.
Sales
The three
incomes
Drawings
3. GENERAL LEDGER OF MIGHTY MOUSE RETAILERS GENERAL JOURNAL OF MIGHTY MOUSE RETAILERS
TRADING
Do parts 1, 2 and 3 of the question first.
Cost of sales Sales
4. Show the journal entries to reverse adjustments 1, 3, 4 and 7.
Profit and loss (gross profit)
1 Insurance (E+) ………..
Prepaid expenses (A-) ………..
reversal of amount prepaid
Do not forget to subtract Debtors allowances before writing the figure
next to Sales. 3
PROFIT AND LOSS

reversal of amount accrued
Insurance (4 800 – 310) Trading (gross profit)
4
Maintenance and repairs Current income
Material costs Interest on fixed deposit reversal of amount received in advance
Packing material Rent income 7
Rates
reversal of accrued amount
Sundry operating expenses
Wages
QUESTION 46 – FIXED ASSET REGISTER (10 mins)
Depreciation
Trading stock deficit FIXED ASSET REGISTER
Interest on loan
VEHICLE
DESCRIPTION
Capital (net profit)
DATE BOUGHT PRICE:
FROM WHOM
ENGINE NUMBER LOCATION:
DATE SOLD SELLING PRICE:
DEPRECIATION 20% p.a. on diminishing balance method

ACCUMULATED
DATE DEPRECIATION BOOK VALUE
DEPRECIATION
QUESTION 47 – ACCOUNTING EQUATION (25 mins) QUESTION 48 – FINAL ACCOUNTS (40 mins)
SINBAD SUPPLIES LHS (left–hand side) RHS (right-hand side)

EFFECT ON Cons. stores on hand ......................................
NO. ACCOUNT DEBITED ACCOUNT CREDITED
A OE L Prepaid expenses .............................................. Acc. expenses +1 610
e.g. Advertising Accrued expenses 0 –500 +500 Accrued income ................................................ Inc. rec. in adv. ............................
1
Trading stock deficit ..........................................................
Depreciation .......................................................................
2
GENERAL LEDGER OF BATMAN TRADERS
TRADING
3
PROFIT AND LOSS BATMAN TRADERS
POST-CLOSING TRIAL BALANCE ON 30 JUNE 2012
DEBIT CREDIT
QUESTION 49 – FINAL ACCOUNTS, PACKING MATERIAL
LEDGER AND JOURNAL (46 mins)
Cons. stores on hand ......................................

Prepaid expenses .............................................. Acc. expenses ..................................
Accrued income ................................................ Inc. rec. in adv. ............................
TRADING
Trading stock deficit …………………… Depreciation
GENERAL JOURNAL OF ANTZ TRADERS - 29 FEBRUARY 2012

2.1
PROFIT AND LOSS
GENERAL LEDGER OF ANTZ TRADERS

COMMISSION INCOME
ELECTRICITY
QUESTION 51 – THE BALANCE SHEET WITH NOTES (18 mins)
UNIT 9: FINANCIAL STATEMENTS
You may want to mark your answer first – see page 196 in your 3 in 1 book.
QUESTION 50 – THE INCOME STATEMENT (30 mins)
ELI FANT
ELI FANT JUMBO MEGA STORE
JUMBO MEGA STORE BALANCE SHEET AT 30 SEPTEMBER 2012
INCOME STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2012 NOTE
NOTE
ASSETS
Sales  Non-current assets
Cost of sales  Fixed/Tangible assets 3
Gross profit   Financial assets
Other operating income  
Bad debts recovered   Current assets
Rent income   Inventories 4
Gross operating income  Trade and other receivables 5
Operating expenses ( )  Cash and cash equivalents 6
Bad debts 
Discount allowed  Total assets
Electricity 
Insurance  EQUITY AND LIABILITIES
Salaries  Owner's equity 7
Stationery 
Sundry operating expenses  Non-current liabilities
Trading stock deficit  Loan: Hide Bank
Depreciation 
Operating profit  Current liabilities
Interest income 1  Short-term portion of Loan
Profit before interest expense  Trade and other payables 8
Interest expense 2 ( )  Bank overdraft
Net profit for year 

Total equity and liabilities
Copyright © The Answer Series: Photocopying of this material is illegal 41 UNIT 9: Financial Statements
ELI FANT QUESTION 52 – INCOME STATEMENT AND NOTES (45 mins)
JUMBO MEGA STORE
NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 30 SEPTEMBER 2012
ALLIE GATOR
3 FIXED/TANGIBLE ASSETS EQUIPMENT
ALLIE’S ACTIVE WEAR
Carrying value at beginning of year INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2012
Cost NOTE
Accumulated depreciation ('d'’ word = negative)
Movements
Additions at cost
Depreciation for year (another 'd' word = negative)
Carrying value at end of year
Cost
Accumulated depreciation (another 'd' word = negative)
4 INVENTORIES
Trading inventory
Consumable stores on hand
5 TRADE AND OTHER RECEIVABLES

Trade debtors
Prepaid expenses
(Accrued income has been left out because there is no figure)
6 OWNER'S EQUITY
Balance at end of previous year
Net profit for year
Additional capital introduced
Drawings (another 'd' word = negative)

Balance at end of current year
7 TRADE AND OTHER PAYABLES
Trade creditors
1
Accrued expenses
Income received in advance
NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 29 FEBRUARY 2012 QUESTION 53 – INCOME STATEMENT AND NOTES (18 mins)
1 INTEREST INCOME
Interest on fixed deposit K KATZENELLENBOGEN
KOOL KATZ CLOTHING
Interest on current account INCOME STATEMENT FOR THE YEAR ENDED 29 FEBRUARY 2012
Interest income (charged on debtors accounts) NOTE
2 TANGIBLE ASSETS VEHICLES EQUIPMENT TOTAL
3 INVENTORIES
5 CASH AND CASH EQUIVALENTS
NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED QUESTION 54 – BALANCE SHEET ONLY (25 mins)
29 FEBRUARY 2012
1 INTEREST EXPENSE DINOSAUR DEALERS
Interest expense (charged by creditors on our account) BALANCE SHEET AT 30 JUNE 2012
Interest on loan
Interest on overdraft
2 TANGIBLE ASSETS PROPERTY VEHICLES EQUIPMENT TOTAL
Movements
3 OWNER’S EQUITY
QUESTION 55 – NOTES TO FINANCIAL STATEMENTS (18 mins) QUESTION 56 – ACCOUNTING EQUATION AND GAAP (30 mins)
HEAVENLY HOME STORES PANDA TRADERS

NOTES TO FINANCIAL STATEMENTS FOR YEAR ENDED 29 FEBRUARY 2012 A ACCOUNT DEBITED ACCOUNT CREDITED A OE L
1 FIXED / TANGIBLE ASSETS EQUIPMENT VEHICLES TOTAL
1
2
3
Movements 4
5
6
7
8
9
10
11
B ANSWER THE FOLLOWING QUESTIONS:

3 OWNER’S EQUITY B1 Refer to the adjustments in A and tick the GAAP principle applied in each.
MATCHING BUSINESS ENTITY PRUDENCE MATERIALITY

1
2
3
4
5
6
7
8
9
10
11
B2 Use ONE of the adjustments to explain briefly the reason for the GAAP principle.
UNIT 10: ANALYSIS AND INTERPRETATION
MATCHING
OF FINANCIAL STATEMENTS
QUESTION 57 – ANALYSIS AND INTERPRETATION (30 mins)

BUSINESS ENTITY
1.
PRUDENCE
2.
MATERIALITY
3.
4.
5.
Copyright © The Answer Series: Photocopying of this material is illegal 46 UNIT 10: Analysis and Interpretation
6. 6.
7.
7.
8.
8.
QUESTION 58 – ANALYSIS AND INTERPRETATION (20 mins) QUESTION 59 – ANALYSIS AND INTERPRETATION (28 mins)
1. 1.
2.
3. 2.
4.
3.
5.
4.
1.
5.
2.
6.
3.
7.
4.
8.
5.
6.1 1.3
6.2

6.3
6.4
2.
Formula Answer 1 Answer 2 Answer 3
2.1 solvency 1:1 10 : 1 1 000 000 : 1
2.2 acid test ratio 0,8 : 1 1:1 2:1

2.3 return on equity 5% 10% 20%
2.4 operating expenses
30% 40% 50%
1.1 as a % of sales
2.5 current ratio 1:1 1,7 : 1 2:1
3.
1.2
QUESTION 63 – MATCH THE TERMS (10 mins)
UNIT 11: COST ACCOUNTING
QUESTION 62 – TICK THE COLUMN (10 mins)
1 the raw material actually needed to
A direct labour cost
make the product
Financial Managerial
accountant accountant
2 the expenses paid to run a factory, but
none of them are directly involved with B indirect labour cost
1 He prepares budgets making the product
2 He sees that the correct income tax is paid 3 direct materials + direct labour C direct materials cost
3 He prepares Income Statements and Balance Sheets

4 the cost of producing one unit (product) D indirect materials cost
4 He inspects the difference between actual and
budgeted expenses and identifies reasons for the 5 these costs increase if the factory
difference produces more products and decrease E factory overheads
if less is produced
5 He ensures that salaries and wages are processed
and paid properly 6 these costs do not change even if the
quantities produced by the factory F work in process
increase or decrease
6 He calculates costs and break-even points
7 the amount paid to workers who are not
G unit cost
7 He makes use of computerised systems involved with the making of the product
8 these are part of the overheads as they

8 He calculates financial indicators from the financial are not directly involved with the H fixed costs
statement to analyse the results of the business making of the product
9 He estimates costs and income for the future 9 the amount paid to the workers who
I prime cost
actually make the product
10 He is responsible for ensuring that VAT is paid 10 the products not finished in one
on time financial period - they will be completed J variable costs
in the next financial period
Copyright © The Answer Series: Photocopying of this material is illegal 50 UNIT 11: Cost Accounting
QUESTION 64 – IDENTIFY THE COST CONCEPTS (10 mins) QUESTION 65 – ETHICS IN MANUFACTURING (8 mins)
Direct Indirect Direct Indirect Enterprise 1 2 3 4 5 6

Cost Overheads
labour labour materials materials
tablets to cure flu 
nuclear energy plant
mass production of running shoes
metal smelter
production of cosmetics
paper making
gold mining
production of poultry products
production of fire works
QUESTION 66 – CALCULATE THE COSTS + (20 mins)
1.
2.
3. Calculate the prime cost of making one cupcake.

Ingredients to make
Price
12 cupcakes
Cupcakes 175 g self-raising flour R11,55 for 1 kg
150 g castor sugar R16,50 for 1 kg
150 g butter R28,00 for 500 g
3 eggs R1 each
5 m´ vanilla essence R25,00 for 500 m´
Icing 150 g butter R28,00 for 500 g
250 g icing sugar R16,50 for 1 kg
5 m´ vanilla essence R25,00 for 500 m´
DIRECT MATERIALS COST OF 12 CUPCAKES
DIRECT MATERIALS COST OF 144 CUPCAKES
Direct Wages
PRIME COST OF 144 CUPCAKES
4. 4.
5.
5.
6.
6.
QUESTION 67 – COST CONCEPTS (16 mins)
1.
7.
2.
3.
QUESTION 70 – CAPITAL BUDGET + (10 mins)
UNIT 12: BUDGETING
1. CAPITAL BUDGET FOR THREE MONTHS ENDING 31 AUGUST 2012
QUESTION 68 – TYPES AND TIMES OF BUDGETS (10 mins) JUNE JULY AUGUST
1 This budget plans for a period of more

A cash budget
than a year.
2 This budget shows the number of products

to be made by a factory during the next B short term budget
accounting period and the costs involved.
3 This budget plans for a period of a year. C zero based budget
4 This budget is done when the business 2. ANSWER THE FOLLOWING QUESTIONS:
intends to buy tangible assets costing a lot D medium term budget
of money. 2.1
5 This budget shows the expected cash

to be received and paid in the next E production budget
accounting period.
6 This budget does not take into account
previous figures, but starts from scratch 2.2
F long term budget
based on new decisions as to what is
necessary and what the cost will be.
7 This budget plans for a period of less than

G capital budget
a year. 2.3
QUESTION 69 – PURPOSE OF A BUDGET (10 mins)
Purpose True False

1 It acts as an internal control measure to ensure the
business achieves its aims.
2 When compared to actual figures for the month,
it shows where the business went wrong.
3 It ensures that debts will be paid timeously.
4 It helps the business plan for the future.

5 It enables the business to make changes to its
plans before it is too late.
Copyright © The Answer Series: Photocopying of this material is illegal 53 UNIT 12: Budgeting
QUESTION 71 – CASH BUDGET (15 mins) 5.
1. RACOON RETAILERS
CASH BUDGET FOR THREE MONTHS ENDED 31 MAY
MARCH APRIL MAY
RECEIPTS
Capital 50 000 0 0
Cash sales 12 000 28 000 34 000
Cash received from debtors 0 18 000 25 000
Loan: Mega Bank 0 0 80 000 QUESTION 72 – CASH BUDGET (24 mins)
TOTAL RECEIPTS 62 000 46 000 139 000
1. THE PETERS FAMILY
CASH BUDGET FOR THE MONTH OF OCTOBER
PAYMENTS
OCTOBER
Equipment 45 000 0 0
RECEIPTS
Creditors 0 65 000 85 000
Sundry expenses 20 000 22 000 24 000
PAYMENTS
TOTAL PAYMENTS 65 000 87 000 109 000
, , ,
Cash surplus/(shortfall)
, , ,
Bank balance at beginning of month
, , ,
Bank balance at end of month
2.
3.
TOTAL PAYMENTS
Surplus/(shortfall)
4. Balance at beginning of month
Balance at end of month
2. 4.
3. 5.
4. 6.
QUESTION 73 – COMMENTING ON A CASH BUDGET (15 mins)
1.
2.
3.
EXAM QUESTIONS 1.2.1
QUESTION 1 (60 mins) – INCOME STATEMENT + 98 MARKS
1.1 LEOPARD PRODUCTS

INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2012 (80)
(6)
1.2.2
(6)
1.2.3
(6)
Copyright © The Answer Series: Photocopying of this material is illegal 56 EXAM QUESTIONS
QUESTION 2 (36 mins) – ACCOUNTING EQUATION 60 MARKS QUESTION 3 (15 mins) – BUDGETS AND COST CONCEPTS 24 MARKS
GIRAFFE SPORTS SHOP

3.1
Effect on
Account Account
Date
Document Amount equation

debited credited
A OE L (4)
duplicate
e.g. Bank Capital 200 000 + + 0
deposit slip 3.2
1 (4)
5 768 3.3
6 1 500
12 8 000
(4)
15
1 440 3.4
16 384
240 (4)

18 120
20 384
22 480 (4)
25 14 100 3.5
28 450
(4)
QUESTION 4 (30 mins) – ANALYSIS AND INTERPRETATION 48 MARKS
4.2.2
OF FINANCIAL STATEMENTS
4.1

(8)
4.2.3
(4)

4.2.4
(24)
(6)
4.2.1
4.2.5 (2)
(4)
QUESTION 5 (24 mins) – INTERPRETATION OF ACCOUNTS 40 MARKS QUESTION 6 (15 mins) – ACCOUNTING ENTRIES AND 25 MARKS
INTERNAL CONTROL
5.1 (1)
6.1.1 A Debit Purchases; Credit Creditors control
B Debit Creditors control; Credit Trading stock
5.2 (2)
C Debit Trading stock; Credit Creditors control
5.3 D Debit Trading stock; Credit Bank
(4)
6.1.2 A Debit Debtors Control R1 800; Credit Trading stock R1 800

5.4 (2) Debit Cost of sales R1 000; Credit Sales R1 000
B Debit Bank R1 750; Credit Sales R1 800
5.5 (2) C Debit Debtors control R1 800; Credit Sales R1 800
Debit Cost of sales R1 000; Credit Trading stock R1 000
5.6 (2) D Debit Bank R1 800; Credit Sales R1 800
Debit Cost of sales R1 000; Credit Trading stock R1 000
5.7 (2)
6.1.3 A Debit Sales R720; Credit Debtors allowances R720

5.8 (2) Debit Cost of sales R400; Credit Trading stock R400
B Debit Debtors allowances R720; Credit Debtors control R720
Debit Trading stock R400; Credit Cost of sales R400
5.9 (4) C Debit Debtors allowances R720; Credit Bank R720
Debit Cost of sales R400; Credit Trading stock R400
5.10 (2) D Debit Debtors Control R720; Credit Debtors allowances R720
Debit Trading stock R400; Credit Cost of sales R400
5.11 (3)
6.1.4 A Debit Debtors control R450; Credit Trading stock R450

5.12 (2)
B Debit Drawings R450; Credit Trading stock R450
5.13 (2) C Debit Drawings R250; Credit Trading stock R250
D Debit Drawings R370; Credit Trading stock R370
5.14 (2)
5.15 (2) 6.1.5 A Debit Drawings R11 000; Credit Trading stock R11 000
B Debit Trading stock R9 800; Credit Closing stock R9 800
5.16
C Debit Trading stock R11 000; Credit Trading stock surplus R11 000
D Debit Trading stock deficit R11 000; Credit Trading stock R11 000
(6) (15)
Copyright © The Answer: Photocopying of this material is illegal 59 EXAM QUESTIONS
6.2.1 7.3
(6)
(4) 7.4 (2)
6.2.2 7.5
(4)
7.6
(6)
(8)
QUESTION 72 (27 mins) – ANALYSIS AND INTERPRETATION 45 MARKS

7.7
7.1
(6)
7.8
(7)
(3)
7.2
7.9
(2)
(7)

QUESTION 8 (55 mins) – FINANCIAL STATEMENTS 85 MARKS FLAMINGO FASHIONS
AND GAAP 8.3 BALANCE SHEET AT 29 FEBRUARY 2012 (40)
NOTE
ASSETS
FLAMINGO FASHIONS
Non-current assets
8.1 CALCULATION OF CORRECT NET PROFIT (16)
Net profit according to draft Income Statement 179 520
Current assets
Total assets
EQUITY AND LIABILITIES

Owner's equity
8.2 NOTES TO FINANCIAL STATEMENTS
1 OWNER'S EQUITY Non-current liabilities
Current liabilities
Total equity and liabilities

(6)
(7)
FLAMINGO FASHIONS QUESTION 9 (27 mins) – COST CONCEPTS AND VAT 46 MARKS
8.4.1
9.1.1
(4)
(4)
8.4.2
9.1.2
(2)
(4)
8.4.3
9.1.3
(6)
8.4.4
(8)
(4)
9.1.4
(4)

QUESTION 10 (18 mins) – BUDGET CONCEPTS 30 MARKS
9.1.5
(4) 10.1.1
(4)
9.1.6
10.1.2
(4) (2)
9.1.7
10.1.3
(4)
(2)
9.1.8
10.2
(4)
9.2.1
(3)
10.3
(6)
9.2.2 (6)
10.4
(2)
(4)

11.2 (4)
10.5
R
Balance owing according to Creditors ledger 41 970
(5)
10.6 A zero-based budget B cash budget C long term budget

(2)
10.7
QUESTION 12 (32 mins) – SALARIES 55 MARKS
(4)
12.1
QUESTION 11 (10 mins) – RECONCILIATION OF CREDITORS 14 MARKS (4)

STATEMENT WITH CREDITORS LEDGER
12.2
11.1 (10)
R (2)
Balance according to statement received from Tern Wholesalers 44 510
12.3 (2)
12.4
(4)
Balance should be

12.5 PAYSLIP: BARNEY BARNES - SEPTEMBER 12.9 (16)
Gross salary 13 500,00 ACCOUNT ACCOUNT
TRANSACTION A OE L
DEDUCTIONS DEBITED CREDITED
PAYE 2 247,75 1. Net wage Wages

calculated
Medical aid 1 100,00
2. Medical aid
? ?
deducted from
? ? salaries
3. Pension fund 0 – +
Net salary ? (9) contribution
4. Salaries paid to –
employees
12.6 (4)
5. Skills
development levy
12.7
(8)
12.8
(6)

Sta n d a ch an ce to
W IN a n A pple i Pa d
by sca nnin g th e QR cod e b el ow.
www.th ean swer.co. za/wi n

Term s and co nd i t i o ns ap p l y

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Accounting 3 in 1 TEMPLATES for

Unit 2: Informal / Indigenous Bookkeeping ......................................... 1

Unit 3: Cash Journals.......................................................................... 4 EXAM QUESTIONS

Unit 4: Credit (& other) Journals ......................................................... 8 Exam Questions ................................................................................. 56

Unit 5: Ledgers, Trial Balances and Accounting equation .................. 14

Unit 6: Value Added Tax ..................................................................... 26

Unit 7: Salaries and Wages ................................................................ 27

Unit 8: Final Accounts ......................................................................... 32

Unit 9: Financial Statements ............................................................... 41

Unit 10: Analysis and Interpretation of Financial Statements ............. 46

Copyright © The Answer Series: Photocopying of this material is illegal

commission income Money saved 1 500 Aggie's wages 50

cost of sales Sale of sandwiches 1 000 Tumi's transport

creditors (100 x R10) & wages (2 x R25) 50

QUESTION 3 – COMPARISON OF FORMAL VS GAAP

No. Formal Informal A Explanation B Concept Answer

QUESTION 9 – CASH RECEIPTS JOURNAL (30 mins)

Q9 CASH RECEIPTS JOURNAL OF BOND DEALERS – JULY CRJ6

Q10 CASH PAYMENTS JOURNAL OF BOND DEALERS – JULY CPJ7

410 1 Neotel 2 360 2 360 Telephone

Q11 CASH RECEIPTS JOURNAL OF LIMPOPO TRADERS – JANUARY CRJ8

Q12 CASH PAYMENTS JOURNAL OF LIMPOPO TRADERS – JANUARY CPJ9

TRADING MATERIAL CREDITORS DISCOUNT DEBTORS SUNDRIES

521 1 R Red 1 200 1 000

DEBTORS 8 ALLOWANCES JOURNAL – SEPTEMBER DAJ10

CREDITORS JOURNAL – SEPTEMBER CJ10

INV DAY CREDITOR

321 6 China & Co 6 000 6 000

GENERAL JOURNAL OF HARRY'S RETAILERS – MARCH GENERAL JOURNAL OF R RABBIT – AUGUST

30 Totals b/f 525 350 150 285

Q17 CASH RECEIPTS JOURNAL OF FOREST FURNISHERS – MAY CRJ13

PETTY CASH JOURNAL OF FOREST FURNISHERS – MAY PCJ13

TRADING CREDITORS DISCOUNT DEBTORS SUNDRIES

CREDITORS JOURNAL OF FOREST FURNISHERS – MAY CJ13

CREDITORS TRADING PACKING SUNDRIES

CREDITORS TRADING PACKING SUNDRIES

DEBTORS ALLOWANCES JOURNAL

QUESTION 18 – GENERAL LEDGER AND TRIAL BALANCE (60 mins)

GENERAL LEDGER OF TREETOPS TRADERS

DRAWINGS B2 CREDITORS CONTROL B8

LOAN FROM ABC B3

PACKING MATERIAL N10

QUESTIONS BASED ON TREETOPS TRADERS

2 The sales column in the 7 An invoice of R460 for

3 The total of the wages 8 A debtor was charged

4 An invoice received from 9 The total of the Sundries

GENERAL LEDGER OF FOREST FURNISHERS

May 1 Account rendered 449

May 1 Account rendered –

May 1 Account rendered 650

LIST OF DEBTORS' BALANCES – 31 MAY

May 1 Account rendered 2 400 DEBTORS LEDGER OF OCEAN BLUE BROS

REDWOOD LTD Sep 1 Account rendered 2 230

DATE DETAILS / DOCUMENTS FOLIO DEBIT CREDIT BALANCE

May 1 Account rendered 1 050

May 1 Account rendered 950

May 1 Account rendered 2 875

MAPLE MOTORS LIST OF DEBTORS' BALANCES – 30 SEPTEMBER