Acc Gr10 May 2009 Answer Sheets Blank

8/9/2019 Acc Gr10 May 2009 Answer Sheets Blank

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WESTERFORD HIGH SCHOOL

GRADE 10

ACCOUNTING EXAMINATION

26 May 2009

MARKS: 200 TIME: 2 HOURS

Name: ................................................................. Grade 10 ..........

Question Topic Learners MarkMark allocation for

question

1Documents, recording, accountingequation & concepts

50

2 Debtors & stock 50

3 General Journal 45

4 Different accounting systems 15

5 Debtors and creditors ledgers 30

6 Code of ethics 10

TOTAL 200


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QUESTION 1

1.1

Date Document Journal Accountdebited

Accountcredited

Amount Effect onequationA O L

1 Receipt CRJ Bank Capital R80 000

1 JV GJ Vehicles Capital R90 000

4

5 R700

11 R750

11 R500

12 R8 000

15 R1 350

15 R900

16 R240

16 R160

18 R40

20

22 R450

25

25

35


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3

1.2 Do you agree with Patricias opinion about documents? Provide aconvincing but concise explanation for your opinion.

(5)

1.3 Explain what is meant by the Business Entity Rule and why it isimportant for Michael to open a separate bank account in thename of the business.

(4)

1.4 Explain what is meant by the following:

Assets

Liabilities

Owners equity

(6)

MARKS

50


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QUESTION 2:

DEBTORS:

2.1 According to the general ledger, how much is owed by the debtors atthe end of April?

(2)

2.2 What is the best way of checking that the amount owed by debtorsaccording to the general ledger is correct?

(2)

2.3 What is the value of credit sales for April?

(2)

2.4 If the discount allowed to debtors for early payment is R620, howmuch did the debtors pay during April?

(2)2.5 A bad debt was written off during April. In which figure in the ledger

account, is this bad debt included (provide only the figure)?

(2)

2.6 Give one possible explanation for the entry of R340 on the debitside.

(2)

2.7 Give one possible explanation for the entry of R588 on the creditside.

(2)

2.8 Have the debtors generally been settling their accounts on time?Provide figure/s from the ledger account to support your opinion.

(4)

2.9 If a debtor proves to be slow in settling his debt, what two points ofadvice would you provide to Phatedi Traders to solve this problem?

(4)

2.10 All new customers opening accounts should be screened byPhatedi Traders. What is meant by screening and why is itimportant for the business to do this?

(4)


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TRADING STOCK:

2.11 According to the general ledger, how much trading stock is on handat the end of April?

(2)

2.12 What is the best way of checking that the amount of stock on hand

according to the general ledger is correct?

(2)

2.13 What is the value of cash sales for April?

(3)

2.14 In your opinion, should this business try to encourage more cashsales than credit sales? Briefly explain your reason.

(2)2.15 How much stock was bought on credit during April?

(2)

2.16 What is the main advantage of buying stock on credit?

(2)

2.17 Provide the folio reference for the entry of R4 426 on the credit side.

(2)

2.18 Should Phatedi Traders be satisfied with the quality of goods theyhave been receiving from their suppliers? Provide figure/s from theledger account to support your opinion.

(4)

2.19 Provide the contra detail for the entry of R3 360 on the debit side.

(2)

2.20 Is Phatedi Traders carrying enough stock to satisfy the needs of its

customers for May? Provide figure/s to support your opinion.

(3)

MARKS

50


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QUESTION 3:

General Journal of Winter Traders for August 2009 GJ Debtors control Creditors control

Day Details Debit Credit Debit Credit Debit Credit

MARKS

45


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QUESTION 4.1:

4.1.1 Briefly explain what is meant by an entrepreneur.

(2)

4.1.2 Briefly explain the difference between indigenous and formalbookkeeping systems.

(3)

4.1.3 Consider the following statements. Decide which statementswould apply to Mary and which would apply to Brenda. Place atick in the appropriate column/s. Note that some statements couldapply to both. (10)

MARYIndigenoussystem

BRENDAFormalsystem

She relies on self-management

She plans extensively and ensures that budgets are drawn upregularly

She uses documents extensively

She relies mainly on cash transactions

She safeguards her cash and her assets herself

She has separate bank accounts for herself and her business

She notes her important transactions in a notebook only

She may consider using a computerized accounting softwarepackage

Making a profit is an important objective for her business

She keeps journals and ledgers and prepares a trial balanceeach month

She adheres to GAAP

There is only one person involved in her business

She employs an accountant to prepare her financialstatements

There are divisions of duties within her business so that oneemployee serves as a check on another

She is concerned about a good relationship with customers

MARKS

15


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QUESTION 5

SleekDebtors Ledger of Charming Stores

Date Code Details / Document no. fol Debit Credit Balance

SmoothCreditors Ledger of Charming Stores

Date Code Details / Document no. fol Debit Credit Balance

MARKS

30


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QUESTION 6

No

COLUMN A COLUMN B

PRINCIPLE / ETHICS PRINCIPLE AS PER CONTRACT

6.1 Objectivity

6.2 Technical standards

6.3 Confidentiality

6.4 Integrity

6.5Professional conduct and duecare

MARKS

10

Acc Gr10 May 2009 Answer Sheets Blank

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