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CAPS

D. Kerdachi • A. Kriel • A. Viljoen

Grade 10

WorkbookAccounting

6 0 0 9 7 0 1 8 6 1 4 5 7

ISBN: 978-0636-12971-9

Acco

un

ting

Wo

rkbo

ok G

rade 10

Focus Account 10 WB cov-REV2.indd 1 2011/10/06 9:35 AM

Focus Accounting Grade 10 Workbookii

Maskew Miller Longman (Pty) Ltd.

Forest Drive, Pinelands, Cape Town

Offices in Cape Town, Johannesburg, Durban, King William’s Town, Polokwane, Bloemfontein, Mafikeng and Nelspruit and companies throughout southern and central

Africa.

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© Maskew Miller Longman (Pty) Ltd 2011

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the copyright holder.

First published in 2011

ISBN 978 0636 xxxxx x

Edited by Neall Fourie

Book design by MML Studio

Cover design by MML Studio

Typesetting by Neall Fourie

Printed by

00 FOA G10 WB - Prelims.indd 2 2011/09/14 12:56 PM

iiiFocus Accounting

About the Focus Accounting Workbook ��v

Chapter 1: Informal or indigenous bookkeeping �� 1

Chapter 2: Ethics �� 4

Chapter 3: Accounting (GAAP) principles �� 6

Chapter 4: Internal control �� 7

Chapter 5: Accounting concepts �� 10

Chapter 6: Bookkeeping of a sole trader �� 12Programme of Assessment: Term 1 test answer book ��88Programme of Assessment: Project answer book ��91

Chapter 7: Value-added tax (VAT) ��104

Chapter 8: Salaries and wages ��106

Chapter 9: Year-end adjustments and final accounts ��121Programme of Assessment: Mid-year examination answer book �� 157Chapter 10: How to prepare financial statements ��163Programme of Assessment: Case study answer book �� 186

Chapter 11: Analysis and interpretation of financial statements and notes ��189Programme of Assessment: Term 3 test answer book �� 195

Chapter 12: Cost Accounting ��197

Chapter 13: Budgets ��200Programme of Assessment: Final examination answer book �� 202

Revision section ��208

Contents


Focus Accounting Grade 10 Workbookiv

About the Focus Accounting Workbook

The Focus Accounting Learner’s Book is supported by a comprehensive 200-page Workbook that provides learners with templates for each of the activities in the Learner’s Book.

These templates are easy to use, as they are structured according to the requirements for each activity. All the templates in the Workbook are referenced to the particular page in the Learner’s Book where the activity can be found. This ensures that learners can easily access exactly what they need in order to complete the activities.

This sample Workbook is an extract of the comprehensive Workbook. The sample Workbook is aligned to Chapter 6 of the Learner’s Book, which focuses on the core bookkeeping principles of the curriculum.

The Focus Accounting Learner’s Book, Teacher’s Guide and the Workbook provide the complete classroom solution in addressing the needs of teachers and learners.


1Chapter 1 Informal or indigenous bookkeeping systems

Chapter 1 Informal or indigenous bookkeeping systems

Activity 1�1 (Learner’s Book page 1)

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Number Cost price Profit mark−up Selling price

1. R700 100%

2. R840 50%

3. R620 75%

4. R500 25%

5. R400 20%

6. R1 200 33,33%

7. R900 80%

8. R480 66,67%

9. R800 45%

10. R680 90%


Number Selling price Profit mark−up Cost price

1. R700 100%

2. R840 50%

3. R630 75%

4. R500 25%

5. R420 20%

6. R1 200 33,33%

7. R1 080 80%

8. R480 66,67%

9. R1 131 45%

10. R665 90%


1. ...............................................................................................................................................................................

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00 FOA G10 WB - 1st pages [1 Sep 2011].indb 1 2011/09/10 8:44 AM

Focus Accounting Grade 10 Workbook2

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5.

Mrs Govender’s system Formal bookkeeping system


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6.

Willie’s system Formal bookkeeping system

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3Chapter 1 Informal or indigenous bookkeeping systems

8. Willie could improve control in the following ways:

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Exam practice (Learner’s Book page 10)

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4. a) ..........................................................................................................................................................................

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e) ..........................................................................................................................................................................

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f) ..........................................................................................................................................................................

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Chapter 2 Ethics


1. ...............................................................................................................................................................................

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5Chapter 2 Ethics


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Question 5

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• .....................................................................................................................................................................................

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Chapter 3 Accounting [GAAP] principles


• .....................................................................................................................................................................................

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1. A B C

D E F

2. ...............................................................................................................................................................................

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5. ...............................................................................................................................................................................

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7Chapter 4 Internal control

Chapter 4 Internal control


The four different types of control are:

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Problem Solution




Problem Solution


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9Chapter 4 Internal control

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2.

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3. ...............................................................................................................................................................................

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Three areas where this can be applied are:

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Chapter 5 Accounting concepts


1. A B C

D E F

G H I

J K L

2. ...............................................................................................................................................................................

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1. A B C

D E F

G H I

J K L

M N O

2. ...............................................................................................................................................................................

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A B C

D E


1. a) .........................................................................................................................................................................

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b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

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d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................

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f) ..........................................................................................................................................................................


11Chapter 5 Accounting concepts

2. a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

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c)

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3. ...............................................................................................................................................................................

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4.

Account Income Expense Asset Owner’s Equity Liability

Equipment

Wages

Sales

Trading stock

Cell phone charges

Capital

Bank

Creditors

Drawings

5. A B C

D E



Chapter 6 Bookkeeping of a sole trader


1. ...............................................................................................................................................................................

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8. ...............................................................................................................................................................................


1.

2.

3.

4.

5.


13Chapter 6 Bookkeeping of a sole trader

6.

7.

8.

9.

10.


General Ledger of Soccer Scene Balance Sheet Section

TRADING STOCK B4

TRIAL BALANCE OF SOCCER SCENE AS AT 31 MARCH 20�4Details Fol� Debit Credit

Balance Sheet Section

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Nominal Accounts Section SALES N1

COST OF SALES N2

RENT INCOME N3

WAGES N4

STATIONERY N5

SUNDRY EXPENSES N6

SALARIES N7

BANK CHARGES N8

INTEREST INCOME N9



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ADVERTISING N10

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1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

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Balance at beginning Repayment Balance at the end

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7. ...............................................................................................................................................................................



8.

Account debit Account credit Amount Assets Owners’ Equity Liability


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1.

CASH RECEIPTS JOURNAL OF JOBURG JEWELLERS FOR AUGUST 20�9 CRJ1

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CASH PAYMENTS JOURNAL OF JOBURG JEWELLERS FOR AUGUST 20�9 CPJ1

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Balance Sheet SectionDEBTORS CONTROL B5

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1.

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• A credit card .................................................................................................................................................

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2. ...............................................................................................................................................................................

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General Ledger of KH Dealers Balance Sheet Section

CREDITORS CONTROL B3

DEBTORS CONTROL B6

TRADING STOCK B7

Nominal Accounts Section DISCOUNT ALLOWED N3

DISCOUNT RECEIVED N4


1.

Number Subsidiary journal

General Ledger Effect on the Accounting Equation

Account debit Account credit A OE L

a)

b)

c)

d)

e)

f)



2. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................

3. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

4. Transaction 1

a) ......................................................................................................................................................................... r

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

Transaction 2

a) ..........................................................................................................................................................................

b)

Subsidiary journal

General Ledger Effect on the Accounting Equation


c) ..........................................................................................................................................................................

d.

Balance on 1 March Repayment 28 February Balance on 28 February

e) ..........................................................................................................................................................................

f) ..........................................................................................................................................................................

Transaction 3

a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

e)

Account debit Account credit Amount




PETTY CASH JOURNAL OF SNACK SHOP FOR MARCH 20�11 PCJ1

Doc� Day Details Fol� Petty cash Postage StationerySundry accounts



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2. ................................................................................................................................................................................

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3. ................................................................................................................................................................................

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4. ................................................................................................................................................................................

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COST OF SALES N2

INTEREST ON INVESTMENT N3

RENT EXPENSE N4

SALARIES AND WAGES N5

PACKING MATERIAL N6

PRINTING AND STATIONERY N8

POSTAGE N9



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INTEREST ON SAVINGS N3

COMMISSION INCOME N4

CURRENT INCOME N5

WATER AND ELECTRICITY N6

TELEPHONE N7

CONSUMABLES N8

WAGES N9

DONATION N10

REPAIRS N11

POSTAGE N12

STATIONERY N13


Number JournalGeneral Ledger Effect on the Accounting Equation

Account debit Account credit A = OE + L

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.




1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

6. ...............................................................................................................................................................................

...............................................................................................................................................................................

7.

Advantages Disadvantages

• •

• •

• •

8.

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................


DEBTORS JOURNAL OF PHEZULU COMPUTERS FOR APRIL 20�6 DJ1

Doc� Day Debtor Fol� Sales Cost of sales

General Ledger of Phezulu Computers Balance Sheet Section

DEBTORS CONTROL B1



TRADING STOCK B2


COST OF SALES N2


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................


DEBTORS JOURNAL OF M&M RETAILERS FOR AUGUST 20�5 DJ1


Debtors Ledger of M&M Retailers K� BROOKS DL1

Date Details/Document Fol� Debit Credit Balance

S� SCOTT DL2Date Details/Document Fol� Debit Credit Balance



V� LUYT DL3Date Details/Document Fol� Debit Credit Balance

Debtors List as at 31 August 20�5

General Ledger of M&M Retailers Balance Sheet Section

DEBTORS CONTROL B1

TRADING STOCK B2


COST OF SALES N2


DEBTORS JOURNAL OF FRIENDLY FURNISHERS FOR JANUARY 20�3 DJ1




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DEBTORS JOURNAL OF ABC STATIONERS FOR FEBUARY 20�6 DJ1

Doc� Day Debtor Fol� SalesCost of

sales

Debtors Ledger of ABC Stationers D� WRITE DL1


G� SMIT DL2Date Details/Document Fol� Debit Credit Balance

HOME SUPPLIES DL3Date Details/Document Fol� Debit Credit Balance

STATIONERY SHOP DL4Date Details/Document Fol� Debit Credit Balance

INK LTD DL5Date Details/Document Fol� Debit Credit Balance



Debtors List as at 28 February 20�6

General Ledger of ABC Stationers Balance Sheet Section

DEBTORS CONTROL B1

TRADING STOCK B2


COST OF SALES N2

DISCOUNT ALLOWED N3




DEBTORS ALLOWANCES JOURNAL OF PHILANI’S HARDWARE FOR MARCH 20�1 DAJ1

C/N Day Debtor Fol�Debtors

allowances Cost of

sales

General Ledger of Philani’s Hardware Balance Sheet Section

DEBTORS CONTROL B1

TRADING STOCK B2

Nominal Accounts Section COST OF SALES N2

DEBTORS ALLOWANCES N3


DEBTORS JOURNAL OF SLIM JIM SPORTSWARE FOR DECEMBER 20�5 DJ5


89 2 V. Moosa 600 00

90 6 B. Mokhine 760 00

91 F. Player 400 00

92 9 D. Bell 316 00

93 12 C. Johnson 608 00

94 21 T. Ndango 280 00 210 00

95 22 V. Moosa 111 00

96 24 D. Bell 666 00

97 26 F. Player 222 00

98 30 B. Mokhine 572 00 429 00

DEBTORS ALLOWANCES JOURNAL OF SLIM JIM SPORTSWARE FOR DECEMBER 20�5 DAJ5

C/N Day Debtor Fol� Debtors allowances

Cost of sales

65 6 V. Moosa 27 00

66 15 B. Mokhine 20 00

67 22 C. Johnson 36 00

68 25 T. Ndango 45 00

69 30 D. Bell 60 00

108 00



Debtors Ledger of Slim Jim Sportsware V� MOOSA DL2


B� MOKHINE DL5Date Details/Document Fol� Debit Credit Balance

Debtors List as at 31 December 20�5

General Ledger of Slim Jim Sportsware Balance Sheet Section

DEBTORS CONTROL B1

Answers

1. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

5.

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.........................................................................................................................................................................

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DEBTORS JOURNAL OF DQ RETAILERS FOR NOVEMBER 20�9 DJ4


sales

15 Totals b/d

DEBTORS ALLOWANCES JOURNAL OF DQ RETAILERS FOR NOVEMBER 20�9 DAJ4

C/N Day Debtor Fol�Debtors

allowancesCost of

sales

Debtors Ledger of DQ Retailers H� WAIN DL1


J� MEIKLE DL2Date Details/Document Fol� Debit Credit Balance

T� HOLDT DL3Date Details/Document Fol� Debit Credit Balance

Debtors List as at 30 November 20�9



General Ledger of DQ Retailers Balance Sheet Section

DEBTORS CONTROL B1

TRADING STOCK B2


COST OF SALES N2


DISCOUNT ALLOWED N4




General Ledger of Wonderland Toy Factory Shop Balance Sheet Section

DEBTORS CONTROL B5

Dec. 1 Balance b/d Nov. 30 Bank

31 Sales CRJ

DAJ

Jan. 1 Balance b/d

TRADING STOCK B7

Dec. 1 Balance b/d Dec. 31 Cost of sales

31 Cost of sales Cost of sales

Bank Balance c/d

Jan. 1 Balance b/d 8 143 00

Debtors Ledger of Wonderland Toy Factory Shop BABY GEAR DL8


Dec. 1 Balance b/d 1 789 00

5 Invoice 22 2 279 00

12 Credit note 5 2 220 00

14 Receipt 44 720 00

18 Invoice 29 995 00

31 CRJ 0 00


General Ledger of Savings Retailers Balance Sheet Section

DEBTORS CONTROL B6

TRADING STOCK B7







Debtors Ledger of Benoni Traders JESSE SMITH DL1




Act

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DEBTORS JOURNAL OF SALMON TRADERS FOR APRIL 20�8 DJ1


sales

DEBTORS ALLOWANCES JOURNAL OF SALMON TRADERS FOR APRIL 20�8 DAJ2

Doc� Day Debtor Fol�Debtors

allowancesCost of

sales

General Ledger of Salmon Traders Balance Sheet Section

CAPITAL B1

DRAWINGS B2

LOAN: CITI BANK B3

EQUIPMENT B4

TRADING STOCK B5

DEBTORS CONTROL B6



BANK B7


COST OF SALES N2

DISCOUNT ALLOWED N3

RENT EXPENSE N4

PACKING MATERIAL N5

INTEREST ON LOAN N6

STATIONERY N7


Debtors Ledger of Salmon Traders P� JORDAAN DL1


P� BAKER DL2Date Details/Document Fol� Debit Credit Balance

G� JOUBERT DL3Date Details/Document Fol� Debit Credit Balance



Debtors List as at 30 April 20�8

TRIAL BALANCE OF SALMON TRADERS AS AT 30 APRIL 20�8Details Fol� Debit Credit




1. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

5. ...............................................................................................................................................................................

6. ...............................................................................................................................................................................

...............................................................................................................................................................................

7. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

8. ...............................................................................................................................................................................




No� JournalGeneral Journal Subsidiary ledger

A = OE + LDebit Credit Debit Credit

1.

2.

3.

4.

5.

6.

7.


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

6.



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SUNDAY PAPER CL5Date Details/Document Fol� Debit Credit Balance

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Date Details Fol� Debit Credit Balance

SA ELECTRICS CL2Date Details Fol� Debit Credit Balance

SUPER STORES CL3Date Details Fol� Debit Credit Balance

OFFICE STOP CL4Date Details Fol� Debit Credit Balance

Creditors List as at 31 October 20�6


Balances and totals extracted from July’s General LedgerCreditors Control: ..........................................................................................................................................................................................

Creditors List as at 31 July 20�4 General Motors: ..........................................................................................................................................................................................

Handy Dealers: ..........................................................................................................................................................................................

Plumbing for Africa: ..........................................................................................................................................................................................

General Motors

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CREDITORS ALLOWANCES JOURNAL OF ZZZ SHOPS FOR JANUARY 2011 CAJ1

D/N Day Creditor Fol�Creditors Control

StationeryTrading

stockSundry accounts


General Ledger of ZZZ Shop Balance Sheet Section


TRADING STOCK B8

Nominal Accounts Section DISCOUNT RECEIVED N4

Creditors Ledger of ZZZ Shop DENNISON DEALERS CL1


BENNY BAKERS CL2Date Details Fol� Debit Credit Balance



BROWN’S WHOLESALERS CL3Date Details Fol� Debit Credit Balance

UNBELIEVABLE STORES CL4Date Details Fol� Debit Credit Balance

Creditors List as at 31 January 20�11


No� JournalGeneral Ledger Subsidiary ledger

A = OE + LAccount debit Account credit Account debit Account credit

1.

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4.

5.

6.

7.

8.

9.

10.




General Ledger of Reggie Retailers Balance Sheet Section


DEBTORS CONTROL B6

TRADING STOCK B7




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General Ledger of Reynolds Retailers Balance Sheet Section


DEBTORS CONTROL B6

TRADING STOCK B7


No� JournalGeneral Ledger Subsidiary Ledger

A = OE + LAccount debit Account credit Account debit Account credit

1.

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CREDITORS JOURNAL OF HITEQ CLOTHING STORE FOR DECEMBER 20�8 CJ1

Doc� Day Creditor Fol�Creditors Control

Trading stock

ConsumablesSundry accounts


CREDITORS ALLOWANCES JOURNAL OF HITEQ CLOTHING STORE FOR DECEMBER 20�8 CAJ1

D/N Day Creditor Fol�Creditors Control

Trading stock

ConsumablesSundry accounts


Debtors Ledger of Hiteq Clothing Store E� XULU DL1


M� CRUISER DL2Date Details/Document Fol� Debit Credit Balance

Creditors Ledger of Hiteq Clothing Store APT MANUFACTURERS CL1


UPSTART CLOTHING FACTORY CL2Date Details/Document Fol� Debit Credit Balance



Creditors List as at 31 December 20�8 Debtors List as at 31 December 20�8

General Ledger of Hiteq Clothing Store Balance Sheet Section

CAPITAL B1

DRAWINGS B2

TRADING STOCK B3

VEHICLES B4

EQUIPMENT B5

BANK B6

DEBTORS CONTROL B7




LOAN: ACT FINANCIAL SERVICES B9


COST OF SALES N2

DISCOUNT ALLOWED N3


RENT EXPENSE N5

WAGES N6

CONSUMABLES N7




TRIAL BALANCE OF HITEQ CLOTHING STORES AS AT 31 DECEMBER 20�8Details Fol� Debit Credit




1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

6. ...............................................................................................................................................................................


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................



6. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

7. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

8. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


GENERAL JOURNAL OF MERWE MUSIC SHOP FOR SEPTEMBER 20�1 GJ1

Doc� Day Details Fol� Debit CreditDebtors Control Creditors ControlDebit Credit Debit Credit

General Ledger of Merwe Music Shop Balance Sheet Section

TRADING STOCK B1

DRAWINGS B2


GENERAL JOURNAL OF BEAUTY-4-U FOR JANUARY 20�1 GJ1

Doc� Day Details Fol Debit CreditDebtors Control Creditors ControlDebit Credit Debit Credit

CASH RECEIPTS JOURNAL OF BEAUTY-4-U FOR JULY 20�1 CRJ1

Doc� Day Details Fol�Analysis of

receiptsBank Sales

Cost of sales

Debtors Control

Sundry accounts


Debtors Ledger of Beauty-4-U MS KLEINHANS DL1


General Ledger of Beauty-4-U Balance Sheet Section

DEBTORS CONTROL B3



Nominal Accounts Section BAD DEBTS N3

BAD DEBTS RECOVERED N4


CASH PAYMENTS JOURNAL OF SASSY SHOES FOR DECEMBER 20�6 CPJ1

Doc� Day Name of payee Fol� BankDebtors Control

Creditors Control Sundry accounts

PaymentsDiscount received


GENERAL JOURNAL OF SASSY SHOES FOR DECEMBER 20�6 GJ1

Doc� Day Details Fol� Debit CreditDebtors Control

Debit Credit

General Ledger of Sassy Shoes Balance Sheet Section

DEBTORS CONTROL B6

Nominal Accounts Section DISCOUNT ALLOWED N8

Debtors Ledger of Sassy Shoes F� LOTTO DL5



GENERAL JOURNAL OF PC COMPUTERS FOR JULY 20�2 GJ1




General Ledger of PC Computers Balance Sheet Section

DEBTORS CONTROL B3

Nominal Accounts Section INTEREST ON OVERDUE ACCOUNT N3

Debtors Ledger of PC Computers P� PATEL DL1



GENERAL JOURNAL OF SHINY SHOES FOR SEPTEMBER 20�1 GJ1

Doc� Day Details Fol Debit CreditDebtors Control Creditors ControlDebit Credit Debit Credit




GENERAL JOURNAL OF CURLY HAIRDRESSERS FOR JUNE 20�3 GJ1



GENERAL JOURNAL OF MOLOPO STORES FOR NOVEMBER 20�8 GJ1




General Ledger of Molopo Stores Balance Sheet Section

DEBTORS CONTROL B3


Nominal Accounts Section MOTOR EXPENSES N1

STATIONERY N2



Debtors Ledger of Molopo Stores W� TWALA DL1


R� NAIDOO DL2Date Details/Document Fol� Debit Credit Balance

M� DELAID DL3Date Details/Document Fol� Debit Credit Balance

Creditors Ledger of Molopo Stores CHIRP WHOLESALERS CL1


WARP WHOLESALERS CL2Date Details/Document Fol� Debit Credit Balance

Debtors List as at 30 November 20�8 Creditors List as at 30 November 20�8



A = OE + LDebit Credit Debit Credit

1.

2.

3.

4.

5.

6.

7.

8.



9.

10.

11.

12.

13.

14.


1.

General Ledger of NC Traders Balance Sheet Section

TRADING STOCK B20.3 June 1 Balance b/d

20.3 June 30 Creditors Control 450 00

30 Bank 8 770 00 CRJ 9 100 00

Creditors Control 6 420 00 Cost of sales 8 400 00

Cost of sales 1 120 00 Donations 50 00

Petty cash 80 00 Balance c/d 14 590 00

July 1 Balance b/d

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................


1. and 2.General Ledger of JC Stores

Balance Sheet SectionDEBTORS CONTROL B

20.3 Aug. 1 Balance b/d

20.3 Aug. 31 Bank CRJ 11 250 00

31 Sales 15 000 00 CRJ 65 00

GJ 500 00 DAJ 455 00

Bank CPJ 700 00 Sundry accounts 88 00

Balance c/d

Sep. 1 Balance b/d 21 540 00

3. ...............................................................................................................................................................................

4. a) General Journal – .............................................................................................................................................

b) Sundry accounts – ...........................................................................................................................................

c) Debtors Journal – .............................................................................................................................................

5. ...............................................................................................................................................................................

6. ...............................................................................................................................................................................

7. ...............................................................................................................................................................................




DEBTORS CONTROL CREDITORS CONTROL

DEBTORS LIST CREDITORS LIST


General Ledger of Trendy Traders Balance Sheet Section

DEBTORS CONTROL B4


Debtors List on 31 May 20�4 Creditors List on 31 May 20�4




General Ledger of Ross’s Retailers Balance Sheet Section


DEBTORS CONTROL B6

EQUIPMENT B7







Creditors Ledger of Rugby Ltd M� HARMAN CL3

Date Details/Document No� Fol� Debit Credit Balance


GENERAL JOURNAL OF GASQUET SUPPLIERS FOR MARCH 2013 GJ3

Doc� Day Details Fol� Debit CreditDebtors Control Creditors Control

Debit Credit Debit Credit



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GENERAL JOURNAL OF GET SET SUPPLIERS FOR APRIL 20�13 GJ1




General Ledger of Roddick Retailers Balance Sheet Section

CREDITORS CONTROL B


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4.

General Ledger of Sleepy Hollows Balance Sheet Section CONSUMABLE STORES N3




1.


Effect on the Accounting Equation

Account debit Account credit Account debit Account credit A OE L

a)

b)

c)

d)

e)

f)

g)

2. General Ledger of Smart Stores

Balance Sheet SectionCREDITORS CONTROL B3

DEBTORS CONTROL B6

TRADING STOCK B7



3.

Debtors Ledger of Hillcrest Stores S� TUTTON DL7

Date Details/Document no� Fol� Debit Credit Balance

4. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

c) ..........................................................................................................................................................................

..........................................................................................................................................................................

d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................

f) ..........................................................................................................................................................................

..........................................................................................................................................................................

g) ..........................................................................................................................................................................

5.

NumberDebtors Control account Debtors List


1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

TOTAL

Balance Total debit Total credit Balance

Debtors Control

Debtors List



Programme of Assessment – Test Term 1 answer book

Test term 1 (100 marks) (Learner’s Book page 135)

QUESTION 1 (20 marks)Creditors Ledger of Milnerton Traders

HORNSEY WHOLESALERS CL7Date Details/Document No. Fol. Debit Credit Balance

QUESTION 2 (29 marks)Debtors Ledger of Mrs Price Traders

M. SMITH DL4Date Details/Document no. Fol. Debit Credit Balance

01 FOA G10 WB - Chapter 06 [Bookkeeping of a sole trader].indd 88 2011/09/14 12:55 PM

89Programme of Assessment – Test Term 1 answer book

QUESTION 3 (38 marks)General Ledger of Hector Traders

Balance Sheet Section CREDITORS CONTROL B3

DEBTORS CONTROL B6

TRADING STOCK B7

Nominal Accounts Section DEBTORS ALLOWANCES N3

QUESTION 4 (28 marks)

4.1

General Ledger of Tom’s Traders Balance Sheet Section

TRADING STOCK B3



4.2 ...............................................................................................................................................................................

4.3.1 ...............................................................................................................................................................................

4.3.2 ...............................................................................................................................................................................

4.4 ...............................................................................................................................................................................

4.5.1

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

4.5.2

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................


91Programme of Assessment – Project answer book

Prog

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of A

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DEBTORS JOURNAL OF STATION SHOP FOR MARCH 20.0 DJ1

Doc. Day Debtor Fol. SalesCost of

sales

DEBTORS ALLOWANCES JOURNAL OF STATION SHOP FOR MARCH 20.0 DAJ1

Doc. Day Debtor Fol.Debtors

allowancesCost of

sales

DEBTORS JOURNAL OF STATION SHOP FOR APRIL 20.0 DJ2

Doc. Day Debtor Fol. Sales Cost of sales

DEBTORS ALLOWANCES JOURNAL OF STATION SHOP FOR APRIL 20.0 DAJ1

Doc. Day Debtor Fol. Debtors allowances

Cost of sales

CREDITORS JOURNAL OF STATION SHOP FOR APRIL 20.0 CJ1

Doc. Day Creditor Fol. Creditors Control

Trading stock Stationery

Sundry accountsAmount Fol. Details



CREDITORS ALLOWANCES JOURNAL OF STATION SHOP FOR APRIL 20.0 CAJ1

Doc. Day Creditor Fol.Creditors Control

Trading stock

StationerySundry accounts

Amount Fol. Details

PETTY CASH JOURNAL OF STATION SHOP FOR APRIL 20.0 PCJ2

Doc. DayName of

payeeFol. Petty cash

Sundry expenses

PostageSundry accounts

Amount Fol. Details

GENERAL JOURNAL OF STATION SHOP FOR APRIL 20.0 GJ1

Doc. Day Details Fol. Debit CreditDebtors Control Creditors ControlDebit Credit Debit Credit

General Ledger of Station Shop Balance Sheet section

CAPITAL B1

PARENT’S ASSOCIATION B2



BANK B3

TRADING STOCK B4

EQUIPMENT B5

PETTY CASH B6



CASH FLOAT B7

DEBTORS CONTROL B8

NOTICE DEPOSIT: MIDAS B9

LOAN: CLIFTON HIGH SCHOOL B10


DRAWINGS B12




COST OF SALES N2

RENT INCOME N3

RENT EXPENSE N4

SUNDRY EXPENSES N5

ADVERTISING N6

BANK CHARGES N7

TELEPHONE N8

DISCOUNT ALLOWED N9


INTEREST INCOME N11



POSTAGE N12

DONATIONS N13


STATIONERY N15

INTEREST ON OVERDUE ACCOUNT N16


INTEREST ON INVESTMENT N18

BAD DEBTS N19

Debtors Ledger of Station Shop B. BUTLER DL1

Date Details/Document No. Fol. Debit Credit Balance

C. CHANDLER DL2


G. GARSIDE DL3




J. SAVAGE DL4


S. SINGH DL5


F. MKHIZE DL6


Debtors List as at March 20.0 Debtors List as at April 20.0

Creditors Ledger of Station Shop WILTONS CL1


INNOVATIONS CC CL2




GHI STORES CL3


Creditors List as at April 20.0

TRIAL BALANCE OF STATION SHOP AS AT 28 FEBRUARY 20.0Details Fol. Debit Credit





TRIAL BALANCE OF STATION SHOP AS AT 31 MARCH 20.0Details Fol. Debit Credit





TRIAL BALANCE OF STATION SHOP AS AT 30 APRIL 20.0Details Fol. Debit Credit





Chapter 7 Value-added tax (VAT)


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


2.

Goods or service Zero-rated Goods or service Zero-rated

White bread Carrots

Rice Chips

Breakfast cereal Milk powder

Maize meal/mealie meal Tinned jam

Petrol Lentils


1.

a) ..........................................................................................................................................................................

..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

c) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3.

a) ..........................................................................................................................................................................

..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................


105Chapter 7 Value-added tax (VAT)

c)

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................

.......................................................................................................................................................................



Chapter 8 Salaries and wages


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

6. Curriculum vitae – ................................................................................................................................................

...............................................................................................................................................................................

7. ...............................................................................................................................................................................

8. ...............................................................................................................................................................................

9. ...............................................................................................................................................................................

10. ...............................................................................................................................................................................

11. ...............................................................................................................................................................................


1.

Salary Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8

Beginning 102 000

Increment 6 600 7 200

Final annual salary 150 000

2. ...............................................................................................................................................................................

Year 1 Year 2 Year 3 Year 4 Year 5

...............................................................................................................................................................................


PART A − Breakdown of package

Salary (annual)

Bonus

Total earnings

Medical aid deduction

Pension contribution

UIF

Total cost to company

PART B − Breakdown of annual take-home pay

Earnings

Bonus

Total earnings

Employee deductions

PAYE

Medical aid

Pension fund

UIF

Take-home earnings

Monthly earnings


107Chapter 8 Salaries and wages

Act

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SALA

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PAYE

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Staff

as

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Tota

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Gen

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Ba

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ITO

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SA

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U

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PLO

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FU

ND

(UIF

)

B3



PENSION FUND B4

STAFF ASSOCIATION B5

MEDICAL AID CONTRIBUTIONS B6

Nominal Accounts Section SALARIES N1

PENSION FUND CONTRIBUTION N2

MEDICAL AID CONTRIBUTION N3

UIF CONTRIBUTION N4


No� Account debit Account credit Amount Assets = Owner’s Equity + Liabilities

1.

2.

3.

4.

5.



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Pens

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fund

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Pens

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aid

Tota

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Tota

lN

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D. D

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M. H

lon

gwan

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N. G

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General Ledger of Rags to Riches Balance Sheet Section

CREDITORS FOR SALARIES B1

SARS: PAYE B2

UNEMPLOYMENT INSURANCE FUND (UIF) B3

PENSION FUNDS B4

MEDICAL AID B5



MEDICAL AID FUND CONTRIBUTION N3

UIF CONTRIBUTION N4


CASH PAYMENTS JOURNAL OF GOODY 2 SHOES FOR MARCH 20�3 CPJ1

Doc� Day Name of payee Fol� BankSundry accounts




SALA

RIES

JOU

RNA

L O

F G

OO

DY

2 SH

OES

FO

R TH

E M

ON

TH E

ND

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1 M

ARC

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cont

ribu

tion

PAYE

UIF

Pens

ion

fund

Med

ical

ai

d fu

ndTo

tal

Pens

ion

fund

Med

ical

ai

d fu

ndU

IFTo

tal

Gen

eral

Led

ger o

f Goo

dy 2

Sho

es

Bala

nce

Shee

t Sec

tion

CR

EDIT

ORS

FO

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LARI

ES

B1

SA

RS: P

AYE

B2

UN

EMPL

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ENT

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RAN

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UN

D (U

IF)

B3

PE

NSI

ON

FU

ND

B4

M

EDIC

AL

AID

FU

ND

B5




PENSION CONTRIBUTION N2

MEDICAL AID FUND CONTRIBUTION N3

UIF CONTRIBUTION N4



1.

2.

3.


Basic

Overtime

Gross wage

PAYE

UIF

Medical

Total deductions

Net wage


CASH PAYMENTS JOURNAL OF STARSHINE FOR OCTOBER 20�3 CPJ1

Doc� Day Name of payee Fol� Bank Creditors for wages

Sundry accountsAmount Fol� Details



WA

GES

JOU

RNA

L O

F ST

ARS

HIN

E FO

R TH

E W

EEK

END

ED 3

1 O

CTO

BER

20�3

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Ded

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’s co

ntri

butio

ns

Hou

rsRa

teA

mou

ntPA

YEU

IFPe

nsio

n fu

ndSt

aff

asso

ciat

ion

Tota

lPe

nsio

n fu

ndU

IFTo

tal

Gen

eral

Led

ger o

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rshi

ne

Bala

nce

Shee

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tion

CR

EDIT

ORS

FO

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AG

ES

B1

SA

RS: P

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B2

UN

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IF)

B3

PE

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ST

AFF

ASS

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B5

Nom

inal

Acc

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n

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3




Wages Journal informationWeek ended

Basic wage Overtime PAYEPension

fundMedical aid fund

Pension contributions

Medical aid contributions

6 Aug. 2 600 500 390 200

13 Aug. 3 000 600 450 200

20 Aug. 3 200 700 480 200

27 Aug. 4 800 950 720 200

Salaries Journal Information

Basic salary Bonuses PAYEPension

fundMedical aid

fundPension

contributionsMedical aid

contributions

95 600 10 500 15 915 10 000

General Ledger of Frozen Delights Balance Sheet Section

CREDITORS FOR WAGES B1


SARS: PAYE B3

PENSION FUND B4



MEDICAL AID FUND B5

Nominal Accounts Section WAGES N1

SALARIES N2






1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

6. ...............................................................................................................................................................................



1.

2.

3.

4.

5.

6.

7.

8.

9.

10.


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3. Employee advantages – ........................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Employer advantages – ..........................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................



4. ��

��

��

��

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

6. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

7. ...............................................................................................................................................................................

...............................................................................................................................................................................

8. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


1. Salary for 20.10

...............................................................................................................................................................................

Salary for 20.11

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. General Ledger of Percy Stores

Nominal Accounts Section UNEMPLOYMENT INSURANCE FUND (UIF) N6



4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

6. ...............................................................................................................................................................................

7. ...............................................................................................................................................................................

...............................................................................................................................................................................


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5.

Number JournalGeneral Journal Effect on the Accounting Equation


a)

b)

c)


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................



Exam

pra

ctic

e (L

earn

er’s

Boo

k p

age

177)

1.

SALA

RIES

JOU

RNA

L O

F D

EB’S

DA

NCE

STU

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R TH

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ON

TH E

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1 JA

NU

ARY

20�

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1

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cont

ribu

tion

PAYE

Staff

fund

Pens

ion

fund

Med

ical

ai

d fu

ndTo

tal

Pens

ion

fund

Med

ical

ai

dTo

tal

Gen

eral

Led

ger o

f Deb

’s D

ance

Stu

dio

Bala

nce

Shee

t Sec

tion

CR

EDIT

ORS

FO

R W

AG

ES

B1

CR

EDIT

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FO

R SA

LARI

ES

B2

SA

RS: P

AYE

B3

PE

NSI

ON

FU

ND

B4

M

EDIC

AL

AID

FU

ND

B5



UNEMPLOYMENT INSURANCE FUND (UIF) B6

STAFF FUND B7


SALARIES N2



UIF CONTRIBUTION N5

2. a) b) c) d)

3. a) .........................................................................................................................................................................

.........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

d) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

e) ..........................................................................................................................................................................

f) ..........................................................................................................................................................................

..........................................................................................................................................................................


121Chapter 9 Year-end adjustments and final accounts

Chapter 9 Year-end adjustments and final accounts


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

................................................................................................................................................................................

4. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................


Situation 1: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 2: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 3: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 4: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 5: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 6: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................



Situation 7: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

Situation 8: ............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................

............................................................................................................................................................


GENERAL JOURNAL OF DUKUZA STORES FOR AUGUST 20�8 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Dukuza Stores Balance Sheet Section

TRADING STOCK B1

Nominal Accounts Section TRADING STOCK DEFICIT N1

The effect on the Accounting Equation

A OE L


GENERAL JOURNAL OF KHAN STORES FOR FEBRUARY 20�5 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Khan Stores Balance Sheet Section

CONSUMABLE STORES ON HAND B1



Nominal Accounts Section STATIONERY N1

PACKING MATERIAL N2


A OE L


GENERAL JOURNAL OF G STORES FOR NOVEMBER 20�6 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of G Stores Balance Sheet Section

TRADING STOCK B4



FUEL N2

TRADING STOCK DEFICIT N3


A OE L




Date Annual depreciation Accumulated depreciation1 Jan. – 31 Dec. 20.1


Date Annual depreciation Accumulated depreciation


GENERAL JOURNAL OF PHIKELA TRADERS FOR JUNE 20�2 GJ24Doc� Day Details Fol� Debit Credit

General Ledger of Phikela Traders Balance Sheet Section

VEHICLES B5

EQUIPMENT B6

ACCUMULATED DEPRECIATION: VEHICLES B7

ACCUMULATED DEPRECIATION: EQUIPMENT B8

Nominal Accounts Section DEPRECIATION N12


A OE L




GENERAL JOURNAL OF CHURCHILL TRADERS FOR AUGUST 20�7 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Churchill Traders Balance Sheet Section

DEBTORS CONTROL B1

TRADING STOCK B2


Nominal Accounts Section BAD DEBTS N1

INSURANCE N2

TELEPHONE N3


STATIONERY N5




GENERAL JOURNAL OF SHARP HAIRDRESSERS FOR FEBRUARY 20�9 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Sharp-Sharp Hairdressers Balance Sheet Section

ACCRUED INCOME B20

ACCRUED EXPENSES B21

Nominal Accounts Section INTEREST ON INVESTMENTS N9

TELEPHONE N10


A OE L

Answer

..........................................................................................................................................................................................


GENERAL JOURNAL OF SAM’S REPAIRS FOR FEBRUARY 20�9 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Sam’s Repairs Balance Sheet Section

INCOME RECEIVED IN ADVANCE B19

PREPAID EXPENSES B22



Nominal Accounts Section FEE INCOME N9

INSURANCE N12


A OE L


General Ledger of Zindiwe’s Electrical Goods Shop Balance Sheet Section

TRADING STOCK B6

DEBTORS CONTROL B7





ACCRUED INCOME B14





Nominal Accounts Section RENT INCOME N4

DISCOUNT ALLOWED N5

BAD DEBTS N6

STATIONERY N7

VEHICLE REPAIRS N8

INSURANCE N10



DEPRECIATION N14



Zindiwe’s Electrical Goods Shop POST-ADJUSTMENT TRIAL BALANCE AS AT 28 FEBRUARY 20�6




Answers

Adjustment 2: ................................................................................................................................................................

Adjustment 4: ................................................................................................................................................................

Adjustment 6: ................................................................................................................................................................




GENERAL JOURNAL OF GRIBBLE TRADERS FOR FEBRUARY 20�4 GJ12Doc� Day Details Fol� Debit Credit



General Ledger of Gribble Traders Balance Sheet Section



TRADING STOCK B10

DEBTORS CONTROL B11


ACCRUED INCOME B17








COST OF SALES N3

RENT INCOME N7

STATIONERY N10

FEE INCOME N12

INTEREST ON INVESTMENT B14

RATES AND TAXES N16

BAD DEBTS N17



DEPRECIATION N23



POST-ADJUSTMENT TRIAL BALANCE OF GRIBBLE TRADERS AS AT 28 FEBRUARY 20�4Details Fol� Debit Credit






GENERAL JOURNAL OF NTINI ESTATE AGENCY FOR APRIL 20�1 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Ntini Estate Agency Balance Sheet Section

CAPITAL B1

DRAWINGS B2

Nominal Accounts Section ADVERTISING N1


INTEREST ON FIXED DEPOSIT N3

INTEREST ON LOAN N4

MOTOR VEHICLE EXPENSES N5

SALARIES N6



STATIONERY AND PRINTING N7

TELEPHONE N8

TRADING LICENCE N9


Final Accounts Section PROFIT AND LOSS ACCOUNT F1

POST-ADJUSTMENT TRIAL BALANCE OF NTINI ESTATE AGENCY AS AT 30 APRIL 20�1Details Fol� Debit Credit





GENERAL JOURNAL OF PAT’S PLUMBING SERVICES FOR JUNE 20�1 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Pat’s Plumbing Services Balance Sheet Section

CAPITAL B1

DRAWINGS B2

Nominal Accounts Section ADVERTISING N1

BAD DEBTS N2

BANK CHARGES N3

FEE INCOME N4

INTEREST ON CURRENT ACCOUNT N5



INTEREST ON LOAN N6

MOTOR VEHICLE EXPENSES N7

REPAIRS N8

SALARIES N9

STATIONERY N10

TELEPHONE N11

TRADING LICENCE N12

Final Accounts Section PROFIT AND LOSS ACCOUNT F2

POST-CLOSING TRIAL BALANCE OF PAT’S PLUMBING SERVICES AS AT 30 JUNE 20�1Details Fol� Debit Credit





GENERAL JOURNAL OF HOWA TRADERS FOR FEBRUARY 20�1 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Howa Traders Balance Sheet Section

CAPITAL B1



DRAWINGS B2


COST OF SALES N2

ADVERTISING N3

BAD DEBTS N4



INTEREST ON CURRENT ACCOUNT N7

RATES AND TAXES N8

RENT INCOME N9


TELEPHONE N11

TRADING LICENCE N12



Final Accounts Section TRADING ACCOUNT F1



PROFIT AND LOSS ACCOUNT F2

POST-ADJUSTMENT TRIAL BALANCE OF HOWA TRADERS AS AT 28 FEBRUARY 20�1Details Fol� Debit Credit



GENERAL JOURNAL OF DHLAMINI DEALERS FOR FEBRUARY 20�7 GJ12

Doc� Day Details Fol� Debit Credit





General Ledger of Dhlamini Dealers Balance Sheet Section

CAPITAL B1

DRAWINGS B2

MORTGAGE LOAN: FIRST BANK B3

LAND AND BUILDINGS B4

VEHICLES B5

EQUIPMENT B6





FIXED DEPOSIT: FIRST BANK B9

TRADING STOCK B10

DEBTORS CONTROL B11

BANK B12



ACCRUED INCOME B15

PREPAID INCOME B16




COST OF SALES N2





INTEREST ON LOAN N5

INTEREST ON FIXED DEPOSIT N6




TELEPHONE N10

RENT INCOME N11

BAD DEBTS N12

MOTOR EXPENSES N13

SUNDRY EXPENSES N14

INTEREST ON OVERDUE DEBTORS N15

BANK CHARGES N16


DEPRECIATION N18





POST-CLOSING TRIAL BALANCE OF DHLAMINI DEALERS AS AT 28 FEBRUARY 20�7Details Fol� Debit Credit





GENERAL JOURNAL OF DAVE’S STORES FOR JUNE 20�7 GJ12Doc� Day Details Fol� Debit Credit



General Ledger of Dave’s Stores Final Accounts Section

TRADING ACCOUNT F1




POST-CLOSING TRIAL BALANCE OF DAVE’S STORES AS AT 30 JUNE 20�7Details Fol� Debit Credit



1.General Ledger of Nelson Spaza Shop

Balance Sheet Section DEBTORS CONTROL B2



TRADING STOCK B3


ACCRUED INCOME B5

PREPAID EXPENSES B6

ACCRUED EXPENSES B7



RENT INCOME N2

INTEREST ON INVESTMENTS N3

BAD DEBTS N4

INSURANCE N5


TELEPHONE N7



GENERAL JOURNAL OF NELSON SPAZA SHOP FOR FEBRUARY 20�7 GJ12Doc� Day Details Fol� Debit Credit

2. The effect on the Accounting Equation

Number A OE L

a)

b)

c)

d)


GENERAL JOURNAL OF KWINDA SUPPLIERS FOR JULY 20�6 GJ49Doc� Day Details Fol� Debit Credit



General Ledger of Kwinda Suppliers Balance Sheet Section


ACCRUED EXPENSES B6

PREPAID EXPENSES B7

ACCRUED INCOME B8


Nominal Accounts Section PACKING MATERIAL N5

RATES AND TAXES N6

WAGES N7


RENT INCOME N9


A OE L




GENERAL JOURNAL OF VANDA’S ACCESSORIES FOR MARCH 20�8 GJ12Doc� Day Details Fol� Debit Credit

General Ledger of Vanda’s Accessories Balance Sheet Section


ACCRUED EXPENSES B6

PREPAID EXPENSES B7

ACCRUED INCOME B8



TELEPHONE N6

INSURANCE N7

INCOME ON FIXED DEPOSIT N8

RENT INCOME N9




A OE L

Answer

..........................................................................................................................................................................................


GENERAL JOURNAL OF NINGISA’S CRAFTS FOR FEBRUARY 20�9 GJ60

Doc� Day Details Fol� Debit CreditDebtors Control

Debit Credit



*Calculation of depreciation:

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

POST-ADJUSTMENT TRIAL BALANCE OF NINGISA’S CRAFTS AS AT 28 FEBRUARY 20�9

Details Fol� Debit CreditBalance Sheet Section




General Ledger of Ningisa’s Crafts Balance Sheet Section

CAPITAL B1



GENERAL JOURNAL OF NINGISA’S CRAFTS FOR MARCH 20�9 GJ61Doc� Day Details Fol� Debit Credit



Number Account Dr Account Cr A OE L

1. a)

1. b)

4.

6.

2.

5.


157Programme of Assessment: Mid-year examination Answer Book

Programme of Assessment: Mid-year examination Answer Book

Grade 10

Mid-year examination

Read the following instructions carefully:

1. This Answer Book consists of 5 pages (including the front cover).

2. Make sure your rough work is legible and comprehensible.

3. You may not use green or red ink.



Question 1: Analysing transactions (43 marks; 25 minutes)

Document 1

1.1 ...............................................................................................................................................................................

1.2

Account Dr Account Cr A OE L

1.3 Interest on 28 February 2010: ...........................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

1.4 ...............................................................................................................................................................................

...............................................................................................................................................................................

1.5 ...............................................................................................................................................................................

Document 2

1.6 Reason 1: .............................................................................................................................................................

Reason 2: .............................................................................................................................................................

1.7 ...............................................................................................................................................................................

1.8

Journal Account Dr Account Cr A OE L

1.9 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Document 3

1.10 ...............................................................................................................................................................................

Reason: ................................................................................................................................................................

1.11 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

1.12.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

1.13.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

1.13.2 ...............................................................................................................................................................................

...............................................................................................................................................................................



1.13.3 ...............................................................................................................................................................................

...............................................................................................................................................................................

Question 2: Trading stock account (32 marks; 20 minutes)

2.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2.2 General Ledger of Mkize Spaza Shop

Balance Sheet SectionTRADING STOCK B8

2.3 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Question 3: General Ledger and control measures (58 marks; 37 minutes)

3.1 General Ledger of Smart Stores

Balance Sheet SectionDEBTORS CONTROL B5




Nominal Accounts SectionSALES N1

PACKING MATERIAL N5

BAD DEBTS N7

3.2.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

3.2.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

3.2.3 ...............................................................................................................................................................................

...............................................................................................................................................................................

3.2.4 ...............................................................................................................................................................................

...............................................................................................................................................................................

3.2.5 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Question 4: Year-end procedures (29 marks; 15 minutes)General Ledger of Frankies Furniture Shop

Final Accounts SectionTRADING ACCOUNT F1




POST-CLOSING TRIAL BALANCE OF FRANKIE’S FURNITURE SHOP AS AT 28TH FEBRUARY 20�9



Question 5: General theory (38 marks; 23 minutes)

5.1 a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................

f) ..........................................................................................................................................................................

5.2 a) .........................................................................................................................................................................

.........................................................................................................................................................................

b) ..........................................................................................................................................................................

c)

Item Zero-rated Vat exempt Standard VAT rate

Interest on overdraft

Salaries and wages

Cash sales

Petrol

Vegetables

d) ..........................................................................................................................................................................

..........................................................................................................................................................................



5.3 a) ..........................................................................................................................................................................

..........................................................................................................................................................................

b) ...........................................................................................................................................................................

...........................................................................................................................................................................

c) ...........................................................................................................................................................................

d)

Journal Account debit Account credit A = OE + L


163Chapter 10 How to prepare financial statements

Chapter 10 How to prepare financial statements


• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................


Lenake Stores INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 20�9

Notes 20�9

Sales (Net)

Cost of sales

Gross profit

Other operating income

Gross operating income

Operating expenses

Operating profit

Interest income 1

Profit before interest expense

Interest expense 2

NET PROFIT FOR THE YEAR 7



Lenake Stores BALANCE SHEET AS AT 30 JUNE 20�9

Notes 20�9ASSETS

Non-current assets

Fixed/Tangible assets 3

Financial assets:

Fixed deposit

Current assets

Inventory 4

Trade and other receivables 5

Cash and cash equivalents 6

TOTAL ASSETS

EQUITY AND LIABILITIES

Owner’s Equity 7

Non-current liabilities

Loan

Current liabilities

Trade and other payables 8

Bank overdraft

TOTAL EQUITY AND LIABILITIES

Notes to the financial statements for the year ended 30 June 20�9

1� Interest income

2� Interest expense

3� Fixed/Tangible assets Land and buildings Vehicles Equipment Total

Carrying value at beginning of year

Cost

Accumulated depreciation

Movements

Additions at cost

Disposals at carrying value

Depreciation

Carrying value at end of year

Cost




4� Inventory

5� Trade and other receivables

6� Cash and cash equivalents

7� Owner’s Equity

8� Trade and other payables




The Melting Pot INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 20�8

Notes 20�8

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2


The Melting Pot BALANCE SHEET AS AT 30 JUNE 20�8

Notes 20�8ASSETS

Non-current assets


Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Friars Bank

Current liabilities





Notes to the financial statements for the year ended 30 June 20�8



3� Fixed/Tangible assetsLand and buildings

Vehicles Equipment Total


Cost


Movements

Additions at cost


Depreciation


Cost


4� Inventory








The Lawnmower Shop INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�8

Notes 20�8

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2




The Lawnmower Shop BALANCE SHEET AS AT 28 FEBRUARY 20�8

Notes 20�8ASSETS

Non-current assets


Financial assets:

Fixed deposit: Zuma Bank

Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Quick Cash Loans

Current liabilities


Bank overdraft


Notes to the financial statements for the year ended 28 February 20�8



3� Fixed/Tangible assetsLand and buildings Vehicles Equipment Total

Cost at beginning of year

Movements

Additions at cost

Cost at end of year

4� Inventory








Fit & Fun Store INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�6

Notes 20�6

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2




Fit & Fun Store BALANCE SHEET AS AT 28 FEBRUARY 20�6

Notes 20�6ASSETS

Non-current assets


Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Ace Bank

Current liabilities


Current portion of loan







Cost


Movements

Additions at cost


Depreciation


Cost


4� Inventory








1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

3. ...............................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................




Mellow Traders INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�9

Notes 20�9

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2




Mellow Traders BALANCE SHEET AS AT 28 FEBRUARY 20�9

Notes 20�9ASSETS

Non-current assets


Financial assets:

Fixed deposit: CQ Bank

Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Reed Bank

Current liabilities








Cost


Movements

Additions at cost


Depreciation


Cost


4� Inventory








Bula Deliveries INCOME STATEMENT FOR THE 6 MONTHS ENDED 31 AUGUST 20�8

Notes 20�8

Fee income



Operating expenses

Operating profit

Interest income 1


Interest expense 2




Bula Deliveries BALANCE SHEET AS AT 31 AUGUST 20�8

Notes 20�8ASSETS

Non-current assets


Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: BB Bank

Current liabilities



Notes to the financial statements for the 6 months ended 31 August 20�8



3� Fixed/Tangible assets Vehicles Total


Cost


Movements

Additions at cost


Depreciation


Cost


4� Inventory








1. Sometimes financial statements are prepared during the year so that:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

4. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................




Froth INCOME STATEMENT FOR THE YEAR ENDED 31 OCTOBER 20�7

Notes 20�7

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2


*Depreciation calculation for equipment:

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................



Froth BALANCE SHEET AS AT 31 OCTOBER 20�7

Notes 20�7ASSETS

Non-current assets


Financial assets:

Fixed deposit: Plus Bank

Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Cash Care

Current liabilities

Trade and other payables

Current portion of long-term long 8


Notes to the financial statements for the year ended 31 October 20�7





Cost


Movements

Additions at cost


Depreciation


Cost




4� Inventory








Fast Forward Traders INCOME STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 20�7

Notes 20�7

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2


*Depreciation on equipment calculation:

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

Notes to the Income Statement for the year ended 30 November 20�7






GENERAL JOURNAL OF FAST FORWARD TRADERS FOR DECEMBER 20�7 GJ13Doc� Day Details Fol� Debit Credit

Answers

4. Adjustment 1: .....................................................................................................................................................

Adjustment 6: .....................................................................................................................................................

5. ...............................................................................................................................................................................

...............................................................................................................................................................................




Electron INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�9

Notes 20�9

Sales (Net)

Cost of sales

Gross profit



Operating expenses

Operating profit

Interest income 1


Interest expense 2


*Depreciation on equipment calculation:

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................

..........................................................................................................................................................................................



Electron BALANCE SHEET AS AT 28 FEBRUARY 20�9

Notes 20�9ASSETS

Non-current assets


Financial assets:

Fixed deposit

Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan: Bidup Bank

Current liabilities


Current portion of long-term loan







Cost


Movements

Additions at cost


Depreciation


Cost


4� Inventory


185Programme of Assessment – Case study answers







Programme of Assessment – Case study answer book

(Learner’s Book page 241)

Q Snacks INCOME STATEMENT FOR THE YEAR ENDED 31 MAY 20.12

Notes 20.12

Sales (Net)

Cost of sales

Gross profit

Operating expenses

Operating profit

Interest income 1


Interest expense 2


Q Snacks BALANCE SHEET AS AT 31 MAY 20.12

Notes 20.12ASSETS

Non-current assets


Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan

Current liabilities



01 FOA G10 WB - Chapter 10 [How to prepare financial statements].indd 186 2011/09/14 12:57 PM

187Programme of Assessment – Case study answer book

Notes to the financial statements for the year ended 31 May 20.12

1. Interest income

2. Interest expense

3. Fixed/Tangible assets Vehicles Equipment Total


Cost


Movements

Additions at cost


Depreciation


Cost


4. Inventory

5. Trade and other receivables

6. Cash and cash equivalents

7. Owner’s Equity

8. Trade and other payables



Answers:

1. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2.

• .........................................................................................................................................................................

.........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

.........................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


189Chapter 11 Analysis and interpretation of financial statements and notes

Chapter 11 Analysis and interpretation of financial statements and notes


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

4. The advice that I would give the owner about how they are financing the business:

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

5. I would not be satisfied with Ezeh Traders’s profit as:

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................


Sales Cost of sales Gross profitGross profit

3100

Cost of sales 1

Gross profit3

100

Sales 1

R383 125 R306 500

R27 000 R9 000

R127 500 R85 000

R437 500 R250 000

R329 800 R164 900

R170 000 R68 000


1. Gross profit % on sales = = =

Gross profit % on cost of sales = = =

Net profit % on sales = = =



Operating expenses % on sales = = =

Operating profit % on sales = = =

2. The calculations reveal the following about the profitability of Sediba Solutions over the past year:

• .........................................................................................................................................................................

.........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

.........................................................................................................................................................................


1. The following problems need to be investigated:

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

2. 20�9 20�8

Gross profit % on sales = =

Gross profit % on cost of sales = =

Net profit % on sales = =

Operating expenses % on sales = =

Operating profit % on sales = =

3.

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................


Gross profit % on sales = = =








1. Current ratio: ......................................................................................................................................................

= ...................................................................................................................................................

= ...................................................................................................................................................

Acid-test ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

Solvency ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

2. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................

3.

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................


1. Current ratio: ......................................................................................................................................................

= ...................................................................................................................................................

= ...................................................................................................................................................

Acid-test ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

Solvency ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

2. a) ..........................................................................................................................................................................

b) ..........................................................................................................................................................................




Return on investment =

= =

..........................................................................................................................................................................................

..........................................................................................................................................................................................


1. Gross profit % on sales = = =





Current ratio: ......................................................................................................................................................

= ...................................................................................................................................................

= ...................................................................................................................................................

Acid-test ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................

Solvency ratio: ....................................................................................................................................................

= .................................................................................................................................................

= .................................................................................................................................................


= =

2. Comments:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................



• .........................................................................................................................................................................

• .........................................................................................................................................................................

Calculations for Activity 11.9

Gross income

Net profit

Owner’s Equity:

Capital at beginning of year + additional capital – drawings + net profit

= ......................................................................................................................................................................................

= ......................................................................................................................................................................................

= ......................................................................................................................................................................................


Calculations:

Gross profit % on sales = = =





Current ratio: .................................................................................................................................................................

= .............................................................................................................................................................

= .............................................................................................................................................................

Acid-test ratio: ..............................................................................................................................................................

= ...........................................................................................................................................................

= ...........................................................................................................................................................

= ...........................................................................................................................................................

Solvency ratio: ..............................................................................................................................................................

= ...........................................................................................................................................................

= ...........................................................................................................................................................




= =

Comments:

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................


195Programme of Assessment – Test Term 3 answer book

Programme of Assessment – Test Term 3 answer book

Test Term 3 (100 marks) (Learner’s Book page 253)

Question 1

1.1 Gross profit % on sales = = =

1.2 ...............................................................................................................................................................................

= ............................................................................................................................................................................

= ............................................................................................................................................................................

1.3 ...............................................................................................................................................................................

= ............................................................................................................................................................................ = ............................................................................................................................................................................

1.4

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

1.5 ...............................................................................................................................................................................

= ............................................................................................................................................................................ = ............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

1.6 Debtors allowances % on sales =

= =

1.7

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

1.8 Return on investment =

= =

...............................................................................................................................................................................

...............................................................................................................................................................................

1.9 Interest on loan % = = =

01 FOA G10 WB - Chapter 11 [Analysis and interpretation of financial statements and notes].indd 195 2011/09/14 12:58 PM


1.10 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

1.11

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

......................................................................................................................................................................... [60]

Question 2

2.1 Gross profit % on sales = = =

2.2 Gross profit % on cost of sales = = =

2.3 Net profit % on sales = = =

2.4 Operating expenses % on sales = = =

................................................................................................................................................................................

2.5 Return on investment =

= =

................................................................................................................................................................................

2.6

• ..........................................................................................................................................................................

..........................................................................................................................................................................

• ..........................................................................................................................................................................

..........................................................................................................................................................................

2.7 ................................................................................................................................................................................

................................................................................................................................................................................

2.8 ................................................................................................................................................................................

................................................................................................................................................................................

......................................................................................................................................................................... [40]

01 FOA G10 WB - Chapter 11 [Analysis and interpretation of financial statements and notes].indd 196 2011/09/14 12:58 PM

197Chapter 12 Cost Accounting

Chapter 12 Cost Accounting


1. ...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................


1.

Cost itemDirect

material costs

Direct labour costs

OverheadsIndirect

materialsIndirect labour

Other

Factory telephone account

Bicycle saddles

Wage of factory cleaner

Wage of mechanic assembling the bicycles

Rent of factory

Bicycle tyres

Bicycle grease

Worker welding parts together

Insurance

Paint used on the bicycle

Salary of office secretary

Stationery

2.

A B C D

E F G H


• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................



• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................

.....................................................................................................................................................................................

• .....................................................................................................................................................................................


1. a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

2. a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................

f) ..........................................................................................................................................................................

3. a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

4. ...............................................................................................................................................................................

5. ...............................................................................................................................................................................


1. ...............................................................................................................................................................................

...............................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. ...............................................................................................................................................................................

...............................................................................................................................................................................

4. a) .........................................................................................................................................................................

b) ..........................................................................................................................................................................

c) ............................................................................................................................................................................

d) ..........................................................................................................................................................................

e) ..........................................................................................................................................................................


1. a) .........................................................................................................................................................................

.........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

c) ..........................................................................................................................................................................

..........................................................................................................................................................................

d) ..........................................................................................................................................................................

..........................................................................................................................................................................


199Chapter 12 Cost Accounting

e) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

f) ..........................................................................................................................................................................

..........................................................................................................................................................................

g) ..........................................................................................................................................................................

..........................................................................................................................................................................

h) ..........................................................................................................................................................................

..........................................................................................................................................................................

i) ..........................................................................................................................................................................

2.

Cost itemDirect

material costs

Direct labour costs

OverheadsIndirect

materialsIndirect labour

Other

Flour

Wage of baker

Wage of mechanic who fixes machines

Sugar

Office stationery

Wage of worker who mixes dough

Factory floor polish

Rent of building

Salt

Insurance



Chapter 13 Budgets


1.

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

2.

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................


CASH BUDGET OF SWEETWATERS SCHOOL TUCK-SHOP FOR THE FIRST THREE MONTHS1st month 2nd month 3rd month

Cash receipts

Cash payments

Surplus/(deficit)

Money at beginning of month

Money at end of month


A B C

D E F


201Chapter 13 Budgets


1. a. ..........................................................................................................................................................................

..........................................................................................................................................................................

b. ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

c. ..........................................................................................................................................................................

..........................................................................................................................................................................

2. ...............................................................................................................................................................................

...............................................................................................................................................................................

3. Important questions to consider:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

When drawing up a Cash Budget you:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................



Programme of Assessment: Year-end exam answer book

Grade 10

Year-end examination

Read the following instructions carefully:

1. This Answer Book consists of 5 pages (including the front cover).

2. Make sure your rough work is legible and comprehensible.

3. You may not use green or red ink

01 FOA G10 WB - Chapter 13 [Budgets].indd 202 2011/09/14 12:58 PM

203Programme of Assessment: Year-end exam answer book

Question 1: Income Statement and notes (136 marks; 60 minutes)Imbali Electrical Supplies

INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20.12Notes 20.12

Sales (Net) (480 000

Cost of sales (248 700

Gross profit



Operating expenses

Operating profit

Interest income (900 1


Interest expense (11 100 2




Imbali Electrical Supplies BALANCE SHEET AS AT 28 FEBRUARY 20.12

Notes 20.12

ASSETS

Non-current assets


Financial assets:

Fixed deposit

Current assets

Inventory 4



TOTAL ASSETS


Owner’s Equity 7


Loan

Current liabilities



Notes to the financial statements for the year ended 28 February 20.12

4. Inventory

5. Trade and other receivables

6. Cash and cash equivalents

8. Trade and other payables



Questions 2: Salaries and wages (50 marks; 20 minutes)

2.1.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

2.1.2

Pension

Medical aid

PAYE

UIF

Total

2.13 ...............................................................................................................................................................................

2.2

CASH PAYMENTS JOURNAL OF OYENA TRADERS FOR FEBRUARY 20.12 CPJ1

Doc. Day Name of payee Fol. BankSundry accounts

Amount Fol. Details

2.3

General Ledger of Oyena Traders Balance Sheet Section


PENSION FUND B2

2.4

Salary Wage

2.5

Contribution Deduction

2.6.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

2.6.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................



Question 3: Financial statement analysis (42 marks; 20 minutes)

3.1 ...............................................................................................................................................................................

Comment: ...........................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

3.3 ...............................................................................................................................................................................

...............................................................................................................................................................................

Comment: ...........................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3.4 ...............................................................................................................................................................................

Comment: ...........................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3.5 Solvency = ...........................................................................................................................................................

Comment: ...........................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

3.6 Current ratio = ....................................................................................................................................................

Acid-test ratio = ..................................................................................................................................................

Comment: ...........................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Question 4: Budgets, VAT and costing (72 marks; 20 minutes)

A Multiple choice questions

4.1 4.2 4.3 4.4 4.5

4.6 4.7 4.8 4.9 4.10

B Short questions

4.11

Direct materials (10 300

Direct labour

Overheads (420

Total

4.12 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................



4.13 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

4.14 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

4.15 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

4.16 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

4.17 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................



Revision

Internal control and ethics (Learner’s Book page 282)

Question 1: EthicsSUGGESTED CODE OF ETHICS

Gifts

1. ................................................................................................................................................................................

................................................................................................................................................................................

2. ................................................................................................................................................................................

................................................................................................................................................................................

3. ................................................................................................................................................................................

................................................................................................................................................................................

4. ................................................................................................................................................................................

................................................................................................................................................................................

5. ................................................................................................................................................................................

................................................................................................................................................................................

Question 2: Controls

Problem Suggested controls

Books stolen in bags

Books damaged in the library

Books damage while on loan

Books not being returned


209Revision

Copyright laws being broken on reference books

Library assistants allowing references to be checked out

Question 3: Controls

Type of control Example

Preventive

Detective

Corrective

Directive

Subsidiary journals and ledgers (Learner’s Book page 271)

Question 4: Journals and ledgers

DEBTORS JOURNAL OF INCREDIBLE BOOKS FOR MAY 20�5 DJ1


DEBTORS ALLOWANCES JOURNAL OF INCREDIBLE BOOKS FOR MAY 20�5 DAJ1

Doc� Day Debtor Fol� Debtors allowances

Cost of sales



CASH

REC

EIPT

S JO

URN

AL

OF

INCR

EDIB

LE B

OO

KS F

OR

MAY

20�

5CR

J1

Doc

�D

ayD

etai

lsFo

l�A

naly

sis

of

rece

ipts

Bank

Sale

sCo

st o

f sal

esD

ebto

rs C

ontr

olSu

ndry

acc

ount

s

Rece

ipts

Dis

coun

t al

low

edA

mou

ntFo

l�D

etai

ls

CASH

PAY

MEN

TS JO

URN

AL

OF

INCR

EDIB

LE B

OO

KS F

OR

MAY

20�

5CP

J1

Doc

�D

ayN

ame

of p

ayee

Fol�

Bank

Trad

ing

stoc

k

Cred

itors

Con

trol

Sund

ry a

ccou

nts

Paym

ents

Dis

coun

t re

ceiv

edA

mou

ntFo

l�D

etai

ls


211Revision

CREDITORS JOURNAL OF INCREDIBLE BOOKS FOR MAY 20�5 CJ1


Trading stock



CREDITORS ALLOWANCES JOURNAL OF INCREDIBLE BOOKS FOR MAY 20�5 CAJ1


Trading stock



General Ledger of Incredible Books Balance Sheet Section

TRADING STOCK B4

DEBTORS CONTROL B5




Question 5: General Ledger and Debtors Ledger

General Ledger of Pretty Pillows Balance Sheet Section

TRADING STOCK B4

DEBTORS CONTROL B5

Nominal Accounts Section PACKING MATERIAL N16

DISCOUNT ALLOWED N17

Debtors Ledger of Pretty Pillows C� FLUFFY DL1



213Revision

Question 6: Analyse transactions, using source documents, journals, ledgers and the Accounting Equation

Date Document Journal Account debit Account credit A = OE + L

1.

2.

3.

4.

5.

6.

7.

8.

6.2.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

6.2.2 ...............................................................................................................................................................................

6.2.3 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Question 7: General Journal and Trial Balance

GENERAL JOURNAL OF THOMAS TANKER TRUCKERS FOR DECEMBER 20�7 GJ1





Thomas Tanker TrucksTRIAL BALANCE AS AT 31 DECEMBER 20�7




Question 8: Debtors Ledger

Debtors Ledger of Crichton CakesMICHELLE DU PONT DL9


20.7

Feb. 1 Balance b/d 2 000 00

2 Interest charged GJ 2 075 00

4 DJ 4 575 00

6 Receipt 304 CRJ 2 500 00

9(Missing 5% trade discount on previous purchase) DAJ

12 CPJ

20 GJ

8.2.1 ...............................................................................................................................................................................

8.2.2 ...............................................................................................................................................................................

8.2.3 ...............................................................................................................................................................................

...............................................................................................................................................................................


215Revision

8.2.4 a) ...........................................................................................................................................................................

...........................................................................................................................................................................

...........................................................................................................................................................................

b) ...........................................................................................................................................................................

...........................................................................................................................................................................

...........................................................................................................................................................................

c) ...........................................................................................................................................................................

...........................................................................................................................................................................

...........................................................................................................................................................................

d) ...........................................................................................................................................................................

...........................................................................................................................................................................

...........................................................................................................................................................................

Question 9: Analyse ledger accounts

9.1 ................................................................................................................................................................................

9.2 ................................................................................................................................................................................

9.3 ................................................................................................................................................................................

9.4 ................................................................................................................................................................................

9.5 ................................................................................................................................................................................

................................................................................................................................................................................

9.6 ................................................................................................................................................................................

................................................................................................................................................................................

9.7 ................................................................................................................................................................................

9.8 ................................................................................................................................................................................

................................................................................................................................................................................

9.9 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

9.10 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

9.11 ................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

................................................................................................................................................................................

9.12 ................................................................................................................................................................................

9.13 ................................................................................................................................................................................



Accounting concepts (Learner’s Book page 271)

Question 10: Double-entry and Accounting terms

Number Account debit Type of account Account credit Type of account Amount

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Question 11: VAT

11.1 ...............................................................................................................................................................................

11.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

11.3 ...............................................................................................................................................................................

11.4 ...............................................................................................................................................................................

...............................................................................................................................................................................

11.5 ...............................................................................................................................................................................

...............................................................................................................................................................................

11.6 ...............................................................................................................................................................................

11.7 ...............................................................................................................................................................................

...............................................................................................................................................................................


217Revision

Sala

ries

an

d w

ages

(L

earn

er’s

Boo

k p

age

281)

Qu

esti

on

12:

Wag

es J

ou

rnal

Clai

re’s

Clea

ning

Ser

vice

W

AG

ES JO

URN

AL

OF

FOR

THE

WEE

K EN

DED

5 O

CTO

BER

20�9

WJ3

7

Empl

oyee

Basi

c w

age

Ove

rtim

e

Gro

ss w

age

Ded

uctio

ns

Net

wag

e

Empl

oyer

’s co

ntri

butio

ns

Hrs

Rate

Am

ount

PAYE

UIF

Med

ical

aid

Pens

ion

fund

Tota

lU

IFPe

nsio

n fu

ndTo

tal

Gen

eral

Led

ger o

f Cla

ire’s

Clea

ning

Ser

vice

Ba

lanc

e Sh

eet S

ectio

n

CRED

ITO

RS F

OR

WA

GES

B4

SA

RS: P

AYE

B5

UN

EMPL

OYM

ENT

INSU

RAN

CE F

UN

D (U

IF)

B8

LI

FELO

NG

MED

ICA

L A

ID F

UN

D

B7

H

ARM

ON

Y PE

NSI

ON

FU

ND

B8




UIF CONTRIBUTION N11


12.2 a) ..........................................................................................................................................................................

..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

c) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

d) F. Tsele:

..........................................................................................................................................................................

= ......................................................................................................................................................................

= ......................................................................................................................................................................

Question 13: Calculate Net salary

13.1 ...............................................................................................................................................................................

= ............................................................................................................................................................................

= ............................................................................................................................................................................

13.2 Salary Year 1 Year 2 Year 3 Year 4 Year 5

...............................................................................................................................................................................

= ........................................................................................................................................................................... )

= ............................................................................................................................................................................

Question 14: Analyse Wages and Salary Journals

14.1 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


219Revision

14.2 General Ledger of Tasty Treats

Balance Sheet SectionUNEMPLOYMENT INSURANCE FUND (UIF) B9

14.3 ...............................................................................................................................................................................

14.4 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

14.5 ...............................................................................................................................................................................

14.6 ...............................................................................................................................................................................

14.7 ...............................................................................................................................................................................

...............................................................................................................................................................................

14.8 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

Final Accounts (Learner’s Book page 275)

Question 15: Final accounts and Post-closing Trial Balance

15.1 General Ledger of Gaby’s Goodies

Final Accounts SectionTRADING ACCOUNT F1



15.2


15.3

Gaby’s Goodies POST-CLOSING TRIAL BALANCE AS AT 31 DECEMBER 20�9



Question 16: Final accounts and Post-closing Trial Balance

16.1 General Ledger of Rare Wines



221Revision


16.2

Rare Wines POST-CLOSING TRIAL BALANCE AS AT 30 JUNE 20�7





Question 17: Calculate the net profit

General Ledger of DJ Designs Final Accounts Section


17.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................


223Revision

Financial statements (Learner’s Book page 276)

Question 18: Income Statement and Balance Sheet

Sports RetailersINCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�1

Notes 20�1

Sales (Net)

Cost of sales

Gross profit

Operating income


Operating expenses

Operating profit for the year

Interest income 1

Net profit before interest expense/financing cost

Interest expense 2

NET PROFIT (LOSS) FOR THE YEAR

Sports RetailersBALANCE SHEET AS AT 28 FEBRUARY 20�1

Notes 20�1ASSETS

Non-current assets

Tangible assets/Fixed assets 3

Financial assets:

–

Current assets

Inventories 4



TOTAL ASSETS EQUITIES AND LIABILITIES

Owner’s Equity 7


Loan: ABSA Bank

Current liabilities


TOTAL EQUITIES AND LIABILITIES





3� Fixed/Tangible assetsLand and buildings

Vehicles Equipment Total

4� Inventory






225Revision

Question 19: Income Statement

Call NowINCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�1

Notes 20�1

Sales (Net)

Cost of sales

Gross profit

Operating income


Operating expenses


Interest income 1


Interest expense 2




Question 20: Income Statement and notes to the Balance Sheet

Sparky’s Electrical SuppliesINCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 20�2

Notes 20�2

Sales (Net)

Cost of sales

Gross profit

Operating income


Operating expenses


Interest income 1


Interest expense 2




3� Fixed/Tangible assetsLand and buildings Equipment Total


227Revision

4� Inventory





Ratio analysis (Learner’s Book page 279)

Question 21: Ratio analysis

21.1 Current ratio = ....................................................................................................................................................

= ....................................................................................................................................................

= ....................................................................................................................................................

21.2 Acid-test ratio = ..................................................................................................................................................

= ..................................................................................................................................................

= ..................................................................................................................................................



21.3 Comments:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

• .........................................................................................................................................................................

..........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

21.4 Gross profit = ......................................................................................................................................................

= ......................................................................................................................................................

21.5 Mark up achieved = ...........................................................................................................................................

= ...........................................................................................................................................

21.6 Comments on mark-up:

• .........................................................................................................................................................................

• Probable causes: .............................................................................................................................................

.........................................................................................................................................................................

• Advice: ............................................................................................................................................................

.........................................................................................................................................................................

21.7 Operating expenses on sales = ........................................................................................................................

= ........................................................................................................................

Comments:

• .........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

21.8 Return on Owner’s Equity:

• Owner’s Equity (20.9) = ...............................................................................................................................

• Owner’s Equity (20.10) = .............................................................................................................................

.............................................................................................................................................................................. ]

= ............................................................................................................................................................................

21.9

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................

• .........................................................................................................................................................................

.........................................................................................................................................................................


22.1 ...............................................................................................................................................................................

22.2 ...............................................................................................................................................................................

22.3 Operating profit/turnover = ..............................................................................................................................

= ..............................................................................................................................

...............................................................................................................................................................................

22.4 ...............................................................................................................................................................................


229Revision

22.5 ...............................................................................................................................................................................

22.6 ...............................................................................................................................................................................

22.7 Solvency ratio = ..................................................................................................................................................

= ..................................................................................................................................................

...............................................................................................................................................................................

22.8 ...............................................................................................................................................................................

22.9 ...............................................................................................................................................................................


23.1 a) Actual mark-up achieved in 20.10 = ..........................................................................................................

b) Operating profit on turnover:

Operating profit: ..........................................................................................................................................

.........................................................................................................................................................................

c) Operating expenses on turnover/sales = ...................................................................................................

= ..................................................................................................

d) Current ratio on 30 September 20.10:

CA = ................................................................................................................................................................

= ................................................................................................................................................................

CA : CL = .........................................................................................................................................................

= ..........................................................................................................................................................

e) Acid-test ratio on 30 September 20.10 = ...................................................................................................

f) Value of non-current liabilities:

TA : TL = .........................................................................................................................................................

TA = ................................................................................................................................................................ )

= .................................................................................................................................................................

TL = .................................................................................................................................................................

g) Return ratio = ............................................................................................................................................... *

= ................................................................................................................................................

= ................................................................................................................................................

*Average capital = .........................................................................................................................................

23.2 ...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

...............................................................................................................................................................................

23.3 a) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

b) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................



c) ..........................................................................................................................................................................

..........................................................................................................................................................................

..........................................................................................................................................................................

23.4 ...............................................................................................................................................................................

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23.5 ...............................................................................................................................................................................

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23.6 Financial Accounting .........................................................................................................................................

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Managerial Accounting .....................................................................................................................................

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Costing and budgets (Learner’s Book page 280)

Question 24: Costing concepts

A B C D

E F G H

Question 25: Calculate costs

25.1 Direct materials

= ...............................................................

= ...............................................................

= ...............................................................

25.2 Indirect materials

= ...............................................................

...............................................................

= ...............................................................25.3 Direct labour

= ...............................................................

= ...............................................................

25.4. Indirect labour

= ...............................................................

= ...............................................................25.5 Total direct costs

= ...............................................................

= ...............................................................

= ...............................................................

25.6 Overheads

= ...............................................................

...............................................................

...............................................................

= ...............................................................

= ...............................................................25.7 Total cost of production

= ...............................................................

= ...............................................................

= ...............................................................

25.8 Total cost of production

= ...............................................................

...............................................................

= ...............................................................

= ...............................................................

Question 26: Budgets

26.1 A Cash Budget ....................................................................................................................................................

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231Revision

26.2 A Zero-based Budget .........................................................................................................................................

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26.3 ...............................................................................................................................................................................

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26.4 The bank wants to see:

a) ..........................................................................................................................................................................

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b) ..........................................................................................................................................................................

c) ..........................................................................................................................................................................

26.5 ...............................................................................................................................................................................

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Accounting Equation (Learner’s Book page 282)

Question 27: Basic transactions

Number Assets = Owner’s Equity + Liabilities1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

Question 28: General Journal and the Accounting Equation

Number Assets = Owner’s Equity + Liabilities1.

2.

3.

4.

5.

6.

7.

8.

9.

10.



Notes and calculations

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Accounting Workbook - Pearson Schoolsschools.pearson.co.za/media/73695/focus-accounting-grade-10... · Chapter 5: Accounting concepts ... 12 Focus Accounting Grade 10 Workbook Chapter