Grade 12 Accounting (ACC) September Paper 1 and Memo - 2024
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Course
Accounting
Institution
12th Grade
Grade 12 Accounting September Exam Paper 1 and MEMO:
Total: 150 Marks, 120 Minutes
Contents:
Question 1: Statement of comprehensive income and statement of financial position
Question 2: Cash flow statement and interpretation
Question 3: Interpretation of financial statements and cor...
Datum / Date: September 2024
Tyd / Time: 2 hours
Punte / Marks: 150
Graad / Grade: 12
Vak / Subject: Accounting
Vraestel / 1
Paper:
INSTRUCTIONS AND INFORMATION
Read the following instructions carefully and follow them precisely.
1. Answer ALL the questions.
2. A special ANSWER BOOK is provided in which to answer ALL
questions.
3. The Financial Indicator Formula Sheet is attached at the end of this
question paper.
4. Show ALL workings to earn part marks.
5. You may use a non-programmable calculator.
6. You may use a dark pencil or blue/black ink to answer questions.
7. Where applicable, show ALL calculations to ONE decimal point.
8. Write neatly and legibly.
9. Use the information in the table below as a guide when answering
the question paper. Try NOT to deviate from it.
QUESTIO
TOPIC MARKS TIME
N
Statement of comprehensive
1 60 45 min
income and statement of financial
position
2 Cash flow statement and 35 25 min
interpretation
Interpretation of financial
3 42 30 min
statements and corporate
governance
4 Asset Disposal 12 20 min
1. Extract: Balances and totals from the records on 28 February:
2024 2023
(R) (R)
Vehicles 1 350 000
Accumulated depreciation on vehicles 855 000
Equipment 1 022 500 1 022 500
Accumulated depreciation on
923 260 800 900
equipment
Fixed deposit: Big Savings Bank 1 500 000
Provision for bad debts 15 090
SARS: Income Tax (provisional tax
196 040
payments)
Mortgage Loan: Happy Bank 2 205 500
Ordinary Share Capital
Retained Income 970 750
Creditors Control 448 725
Net sales 11 724 000
Cost of Sales 7 363 500
Salaries and Wages 982 290
Employers Contributions 63 620
Directors Fees 1 925 000
Rent Income 174 675
Bad debts 15 090
Sundry Expenses (balancing figure)
1. A debtor (C. McCleur) was declared bankrupt, his outstanding debt of
R3 230 must be written-off as irrecoverable
2. The Loan statement received from Happy Bank reflects the following:
Balance at the beginning of the financial year R2 205 500
Interest capitalized
Repayments made including interest R1 260 000
Balance at the end of the financial year R1 125 000
The loan balance will be reduced by R625 000 in the next financial year.
3. Depreciation for the year:
Depreciation on equipment was brought into account.
Make provision for depreciation on vehicles.
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