Grade 10 Accounting (ACC) November Test Paper 1 and Memo - 2024
33 views 0 purchase
Course
Accounting
Institution
10th Grade
Total: 100 Marks. Time: 90min This paper covers the following:
Income Statement | Accounting Equation | Balance Sheet and Notes | Fixed assets, internal control and analysis
This is a practice paper with memorandum meant to test the student's knowledge, and will not be the...
Datum / Date: NOVEMBER 2024
Tyd / Time: 2 HOURS
Punte / Marks: 150
Graad / 10
Grade:
Vak / Subject: ACCOUNTING
Vraestel / 1
Paper:
Naam en Van / Name and
Surname:
INSTRUCTIONS AND INFORMATION:
1. This paper consists of 9 pages.
2. The paper consists of 4 compulsory questions. Answer all questions.
3. Read all the questions carefully.
4. No abbreviations or overwriting is allowed.
5. Non-programmable calculators may be used.
6. Only blue ink is allowed. Black, green, or red ink or pencil may not be used.
7. Tip-ex may not be used.
QUESTION TOPIC TIME MARKS
1 Income Statement 35 min 40
2 Accounting Equation 15 min 20
2 Balance Sheet and Notes 53 min 65
Fixed assets, internal control
3 17 min 25
and analysis
120 150
Good luck with your exam!
Bl / Pg www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: NOV 2024
Grade: Subject: P1
, QUESTION 1
The following information is related to Elite Sports Outfitters for the year ended
30 June 2024.
1. Complete the Income statement of Elite Sports Outfitters for the year (42)
1 ended 30 June 2024
Information
1 List of balances and totals taken from the Pre-adjustment trial
balance on 30 June 2024:
Fixed deposit: MONEY INVESTMENT (4,5% p.a.) 600 000
Vehicles 890 000
Equipment 750 000
Accumulated depreciation on vehicles (1 July 2023) 267 000
Accumulated depreciation on equipment (1 July 2023) 225 000
Trading stock 180 000
Debtors control 45 200
Provision for bad debts 2 320
Loan: Trust Bank 790 000
Sales 2 136 000
Debtors allowances 56 000
Cost of sales 1 300 000
Rent income 251 600
Discount received 1 330
Salaries 412 000
Pension fund contribution 81 000
UIF contribution 11 600
Stationery 134 800
Discount allowed 4 600
Bad debts 1 700
i. According to a physical stocktaking the following stock values are on
hand:
Trading stock, R112 500
Stationery, R18 000
ii. The fixed deposit at Money Investment was decreased by R200 000
on 1 March 2024, and the funds were allocated and paid out for the
building project.
iii. A direct deposit of R2 000 is reflected on the bank statement, made
by a debtor whose account had previously been written off as
irrecoverable.
Bl / Pg www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: NOV 2024
Grade: Subject: P1
, iv. The salary details of an employee had been omitted from the
Salaries journal for June 2024. The details of his salary are the
following:
Net Deductions Employer’s
salary contributions
SARS Pension- UIF Pension- UIF
(PAYE) fund fund
R3 for every rand 3% of
18 270 4 200 1 260 270 by the employee gross
salary
v. The bookkeeper, L. Smith, failed to record a cash sales transaction
of R104 000. No entry was made of this transaction
vi. A debtor's account, with an outstanding balance of R200, must be
written off as irrecoverable.
vii. Rent was decreased by 5% effective 1 January 2024, and payments
have been received until 31 August 2024.
viii. Interest on the loan must be capitalised. The loan statement shows
the following:
Outstanding balance at the end of the year 790 000
Increase in loan during the year 200 000
Interest capitalised ?
Instalments paid during the year (including interest) 486 800
Outstanding balance at the beginning of the year 940 000
ix. A debtor sends a fake proof of payment. An EFT of R5 200, intended
as a settlement for a R5 800 debtor account, was never received.
[40]
Bl / Pg www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: NOV 2024
Grade: Subject: P1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SummariesSA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.95. You're not tied to anything after your purchase.
