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Grade 12 Accounting Paper 1 and Paper 2 Summary and Notes CA$18.73   Add to cart
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Grade 12 Accounting Paper 1 and Paper 2 Summary and Notes

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  • Course
  • Accounting
  • Institution
  • 12

The Grade 12 Accounting Notepad is the perfect study aid for high school students who want to pass their accounting exam. These colorful notes provide clear and concise explanations of all accounting terms, accompanied by helpful examples to ensure understanding. Designed specifically for Grade 12 ...

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Document information

  • November 1, 2021
  • November 11, 2023
  • 90
  • 2021/2022
  • Summary

Subjects

  • grade 12
  • accounting
  • paper 1
  • paper 2
  • dbe
  • caps
  • ieb
  • companies
  • manufacturing
  • ledger accounts
  • income statement
  • balance sheet
  • cash flow statement
  • budgets
  • fixed assets
  • reconciliations
  • king kode
  • auditing
  • vat

Written for

  • 12
  • Accounting
  • 200
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Accounting

, BASIC PRINCIPLES
9( EQUATION:
THE [GENERAL] ACCOUNTING

ASSETS [B] = OWNER'S INTEREST [E] + LIABILITIES [L]
ASSETS OWNER'S INTEREST LIABILITIES

Dr. A Cr. Dr. E Cr. Dr. L Cr.
+ - - + - +




NON-OPERATING ASSETS Dr. Withdrawals Cr. NON-CURRENT LIABILITIES

Tangible / fixed assets
+ -
(to be paid back over 12
• Grounds and infrastructure months)
• Equipment
• Mortgage loan
• Vehicles Dr. Capital Cr.
• Loans
Financial assets + -
• Fixed deposit (longer than 12
months) CURRENT LIABILITIES
Dr. Expenses Cr. (will be paid back in less than
CURRENT ASSETS
+ - 12 months)
Inventory u Cost of sales
Interest expense
u
• Trade creditors
• Trading Inventory u Rental expense
Salaries and loans • Overdraft Bank (Cr.)
Consumables on hand
u
•
Stationery
Short term portion of
u
u Fuel
•
u Packaging material loan
u Repairwork
Trade and other receivables u Insurance
• Accrued expenses /
u Advertisements expenses payable
• Debtors control Discount granted
Income received in
u
•
• Accrued income / income u telephone
u Water and electricity advance
receivable u Loss on sale of asset
• Prepaid expenses u Bad debt
u Depreciation
u Trade inventory deficit
u Provision for bad debt
Cash and cash equivalents adjustment (+)

Dr. Income Cr.
• Bank (Dr.)
- +
• Petty Cash
u Sales
• Cash float u Current Income
• Fixed deposit (less than 12 u Interest income
u Rent income
months) u Discount received
u Recover bad debts
u Gain on sale of asset
u Trading Inventory surplus
u Provision for bad debt
adjustment




2© Noted Summaries [Grade 12 : Accounting] www.notedsummaries.co.za

, IMPORTANT TRADING CALCULATIONS:

100
1. Cost price Sale price x
100+%
100+%
2. Sales price [cost price + profit margin] Cost price x
100
Selling price - Cost price 100
3. Profit margin (margin) x =%
Cost price 1
100+%
4. Sales Cost of sales x
100
100
5. Cost of sales Sales x
100+%



EXAMPLE OF CALCULATIONS
[GENERAL ACCOUNTING EQUATION > GENERAL LEDGER]
[effect on the accounting equation]
1. Office equipment purchased.
>Equipment (A) 
>Bank (A)  [we bought the equipment in cash SO our bank is reducing]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Equipment Bank
[Increase [Assets REDUCE +
0 0
assets on the on the credit -
debit side] side]

2. Water bill paid.
>Water and electricity [Issue > OWNER'S INTEREST -] (E - ) DEBIT EXPENSES 
>Bank (A) [pay the bill with cash]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Water and Bank
- - 0
electricity


3. Rental income obtained [> OBTAINED].
>Rental income [Income > OWNER'S INTEREST +] (E + ) CREDIT INCOME 
>Bank (A)  [we MONEY GET IN > our bank INCREASES]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Rent income


[Increase [Owner's
+ + 0
assets on the interest
debit side] INCREASED on
the credit side]



4. Stationery purchased.
>Writing needs = EXPENSE (E - ) 
>Bank (A) 
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Stationery Bank - - 0


3© Noted Summaries [Grade 12 : Accounting] www.notedsummaries.co.za

, 5. Trade inventory PURCHASED > cash
>Trade inventory = ASSET (A) 
>Bank (A) 
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Trading Bank
- - 0
inventory


6. Trade Inventory SELL > cash
FIRST THINGS FIRST!


SALES = always 4 accounts NOT JUST 2!
4 Accounts:
1. Sales
2. Cost of sales
3. Trading inventory
4. Bank [If sold on debt = Debtors control]


Here we go!
>Sales [INCOME > OWNER'S INTEREST +] (E +) 
>Bank (A) 
[BANK and SALES are written together on 1 line, and trade inventory and cost of sales
are written together on 1 line]
>Trade Inventory (A)  [Our trade inventory is REDUCING now because we sold]
>Cost of sales [EXPENSE > OWNER'S INTEREST -] (E -)
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Sales + + 0
Cost of sales Trading
- - 0
inventory


REMEMBER!
When we work with numbers in the equation > YOUR COST OF SALES IS WORKED OUT OF
THE PROFIT MARGIN and then your TRADE INVENTORY's amount (its "value" by which the
owner's equity is reduced) becomes the C.O.S's amount.
For example: If our sales were R 3 600 and we work on a 20% profit margin.
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Sales + R3500 + R3500 0
Cost of sales Trading
- R 3000 - R 3000 0
inventory


100
C.O.S [Trade Inventory] =Sales x
100+%


100
C.O.S [Trade Inventory] =3600 x
120
C.O.S = R. 3 000


7. PAYMENT ON SHORT TERM LOAN.
>PAYMENT = Bank (A) 




4© Noted Summaries [Grade 12 : Accounting] www.notedsummaries.co.za

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