Exam (elaborations)

Grade 10 Accounting (ACC) September Paper and Memo - 2024

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Course
Accounting

Institution
10th Grade

Grade 10 Accounting September Paper and Memo: Total: 100 Marks. Time: 90min Contents of the exam paper contains the following details: Income statement and adjustments GAAP principles Accounting concepts Analysis and interpretation of financial information This is a pract...

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Uploaded on July 25, 2024
Number of pages 20
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

accounting acc

Institution
10th Grade
Course
Accounting
Schooljaar 200

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Datum / Dates: SEPTEMBER 2024
Tyd / Time: 1 hour 30 minutes (1 ½ hours)
Punte / Marks: 100
Graad / Grade: 10
Vak / Subject: ACCOUNTING
Vraestel / 1
Paper:

Name and Surname:

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TOPICS COVERED IN THIS PAPER:
 Income statement and adjustments
 GAAP principles
 Accounting concepts
 Analysis and interpretation of financial information

Bl / Pg 1/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024

, QUESTION 1 : GAAP principles

Match the GAAP principles in Column A to the examples given in Column
B. Write down only the letter (A-G) next to the numbers (1.1-1.6).
(6)

COLUMN A COLUMN B
1.1 Historical A The cost of goods sold is recorded in the same period as
Costs its revenue.
1.2 Materiality B Financial statements are prepared on the assumption that
the business will continue for the next year.
1.3 Matching C A R100 stapler is immediately recorded as an expense
because of its insignificance to the overall financial
statements.
1.4 Business entity D Only business-related expenses are recorded in the
company's financial statements not personal expenses.
1.5 Prudence E Revenue received in advance is recorded as an expense

1.6 Going concern F A building is reported at its purchase price of R500000
even after ten years.
G A forecast for debts is made when there is uncertainty
about their collection.

QUESTION 2 : INCOME STATEMENT

The information relates to PRIME DEALERS for the financial year ended
June 30 2024.

Asked:

Complete the INCOME STATEMENT (Statement of Comprehensive Income)
for the year ending 30 June 2024.

Take into account all adjustments given in INFORMATION A and B.

Bl / Pg 2/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024

, INFORMATION:

A. Extract of the pre-adjustment trial balance of PRIME
DEALERS for the year ended 30 June 2024

Capital 980000

Drawings 42600

Land and Buildings 8000000

Vehicles 780000

Equipment 350000

Accumulated depreciation on vehicles ( / 2023) 468000

Accumulated depreciation on equipment ( / 105000
2023)
200000
Fixed deposit (interest of 8% p.a.)

Trading stock 418400

Accounts receivable control 280 200

Overdraft bank account 124000

Loan: Punjab Bank (12% p.a.) 652000
Creditors control 380000

Sales 4350000

Debtors allowance 18000

Cost of sales 2900000

Rent income 200700

Recover bad debts 1800

Interest on fixed deposit 9000

Stationery 2100

Telephone 9000

Insurance 12100

Bad debt 3800

Bank costs 1200

Consumable goods 4000

B. Additional information and clarifications:

Bl / Pg 3/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024

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Exam (elaborations)

Grade 10 Accounting (ACC) September Paper and Memo - 2024

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