Grade 12 Accounting September Exam Paper 2 and MEMO:
Total: 150 Marks, 120 Minutes
Contents:
Question 1: Cost Accounting
Question 2: Budgeting
Question 3: Bank Reconciliation and Internal Control
Question 4: Vat and inventory valuation
This is a practice paper with memBudgeting...
Datum / Date: September 2024
Tyd / Time: 2 hours
Punte / Marks: 150
Graad / Grade: 12
Vak / Subject: Accounting
Vraestel / 2
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
1 50 40
Cost Accounting
2 30 25
Budgeting
3 Bank Reconciliation and Internal 30 25
Control
4 Vat and inventory valuation 40 30
You are provided with information from the records of Van der Merwe
Manufacturers for the financial year ended 30 April 2024. They
manufacture bookshelves.
REQUIRED:
1.1.1 Prepare the Production Cost Statement for the year ended 30
April 2024.
(17)
1.1.2 Complete the abridged Statement of Comprehensive Income
(Income Statement) for the year ended 30 April 2024.
(10)
INFORMATION
A. Stock records
Stock records 30 April 2024 1 May 2023
Raw material stock R175 680 R112 800
Work-in-progress- ? R426 000
stock
B. Extract from the records on 30 April 2024 (before
additional information below):
Raw material purchased R 1 665 000
Raw materials returned to suppliers R63 000
Direct material cost ?
Direct labour cost 2 150 880
Factory overhead 1 405 350
Selling and distribution 1 829 550
Administration cost 1 331 850
Bl / Pg www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 12 Vak / Accounting Datum / Date: Sept 2024
Grade: Subject:
, Cost of production of finished goods ?
Gross profit 3 750 00
C. Additional information to be taken into account:
a. Factory overhead cost includes the total amount for rent paid
for the financial year, R108 900. Rent expense should have
been allocated according to floor area occupied, as follows:
Factory 400 m2; Shop 80 m2; Office 120 m2
b. The entire insurance expense of R68 250 was entered in
administration cost in error. 60% of this expense should have
been allocated to the factory overhead cost.
D. Van der Merwe Manufacturers produced 39 000 units at a cost
of R135 each.
1.2.1 Explain the difference between fixed cost and variable cost.
(2)
1.2.2 Calculate the break-even point for 2024.
(5)
1.2.3 Comment on the break-even point and the production level for
2024 and 2023. Quote figures.
(6)
1.2.4 Identify the variable cost which the owner should be
concerned about. Explain and provide a calculation
to support your answer. (4)
1.2.5 Even though there was a decrease in the fixed costs per unit,
the owner is still not satisfied with the control over fixed costs.
Bl / Pg www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 12 Vak / Accounting Datum / Date: Sept 2024
Grade: Subject:
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