Exam (elaborations)

Grade 10 Accounting (ACC) November Test Paper 1 and Memo - 2024

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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...

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Uploaded on October 27, 2024
Number of pages 26
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

grade 10 accounting november testpaper 1

Institution 10th Grade
Course Accounting
Schooljaar 200

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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

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Exam (elaborations)

Grade 10 Accounting (ACC) November Test Paper 1 and Memo - 2024

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