NATIONAL

SENIOR CERTIFICATE

GRADE 10

ACCOUNTING

MID-YEAR EXAM
JUNE 2024
TERM 2 SBA TASK 4

TOTAL: 200 DURATION: 2 ½ hours

This question paper consists of 09 pages and answer book

Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

INSTRUCTIONS

Read the following instructions carefully and follow them precisely.

1. Answer ALL questions

2. A special answer book is provided in which to answer all questions
3. A 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, blue/black ink to answer questions
7. Where applicable show all calculations to one decimal point
8. Write neatly and legibly
9. Use information in the table below as a guide when answering the question
paper. Try NOT to deviate from it.

QUESTION TOPIC MARKS TIME

1 Accounting Concepts, Accounting
44 33 minutes
Equation & Analysis of transactions
2 General Journal 23 17 minutes
3 General Ledger & Internal Control 44 33 minutes
4 Creditors Reconciliation & Internal Control 39 29 minutes
5 Salaries & Wages 50 38 minutes
TOTAL 200 150 minutes

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

QUESTION - 1 ACCOUNTING CONCEPTS & ANALYSIS OF TRANSACTIONS

1.1 Match the information in COLUMN A to the term in COLUMN B. Write

only the letter (A – G) in your ANSWER BOOK. (5)

COLUMN A COLUMN B
The management of a business should treat
1.1.1 employees equally regardless of their A Business Principles
positions.
Assets that are convertible into cash within
1.1.2 B Fixed deposit
a period of 12 months.
Commonly accepted guidelines that are
1.1.3 followed when financial records are C Fairness
prepared for reporting.
A summary of balances and totals extracted
1.1.4 D Current assets
from all the ledger accounts of a business.
E Trial balance
1.1.5 An example of a non-current asset. F General ledger
G GAAP

1.2 The transactions below appeared in the books of Waterkloof Traders for the
month of March 2023. Waterkloof Traders uses 80% mark up on cost price.
REQUIRED: (39)
Use the information of Waterkloof Traders to flow the effect of each transaction
on the Accounting Equation for March 2023
Transactions
Bought goods on credit from AB Traders for R10 800 less 10% trade
01
discount.
Paid R450 out of the petty cash to Parcels R Us for goods delivered
07
to a debtor, J Donovan. The amount must be debited to his account.
16 Sold goods on credit to K. Moss for R4 500 and issued an invoice.
A printer bought on credit for office use for R2 400 from XY Printing
in February 2023 had a defect (was faulty). After consultation with XY
19
Printing, the printer was returned to them. No transaction was
recorded.
A credit note of R1200 was issued to K.Moss for returns of some of
21 the goods bought on 16 March 2023. The goods were not returned to
the store room as they were totally damaged.
Received R3 400 from R. Bond (a debtor) in settlement of her account
25
of R3 500.
A loan repayment of R44 000 to Investec Bank included an interest
31
of 10% per annum for one year. Funds were paid via EFT.
[ 44 ]

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

QUESTION 2 – GENERAL JOURNAL

The information for December 2022 presented below is taken from the books of
The Adventure Apparel

REQUIRED:

Record the transactions in the General Journal for December 2022, and close
off the journal properly.
NOTE: Narrations are not required. (23)

INFORMATION:

Transactions on 31 December 2022:

• A debtor, C Stokes, who owes R2 400, was declared insolvent. His estate
paid 40c in the rand. (This has been recorded in the books of the
business.) The remainder must be written off as irrecoverable.

• Transfer a debit balance of R280 in the account of M. Maxwell from the

Debtors’ Ledger to his account in the Creditors’ Ledger. M. Maxwell is
both a customer and supplier to The Adventure Apparel

• The owner took trading stock at a cost price of R1 200. The transaction
was not recorded yet.

• The business received an amount for R35 000 from ABSA Bank via EFT
for a fixed deposit that matured on 31 December 2022. Included in the
amount is interest on fixed deposit of R3 000. The total amount of
R35 000 has been credited to the Fixed Deposit Account. Correct the
error.

• Goods returned by J Yates (a debtor) as per credit note for R280, was
incorrectly posted to the account of J Young (a debtor).

• Charged interest of 6% per annum for three months to the overdue

account of K. Patton, he owes the business R6 800.

[23]

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

QUESTION 3 – GENERAL LEDGER AND INTERNAL CONTROL

The following information was extracted from the books of Nooks & Crannies Cleaning
for the year ending 28 February 2023. The business uses 100% mark up on cost.

REQUIRED:
3.1 Complete and balance the following accounts in the General Ledger for
February 2023:
• Debtors’ Control Account (10)
• Trading Stock Account (16)
• Stationery (08) (34)

3.2 The owner noticed that some debtors do not comply with the credit terms as part
of their contractual agreement with the business.
3.2.1 Explain the meaning of the concept credit term. (2)
3.2.2 Provide TWO measures that can be implemented by the business to
encourage early payments. (4)

3.3 The owner suspects that the stock has been stolen during the year. He has
asked you for advice on internal controls he could implement to prevent stock
from being stolen. List TWO internal controls to safeguard stock. (4)

INFORMATION:
Totals from Subsidiary Journals for February 2023
Cash Receipts Journal Cash Payments Journal

Bank 88 400 Bank 65 350

Sales 44 000 Trading Stock 27 900
Cost of Sales 22 000 Discount received 620
Discount allowed 270 Creditors control 36 510
Debtors Control 4 280 Wages ?
Current Income ? Stationery 1 620

Debtors Journal Debtors Allowances Journal

Sales 12 800 Debtors allowances 1 200

Cost of Sales 6 400 Cost of Sales 600

Creditors Journal Creditors Allowances Journal

Creditors Control 58 400 Creditors Control 6 900

Trading Stock 25 990 Trading Stock 4 800
Stationery 1 500 Stationery 175
Packing Material 2 300 Packing Material ?
Sundry Accounts ? Sundry Accounts 1 155

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

Petty Cash Journal

Petty Cash 960

Trading Stock 380
Debtors Control 280
Stationery 150
Sundry Accounts ?

QUESTION 4 - CREDITORS’ RECONCILIATION AND INTERNAL CONTROL

The information below was taken from the books of Bubba's Wholesale Outlet.

REQUIRED:
4.1 Correct the Creditors’ Control Account for June 2023 in the General
Ledger. Balance the account correctly. (17)

4.2 Prepare a correct list of creditors as at 30 June 2023. (18)

4.3 Bubba's Wholesale Outlet buys goods in large quantities from The Grit
Corner. The stock received from The Grit Corner normally include
damaged goods or goods that were not ordered.

Goods purchased from The Grit Corner are also delivered late and
Bubba's Wholesale Outlet has lost customers as a result of this. Bubba's
Wholesale Outlet have decided to change the supplier because they
also do not receive any discount from The Grit Corner.

Suggest the actions that should be taken by The Grit Corner to retain
(keep) their customers. Provide TWO points. (4)

INFORMATION:
Dr CREDITORS CONTROL Cr
Bank &
2023 Discount 2023
Jun 30 received CPJ 34 250 Jun 01 Balance b/d 4 380
Journal Creditors
debits GJ 3 290 30 allowances CAJ 2 108
Balance c/d 15 038 Purchases CJ 44 800
Journal Credits GJ 1 290
52 578 52 578
Apr 01 Balance b/d 15 038

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

CREDITORS LIST AS AT 30 JUNE 2023

NAME Debit Credit
Stump Stomp Retailers 3 890
Fuzzy Quilt. 1 300
The Grit Corner. 4 512
Shatter It X. 3 100
The Shake Shack. 260
260 12 802

Errors and omissions discovered during the month:

• Invoice 154 received from Fuzzy Quilt for R1 480 was posted to the account
of The Grit Corner in the Subsidiary Ledger.
• The business decided to transfer the balance of The Shake Shack to the
Debtors’ Ledger. No entry was made.
• Invoice 278 received from Stump Stomp Retailers for merchandise
purchased on credit for R2 300 was incorrectly recorded in the Creditors’
Journal as R3 200.
• The business returned some parts bought for the delivery van to the value
of R860 to Shatter It X. The amount was correctly recorded in the Creditors’
Allowances Journal but it was posted to the Creditors’ Ledger as credit
purchases.
• Stump Stomp Retailers supplies goods to Bubba's Wholesale Outlet and
also buys from Bubba's Wholesale Outlet. The debit balance of R640 on
their account in the Debtors’ Ledger is to be transferred to their account in
the Creditors’ Ledger.
[39]

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

QUESTION 5 – SALARIES & WAGES

5.1 Sunrise Tea Garden employs only one employee, David Turner, who is paid
Weekly. The information is extracted from the week ending 21 April 2023.

REQUIRED

Use the information provided to answer the following questions:

5.1.1 List TWO differences between salaries and wages. (4)

5.1.2 To which organization is PAYE paid? Write your answer in full (1)
5.1.3 What is the difference between deductions and contributions? (4)
5.1.4 Calculate the total number of overtime hours worked by David
for the week. (6)

5.1.5 Name the statutory or legal deduction that has NOT been made
From David’s wages. Do not abbreviate your answer. (1)

5.1.6 Refer to QUESTION 5.1.5. How much should have been

deducted from David’s wages? (2)

5.1.7 Refer to QUESTIONS 5.1.5 and 5.1.6. How much is owed to the
Department of Labour at the end of the month?
(Assume there were four weeks in the month) (2)

INFORMATION:

• David’s normal time rate is R13,50 per hour and if required to work
overtime he earns R20,25 per hour.
• The following is an extract from his wages earned for the week
17 to 21 April 2023.

Normal Time 32 hours

Overtime ?
Total Wage including overtime R675
Medical Aid R125
Pension Fund (7.5% of basic wages) ?

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Accounting GR10 Mid-Year Question Paper Limpopo DoE/June 2024

5.2 Sunworx Solar sell solar systems and inverters. They employ two sales
representatives, J. Fisher and L. Roberts, who earn the same basic salary and a
commission of 0,5% for every solar system or inverter sold. Commission is only
paid once the installation is completed.

REQUIRED:

Complete the Salaries Journal for the month of March 2023 in the ANSWER BOOK
provided.
(30)

INFORMATION:

• On 01 March, J. Fisher sold solar systems for R500 000. All installations
were completed on 27 March.

• L Roberts sold inverters and solar systems on 25 March for R800 000. The
installations were completed on 05 April 2022.

• Both employees belong to a medical aid fund. The total premium paid for
each member towards the medical aid fund is R2 700 per month. Sunworx
Solar agreed to contribute double what the employees pay.

• Pension fund contribution is 15% per month on their basic salary. The
employees pay 7,5% while the employer contributes the rest.

• UIF deductions and contributions are as per statutory requirements.

[50]

GRAND TOTAL: 200

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