Accounting English memo version 2

November 2008 — Grade 12 / Matric — Accounting

Memo 2008 Grade 12 English Accounting Hub →

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🎯 300 marks 📄 21 pages 📝 56 items found 📚 8 topics

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1.1

1.2

1.3Amounts marked even if details incorrect * If two figures add up to R684 000 GENERAL LEDGER AMOUNT 25 Account debited Account credited e.g. Directors' fees Bank 150 000 Trading stock

1.4The company plans to issue the remaining unissued shares next year.

1.4.1

1.4.2What is the minimum number of shares Gary will have to buy to retain control of the company? He needs to own at least 250 000 + 1 shares He currently owns 230 000 shares 3 or nil He needs to buy 20 000 + 1 = 20 001

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2.1LIMPOPO TRADERS

2.1.1What is the main purpose of preparing a Cash Budget? Any valid answer Good answer: 2 marks; Answered in part: 1 mark If candidate confuses income (revenue\ith receipts and expenditure with payments: max 1 mark

2.1.2Explanation of: Any valid answer Figures not essential in answer Good explanation: 2 marks; Satisfactory explanation: 1 mark Expected responses to include a comparison of budget to actual (1 mark\ explanation (1 mark\.

2.1.3Calculate the total sales that may be expected in February 2009 144 000 x 100 / 20 (i.e. x5\ = R 720 000 OR (57 600 x 100 / 10\44 000 = R 720 000 OR 57 600 x 100 / 10 x 100 / 80 = R 720 000

2.1.4Wrong columns: no marks # Inspection: if 10% & 55% of Feb credit sales figure DEBTORS COLLECTION SCHEDULE FOR TWOMONTHS ENDING 31 MARCH 2009 * If 576 000 not shown, rework workings done by learner CREDITSALES

2.1.5

2.1.6Explain THREE points other than those mentioned in QUESTIONS 2.1.2 tios/percentages from the question to support your explanations. Any three valid answers Figures/ratios/% are essential in answer Explain a point: 1 mark; Figures: 2 marks

2.2PRESTIGE HOTELS LIMITED

2.2.1If you were a major shareholder in this company, what questions would you asked the managing director at the special meeting? Give TWO questions. Any two valid and separate questions Response does not have to be in question form

2.2.2What should the managing director say at the special meeting to defend the board's decisions about the budget? Briefly explain TWO points. Any two valid and separate points Excellent = 3 Good = 2 Satisfactory = 1 Incorrect = 0

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3.1VALLEY MATTRESS MANUFACTURERS # If = calculation below @ Inspection If DMC & FOHC calculations are on the face of the PCS, mark those and transfer marks to the section below. If candidates do both, mark both and give benefit to candidate.

3.2SPRINGBOK T-SHIRT MANUFACTURERS

3.2.1Calculate the unit costs for 2008 denoted by (a\(b\c\ No marks for workings. (a\1 accept R14,70 (b\1 accept R4,70 (c\,03 accept R6,02

3.2.2

3.2.3

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4.1

4.2.1Why does the Companies Act make it a requirement for public companies to be audited? Any one valid reason To protect the shareholders / separation of ownership from control OR Public funds are used OR To ensure that it is a fair reflection of financial statements

4.2.2Name ONE other person who would be interested in this audit opinion, and give a reason for his/her interest in the opinion. Any one of the other stakeholders Reason Shareholders not acceptable in this answer

4.2.3At the AGM, one of the shareholders says that he is not happy with the words 'fairly present' in the audit report. He wants the auditors to say that the financial statements are 'correct in all respects'.

4.2.4

4.2.5SAICA is one of the main professional bodies governing accountants in this country. Explain TWO of the main roles performed by the SAICA. Any two valid reasons Disciplinary procedure against member who is negligent

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5.1.1Debt/Equity ratio 1 980 000 / 4 123 000 OR 2 048 000 : 4 123 000 = 0,48 : 1 or 0,5 : 1 If any one part correct

5.1.2

5.1.3Stock-turnover rate 5 625 000 1 575 000 or 1 640 000 No mark for opening stock = 3,6 or 3,57 times or 3,4 times If any one part correct

5.1.4

5.1.5Net asset value per share R 4 123 000 / 1 100 000 shares = 374,8 cents / 375 cents / R3,75 If any one part correct

5.2Solvency and liquidity:

5.2.1Briefly explain the difference between solvency and liquidity Solvency : ability to pay off debts / ability to meet all debts in the long-term / TA:TL / TA >TL / positive equity Liquidity : ability to pay off current / short-term debts /

5.2.2

5.2.3Comment on the liquidity of this business. Quote the financial indicators and the changes (trends\ previous year to support your opinion. Any four valid indicators 1 mark each Trends quoted for each 1 mark each

5.3Returns and share price:

5.3.1Comment on the earnings, dividends and % return. Quote financial indicators and changes (trends\m the previous year to support your opinion. Improvement in EPS : 78,8c 95,2c / diff 16,4 c Decline in DPS

5.3.2Would you be satisfied with the performance of the share price? Comment and compare this to a financial indicator from the question to support your opinion. Opinion Comment : Compare NAV to Market Price 374,8c > 350c

5.1.5

5.5e.g.

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6.2

6.3

6.4Yes OR No

Topics Identified

VATDepreciationManufacturingBudgetingFinancial StatementsCompaniesDebtors ControlCreditors Control

Mark Allocation

Total300 marks

Paper information

SubjectAccounting

Year2008

SessionNovember

TypeMemo

PaperSee title

LanguageEnglish

Pages21

Downloads2

Examination context

Decade2000s

Years ago18y

SeasonSpring (SH)

Start dayWednesday

Exam periodNovember 2008

Days since exam6,561

About Accounting examination preparation

Grade 12 Accounting tests bookkeeping, financial statements, and interpretation of corporate data. Paper 1 covers VAT and manufacturing accounts, while Paper 2 tests partnerships and corporations.

Every available Grade 12 Accounting past paper and memorandum is collected in the Accounting hub at accounting.freemode.co.za — browse all years, sessions and languages in one place.

How to use this resource for revision

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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.

accurate accounting calculations

interpreting financial information

applying accounting principles

presenting structured answers

checking numerical accuracy

A practical revision approach

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