Accounting Memo 1 (English)

November 2019 — Grade 12 / Matric — Accounting

Memo 2019 Grade 12 English Accounting Hub →

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🎯 300 marks 📄 17 pages 📝 52 items found 📚 9 topics

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Q1— Section header —

1.1.1False

1.1.2True

1.1.3True

1.2DESKS FACTORY

1.2.1Factory Overhead Cost Note Indirect labour R 296 500 Depreciation on factory plant Water and electricity (248 000 + 18 000\ x 80% 53 200

1.2.2Calculate the otal cost of production of finished goods. Workings Answer 9 000 x 160 two or no marks 000 + 1

1.2.3Sihle wants to produce an additional 1 500 desks. Calculate the additional profit he can expect. Workings Answer Extra units x Contribution per unit one mark one mark [340+160+80]

1.3CHAIRS FACTORY

1.3.1Provide a calculation to confirm the break even point for 2019. Workings Answer 16 000 x 96 or two marks 216 000 + 320

1.3.2Comment on the break even point and the production level achieved. Quote figures. If differences are shown for figures, this carries two marks Comment on BEP

1.3.3Sihle feels that wood raw material was not well controlled. Provide a calculation. METRES Actual issue Budget x 1,2 9 200m OR: Wastage =

1.3.4Give TWO reasons for the increase in direct labour cost Provide a solution for EACH REASONS SOLUTION FOR EACH valid different

Q2— Section header —

2.1.1State THREE advantages of EFTs. THREE different valid advantages Less fraud onvenient or easy

2.1.2Janet, the bookkeeper, has been assigned the duty of processing and controlling all EFTs. Explain TWO reasons why the internal auditor was concerned about this. Part marks for unclear answer TWO different &

2.2Show the changes in t he Cash Journals for June 2019. CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL 470 Provisional totals

2.3Calculate: Bank Account balance Workings Answer 200 + 000 900 see 2.2 see 2.2 one part correct

Q3— Section header —

3.1Calculate the alue of closing stock using FIFO. Workings Answer If 280 units in first part \ + ( x 990

3.2.1Calculate the % mark up achieved in 2019. Workings Answer 309 500 x 100 170 500

3.2.2Provide TWO points (with figures\ to prove that this decision achieved its aims. TWO different valid points Figures

3.2.3The CEO feels that this decision also negatively affected the company. Provide TWO points (with figures\ to support his opinion. Do not accept Mark up % here TWO different & valid points Figures Gross profit decreased to R1

3.3Calculate the stockholding period for lamps (use closing stock\. Workings Answer 59 625 930 375 one mark 3 675 one mark

3.4Calculate the number of missing lamps. Workings Answer Op.stock Purchases Clos.stock Sales 3 800 265 3 675 one part correct

3.5Calculate the value of the closing stock of TV sets on 30 September 2019 using the specific identification method. Workings Answer LYN 7 800 000 2 580 000 5 220 000 (4 800 000 + 3 000 000\ (430 x 6

3.6Explain THREE different concerns George would have about this problem. THREE different & valid concerns part marks for partial or incomplete

4.2VISIV LTD

4.2.1Calculate: (i\ Depreciation for the current year Workings Answer 225 000 x 25% x 8/12 one part correct

4.2.2Calculate the correct net profit after tax for the year ended February 2019. Indicate for increase and for decrease. Workings Answer Incorrect net profit before tax Provision for bad debts adjustment

4.2.3RETAINED INCOME NOTE: Balance at beginning Net profit after tax see 4.2.2 Shares repurchased 360 000 x R0,30 ignore brackets 4,10

4.2VISIV LTD STATEMENT OF FINANCIAL POSITION (BALANCE SHEET\ ON 28 FEBRUARY 2019 ASSETS Non current assets (TA CA\ Fixed assets

4.2.2017 400 SARS: Income tax may be part of T&OP 43 000 Shareholders for dividends may be part of T&OP see 4.2.3 488 000 Current portion of loan

4.3AUDIT REPORT

4.3.1

4.3.2Give TWO examples of audit evidence that the auditors would require. TWO valid different examples Be aware of other valid examples that are related to income or expenses sset registers

4.3.3Apart from the current ratio, identify and calculate ONE other financial indicator that the auditors would have used in deciding on this opinion. Acid test ratio 1102 000 or T OR + C see 4.2.4 000 900

Q5— Section header —

5.1.3or A

5.2SUNSET

5.2.1Calculate: Income tax paid Workings Answer 477 900 63 000 477 900 + 63 000 + 18 mark one line accept brackets one mark one mark one mark

5.2Calculate financial indicators for the year ended 28 February 2019: operating profit on sales Workings Answer 2 033 900 x 100 check operation

5.3HORIZON LTD and OPTIMA LTD

5.3.1Explain why directors should be interested in the price of their companies' shares on the JSE. Any ONE valid comment one mark for partial or incomplete answer Responses for 2 marks: It shows public confidence in the company

5.3.2Explain your opinion on which company has the better dividend pay out policy. Quote figures. Choice of company: Either Horizon Ltd OR Optima Ltd Reason: Either retaining funds OR rewarding shareholders

5.3.3Explain TWO decisions taken by the directors of Horizon Ltd in response to the state of the economy, and how these decisions will affect the company in future. Decisions TWO valid decisions Figures Sold fixed assets R1 800

Q6— Section header —

6.2Calculate the % of debtors who settle their accounts in the 2 nd month following the credit sales transaction month Workings Answer 67 500 or 75 000

6.3.1The office workers are unhappy with the increase that Thembi gave them on October 2019. Explain what she should say to them. Provide TWO points. Quote figures or a calculation. Only one figure required

6.1Foreign entries 1 max CASH BUDGET PROJECTED INCOME STATEMENT Nov. Dec. Jan.

6.3Thembi pays her son, Jacob, on a part time basis to deliver and install carpets for customers. She bu dgets R2,80 per metre for this. Comment on the control of this Quote figures or a calculation. Comment on poor control / ethics in September

6.3A new competitor commenced trading in the area on 1 September 2019. Provide figures to illustrate the impact on sales in September. Comment Figure/s Compare budgeted Sales to actual Sales ales budget was R490 000 and the actual was R380

Topics Identified

Bank ReconciliationDepreciationInventoriesManufacturingBudgetingFinancial StatementsCompaniesDebtors ControlCreditors Control

Mark Allocation

Total300 marks

Paper information

SubjectAccounting

Year2019

SessionNovember

TypeMemo

PaperPaper 1

LanguageEnglish

Pages17

Downloads4

Examination context

Decade2010s

Years ago7y

SeasonSpring (SH)

Start dayTuesday

Exam periodNovember 2019

Days since exam2,546

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.

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