ECONOMIC AND MANAGEMENT SCIENCES
GRADE 8
2020 TERM 4 EXAMINATION PAPER 1
MARKS:
50
TIME: 1 HOUR
SCHOOL: ______________________________________
LEARNER: _____________________________________
EXAMINER:__________________________________
MODERATOR:________________________________
INSTRUCTIONS
1.
Answer ALL the questions.
2.
Show ALL your calculations.
3.
Write neatly and legibly.
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SECTION A
QUESTION 1
1.1
Choose the most correct answer to the following questions/phrases. Only write down
the question number and the letter of your answer.
1.1.1
When a business issues a receipt it means the business ______ money.
A
C
1.1.2
Sole trader
Professional
B
D
(1)
Service business
Retailer
Cash register slip
Bank deposit slip
B
D
Duplicate receipt
Invoice
Choose the correct definition of ‘Profit’ from the options.
A
C
1.1.5
Paid
Gambled
Which of the following documents do not indicate directly that a transaction has taken
place?
(1)
A
C
1.1.4
B
D
If a business sells time and/or knowledge it is a ______.
A
C
1.1.3
Received
Wasted
(1)
Expenses > Income
L = A - OE
B
D
(1)
Income > Expenses
None of the above
A fixed deposit is an example of a ______.
A
C
Fixed Asset
Liability
(1)
B
D
Capital
Financial asset
[5]
1.2
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5
Match the description in Column B to the correct word(s) in Column A. Write down
only the question number and the letter of your answer.
COLUMN A
Accounting period
Source document
General Ledger
Trial Balance
Journals
A
B
C
D
E
F
COLUMN B
There are always two copies
Summary of information in Journals
Books of first entry
Also known as a financial year.
An agreement between a seller and a purchaser.
Summary of totals in General Ledger
[5]
QUESTION 2
2.
For each of the following transactions indicate the effect of the transaction on the
accounting equation.
Example: Sam started his business with R50 000 cash.
EXAMPLE
ASSETS
+ R50 000
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OWNER’S EQUITY
+ R50 000
(5)
2.1
Sam places an order of R3 500 for stationary and pays via internet banking.
(2)
2.2
2.3
Sam fills his car at an Engen petrol station and pays R611.
(2)
A mid-month bank statement shows a deposit of R4 000 from the Hall family for family
paintings and interest earned of R269.
(4)
2.4
Sam purchases a computer of R6 000.
(2)
[10]
TOTAL SECTION A: 20 MARKS
SECTION B
QUESTION 3
Study the information of Sam’s Art Studio and answer the questions. Sam, the owner started the
business on 1 September 2020 with R50 000 cash that he inherited and a studio in his garage. He
specialises in doing oil paintings from photographs and he frames the paintings himself. He employs
a cleaner one day a week
He asks for your help and presents you with incomplete journals and documents as well as an
incomplete Trial Balance and the following information:
Sam employs a cleaner every Friday and he pays him R250 on the days of cleaning.
Trial Balance of Sam’s Art Studio on 30 September 2020
Capital
Drawings
Equipment
Bank
Services Rendered
Wages
Paint Expenses
Frame expenses
Interest
Internet expenses
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Fol
B1
B2
B3
B4
N1
N2
N3
N4
N5
N6
Debit
Credit
50 000
6 000
12 000
(3.1)
10 000
2 000
7 713
4 000
642
650
CRJ Totals 31 October 2020:
R7 650
Day
Other Details
1
2
5
15
Sam places an order of R3 500 for frames at All Frames & Oils and pays via internet banking.
?
Sam fills his car at an Engen petrol station and pays R611.
A mid-month bank statement shows a deposit of R4 000 from the Hall family for family
paintings and interest earned of R269.
Sam pays his monthly internet fees by cheque.
Sam purchases oil paint from his regular supplier for R16 000
24
QUESTIONS
3.1
Calculate the Bank balance on 30 September.
(4)
3.2
Complete the Cash Payments Journal for October 2020 in the Annexure and close the
Journal off at the end of the month.
(11)
3.3
Open the accounts in the General Ledger in the Annexure on 1 October 2020.
(5)
3.4
Post the CPJ to the General Ledger on 31 October.
(6)
3.5
Calculate the Bank balance on 31 October by balancing the bank account in the General
Ledger.
(4)
[30]
TOTAL SECTION B: 30 MARKS
PAPER TOTAL: 50 MARKS
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NAME: _____________________________
QUESTION 3.2
Doc
Day
Cash Payment Journal for Sam's Art Studio October 2020
Art &
Sundry Accounts
Salaries &
Name of Payee
Fol
Bank
Frame
Wages
Supplies
Amount Fol Details
1
Chq 799
2
Air Broadband
(11)
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CAPITAL
Oct
1 Balance
b/f
B1
DRAWINGS
B2
EQUIPMENT
B3
BANK
B4
SERVICES RENDERED
N1
WAGES
N2
PAINT EXPENSES
N3
FRAME EXPENSES
N4
INTEREST
N5
INTERNET EXPENSES
N6
(3.1)
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ECONOMIC AND MANAGEMENT SCIENCES
GRADE 8
2020 TERM 4 EXAM P1
MARKING GUIDELINES
QUESTION
1
2
3
Departmental Requirement
Cognitive levels Activity Percentage of task
Lower order
Middle order
Higher Order
10
10
6
10
14
30%
40%
30%
32%
ACTUAL %
40%
28%
WEIGHTING OF TOPICS GR 8
TOPIC
REQUIRED
ACTUAL
100%
Financial Literacy
100
100%
100,00
QUESTION 1
1.1
1.1.1
A
1.1.2
B
1.1.3
C
1.1.4
B
1.1.5
D
[5]
1.2
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5
D
A
B
F
C
(1)
(1)
(1)
(1)
(1)
[5]
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QUESTION 2
EXAMPLE
2.1
2.2
2.3
2.4
ASSETS
+ R50 000
-R3 500
- R611
+ R4 000
+ R269
+ R6 000
- R6 000
OWNER’S EQUITY
+ R50 000
- R3 500
-R611
+ R4 000
+ R269
(10)
[10]
TOTAL SECTION A: 20 MARKS
SECTION B
QUESTION 3
3.1
3.2
Total Credits: R50 000 + R10 000 + R642 = R60 642
Total Debits: R6 000 + R12 000 + R2 000 + R7 713 + R4 000 + R650 = R32 363
R60 642 – R32 363 (method ) = R28 279
(1)
(1)
See table below.
(11)
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(2)
QUESTION 3.2
Cash Payment Journal for Sam’s Art Studio October 2020
Art &
Sundry Accounts
Salaries &
Name of Payee
Fol
Bank
Frame
Wages
Supplies
Amount Fol Details
Doc
Day
INV 7859
1
All Frames & Oils
Chq 799
2
Cash
250
Chq800√
5
Engen
611
Chq801
9
Cash
250
Chq802
15
Air Broadband
Chq803
16
Cash
250
250
250
250
Chq804
23
Cash
Chq805
24
All Frames & Oils
Chq806
30
Cash
3 500
3 500√
250
650
Internet Expenses√
16 000√
250
22 011√
Petrol Expenses√
250
650√
16 000
611
250
19 500√
1 250√√
1 261√
(11)
3.3
10 Accounts – ½ Mark each. (10/2)
See GL below.
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(5)
3.4 -3.5
CAPITAL
Oct
B1
1 Balance
50 000
DRAWINGS
Oct
1 Balance
b/f
B2
6 000
EQUIPMENT
Oct
1 Balance
b/f
B3
12 000
BANK
Oct
1 Balance
b/f
28 279 Oct
31 Total Receipts
B4
31 Total Payments
7 650√
Balance
22 011√
c/d
35 929√
Nov
1 Balance
b/f
35 929
13 918√
SERVICES RENDERED
Oct
1 Balance
N1
b/f
WAGES
Oct
Oct
Oct
1 Balance
31 Bank
1 Balance
31 Bank
1 Balance
31 Bank
b/f
2,000
CPJ
1 250√
PAINT EXPENSES
b/f
7 713
CPJ 16 000√
N3
FRAME EXPENSES
b/f
4 000
3 500√
CPJ
N4
Oct
Oct
10 000
N2
INTEREST
Oct
13 918 √
1 Balance
b/f
N5
642
N6
1 Bank
31 Bank
INTERNET EXPENSES
650
CPJ
650√
CPJ
N7
31 Bank
PETROL EXPENSES
611√
CPJ
(10)
TOTAL SECTION C: 30 MARKS
PAPER TOTAL: 50 MARKS
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