2022 - TERM 2 GRADE 10 PROJECT ACCOUNTING MARKING GUIDELINE ALLOCATION OF MARKS MARK QUESTION ONE Marks 1.1 Subsidiary Journals 1.1.1 Creditors’ Journal 10 1.1.2 Creditors’ Allowances Journal 3 1.1.3 Debtors’ Allowance Journal 6 1.1.4 General Journal 13 1.2 Debtors Ledger 13 1.3 General Ledger 1.3.1 Trading Stock Account 12 1.3.2 Bank Account 6 1.3.3 Debtors Control Account 12 1.4 Internal Control 8 TOTAL 83 TWO 2.1 Creditors Reconciliation 17 QUESTION 1+ 2 = 100 TOTAL MARKS 100 / 2 = 50 This marking guideline consists of 7 pages. 2022 Grade 10 Project Accounting Marking Guideline Learner 2 QUESTION 1 1.1 CREDITORS JOURNAL OF RAY STYLISH CLOTHES – APRIL 2022 Doc Creditors Trading Fol control no Day Creditors inventory Equipment CJ Sundry accounts Amount 435 8 436 437 438 19 29 Egoli Designers Vaal News Dabi Suppliers Duncan Computers One mark for totals C2 17 400 C1 C3 C4 3 200 21 200 21 200 19 500 61 300 Fol Details 17400 38 600 3 200 Advertising 19 500 19 500 3 200 10 CREDITORS ALLOWANCES JOURNAL OF RAY STYLISH CLOTHES – APRIL 2022 CAJ 4 Doc Creditors Trading Packing Sundry accounts no Day Creditors Fol control inventory materials Amount Fol Details 54 28 Vaal News C1 520 520 Advertising 520 520 - 2022 Grade 10 Project Accounting Marking Guideline 3 DEBTORS ALLOWANCE JOURNAL - RAY STYLISH CLOTHES APRIL 2022 DAJ 4 Doc Day Debtors Fol Debtors Cost of Sales No allowances 66 08 B Zulu D3 540 360 67 25 S Nkala D1 450 300 For both totals 990 660 6 GENERAL JOURNAL OF RAY STYLISH CLOTHES – APRIL 2022 Date Details 29 Fixed Deposit Interest on fixed deposit 29 B Zulu Interest receivable 29 Bad debts T P Msibi Drawings Trading Stock Fol Debit Credit Debtors control Debit Credit 500 500 150 150 150 480 480 480 3 500 3 500 4 630 4 630 1.2 DEBTORS LEDGER OF RAY STYLISH CLOTHES S Nkala D1 Date Details Fol Debit Credit 2022 1 Account rendered April 9 Invoice 422 DJ4 4 800 25 Credit note 67 DAJ4 450 29 Invoice 423 DJ4 6 750 150 480 13 Balance 5 800 10 600 10 150 16 900 4 2022 Grade 10 Project Accounting Marking Guideline 4 Date 2022 April Date 2022 April 1 29 Details Account rendered EFT 630 Journal voucher Details 1 Account Rendered EFT 627 Discount 06 Invoice 421 08 Credit Note 66 29 Invoice 424 Journal voucher T P Msibi Fol D2 Debit Credit 720 480 CRJ4 GJ4 B Zulu D3 Fol Debit CRJ4 CRJ4 DJ4 DAJ4 DJ4 GJ4 Balance 1 200 480 0 2 Credit 8 100 3 600 150 Balance 5 200 4 940 260 260 0 8 100 540 7 560 11 160 11 310 7 2022 Grade 10 Project Accounting Marking Guideline 5 1.3 GENERAL LEDGER OF RAY STYLISH CLOTHES 2022 April 1 Balance 30 Bank Creditors control Cost of Sales TRADING INVENTORY b/d 2022 70 000 April CPJ4 54 500 CJ4 38 600 DAJ4 B6 30 660 Cost of Sales Cost of Sales Drawings CRJ4 DJ4 GJ 17 120 15 500 3 500 12 BANK 1 Balance 2022 April 30 Total Receipts b/d 36 000 CRJ 4 B7 2022 April 30 Total Payments CPJ4 Balance c/d 132 680 168 680 May 1 Balance 81 900 b/d 86 780 81 900 168 680 - 6 DEBTORS CONTROL 2022 April 1 30 Balance b/d Sales Journal debits 12 200 DJ4 23 250 GJ4 150 2022 April B Bank and 30 discount allowed Debtors allowance Journal credits CRJ4 11 000 DAJ4 990 GJ4 480 12 2022 Grade 10 Project Accounting Marking Guideline 6 1.4 INTERNAL CONTROL 1.4.1 Name TWO strategies Raymond Mafole could use to encourage debtors to pay on time. Any two valid Answers Send regular reminders to customers through statements of account or SMS. Allow discount for early payments Charge interest on overdue accounts 2 1.4.2 Mention TWO reasons for the slow movement of stock, and provide ONE strategy that can be implemented by the business to promote sales. Reasons for the slow movement of stock Any two valid reasons Allocate one mark for the partially correct answer Inappropriate marketing strategies Incorrect orders are placed by the business One Strategy to promote sales Any one strategy Allocate one mark for the partially correct answer Review the marketing strategy applied by the business or review the budget allocated. Price reduction on specific items will improve sales. 6 Total Marks 83 2022 Grade 10 Project Accounting Marking Guideline 7 QUESTION 2: CREDITORS RECONCILIATION GENERAL LEDGER OF TSHABALALA WHOLESALERS CREDITORS CONTROL ACCOUNT 2022 Feb 28 Bank & discount received CPJ (26 300+ 2100) Creditors allowance (4 600+80) Balance CAJ c/d 2022 Feb 28 400 4 680 1 28 Balance (5 790+600) Total purchases (43 250+3100) b/d 6 390 CJ 46 350 Balance b/d 52 740 19 660 19 660 52 740 Mar 1 9 CREDITOR’S LIST Debit B. Baloyi (7 600-2100) C. Kgatle (3 200+3 100) C. Gumbi P. Tloome (5 780-600-80) Credit 5 500 6 300 2 760 5 100 19 660 Total Marks 17 2022 Grade 10 Project Accounting Marking Guideline 8