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PROVINCIAL EXAMINATION
NOVEMBER 2023
GRADE 9
ECONOMIC AND MANAGEMENT SCIENCES:
FINANCIAL LITERACY
PAPER 1
TIME:
1 hour
MARKS:
70
9 pages and a 7-page answerbook
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INSTRUCTIONS AND INFORMATION
1.
This question paper consists of SECTIONS A, B and C (Financial Literacy topics)
and is based on the prescribed content framework in the CAPS amendment
document and ATP.
SECTION A: SHORT QUESTIONS
QUESTION 1.1:
QUESTION 1.2:
QUESTION 1.3:
Multiple-Choice questions
Matching items
Choose the correct word/term
(5)
(5)
(5)
[15]
SECTION B: JOURNALS AND ACCOUNTING EQUATION
QUESTION 2:
QUESTION 3:
Journals
Accounting equations
(20)
(10)
[30]
SECTION C: LEDGERS AND TRIAL BALANCE
QUESTION 4:
QUESTION 5:
QUESTION 6:
General Ledger
Creditors' Ledger
Trial Balance
2.
All questions are compulsory.
3.
Answer all questions in the ANSWER BOOK provided.
4.
Write neatly and legibly.
(8)
(7)
(10)
[25]
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SECTION A: SHORT QUESTIONS
QUESTION 1
1.1
MULTIPLE-CHOICE QUESTIONS
Various options are provided as possible answers to the following questions.
Choose the answer and write only the letter (A – D) next to the question numbers
(1.1.1 to 1.1.5) in the ANSWER BOOK provided, e.g., 1.1.6 D.
1.1.1
Creditors' control can be classified as a/an …
A
B
C
D
1.1.2
(1)
stationery
capital
commission income
creditors' control
(1)
Equipment purchased on credit will increase …
A
B
C
D
1.1.5
payee
proprietor
debtor
creditor
The … account normally has a debit balance.
A
B
C
D
1.1.4
(1)
BHS Wholesalers sells goods on credit to A. Money. A. Money is known as
a … to the business.
A
B
C
D
1.1.3
expense.
current liability.
current asset.
non-current liability.
assets.
liabilities.
both assets and liabilities.
owner’s equity.
(1)
An EFT was processed to Sumsurance on 25 October 2023. R3 900 was
for the business's annual insurance premium and R1 400 for the owner’s
home insurance. What amount will be recorded in the CPJ as insurance?
A
B
C
D
R5 300
R3 900
R1 400
R9 200
(1)
[5]
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1.2
MATCHING ITEMS
Choose a term in COLUMN B that matches the description in COLUMN A. Write
only the letter (A – F) next to the question numbers (1.2.1 to 1.2.5) in your
ANSWER BOOK e.g. 1.2.6 G.
1.2.1
COLUMN A
A debt that is repayable over a period
of more than a year
COLUMN B
A Double entry principle
B Equipment
1.2.2
Provides a summary of the amount
owed to the business for goods sold
on credit
C Mortgage bond
D Cash receipts journal
1.2.3
An expense account
1.2.4
For every debit there must be an equal
F Debtors' Control
and corresponding credit
1.2.5
Increases the bank account
E Cost of sales
[5]
1.3
CHOOSE THE CORRECT WORD/TERM
Choose the correct word/term from within the brackets for each of the following
statements. Write only the correct word/term in your ANSWER BOOK,
e.g., 1.3.6 asset.
1.3.1
1.3.2
1.3.3
1.3.4
1.3.5
The money earned by a business for selling goods to customers is
recorded as (current income/sales).
(1)
Recording the details of a transaction on a source document is the first
step in the (accounting cycle/accounting equation).
(1)
The source document for rent received from a tenant is a (duplicate
receipt/cash register roll).
(1)
EFT is the acronym for (Electronic Financial Transactions/Electronic
Funds Transfer).
(1)
(Fixed/Current) assets are not purchased with the intention of reselling
them at a profit.
TOTAL SECTION A:
(1)
[5]
15
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SECTION B: JOURNALS AND ACCOUNTING EQUATION
QUESTION 2: JOURNALS
D. Disney owns Disney Stores. The business is run by D. Disney and
two employees who each gets paid a wage.
Disney Stores used to buy and sell toys for cash only. A few months
ago, they decided to start buying and selling on credit as well. The
business maintains a mark-up of 50% on cost.
REQUIRED:
2.1
Use the information provided below to record the transactions for Disney Stores
in the following journals for the month ending September 2023.
Do not close the journals at the end of the month.
2.2
2.1.1
Cash Receipts Journal
(5)
2.1.2
Cash Payments Journal
(6)
2.1.3
Debtors' Journal
(3)
2.1.4
Creditors' Journal
(4)
Discuss ONE reason why the business decided to start selling goods on credit.
TRANSACTIONS:
September 2023
6
Cash sales for the day amounted to R10 500.
8
Delivered goods to M. Mouse, R1 800 as per invoice number 36.
11
Paid Pluto R1 010 for repairs to the delivery vehicle. EFT 123 was processed.
14
Paid two weeks wages to the employees. Each employee earns R550 a week.
22
Purchased the following on account from D. Duck. (Invoice number 229)
Merchandise, R7 200
Stationery, R360
25
Received R800 from M. Mouse as partial payment on his account. Issued receipt
number 21.
(2)
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28
Paid D. Duck through EFT for half the amount owing from the purchase made
earlier this month.
[20]
QUESTION 3: ACCOUNTING EQUATION
Analyse the following transactions and show the effect that each one has on the
accounting equation.
No.
e.g.
3.1
3.2
Transaction
Paid R1 000 for wages.
Goods costing R3 000 was sold on credit to Cinderella. A markup of 25% was
maintained.
EFT 40 was processed as payment of R4 700 to Captain Hook in settlement
of account.
[10]
TOTAL SECTION B:
30
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SECTION C: LEDGERS AND TRIAL BALANCE
QUESTION 4: GENERAL LEDGER
The following records were extracted from the books of VIVO Traders on 31 August 2023.
REQUIRED:
Use the information below to complete the following General Ledger accounts for the
month ending 31 August 2023.
4.1 Trading Stock
(8)
Column totals in the subsidiary journals of VIVO Traders on 31 August 2023.
Cash Receipts Journal of VIVO Traders – August 2023
CRJ1
Bank
Sales
Cost of sales
Debtors'
Sundry
control
Accounts
251 600
109 800
73 200
2 800
139 000
Cash Payments Journal of VIVO Traders – August 2023
Bank
Trading stock Stationery
Wages
117 500
?
1 500
Debtors' journal of VIVO Traders – August 2023
Sales
Cost of Sales
72 000
48 000
CPJ1
Sundry
Accounts
4 000
40 500
DJ1
Creditors' Journal of VIVO Traders – August 2023
Bank
Trading stock Stationery
Equipment
82 200
51 000
1 200
CJ1
Sundry
Accounts
30 000
[8]
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QUESTION 5: CREDITORS' LEDGER
Refer to the incomplete creditors' ledger below and answer the questions that follow.
Creditors' Ledger of VW Traders for the month ended October 2023
POLO Stores
CL1
DATE
Details
Fol.
Debit
Credit
Balance
Oct 2023 1
Balance
b/d
1 240
Oct 2023 9
(A) No. 46
DJ
5 360
(B)
Oct 2023 13 (A) No. 61
DJ
(C)
Oct 2023 25 EFT 74
CPJ
?
?
(D)
5.1 Provide the detail/source document labelled (A).
(1)
5.2 Calculate the balance labelled (B).
(1)
5.3 For the transaction dated the 13th, the business purchased goods to the value of
R3 900 and received a 10% trade discount on this purchase. Calculate the
amount labelled (C).
(2)
5.4 On the 25th, the business settled its account in full. What is the balance labelled
(D)?
(1)
5.5 The creditor sends a statement to the business at the end of the month reflecting
the amount owing. Explain why it is still necessary for the business to draw up
their own account for the creditor in the creditors' ledger.
(2)
[7]
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QUESTION 6: TRIAL BALANCE
The bookkeeper of Golf Stores is ill. T. Woods, the owner, has asked you to assist him
in drawing up the Trail Balance for his business for the month of September 2023.
REQUIRED:
6.1 Identify the missing heading labelled (A) on the answer sheet.
(1)
6.2 Using the information provided below and draw up the Trial Balance for the month
ended September 2023. Some of the information has already been completed for
you.
(9)
INFORMATION:
Water and electricity
Telephone
Sales
Equipment
Rent income
Cost of sales
Drawings
Capital
Bank
Creditors' control
Trading Stock
2 920
1 590
20 500
15 250
2 500
16 400
8 700
72 000
(see note below)
12 480
4 890
15 550
Note:
The following error was not corrected.
The owner increased his capital by R25 000 in March. This was however
recorded as R52 000.
[10]
TOTAL SECTION C:
25
TOTAL:
70
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PROVINCIAL EXAMINATION
NOVEMBER 2023
GRADE 9
ECONOMIC AND MANAGEMENT SCIENCES:
FINANCIAL LITERACY
PAPER 1
ANSWER BOOK
TIME:
1 hour
MARKS: 70
7 pages
NAME AND SURNAME:
SCHOOL:
CLASS:
DISTRICT:
QUESTION 1 QUESTION 2
Learners'
Mark
Maximum
Mark
15
20
QUESTION 3
QUESTION 4
QUESTION 5
QUESTION 6
TOTAL
10
8
7
10
70
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SECTION A: SHORT QUESTIONS
QUESTION 1
1.1
MULTIPLE-CHOICE QUESTIONS
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
1.2
(5 x 1)
5
(5 x 1)
5
(5 x 1)
5
MATCHING ITEMS
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5
1.3
CHOOSE THE CORRECT WORD/TERM
1.3.1
1.3.2
1.3.3
1.3.4
1.3.5
15
TOTAL SECTION A: 15
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SECTION B: JOURNALS AND ACCOUNTING EQUATION
QUESTION 2: JOURNALS
2.1
2.1.1
Cash Receipts Journal of Disney Stores for September 2023
Doc. Day
no
Details
Fol. Analysis of Bank
receipts
Sales
CRJ 1
Cost
of sales
Debtors'
control
Sundry Accounts
Amount
Details
(5)
2.1.2
Cash Payments Journal of Disney Stores for September 2023
Doc Day
no
Details
Fol. Bank
Trading
Stock
Stationery
CPJ1
Wages
Creditors'
Control
Sundry Accounts
Amount
Details
(6)
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2.1.3
Debtors Journal of Disney Stores for September 2023
Doc.
no.
Day
Details
Fol.
DJ1
Sales
Cost of Sales
(3)
2.1.4
Creditors Journal of Disney Stores for September 2023
Doc.
no.
Day
Details
Creditors' Control
CJ1
Trading Stock
Stationery
Sundry Accounts
Amount
Details
(4)
(18)
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2.2
Discuss ONE reason why the business decided to start selling goods on credit.
(2)
[20]
QUESTION 3: ACCOUNTING EQUATION
Analyse the following transactions and show the effect that each one has on the
accounting equation.
Day
Account
debited
Account
credited
e.g.
Wages
Bank
3.1
Sales
3.2
Bank
Amount
1 000
4 700
Effect on the accounting
equation
A
OE
L
-
-
+
+
-
[10]
30
TOTAL SECTION B:
30
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SECTION C: LEDGERS AND TRIAL BALANCE
QUESTION 4: GENERAL LEDGER
General Ledger of VIVO Traders for August 2023
4.1 Dr
Date
2023
Aug
1
Details
Balance
31 Bank
Balance
Fol
b/d
Trading Stock
Amount Date
26 400 2023
Aug
Details
B6
Cr
Fol Amount
Balance
c/d
31
CPJ
b/d
[8]
QUESTION 5: CREDITORS' LEDGER
Answer the following questions.
5.1 Provide the detail/source document labelled (A).
(1)
5.2 Calculate the balance labelled (B).
(1)
5.3 For the transaction dated the 13th, the business purchased goods to the value of
R3 900 and received a 10% trade discount on this purchase. Calculate the amount
labelled (C).
(2)
5.4 On the 25th the business settled its account in full. What is the balance labelled (D)?
(1)
5.5 The creditor sends a statement to the business at the end of the month reflecting the
amount owing. Explain why it is still necessary for the business to draw up their own
account for the creditor in the creditors' ledger.
(2)
[7]
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QUESTION 6: TRIAL BALANCE
6.1 Trial balance of Golf Stores for September 2023
Fol.
BALANCE SHEET ACCOUNTS SECTION
Capital
B1
Debit
Credit
B2
Equipment
B3
15 250
Bank
B4
12 480
(A)____________________________
Sales
N1
20 500
N2
Water and electricity
N3
2 920
[10]
25
TOTAL SECTION C:
25
TOTAL:
70
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PROVINCIAL EXAMINATION
NOVEMBER 2023
GRADE 9
MARKING GUIDELINES
ECONOMIC AND MANAGEMENT SCIENCES:
FINANCIAL LITERACY
PAPER 1
7 pages
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SECTION A
QUESTION 1
1.1
1.2
1.3
MULTIPLE-CHOICE QUESTIONS
1.1.1
B current liability ✓
1.1.2
C debtor ✓
1.1.3
A stationery ✓
1.1.4
C both assets and liabilities ✓
1.1.5
B R3 900 ✓
(5 x 1)
5
(5 x 1)
5
(5 x 1)
5
MATCHING ITEMS
1.2.1
C Mortgage bond ✓
1.2.2
F Debtors' Control ✓
1.2.3
E Cost of sales ✓
1.2.4
A Double entry principle ✓
1.2.5
D Cash receipts journal ✓
CHOOSE THE CORRECT WORD/TERM
1.3.1
sales ✓
1.3.2
accounting cycle ✓
1.3.3
receipt ✓
1.3.4
Electronic Funds Transfer ✓
1.3.5
Fixed ✓
15
TOTAL SECTION A: 15
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SECTION B: JOURNALS AND ACCOUNTING EQUATION
QUESTION 2: JOURNALS
2.1 2.1.1
Cash Receipts Journal of Disney Stores for September 2023
Doc. Day
no.
CRT 6
21
25
Details
Fol. Analysis of
receipts
Bank
Sales
CRJ 1
Cost
of sales
10 500 10 500 10 500 ✓ 7 000 ✓✓
800 800 ✓
Cash
M. Mouse
Debtors'
control
Sundry Accounts
Amount
Details
800 ✓
(5)
2.1.2
Cash Payments Journal of Disney Stores for September 2023
Doc. Day
Details
no.
123 11
Pluto
124 14
Cash
125 28
D. Duck
Fol.
Bank
1 010 ✓
2 200
3 780
Trading
Stock
Stationery
CPJ1
Wages
Creditors'
control
Sundry Accounts
Amount
Details
1 010 Repairs ✓
2 200 ✓✓
3 780 ✓✓
(6)
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2.1.3
Debtors' Journal of Disney Stores for September 2023
Doc. Day
no.
36
8
Details
Fol.
DJ1
Sales
Cost of Sales
1 800 ✓
M. Mouse
1 200 ✓✓
(3)
2.1.4
Creditors' Journal of Disney Stores for September 2023
Doc. Day
no.
229 22
Details
D. Duck
Creditors' Control
7 560 ✓✓
Trading
Stock
7 200 ✓
CJ1
Stationery
Sundry Accounts
Amount
Details
360 ✓
(4)
(18)
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2.2
Discuss ONE reason why the business decided to start selling goods on credit.
• The business can sell more goods. ✓✓
• Leads to an increase in sales.
• Leads to growth in the business.
(Any other correct and relevant answer)
(2)
[20]
QUESTION 3: ACCOUNTING EQUATION
Analyse the following transactions and show the effect each one has on the
accounting equation.
Day
Account
debited
Account
credited
e.g.
Wages
Bank
1 000
3.1
Debtors'
Control ✓
Cost of
Sales ✓
Sales
3 750 ✓✓
Trading
Stock ✓
3 000 ✓
Creditors'
Control ✓
Bank
4 700
3.2
Amount
Effect on the accounting
equation
A
OE
L
–
–
+
+
–✓
–✓
–
–✓
[10]
30
TOTAL SECTION B:
30
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SECTION C: LEDGERS AND TRIAL BALANCE
QUESTION 4: GENERAL LEDGER
General Ledger of VIVO Traders for August 2023
4.1 Dr
Date
2023
Aug
1
Details
Balance
31 Bank
Creditors'
Control ✓
Fol.
b/d
Trading Stock
Amount Date
Details
26 400 2023 31 Cost of
Aug
sales
B6
Cr
Fol. Amount
CRJ 73 200✓
CPJ
71 500 ✓✓
DJ
48 000 ✓
CJ
51 000 ✓
c/d
27 700 ✓
148 900
Balance
b/d
Cost of
sales ✓
Balance
148 900
27 700
[8]
QUESTION 5: CREDITORS' LEDGER
Answer the following questions.
5.1 Provide the detail/source document labelled (A).
Invoice ✓
(1)
5.2 Calculate the balance labelled (B).
R6 600 ✓
(1)
5.3 For the transaction dated the 13th, the business purchased goods to the value of
R3 900 and received a 10% trade discount on this purchase. Calculate the amount
labelled (C).
3 900 x 10% = 390
3 900 – 390 = 3 510 ✓✓
(2)
5.4 On the 25th, the business settled its account in full. What is the balance labelled (D)?
R0 ✓
(1)
5.5 The creditor sends a statement to the business at the end of the month reflecting the
amount owing. Explain why it is still necessary for the business to draw up their own
account for the creditor in the creditors' ledger.
•
The business will be able to identify any errors or omissions at the end of the
month after comparing the ledger with the creditors' statement. ✓✓
•
The business must be able to know at any point in the month how much they owe
the creditor.
(Any other correct and relevant answer)
(2)
[7]
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QUESTION 6: TRIAL BALANCE
6.1 Trial balance of Golf Stores for September 2023
Fol
BALANCE SHEET ACCOUNTS SECTION
Capital
B1
Debit
Credit
45 000 ✓✓
Drawings
B2
8 700 ✓
Equipment
B3
15 250
Bank
B4
12 480
Trading Stock
B5
15 550 ✓
Creditors' Control
B6
4 890 ✓
Sales
N1
20 500
Cost of sales
N2
16 400 ✓
Water and electricity
N3
2 920
Telephone
N4
1 590 ✓
(A)
NOMINAL ACCOUNTS SECTION ✓
____________________________
2 500 ✓
Rent income
72 890
* 72 890
[10]
# N.B.:
✓– Marks must be awarded only if both the correct details and the amount is on the
correct side.
* – Award the 1 method mark if both the totals are the same.
25
TOTAL SECTION C:
25
TOTAL:
70