EXEMPLAR EXAMINATION PAPER
MEMORANDUM
GRADE 10
ACCOUNTING
JUNE 2011
MARKS:
TIME:
200
2 hours
This memorandum consists of 11pages.
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Memorandum
Accounting
WCED mid-year exemplar 2011
QUESTION 1
1.1
Choose an explanation from COLUMN B that matches a concept
in COLUMN A.
COLUMN A
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
1.2
COLUMN B
B
D
A
E
C
If more than
one response
per question
mark it
incorrect.
10
State whether the statements are true or false
COLUMN A
1.2.1
1.2.2
1.2.3
1.2.4
1.2.5
COLUMN B
False
True
True
False
True
10
1.3.1 Three main points to solve the stock problem
Any three valid points 


Possible points:






Check gifts (stock) delivered to the shop – check to invoice
Regular stock counts – check to Trading stock account
Layout of gifts carefully designed e.g. smaller items near desk,
secure valuable gifts
Security tags on gifts (stock)
Store inspectors / security guards at doors – check to sales slip
Background checks on employees
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Memorandum
Accounting
WCED mid-year exemplar 2011
1.3.2 Three main points to solve the petty cash problem
Any two valid points 

Possible points:






Payments from petty cash need to be authorised
Petty cash vouchers should be completed and authorised
The petty cash box should be locked in the office safe
Proof of payments should be kept along with the original
authorised voucher
Vouchers must be recorded in a Petty Cash Journal daily
The owner or manager should inspect vouchers and journal on
a weekly basis
4
TOTAL
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30
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Accounting
WCED mid-year exemplar 2011
QUESTION 2
GENERAL LEDGER OF EXCELLENT STORES
BALANCE SHEET SECTION
Debtors’ Control
2011
July
1
Balance
31 Sales

Bank (R/D) 
Sundry
accounts
B5
b/d

2 000 2011 31 Bank & discount
July
allowed

CRJ

880
DJ

1 125
Debtors
allowances 
DAJ

275
CPJ

550
Sundry
accounts
GJ
GJ

20
Balance
c/d
1

1 345

3 695  Both totals
Aug
 1 195

Balance
b/d
3 695
 1 345 Dates and folios 
18
Creditors’ Control
2011 31 Bank &
July
discount
received
31 Sundry
accounts
Sundry
accounts
Balance
CPJ
3 300 2011
July
B6
1
Balance
b/d
 4 000
CJ
 1 150
GJ
 2 000

CAJ

200
Sundry
accounts

GJ
 2 000
Sundry
accounts

c/d


 1 650
7 150
7 150
Aug
1
Balance
b/d
1 650
Dates and folios 
16
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Memorandum
Accounting
WCED mid-year exemplar 2011
NOMINAL ACCOUNTS SECTION
Sales
2011
July
1
N1
Total

31 Bank
Debtors’ control
b/f

500
CRJ

600
DJ
 1 125
 2 225
Dates and Folios 
7
DEBTORS’ LEDGER OF EXCELLENT STORES
J JACK
Date
July
Details
Fol
Debit
1
Account rendered
b/d
3
Invoice no. I02
DJ
4
Credit note no. C01
DAJ
10 Electronic payment
CRJ
12 Cheque R/D
DPJ

15 Interest on overdue account
GJ

17 Bad Debts
GJ

Credit
Balance

800

1 250
 75

1 175
 550

625
550

1 175
20

1 195

0
450
 1 195
14
TOTAL
MARKS
55
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Accounting
WCED mid-year exemplar 2011
QUESTION 3
3.1
Briefly explain the main difference between wages and
salaries.
Wages gets paid weekly 
4
Salaries get paid monthly 
3.2
With the exception of Medial aid and PAYE mention two other
possible deductions an employee could have on their
salary/wage advice.
Two deductions 



3.3

Pension
UIF
Union fees
How much will be paid to the employees as net wages?
R97 320  – R14 598 – 9 800 
=
R72 922 
3.4
2
4
Calculate the number of overtime hours worked during the
week.
1 800 x 40 = 72 000
5
97 320 – 72 000  = 25 320  / 60 
= 422 hours 
3.5
The Medical Aid has remained constant for the four weeks in
February. How much must be paid to the Medical Aid Fund at
the end of February?
4
9 800 + 4 900 = 14 700  x 4 
= 58 800 
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Accounting
3.6
WCED mid-year exemplar 2011
The owner, Mr Pelican, is unhappy with the number of
overtime hours worked. Provide two possible reasons why
working overtime is necessary.
Two valid reasons 
4

Possible reasons
 Workers are not productive during normal working hours
 There are not enough workers
3.7
What measure could Mr Pelican introduce to control the
number of overtime hours worked? Mention one point.
2
Any valid measure 


Introduce time sheets to control hours spent
Rather employ more employees at normal rate if necessary
TOTAL
MARKS
25
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WCED mid-year exemplar
QUESTION 4
No
.
General Ledger
Journal
Source Document
CRJ
Dup receipt
Account Debit
Account Credit
Eg.
Bank
Capital
1
Salaries

Wages

GJ

Journal voucher
2
Donations

Trading Stock

GJ

Journal voucher 
3
Creditors’ control 
Bank

CPJ

Cheque
counterfoil
Creditors’ control 
Discount received 
Trading Stock

Creditors Control 
5
Bank

Fixed deposit: Excel CRJ
Bank


O+
+ 30 000
+30 000
0
0
+5 000 
-5 000 
0
-300 
-300 
0
-1 300 
0


+ 200
4
Bank
A=
CJ

Original invoice


Duplicate receipt 
+13 150 
+50 000 
-1 300 

+10 000 
Interest on fixed
deposit

41
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-200

+ 13 150 
0
0
-50 000 
TOTAL
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+10 000 
0
9
Accounting
Memorandum
WCED mid-year exemplar
QUESTION 5
5.1
Briefly describe the following concepts:
Accept any valid explanations
6
Gross profit 
Profit made by a trader in the process of buying and selling goods
OR Sales less cost of sales
Net profit 
All income less all expenses OR the amount by which the net worth
of a business increases over an accounting period
Owners’ equity 
The net worth of a business OR the amount to which the owner is
entitled
FINAL ACCOUNTS SECTION
Trading account
5.2
2011 28 Cost of sales
Feb
Profit & Loss
a/c

F1
 620 000 2011 28 Sales
Feb
(889 345  – 21 345)
 868 000
 248 000
868 000  both totals
868 000
8
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Memorandum
Accounting
WCED mid-year exemplar 2011
5.3
Profit and loss account
2011 28 Bad debts
(2 500  + 1 600 )
Feb
 4 100 2011 28 Trading a/c (gross
Feb
profit)
 248 000
 8 800
Discount received
 1 650
 20 600
Interest on fixed
deposit
Rent expense
 48 000
Bad debts
recovered
Stationery
 1 354
Insurance
F1
(11 200  – 2 400 )
Consumable
stores
 6 000
(22 000  – 1 400 )
Wages
Interest on
loan
Telephone
 5 000
 154 280
 2 100
 7 638
(6 853  + 785 )
Trading stock
deficit 
 3 650
Capital 
 10 128
260 650  both totals
260 650
29
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Accounting
5.4.1
Memorandum
WCED mid-year exemplar
Which GAAP principle is applied when the insurance
adjustment is taken into account? Explain briefly.
3
Matching principle 
Income and expenses must be brought into account for the
financial period in which it was incurred 
5.4.2
Calculate the mark up percentage that Chetty Traders uses?
= 248 000  see 5.2 x 100
620 000 
1
3
= 40%  if one part and operation is correct
TOTAL
MARKS
49
TOTAL: 200
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