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    Accounting GR 10 Answer Book

    Uploaded by

    kkhabozile
    The document is a 10 page provincial assessment for grade 10 accounting consisting of 6 multiple choice and written response questions. It tests concepts related to accounting equation, cash journals, debtors and credit control, VAT, salaries and wages.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Accounting GR 10 Answer Book

    Uploaded by

    kkhabozile
    19 views10 pages
    The document is a 10 page provincial assessment for grade 10 accounting consisting of 6 multiple choice and written response questions. It tests concepts related to accounting equation, cash journals, debtors and credit control, VAT, salaries and wages.

    Original Title

    Accounting Gr 10 Answer Book_ (1)

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    © © All Rights Reserved

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    The document is a 10 page provincial assessment for grade 10 accounting consisting of 6 multiple choice and written response questions. It tests concepts related to accounting equation, cash journals, debtors and credit control, VAT, salaries and wages.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    19 views10 pages

    Accounting GR 10 Answer Book

    Uploaded by

    kkhabozile
    The document is a 10 page provincial assessment for grade 10 accounting consisting of 6 multiple choice and written response questions. It tests concepts related to accounting equation, cash journals, debtors and credit control, VAT, salaries and wages.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 10

    Accounting Grade 10 NW/June 2017

    PROVINCIAL ASSESSMENT

    GRADE 10

    ACCOUNTING
    JUNE 2017

    ANSWER BOOK

    Learner Name: ……………………………….

    School:……………………………………..

    Question No MARKS INITIAL MOD


    1

    TOTAL

    This answer book consists of 10 pages.

    Page 1 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 1:

    Choose the concept in column B which matches the explanation in column A. Write
    ONLY the letter, e.g. 1.1. A.

    COLUMN A COLUMN B

    1.1 The document attached to the document used to pay


    a supplier for an amount owed to him, using money in
    the business bank account.
    1.2 Bank overdraft.

    1.3 Money the owner gives to start the business.

    1.4 Assets with a long life span.

    1.5 Money received by the business for selling stock.

    1.6 Other businesses to which the business owes money


    for purchasing stock.
    1.7 The reason why a person would start a business.

    1.8 The GAAP principle that says that assets purchased


    by the business are entered at cost price in the
    accounting records.
    1.9 The employer must deduct income tax from his
    employees.
    1.10 The business will continue to operate in the future.

    (20)

    Page 2 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 2:

    2.1.1 CASH RECEIPT JOURNAL OF STHE TRADERS FOR MARCH 2017


    Do Da Details Analysis Cost Deb Disc Amoun Details
    c y of Bank Sales of tor`s ount t
    receipts Sales cont allo
    rol wed

    (15)

    2.1.2 CASH PAYMENT JOURNAL OF STHE TRADERS FOR MARCH 2017


    Doc Da Payee Tradi Creditor Dis Amou Details
    y Bank Wage ng `s co nt
    s stock control unt
    rec
    eiv
    ed

    (28)

    Page 3 of 10
    Accounting Grade 10 NW/June 2017

    2.2.1
    Dr BANK Cr

    (4)

    2.2.2
    Dr CREDITOR`S CONTROL Cr

    (2)

    2.3.1 Provide the double entry for the cancellation of the discount
    allowed in the transaction of A Tlou dated 31 March.

    (4)

    2.3.2 Do you think that the bank account had a favourable balance
    throughout the month? Provide a suitable answer by explaining.

    (3)

    Page 4 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 3

    ACCOUNTING EQUATION

    Use the following information of Zet Traders to show the effect of each transaction
    on the accounting equation.
    Example
    Donate stationery to the amount of R550 to a local crèche.
    Account debited Account credited Amount Asset Owner`s Liabilits
    Equity
    Ex

    5a

    (41)

    Page 5 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 4
    DEBTORS AND THE LIST

    4.1 GENERAL LEDGER OF ZIZI TRADERS


    Dr DEBTOR`S CONTROL Cr

    (13)
    4.2
    Debtor`s List on 30 April 2017
    Debtor`s Debit Credit
    C. Lebo

    S. Thabo

    W. Jos

    V. Vuyani

    B. Ben

    H. Hope

    T. Tlou

    Page 6 of 10
    Accounting Grade 10 NW/June 2017

    (13)

    4.3.1 Name two ways to encourage debtors to pay their accounts on


    time.

    (4)
    4.3.2 Explain the difference betweenCredit Terms and Credit Limit.
    Credit terms

    Credit limit

    (4)

    Page 7 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 5 VAT
    5.1 Define the following concepts:
    5.1.1 Value Added Tax
    (2)

    5.1.2 VAT- exempted items


    (2)

    5.1.3 Zero-rated items


    (2)

    5.2 List THREE zero-rated items from the above information

    (3)

    5.3What is the current rate of VAT in South Africa?


    (2)

    5.4 Is it ethical for Zico Traders to charge VAT on zero rated items? Explain
    (3)

    Page 8 of 10
    Accounting Grade 10 NW/June 2017

    5.5
    SIS B`S OUTFITTERS
    DEBTORS LEDGER – FEBRUARY 2017
    Date Details Folio Debit Credit Balance
    Feb
    2017

    (20)

    Page 9 of 10
    Accounting Grade 10 NW/June 2017

    QUESTION 6 SALARIES AND WAGES


    6.1.1 Calculate the gross wage for the week ending 30 March 2017 (5)

    6.1.2 How much has it cost Ditebogo Clothing in total to employ Jane Menoe for the
    week ended 30 March 2017? (4)

    6.2 Eva Visser has recently started working as a bookkeeper and has been placed
    on the following salary scale: R360 000 x 54 000 – 522 000 x 90 000 –
    702 000 x 109 800 – 811 800.
    6.2.1 (2)

    6..2.2 What will Eva earn per month in her fourth year of working? (5)

    Page 10 of 10

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