Provincial Examination - Accounting Grade 10 (June 2024)

Instructions

• Answer all questions
• Use the special answer book provided
• Show all workings for part marks
• Round calculations to the nearest rand or one decimal place
• Read and follow question instructions carefully
• Use non-programmable calculators
• Write in black or blue ink
• Use provided information table for guidance

Examination Structure

• Concepts and Analysis of Transactions: 45 marks, 35 minutes
• General Ledger: 50 marks, 40 minutes
• General Journal: 30 marks, 20 minutes
• Creditors' Reconciliation: 35 marks, 25 minutes
• Concepts and Salaries: 40 marks, 30 minutes
• Total: 200 marks, 150 minutes

Question 1: Concepts and Analysis of Transactions

1.1 Concepts (4 Marks)

• Match principles in Column A with examples in Column B.
  • Fixed deposit, internal controls, petty cash, bank overdraft
  • Examples include: small cash amounts, borrowing funds, invested money, cash registers.

1.2 Analysis of Transactions (41 Marks)

• Analyze transactions with provided headings.
• Example given: Payment for stock purchased.
• Transactions include:
  • Sales, deposits, debit notes, personal expenses, receipts with discounts, bank statement fees.

Question 2: General Ledger

General Ledger Accounts (50 Marks)

• Complete accounts for The Sports Shop: Debtors Control, Trading Stock.
• Discuss improvements for debtors’ collections, and measures for faster stock sales.

Information Provided

• Opening balances, invoices, stock purchased, returns, cash sales, write-offs, receipts.
• Donations made by the owner.

Question 3: General Journal

Transactions Recording (30 Marks)

• Record transactions without narrations.
• Includes repairs, contributions, debt write-offs, interest on overdue accounts, errors in posting.

Question 4: Creditors' Reconciliation

Reconcile Accounts (35 Marks)

• Reconcile Creditors Control account and Creditors List.
• Considerations for changing suppliers due to exchange rate issues.

Errors and Omissions to Address

• Overstated balances, incorrect postings, unrecorded invoices, interest charges, early payment discounts.

Question 5: Concepts and Salaries

5.1 Concepts (4 Marks)

• Statements on net salary, UIF, PAYE, and SDL.

5.2 Salary Scale

• Calculate Ms. Warren's monthly and annual salary over several years.
• Determine percentage increases.

5.3 Salaries Journal

• Complete salaries journal for Davids Supermarket.
• Advise against holding PAYE payments and discuss consequences.
• Detailed salary breakdowns for employee V. Radebe are provided including deductions and employer contributions.

Financial Indicator Formula Sheet

• Contains formulas for gross profit, net profit, operating expenses, and various financial ratios.
  • Useful for solving accounting problems and calculations within the exam.

End of Examination Content