Grade 12 Accounting (ACC) June Paper 1 and Memo - 2024
3577 views 1 purchase
Course
Accounting
Institution
12th Grade
Grade 12 Accounting June Paper 1 and Memo:
Total: 150 Marks. Time: 150min
Contents of the exam paper contains the following details:
Question 1: Statement of Financial position (55 marks)
Question 2: Financial indicators and cash flow statement (40 marks)
Question 3: In...
Grade 12 Accounting
Term 2 - 2024
Question Paper
Total: 150 marks Time: 2 hours
Learner’s name: ____________________________________ Gr. 11: ___________.
Instructions and information:
1. Answer ALL the questions in the ANSWER BOOK provided.
2. Show ALL your workings to earn share points.
3. You may use a non-programmable calculator.
4. You may use a dark pencil OR blue/black ink to answer the questions.
5. Where applicable round answer down to ONE decimal number.
6. Write neatly and legibly.
Topics covered in this test:
QUESTION TOPICS MARKS MINUTES
1 STATEMENT OF FINANCIAL POSITION 55
2 FINANCIAL INDICATORS AND CASH FLOW
40
STATEMENT
3 INTERPRETATION OF COMPANY
35
INFORMATION
4 CORPORATE GOVERNACE
TOTAL 150 150 MIN
1|Page www.summariessa.co.za A c c o u n ti n g
Grade 12 June Paper 1
,QUESTION 1: STATEMENT OF FINANCIAL POSITION
Wacky Tech Ltd
The information relates to the financial year ended 30 June 2023. The business sells cell
phone and laptop accessories.
REQUIRED
1.1 Refer to Information B.
Calculate the value of the closing stock of laptop bags that was omitted from
the stock sheets on 30 June 2023. (5)
1.2 Refer to Information C.
Use the table provided to calculate the correct net profit after tax for the year
ended 30 June 2023. Indicate '+' for increase and '-' for decrease. (12)
1.3 Refer to Information A–H.
Complete the following on 30 June 2023:
Retained Income Note (5)
Statement of Financial Position (Balance Sheet) (33)
NOTE:
Adjustments from Information C also affect the Statement of Financial Position (Balance
Sheet).
Show workings. Certain figures are provided in the ANSWER BOOK.
Figures are NOT required in the shaded areas.
2|Page www.summariessa.co.za A c c o u n ti n g
Grade 12 June Paper 1
, INFORMATION
A. List of balances, before taking into account all adjustments below:
30 June 2023 30 June 2022
B. The accountant omitted the closing stock figure of laptop bags in the trading
(R) (R)
Ordinary share capital ? ?
Retained Income 3 240 000
Mortgage loan: Discovery Bank 3 755 000 4 175 000
Trading Stock 4 198 500
SARS: Income tax (provisional tax) 1 200 000
Net trade debtors 3 668 810
Bank overdraft ?
Petty cash and cash float ?
Creditors control 1 253 000
Accrued income / Income receivable 8 000
Shareholders for dividends 1 170 000 821 700
stock balance provided in Information A.
NOTE:
The first-in-first-out (FIFO) method is used to value the stock of the laptop bags.
All other relevant entries have been recorded correctly.
The information relating to the stock of laptop bags is as follows:
Balances: Quantity Unit Price Total Value
3|Page www.summariessa.co.za A c c o u n ti n g
Grade 12 June Paper 1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SummariesSA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
