Grade 10 Accounting (ACC) June Paper and Memo - 2024
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Course
Accounting
Institution
10th Grade
Grade 10 Accounting June Paper and Memo:
Total: 200 Marks. Time: 150min
Contents of the exam paper contains the following details:
GAAP Principles and Accounting equation
Salary scale, Wages Journal, Ethics and Internal control
Ledger accounts, Internal Control and ethics
De...
Grade 10 Accounting
Term 2 - 2024
Question Paper
Total: 200 marks Time: 2 ½ hours
Learner’s name: ____________________________________ Gr. 10: ___________.
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 GAAP PRINCIPLES AND ACCOUNTING
30 20 min
EQUATION
2 SALARY SCALE, WAGES JOURNAL,
54 40 min
ETHICS AND INTERNAL CONTROL
3 LEDGER ACCOUNTS, INTERNAL
50 40 min
CONTROL AND ETHICS
4 DEBTORS RECONCILIATION AND
30 20 min
DEBTORS LIST
5 BOOKKEEPING OF A SOLE TRADER 36 30 min
TOTAL 200 150 MIN
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Grade 10 June Paper
, QUESTION 1: GAAP PRINCIPLES AND ACCOUNTING EQUATION
1.1 Match the GAAP Principles in COLUMN A with the correct explanations in COLUMN
B. Write only the letter (A – F) next to the question number (1.1.1 – 1.1.5) in the
ANSWER BOOK.
The new equipment bought by TBG Machines are
1.1.1 Historical Cost A
recorded at their original cost.
Financial statements are crafted with a conservative
1.1.2 Prudence B
approach.
Financial statements are formulated assuming the
1.1.3 Business Entity C
business's continuity into the future.
Transactions lacking significant impact on the
1.1.4 Going Concern D financial outcomes of the business are omitted from
recording when it involves monetary expenses
Pretty Coats ensures that income and the expenses
1.1.5 Matching Principle E necessary to generate it are both documented
within the corresponding accounting period.
The owner's personal matters should be distinct
F from those of the business and maintained
separately.
1.2 AquaArcadia
The given information relates to AquaArcadia for 30 June 2023.
REQUIRED:
1.2.1 Show effects of the following adjustments on the Accounting Equation.
ADJUSTMENTS:
A. Sold goods for cash, R2100 (Cost of Sales R1440)
B. C. Smit, a debtor, paid his full account of R7 100 by EFT 009 of
R8000, discount allowed.
C. N. Nkomo owes R1500 and was declared insolvent, his estate
paid 75 cents in the rand, the rest must be written off as irrecoverable.
D. M. Smit returns goods with a value of R150 to AquaArcadia. The cost
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Grade 10 June Paper
, price of these goods is R100
E. The owner, M Aqua, donated trading stock to the charity welfare,
selling price R12 500
F. Purchased goods on credit from Aquatic Suppliers, R9 790.
[30]
QUESTION 2: SALARY SCALE, WAGES JOURNAL, ETHICS AND INTERNAL CONTROL
2.1 The following salary scale was prepared for Nizelle van der Have, a secretary who
works at NB Paving Services. She was employees on 1 January 2024.
Required: Complete the table in your answer book and answer the following questions.
2.1.1 What is Nizelle van der Have’s monthly salary? (4)
2.1.2 In which year will Nizelle van der Have earn R576 000? (2)
2.1.3 Calculate the percentage by which Nizelle van der Have’s salary increased at
the end of the third year. (4)
2.1.4 How many years will Nizelle van der Have have to work to earn an annual salary
of R845 000? (2)
2.2 WAGES JOURNAL
You are provided with the information related to Turbo Toes for June 2024, the business
manufactures running shoes for professional athletes.
The business employs two (2) workers working to produce the running shoes.
2.2.1 Prepare the Wage Journal for the last week ending on 30 June 2024.
2.2.2 The owner of the business Dirk Bosman decided that due to using a new matching he
will use one less employee. He will retrench one employee to save some money.
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Grade 10 June Paper
, Make one valid point to Mr. Bosman against retrenchment.
What steps can the business take to mitigate excessive overtime?
INFORMATION
The workers employed are expected to work 40 hours a week, but due to public holidays the
employees worked as follow:
A. Abre 40 hours @ R240 per hour
B. Basson 35 hours @ R340 per hour
OVERTIME
A. Abre 15 hours
B. Basson 15 hours
Note: Overtime is paid double the normal rate as per the BCEA.
Deductions are as follows: PAYE is 26% of gross wages for A. Abre
and 31% of gross wages for B. Basson.
Pension fund is 8% of basic salary
UIF is 1% of gross wages.
Medical Aid is deducted as follow:
A. Abre – R 1 150
B. Basson – R1 790
EMPLOYES CONTRIBUTIONS:
Turbo Toes contributes on rand – for –rand basis towards UIF.
12% of basic wages on pension fund.
Turbo Toes also contributes R2.50 for every rand deducted on employees for Medical
Aid.
[54]
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Grade 10 June Paper
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