Grade 10 Accounting (ACC) September Paper and Memo - 2024
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Course
Accounting
Institution
10th Grade
Grade 10 Accounting September Paper and Memo:
Total: 100 Marks. Time: 90min
Contents of the exam paper contains the following details:
Income statement and adjustments
GAAP principles
Accounting concepts
Analysis and interpretation of financial information
This is a pract...
Datum / Dates: SEPTEMBER 2024
Tyd / Time: 1 hour 30 minutes (1 ½ hours)
Punte / Marks: 100
Graad / Grade: 10
Vak / Subject: ACCOUNTING
Vraestel / 1
Paper:
Name and Surname:
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Good luck with your exam!
TOPICS COVERED IN THIS PAPER:
Income statement and adjustments
GAAP principles
Accounting concepts
Analysis and interpretation of financial information
Bl / Pg 1/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024
, QUESTION 1 : GAAP principles
Match the GAAP principles in Column A to the examples given in Column
B. Write down only the letter (A-G) next to the numbers (1.1-1.6).
(6)
COLUMN A COLUMN B
1.1 Historical A The cost of goods sold is recorded in the same period as
Costs its revenue.
1.2 Materiality B Financial statements are prepared on the assumption that
the business will continue for the next year.
1.3 Matching C A R100 stapler is immediately recorded as an expense
because of its insignificance to the overall financial
statements.
1.4 Business entity D Only business-related expenses are recorded in the
company's financial statements not personal expenses.
1.5 Prudence E Revenue received in advance is recorded as an expense
1.6 Going concern F A building is reported at its purchase price of R500000
even after ten years.
G A forecast for debts is made when there is uncertainty
about their collection.
QUESTION 2 : INCOME STATEMENT
The information relates to PRIME DEALERS for the financial year ended
June 30 2024.
Asked:
Complete the INCOME STATEMENT (Statement of Comprehensive Income)
for the year ending 30 June 2024.
Take into account all adjustments given in INFORMATION A and B.
Bl / Pg 2/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024
, INFORMATION:
A. Extract of the pre-adjustment trial balance of PRIME
DEALERS for the year ended 30 June 2024
Capital 980000
Drawings 42600
Land and Buildings 8000000
Vehicles 780000
Equipment 350000
Accumulated depreciation on vehicles ( / 2023) 468000
Accumulated depreciation on equipment ( / 105000
2023)
200000
Fixed deposit (interest of 8% p.a.)
Trading stock 418400
Accounts receivable control 280 200
Overdraft bank account 124000
Loan: Punjab Bank (12% p.a.) 652000
Creditors control 380000
Sales 4350000
Debtors allowance 18000
Cost of sales 2900000
Rent income 200700
Recover bad debts 1800
Interest on fixed deposit 9000
Stationery 2100
Telephone 9000
Insurance 12100
Bad debt 3800
Bank costs 1200
Consumable goods 4000
B. Additional information and clarifications:
Bl / Pg 3/ 8 www.summariessa.co.za Opsteller / DAN SMI
Author:
Graad / 10 Vak / ACCOUNTING Datum / Date: SEPTEMBER
Grade: Subject: 2024
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