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 NATIONAL
SENIOR CERTIFICATE

GRADE 12

ACCOUNTING

NOVEMBER 2019

MARKS: 300

TIME: 3 hours

This question paper consists of 21 pages and a 17-page answer book.

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Accounting 2 DBE/November 2019
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INSTRUCTIONS AND INFORMATION

Read the following instructions carefully and follow them precisely.

1. Answer ALL questions.

2. A special ANSWER BOOK is provided in which to answer ALL questions.

3. Show ALL workings to earn part-marks.

4. You may use a non-programmable calculator.

5. You may use a dark pencil or blue/black ink to answer questions.

6. Where applicable, show ALL calculations to ONE decimal point.

7. Write neatly and legibly.

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8. Use the information in the table below as a guide when answering the question
paper. Try NOT to deviate from it.

QUESTION 1: 40 marks; 20 minutes

Topic: This integrates:
Managerial accounting
Production Cost Statement
Manufacturing Break-even analysis
Managing resources
Internal control
QUESTION 2: 30 marks; 20 minutes
Topic: This integrates:
Financial accounting
Bank reconciliation
Reconciliation
Managing resources
Internal control
QUESTION 3: 45 marks; 25 minutes
Topic: This integrates:
Managing resources
Inventory Valuation Valuation methods
Internal control
QUESTION 4: 70 marks; 45 minutes
Topic: This integrates:
Financial accounting
Concepts
Balance Sheet and Audit Balance Sheet and notes
Report Fixed assets
Managing resources
Auditing
QUESTION 5: 75 marks; 45 minutes
Topic: This integrates:
Managing resources
Cash Flow Statement and Concepts
Interpretation Cash Flow Statement
Interpretation

QUESTION 6: 40 marks; 25 minutes

Topic: This integrates:
Managerial accounting
Cash Budget
Budgeting Projected Income Statement
Managing resources
Internal control

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QUESTION 1: MANUFACTURING (40 marks; 20 minutes)

Sihle Sangweni owns two separate factories that manufacture products according to
orders received. There is no work-in-progress stock. The year-end is 28 February.

1.1 Indicate whether the following statements are TRUE or FALSE. Write only 'true'
or 'false' next to the question numbers (1.1.1 to 1.1.3) in the ANSWER BOOK.

1.1.1 Wages of factory cleaners is a direct labour cost.

1.1.2 Delivery costs of finished goods to retailers are a selling and distribution
cost.

1.1.3 Depreciation on office equipment is an administration cost. (3 x 1) (3)

1.2 DESKS FACTORY

REQUIRED:

1.2.1 Complete the Factory Overhead Cost Note. (8)

1.2.2 Calculate the total cost of production of finished goods. (5)

1.2.3 Sihle wants to produce an additional 1 500 desks, while maintaining the
selling price and costs.

Calculate the additional profit he can expect. (4)

1.3 CHAIRS FACTORY

REQUIRED:

1.3.1 Provide a calculation to confirm the break-even point for 2019. (4)

1.3.2 Comment on the break-even point and the production level achieved.
Quote figures. (4)

1.3.3 Raw material consists of wood only. In 2019 the cost is R120 per square
metre (m2) and 1,2 m2 of wood is needed to make one chair.

During the year, 22 000 m2 wood was dispatched to the factory. Sihle
feels that the wood raw material was not well controlled.

 Provide a calculation to support his opinion. (4)

 Identify TWO possible causes of this problem. Provide a solution for
EACH. (4)

1.3.4 Give TWO reasons for the increase in direct labour cost. Provide a
solution for EACH. Note that wages and salaries increased by 5% in the
current financial year. (4)

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INFORMATION:
A. DESKS FACTORY
Extract of pre-adjustment amounts on 28 February 2019
R
Indirect labour 296 500
Depreciation of factory plant 166 000
Advertising 24 500
Water and electricity 248 000
Rent expense 345 600
Insurance allocated to sales department 12 600
Factory sundry expenses 107 700

Adjustments to factory overheads for desks:

 Water and electricity for February 2019, R18 000, must be taken into
account. 80% is allocated to the factory. The balance is an
administration cost.
 Rent must be allocated according to floor area:
Factory: 810 m2 Office: 180 m2 Sales department: 90 m2
 75% of insurance must be allocated to the factory. The balance applies
to the sales department.

B. INFORMATION FOR BOTH FACTORIES

DESKS CHAIRS
COSTS 2019 (Unit costs)
Amount Per unit 2019 2018
Direct material R3 060 000 R340 R165 R124
Direct labour ? R160 R90 R70
Variable
Selling and distribution R720 000 R80 R50 R60
Total variable costs R580 R305 R250
Factory overheads R76 R75
Fixed
Administration R360 000 R40 R20 R18

SELLING PRICES
Per unit R750 R390 R370

UNITS
Produced and sold 9 000 16 000 15 000
Break-even point 8 471 18 071 12 400

40

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QUESTION 2: RECONCILIATION (30 marks, 20 minutes)

The information relates to Klonex Traders.

REQUIRED:

2.1 The owner, Ben Joseph, realises that many people are now using electronic
funds transfers (EFTs) instead of cheques.

2.1.1 State THREE advantages of EFTs. (3)

2.1.2 Janet, the bookkeeper, has been assigned the duty of processing and
controlling all EFTs.

Explain TWO reasons why the internal auditor is concerned about this. (4)

2.2 Show changes in the Cash Journals for June 2019. (11)

2.3 Calculate the correct Bank Account balance on 30 June 2019. (4)

2.4 Prepare the Bank Reconciliation Statement on 30 June 2019. (8)

INFORMATION:
A. Extract: Bank Reconciliation Statement on 31 May 2019
Outstanding deposit R9 500
Outstanding cheques
No. Date
321 10 December 2018 R1 500
427 14 May 2019 R1 400
444 27 May 2019 R4 670
516 28 May 2019 R7 950
Favourable balance on Bank Account R9 200

NOTE:
 The outstanding deposit appeared on the June Bank Statement.
 Cheque 321 was issued for the owner's club fees. It was never deposited.
 Cheque 427 did not appear on the June Bank Statement. It was lost and a new
cheque will be issued in July.
 Cheque 444 did not appear on the June Bank Statement.
 Cheque 516 appeared on the June Bank Statement with the correct amount of
R5 250.

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B. Provisional totals in the Cash Journals on 30 June 2019 before

receiving the Bank Statement:

Cash Receipts Journal: R27 470

Cash Payments Journal: R32 400

C. Entries in the Cash Journals NOT on the June Bank Statement:

 Deposit, R9 675
 EFT 14 (30 June 2019), R3 800
 Cheque 522 (12 August 2019), R4 580

D. Entries on the June 2019 Bank Statement NOT in the Cash Journals:

DATE DETAILS R
15 Debit order: Micro Insurance* 1 125
Debit order: Micro Insurance* 1 125
16 Unpaid cheque (debtor, B Marais) 1 200
25 M Malan (EFT by tenant) 2 800
30 Interest income 130
30 Service fees 175

*Insurance appeared twice in error. This will be rectified next month.

E. Bank Statement balance on 30 June 2019: …?

30

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QUESTION 3: INVENTORY VALUATION (45 marks; 25 minutes)

George Grande is the majority shareholder and CEO of Grande Ltd. The company
supplies hotels with cabinets and lamps.

The periodic system is used. The year-end is 30 September 2019.

REQUIRED:

CABINETS

3.1 Calculate the value of closing stock for cabinets on 30 September 2019 using
the first-in first-out method. (6)

3.2 In 2019, the company decided to extend the target market and to grant trade
discounts to increase sales.

3.2.1 Calculate the % mark-up achieved in 2019. (4)

3.2.2 Provide TWO points (with figures) to prove that this decision achieved its
aims. (4)

3.2.3 The CEO feels that this decision also negatively affected the company.
 Provide TWO points (with figures) to support his opinion. (4)
 Give the directors advice to solve this problem. Explain TWO points. (2)

LAMPS

3.3 Calculate the stockholding period for lamps (use closing stock). (3)

3.4 George is concerned about the control of lamps. An investigation revealed that
the store manager was supplying local boarding houses with lamps without
documentation.
 Calculate the number of missing lamps. (5)
 Give TWO suggestions to solve this problem. (4)

TELEVISION SETS

3.5 During April 2019, while George was in hospital, Bruce Swann (the chief
financial officer) decided to include television sets in their product range. He was
able to secure bulk discounts from Roseway on two TV set models, namely LYN
and KYA.

Calculate the value of the closing stock of TV sets on 30 September 2019 using
the specific identification method. (7)

3.6 An employee of Roseway told George that Bruce received a 10% 'commission'
from Roseway for buying excess stock. George wants to discuss this at the next
board meeting.

Explain THREE different concerns that George would have about this problem. (6)

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INFORMATION:

A. Stock records of cabinets and lamps:

CABINETS LAMPS
UNIT
UNITS TOTAL UNITS TOTAL
PRICE
Stock balances
1 Oct. 2018 370 R800 R296 000 600 R108 000
30 Sep. 2019 280 ? 265 R59 625
Purchases: 2019
January 800 R920 R736 000 1 200 R240 000
April 1 200 R990 R1 188 000 1 800 R432 000
July 250 R1 100 R275 000 800 R210 000
Total 2 250 R2 199 000 3 800 R882 000
Returns 20 R1 100
Sales 3 675
Cost of sales R930 375

B. Information relating to cabinets:

2019 2018
Sales R3 480 000 R3 375 000
Cost of sales R2 170 500 R1 950 000
Units sold 2 320 2 500
Selling price per unit R1 500 R1 400
% mark-up achieved ? 73%
Customers on record 37 26

C. Stock records of television sets:

MODELS UNITS UNIT PRICE TOTAL

Purchases
May 2019 LYN 800 R6 000 R4 800 000
KYA 950 R7 200 R6 840 000
July 2019 LYN 500 R6 000 R3 000 000
KYA 500 R7 200 R3 600 000
TOTAL 2 750 R18 240 000
Sales LYN 430 R8 400 R3 612 000
KYA 540 R10 080 R5 443 200

45

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QUESTION 4: BALANCE SHEET AND AUDIT REPORT (70 marks; 45 minutes)

4.1 Choose an explanation in COLUMN B that matches the term in COLUMN A.

Write only the letters (A–E) next to the question numbers (4.1.1 to 4.1.5) in the
ANSWER BOOK.

COLUMN A COLUMN B
4.1.1 Internal auditor A appointed by shareholders to manage
a company
4.1.2 Memorandum of
incorporation (MOI) B the body responsible for registration
of all companies
4.1.3 Limited liability
C employed by a company to ensure
4.1.4 Director good internal control procedures

4.1.5 Companies and D indicates that a company has a legal

Intellectual Property personality of its own
Commission (CIPC)
E the document that establishes the
rules and procedures of a company
(5 x 1) (5)

4.2 VISIV LTD

The financial year ended on 28 February 2019.

REQUIRED:

4.2.1 Calculate:

 Amounts for (i) and (ii) in the Fixed Assets Register (5)
 Profit/Loss on sale of asset (2)
 Fixed assets carrying value on 28 February 2019 (4)

4.2.2 Calculate the correct net profit after tax for the year ended
28 February 2019. Indicate (+) for increase and (–) for decrease. (9)

4.2.3 Refer to Information A–H. Prepare the following on 28 February 2019:

 Retained Income Note (9)

 Statement of Financial Position (Balance Sheet). (27)
NOTE: Show workings. Certain figures are provided in the
ANSWER BOOK.

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INFORMATION:

A. Fixed assets:
A delivery vehicle was sold on 31 October 2018 but no entries were made
to record this transaction.
Details of vehicle sold:
Delivery Vehicle X43
Date purchased: 1 March 2016
Date sold: 31 October 2018 Sold for: R195 000 (cash)
Depreciation rate: 25% p.a. (diminishing-balance method)
CARRYING
COST DEPRECIATION
VALUE
28 February 2017 R400 000 R100 000 R300 000
28 February 2018 75 000 225 000
31 October 2018 (i) (ii)

B. List of balances/totals on 28 February 2019 (before taking into

account all adjustments below):
Ordinary share capital R8 152 000
Retained income (1 March 2018) 865 300
Mortgage loan: Prati Bank 1 758 000
Fixed assets (carrying value) 10 190 000
Fixed deposit: Prati Bank (balancing figure) ?
Trading stock 1 102 000
Net trade debtors 1 090 000
Bank (favourable) ?
SARS: Income tax (provisional tax payments) 155 000
Creditors' control 1 906 800

C. Net profit before tax, R822 700, was calculated before correcting the
following:
 Provision for bad debts must be increased by R65 000.
 R9 800 of an advertising contract applies to the next financial year.
 A tenant paid rent of R334 000 for the period 1 March 2018 to
31 March 2019. Rent was increased by R3 000 per month from
1 January 2019.
 Depreciation and profit/loss on the vehicle sold must be recorded.
 A further R43 000 is owed for income tax.

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D. Ordinary shares:
DATE DETAILS
1 March 2018 2 000 000 shares in issue; total book value R7 600 000
31 May 2018 360 000 shares repurchased at R4,10 each
1 October 2018 800 000 new shares issued
28 February 2019 2 440 000 shares in issue

E. Dividends:
 Interim dividends were paid in September 2018, R295 200.
 Final dividends of 20c per share were declared on 28 February 2019.

F. A creditor with a debit balance of R7 600 must be transferred to the

Debtors' Ledger.

G. A cheque for R75 000, dated 30 April 2019, was issued to a supplier in
February.

H. After processing all adjustments:

 The current ratio is 0,8 : 1.
 The current liabilities totalled R2 900 000.
 The current portion of the loan is the balancing figure.

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4.3 AUDIT REPORT FOR YEAR-END 28 FEBRUARY 2019

The financial statements of Visiv Ltd (see QUESTION 4.2.3) were audited. You
are provided with extracts from the audit report.

Extracts from the audit report:

Basis for audit report

Point 1 We were unable to obtain sufficient audit evidence to support the

amounts provided for certain income and expense items ...

Point 2 Furthermore, the repurchase of shares on 31 May 2018 is not in

accordance with provisions of the Companies Act, 1973 (Act 61 of
1973), as the liquidity of the company has been compromised …

Opinion

Point 3 Because of the significance of the matters described above, we do not

express an opinion …

REQUIRED:

4.3.1 Refer to Point 3.

What type of audit report did the company receive? (1)

4.3.2 Refer to Point 1.

Give TWO examples of audit evidence that the auditors would have
required regarding this problem. (2)

4.3.3 Refer to Point 2.

 Apart from the current ratio, identify and calculate ONE other financial
indicator that the auditors would have used in deciding on this opinion. (4)
 Explain what the directors could have done to prevent this comment
by the auditors. Provide TWO points. (2)

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QUESTION 5: CASH FLOW STATEMENT AND INTERPRETATION

(75 marks; 45 minutes)

5.1 Three financial statements are provided as options in which each of the following
items would appear. Choose the financial statement and write only the letter
(A–C) next to the question numbers (5.1.1 to 5.1.4) in the ANSWER BOOK, e.g.
5.1.5 D.

A Statement of Financial Position (Balance Sheet)

B Statement of Comprehensive Income (Income Statement)
C Cash Flow Statement

5.1.1 Profit on sale of a fixed asset

5.1.2 Amount due to shareholders for final dividends payable

5.1.3 Total amount spent on the repurchase of shares

5.1.4 Total income tax amount for the current financial year (4 x 1) (4)

5.2 SUNSET LTD

The financial year ended on 28 February 2019.

REQUIRED:

5.2.1 Calculate the following figures for the 2019 Cash Flow Statement:

 Income tax paid (4)

 Dividends paid (4)
 Proceeds of shares issued (6)
 Fixed assets purchased (5)

5.2.2 Calculate financial indicators for the year ended 28 February 2019:

 % operating profit on sales (4)

 Net asset value per share (4)
 Debt-equity ratio (4)

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INFORMATION FOR SUNSET LTD:

A. Information from Income Statement on 28 February 2019:

Sales R8 725 000

Gross profit 3 525 000
Depreciation 408 000
Operating profit 2 033 900
Interest expense 441 000
Income tax 477 900
Net profit after tax 1 138 000

B. Information from Balance Sheet on 28 February:

2019 2018
Fixed assets (carrying value)* R11 835 100 R10 658 000
SARS: Income tax 18 000 Cr 63 000 Dr
Shareholders' equity 8 625 000 10 065 000
Ordinary share capital 7 724 000 9 300 000
Loan: Funza Bank 3 500 000 2 800 000
Shareholders for dividends 372 000 195 000

*NOTE: Fixed assets were sold at carrying value, R490 000.

C. Share capital and dividends:

NUMBER OF
SHARE CAPITAL DETAILS OF SHARES
SHARES
1 March 1 500 000 In issue at R6,20 per share
2018
30 April 300 000 Repurchased at R6,90 per share
1 January 40 000 New shares issued
2019
28 February 1 240 000 In issue

DIVIDENDS DIVIDENDS PER SHARE

Final 2 March 2018 Paid 13 cents
Interim 31 August 2018 Paid 35 cents
Final 28 February 2019 Declared 30 cents

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5.3 HORIZON LTD and OPTIMA LTD

Refer to Information D to F.

Mike Mbele owns shares and is a director in both these companies.

He recently invested another R420 000 in each company by buying shares on

the JSE at market value as follows:

HORIZON LTD OPTIMA LTD

R8,40 R4,00

REQUIRED:

NOTE: Provide figures, financial indicators or calculations in EACH case to

support your comments and explanations.

5.3.1 Purchase of shares:

 Explain why directors should be interested in the price of their

companies' shares on the JSE. (2)
 Calculate the number of additional shares in Horizon Ltd that Mike
was able to buy on the JSE in 2019. (3)
 Comment on the price that Mike paid for these shares and give TWO
reasons why he might have been satisfied to pay this price. (6)

5.3.2 Dividends and earnings:

 Explain your opinion on which company has the better dividend

pay-out policy. (6)
 Compare and comment on the % return on equity earned by EACH
company. (4)
 Mike feels that the earnings per share (EPS) of Optima Ltd is much
better than that of Horizon Ltd. Explain why he feels this way. (5)

5.3.3 Refer to the Cash Flow Statements.

The poor economy has negatively affected Horizon Ltd more than
Optima Ltd.

 Explain TWO decisions taken by the directors of Horizon Ltd in

response to the state of the economy, and how these decisions will
affect the company in future. (6)
 Explain TWO decisions taken by the directors of Optima Ltd that
affect risk and gearing. Quote and comment on TWO financial
indicators. (8)

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D. Shareholding of Mike Mbele in two companies:

HORIZON LTD OPTIMA LTD

Number of shares bought in 2017 580 000 shares 1 430 000 shares
Total shares issued by each
1 240 000 shares 2 600 000 shares
company
Additional shares bought by Mike ? 105 000 shares
Mike's % shareholding before
46,8% 55,0%
buying additional shares

E. Financial indicators and additional information on 28 February 2019:

HORIZON LTD OPTIMA LTD

Earnings per share (EPS) 97 cents 83 cents
Dividends per share (DPS) 65 cents 80 cents
Debt-equity ratio 0,1 : 1 0,7 : 1
% return on average equity 6,2% 18,2%
% return on average capital
9,4% 15,1%
employed
Net asset value (NAV) 750 cents 445 cents
Additional information:
Interest rate on loans 12,0% 12,0%
Interest on investments 6,5% 6,5%

F. Extracts from Cash Flow Statements for year ended 28 February 2019:

HORIZON LTD OPTIMA LTD

Cash flows from investing
R2 700 000 (R2 730 000)
activities
Purchase of fixed assets 0 (1 580 000)
Sale of fixed assets 1 800 000 0
Change in investments 900 000 (1 150 000)

Cash flows from financing

(2 670 000) 4 000 000
activities
Proceeds of new shares
0 200 000
issued
Shares repurchased (1 070 000) 0
Cash effects of long-term loan (1 600 000) 3 800 000

75

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QUESTION 6: BUDGETING (40 marks; 25 minutes)

The financial year-end of Carpets Galore (Pty) Ltd is 31 October 2019. Thembi Tsomi is
the sole shareholder and director.

6.1 Indicate amounts in the appropriate blocks for the Cash Budget and Projected
Income Statement for three months ending 31 January 2020.
 A printer costing R40 800 will be bought for cash on 30 November 2019.
Depreciation will be R680 per month.
 On 1 January 2020, R48 000 will be paid for a 12-month insurance contract.
 A loan of R100 000 will be received from Viva Bank on 31 December 2019.
This will be repaid in equal instalments over 20 months, commencing on
31 January 2020. Interest at 12% p.a. is paid monthly and is not capitalised. (11)

6.2 Refer to Information A: Debtors' Collection Schedule.

Thembi is preparing projections for the period commencing 1 November 2019.

Thembi does not grant discount for early payment.

Calculate the % of debtors:

 Who settle their accounts in the 2nd month following the credit sales
transaction month (3)
 Written off as bad debts at the end of the 3 rd month following the credit sales
transaction month (4)

6.3 Refer to Information B: Projected Income Statement for September and

October.

6.3.1 Office workers are unhappy with the increase that Thembi gave them on
1 October 2019. Explain what she should say to them. Provide TWO
points. Quote figures or a calculation. (6)

6.3.2 Thembi pays her son, Jacob, to deliver and install carpets for customers.
She budgets R2,80 per metre for this. Comment on the control of this
expense. Quote figures or a calculation. (4)

6.3.3 A new competitor commenced trading in the area on 1 September 2019.

 Provide figures to illustrate the impact on sales in September. (2)
 Explain THREE decisions that Thembi took in October in response to
the new competitor. Quote figures or a calculation. (6)

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6.3.4 Stock sold is replaced in the same month. 50% of the stock is bought on
credit. Creditors are paid in the month following the purchases month to
receive a 5% discount.

Calculate the actual amount payable to creditors in November 2019. (4)

INFORMATION:

A. Debtors' Collection Schedule for the period ending 31 January 2020:

CREDIT COLLECTIONS
SALES NOV. 2019 DEC. 2019 JAN. 2020
August R80 000 R17 600
September 90 000 67 500 R19 800
October 100 000 75 000 R22 000
November 120 000 90 000
R94 800 R112 000

B. Information identified from the Projected Income Statement:

SEPTEMBER 2019 OCTOBER 2019

Projected Actual Projected Actual
Metres sold 5 000 m 3 800 m 5 000 m 6 000 m
Selling price per metre R100 R100 R100 R88
Cost price per metre R60 R60 R60 R60
Sales: cash R400 000 R310 000 R400 000 R132 000
: credit 90 000 70 000 100 000 396 000
Total sales 490 000 380 000 500 000 528 000
Cost of sales (300 000) (228 000) (300 000) (360 000)
Gross profit 190 000 152 000 200 000 168 000
Director's fees 50 000 50 000 50 000 40 000
Wages: Office workers 9 200 9 200 9 200 11 040
Salary: Salesperson 20 000 20 000 20 000 0
Commission: Salesperson 0 0 0 52 800
Advertising 5 000 5 000 5 000 5 000
Packing materials 2 500 1 900 2 500 2 550
Delivery and installation
14 000 14 000 14 000 16 800
of carpets
Staff training 15 000 0 15 000 40 000

40

TOTAL: 300

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