education.gov.za NSC Examination Accounting Question Paper : Department of Basic
Organisation : Department of Basic Education
Exam : National Senior Certificate Examinations
Document Type : NSC Sample Question Paper
Subject : Accounting
Category : Grade 12
Year : 2017
Website : https://www.education.gov.za/2017FebMarchNSCExamPapers.aspx
Download Sample Question Paper :
Memo 1 : https://www.southafricain.com/uploads/10841-Memo.pdf
Paper 1 : https://www.southafricain.com/uploads/10841-Accounting.pdf
Answer Key : https://www.southafricain.com/uploads/10841-Answer.pdf
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Education NSC Accounting Question Paper
MARKS: 300
TIME: 3 hours
** This question paper consists of 17 pages and a 16-page answer book.
Related : Department of Basic Education NSC English Home Language P1 Question Paper : www.southafricain.com/10828.html
Instructions & Information
Read the instructions carefully and follow them precisely.
1. Answer ALL the questions.
2. A special ANSWER BOOK is provided in which to answer ALL the 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 the questions.
6. Where applicable, show all calculations to ONE decimal point.
7. Write neatly and legibly.
8. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it.
Sample Question
QUESTION 1: VAT AND RECONCILIATION (30 marks; 20 minutes)
1.1 CONCEPTS REQUIRED :
Choose a description from COLUMN B that matches the term in COLUMN A. Write only the letter (A–D) next to the question number (1.1.1–1.1.3) in the ANSWER BOOK, for example 1.1.4. E.
COLUMN A – COLUMN B
1.1.1 School fees – A VAT received by the trader for the sale of merchandise
1.1.2 Output VAT – B an example of a VAT-exempt item
1.1.3 VAT vendor – C VAT is included in the selling price
– D a business with an annual turnover of more than R1 000 000
1.2 VALUE-ADDED TAX (VAT)
Thanda Traders is a VAT-registered business. All items are subject to VAT at 14%.
Required :
1.2.1 Calculate the amount of VAT either receivable from or payable to SARS on 31 July 2016. Indicate whether this amount is receivable or payable.(9)
1.2.2 The owner wants to change the VAT amount on bad debts from R840 to R4 200. Give ONE reason why you would disagree with him. (2)
1.3 BANK RECONCILIATION
The following information relates to Sizwe Traders for July 2016.
Required :
1.3.1 Calculate the correct balance of the Bank Account in the General Ledger on 31 July 2016. State if this balance is favourable or unfavourable. (8)
1.3.2 Prepare the Bank Reconciliation Statement on 31 July 2016. (6)
1.3.3 Refer to Information C. Explain ONE internal control measure that the business should implement to ensure that this will not happen in the future. (2)
Question 2: Inventory Valuation And Problem-Solving (40 marks; 25 minutes)
2.1 CONCEPTS
Complete the following sentences by filling in the missing words. Write only the words next to the question number (2.1.1–2.1.3) in the ANSWER BOOK.
2.1.1 The method that is appropriate for very expensive, individually recognisable items is the … method.
2.1.2 The method that assumes that the older stock is sold first is the … method.
2.1.3 The method that divides the total cost of goods available for sale by the number of units is the … method.
2.2 AB SPORT SHOP
André Brand is the owner of this business. This business uses the periodic inventory system.
2.2.1 Calculate the unit price of cricket bats on 1 July 2015. (2)
2.2.2 Calculate the value of the stock on hand on 30 June 2016 using the weighted-average method. (10)
2.2.3 Calculate the gross profit on 30 June 2016. (5)
2.2.4 Calculate how long (in days) it is expected to sell the closing stock of 465 cricket bats. Use the closing stock in your calculation. (4)
2.2.5 André is concerned about the control of cricket bats.
• Provide a calculation to support his concern. (5)
• How can André solve this problem? Explain ONE point. (2)
2.3 Problem-Solving
Best Phones sells one brand of cellphone. The owner, Bennie Roos, has three branches in different shopping malls. The table below reflects annual figures of the branches for the financial year ended 28 February 2017 as presented by the bookkeeper.
Question 3: Company Financial Statements And Interpretation
(75 marks; 45 minutes)
You are provided with information from the records of Gandhi Ltd for the financial year ended 28 February 2017.
REQUIRED:
3.1 Complete the Income Statement for the year ended 28 February 2017. Note that some information is included in the ANSWER BOOK. (33)
3.2 Prepare the following notes to the Balance Sheet:
3.2.1 Ordinary share capital (10)
3.2.2 Retained income (10)
3.3 Complete the EQUITY AND LIABILITIES section of the Balance Sheet. Show workings in brackets. (16)
3.4 On 1 March 2016, B Sly (a shareholder) owned 400 000 ordinary shares. On 31 March 2016, she bought an additional 80 000 shares. On 28 February 2017, she convinced the CEO to repurchase 250 000 shares from other shareholders.
3.4.1 Calculate B Sly’s percentage shareholding in the company before and after the share buy-back.
3.4.2 Explain why the other shareholders will be concerned about this transaction.