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    2020 Control 1 QP

    Uploaded by

    Tha
    This document provides the instructions and questions for an accounting control test taken in March 2020. It includes 3 questions: [1] Concepts matching in 5 minutes for 5 marks, [2] Recording transactions in subsidiary journals and posting to ledgers in 55 minutes for 61 marks, and [3] Analyzing accounting transactions in 30 minutes for 34 marks. The second question provides detailed transaction information for a business and requires recording entries in the cash receipts and payments journals, as well as posting amounts to cost of sales and trading stock accounts. It also asks for suggestions to improve internal controls over cash collection and recording.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    2020 Control 1 QP

    Uploaded by

    Tha
    50 views4 pages
    This document provides the instructions and questions for an accounting control test taken in March 2020. It includes 3 questions: [1] Concepts matching in 5 minutes for 5 marks, [2] Recording transactions in subsidiary journals and posting to ledgers in 55 minutes for 61 marks, and [3] Analyzing accounting transactions in 30 minutes for 34 marks. The second question provides detailed transaction information for a business and requires recording entries in the cash receipts and payments journals, as well as posting amounts to cost of sales and trading stock accounts. It also asks for suggestions to improve internal controls over cash collection and recording.

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    2020 CONTROL 1 QP

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    This document provides the instructions and questions for an accounting control test taken in March 2020. It includes 3 questions: [1] Concepts matching in 5 minutes for 5 marks, [2] Recording transactions in subsidiary journals and posting to ledgers in 55 minutes for 61 marks, and [3] Analyzing accounting transactions in 30 minutes for 34 marks. The second question provides detailed transaction information for a business and requires recording entries in the cash receipts and payments journals, as well as posting amounts to cost of sales and trading stock accounts. It also asks for suggestions to improve internal controls over cash collection and recording.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    50 views4 pages

    2020 Control 1 QP

    Uploaded by

    Tha
    This document provides the instructions and questions for an accounting control test taken in March 2020. It includes 3 questions: [1] Concepts matching in 5 minutes for 5 marks, [2] Recording transactions in subsidiary journals and posting to ledgers in 55 minutes for 61 marks, and [3] Analyzing accounting transactions in 30 minutes for 34 marks. The second question provides detailed transaction information for a business and requires recording entries in the cash receipts and payments journals, as well as posting amounts to cost of sales and trading stock accounts. It also asks for suggestions to improve internal controls over cash collection and recording.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    Accounting Control test: March 2020

    2020
    ACCOUNTING
    GRADE 10
    CONTROL TEST ONE
    DURATION: 1.5 HOURS
    INSTRUCTIONS AND INFORMATION
    1. You are provided with a question paper and answer sheet
    2 This question paper comprises of THREE (3) Compulsory questions.
    3 Make use of the time allocation given.
    4 Non- programmable calculators may be used.
    5 A BLUE/BLACK PEN may be used
    6 No tippex allowed

    QUESTION MARKS TIME


    1 05 05 Minutes
    2 61 55 Minutes
    3 34 30 Minutes
    TOTAL 100 90 Minutes

    1|Page
    Accounting Control test: March 2020

    QUESTION ONE: CONCEPTS (5 marks : 5 minutes )

    Match the transaction in column A which best suits the concept in column B. Write down only the
    letter of your choice. E.g.1.1 C

    COLUMN A COLUMN B
    1.1 Debts of the business are ….. A. Capital
    1.2 Assets that have a long lifespan, a period exceeding one
    year. B. Liabilities
    1.3 Objectivity, trust and integrity are good examples of … C. Source document
    1.4 Money the owner puts in to start a business D. Fixed Assets
    1.5 Where we get information to record transactions. E. Ethics

    QUESTION TWO: SUBSIDIARY JOURNALS (61 marks: 55 minutes )

    The following information was taken from the books of Forest traders for January 2020. Forest
    traders uses a mark-up of 20% on all merchandise sold.

    REQUIRED

    2.1 Record the following information in the Cash Receipts Journal, Cash Payments (45)
    Journal. Ensure that all the journals are closed off at the end of the month.
    2.2 Post to the following general ledger accounts:
    2.2.1 Cost of sales (2)
    2.2.2 Trading stock (6)

    2.3 Internal Control and Ethics


    Mrs Vilakazi works as an administration clerk who is in charge of collecting cash and
    issuing receipts to customers. She also records the transactions and does the banking
    in the business.
    As an internal auditor you are not happy with the control of cash in this business.

    Suggest FOUR internal control measures that the business can put in place to avoid (8)
    problems in the future.

    2|Page
    Accounting Control test: March 2020
    INFORMATION:

    Transactions for January


    01 Owner, Mr D Diamond, deposited R150 000 as capital, receipt no. 309 was issued.
    02 Cash sales, R60 000 as per CRR 1.
    Received a loan of R12 000 from Tyson Bank the amount will be repaid over a period
    of 24 months. The interest rate on the loan is 12% per annum. The first instalment is
    due on the 31 of January .It was agreed that the first month’s interest would be paid
    on 31 January 2020.
    04 Paid Telkom, R750 with cheque no.100. R500 was for the business telephone
    account and the balance was for the owner’s telephone account at home.

    07 Issued receipt no.310 to Lillian, a tenant, the amount received was R1 400.

    08 Cheque no 101 was issued to Blue Wholesalers for stock purchased for R10 000 less
    5% trade discount.

    11 Transferred R3 000 via EFT into a 6-month Fixed Deposit with Ruby Bank.

    18 Received R1 600 from debtor A. Ali in full settlement of R1 800, Rec 311.

    30 The bank statement from Ruby Bank showed the following:


    Service fees R 100
    Cash deposit fee R 80
    Interest on current account R 90(Cr)
    Card commission R 50
    Government levy R 40

    31 Paid the first instalment on loan and one-month interest due on the loan, issued
    cheque no.103. (check 02 January)

    3|Page
    Accounting Control test: March 2020

    QUESTION THREE :ANALYSIS OF TRANSACTIONS (34 marks :30 minutes)


    Analyse the following transactions of Avengers Traders. Avengers Traders uses a mark-up of
    3313% for all merchandise sold.
    Assume that the bank balance is unfavourable for all transactions.
    Example: Purchased stationery for R200 from petty cash.
    3.1 Goods costing R3 000 were sold for cash to S Spring.
    3.2 The owner took withdrew cash for personal use, R1 500.
    3.3 Received R45 000 from Discovery Bank for a fixed deposit that matured. This
    amount included interest of R3 000. No entries have been made.
    3.4 Bought equipment for cash, R5 000.
    3.5 Mayibuye Bank charged Avengers Traders an interest on bank overdraft of R650.

    4|Page

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