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    Accounting

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    Accounting

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    aphiwe.ndlovu1
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    3 views5 pages

    Accounting

    Uploaded by

    aphiwe.ndlovu1

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Collegiate Girls’ High School

    Accounting Grade 11
    15 August 2023 Time: 90 minutes
    Examiner: L. Riley Marks: 100
    Moderator: J. Reynolds

    Controlled Test

    ANSWER BOOK

    NAME OF LEARNER
    TEACHER

    LEARNER’S MODERATED
    QUESTION TOPIC MARKS
    MARKS MARKS
    1 Budgets 50

    2 Inventory 25

    3 Manufacturing 25

    TOTAL 100

    This answer book consists of 5 pages.


    2

    QUESTION 1: CASH BUDGET

    1.1 Debtors’ collection Schedule


    MONTHS CREDIT SALES DEBTORS COLLECTIONS
    DEC 2022 JAN 2023
    October
    November 24 000
    December 32 000

    8 8 8

    1.2 Payments to Creditors

    WORKINGS ANSWER

    December 2022

    January 2023

    8
    3

    1.3 Cash Budget


    DEC 2022 JAN 2023
    CASH RECEIPTS
    Cash Sales 128 000 160 000
    Collection from debtors
    Interest on current bank account 423

    TOTAL RECEIPTS
    CASH PAYMENTS
    Cash purchases of trading stock 42 000
    Payments to creditors
    Interest on overdraft 340

    TOTAL PAYMENTS
    SURPLUS/(SHORTFALL)
    Opening Balance
    Balance at the end of the month

    34

    50
    2
    4

    QUESTION 2: INVENTORY

    2.1
    CHARACTERISTIC ANSWER
    2.1.1 Stock purchases are recorded in an asset account called
    “Trading Stock”.
    2.1.2 There is no cost of sales account.

    2.1.3 Expenses incurred in purchasing stock are charged to the


    Trading stock Account.

    3
    2.2 Calculation of Cost of Sales

    15
    2.3 Calculation of Gross Profit

    25
    5

    QUESTION 3: MANUFACTURING

    25
    3.1 Calculate the following for the year:
    3.1.1 Direct material cost

    3.1.2 Direct labour cost

    13

    GENERAL LEDGER OF SNUGGLE BAG MANUFACTURES


    3.2.1 WORK-IN-PROGESS STOCK ACCOUNT

    7
    3.2.2 FINISHED GOODS STOCK ACCOUNT

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