0% found this document useful (0 votes)
53 views5 pages

GR 12 March 1 MG

This document outlines the marking guidelines and principles for a Grade 12 Accounting Task, detailing how to assess candidates' responses. It includes specific instructions on awarding marks for various components of financial statements, such as income statements and cash flow statements. The document also emphasizes the importance of correct presentation and the handling of penalties for errors in candidates' submissions.

Uploaded by

manzikb4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
0% found this document useful (0 votes)
53 views5 pages

GR 12 March 1 MG

This document outlines the marking guidelines and principles for a Grade 12 Accounting Task, detailing how to assess candidates' responses. It includes specific instructions on awarding marks for various components of financial statements, such as income statements and cash flow statements. The document also emphasizes the importance of correct presentation and the handling of penalties for errors in candidates' submissions.

Uploaded by

manzikb4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 5

Accounting:Gr 12 1 March 1

GRADE 12

ACCOUNTING
TASK 2

MARCH 1

MARKS: 120

MARKING GUIDELINE

MARKING PRINCIPLES
Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for
1.
that item (no foreign item penalty for misplaced item). No double penalty applied.
2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks
on the figures for that item.
3. Full marks for correct answer. If the answer is incorrect, mark the workings provided.
4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure
(not the method mark for the answer).
5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the
mark. If no + or – sign or bracket is provided, assume that the figure is positive.
6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from
candidates.
7. This memorandum is not for public distribution, as certain items might imply incorrect treatment. The
adjustments made are due to nuances in certain questions
8. Where penalties are applied, the marks for that section of the question cannot be a final negative.
9. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer
before awarding the mark.
10. ‘Operation’ means ‘Check operation’. ‘One part correct’ means ‘Operation & one part correct’.
Note: Check operation means must be +, –, x or ÷ as per memo, but some items can be + or – such as
provision for bad debts adjustment / sale of asset.
Note: Where appropriate, use of numerator and denominator must be correctly applied to earn marks.
11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at
least in part. In such cases, do not award the method mark. Indicate by way of 
12. Be aware that some candidates provide valid alternatives beyond the memorandum.
13 Codes: f = foreign item; p = placement/presentation.

This memorandum consists of 5 pages.

Copyright reserved Please turn over


Accounting:Gr 12 2 March 1

QUESTION 1

1.1 CONCEPTS

1.1.1 internal 
1.1.2 payables 
1.1.3 liability 
1.1.4 limited 
4

1.2 TOODADOES LTD

1.2.1 NOTES TO THE FINANCIAL STATEMENTS ON 28 FEBRUARY 2021

ORDINARY SHARE CAPITAL


AUTHORISED
800 000 ordinary shares
ISSUED
Ordinary shares in issue on
600 000 2 550 000
1 March 2020
shares repurchased during the year (x
(60 000)  (255 000) 
R4,25 )
100 000 shares issued during the year 500 000 
Ordinary shares in issue on 2 795 000
640 000 
28 February 2021 operation
7

RETAINED INCOME
Balance at the beginning of the year 136 000 
Net profit after tax 312 000 
See Inc St

Shares repurchased (315 000  – 255 000  see OSC)


(60 000) 
Ignore brackets
Ignore brackets
Dividends on ordinary shares (198 000) 
Interim dividends paid 90 000 
one part correct
Final dividends declared (540 000  x 0,2) 108 000 
Balance at the end of the year Operation, one part correct 190 000 
10

Copyright reserved Please turn over


Accounting:Gr 12 3 March 1

3.2.2 TOODADOES LTD


INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2021
Sales 2 700 000
Cost of sales (1 500 000) 
Gross profit 3 Operation 1 200 000 
Other operating income Operation 81 500 
6 600 x 10 7 590 x 2
Rent Income (66 000  + 15 180 ) 81 180 *
Provision for bad debts adjustment 320 
Gross operating income 7 Operation 1 281 500 
Operating expenses Operation (845 100) 
Consumable stores 3 150 
Advertising (64 000 – 23 400 ) 40 600 *
Audit fees (18 000  + 22 000  40 000 *
Director’s fees (69 500  + 70 000 ) 139 500 *
Salaries and wages (345 000  + 3 150 ) 348 150 *
Bad debts (5 900 + 1 600) 7 500 
Loss due to fire 6 000 #
Trading stock deficit 16 400 #
Depreciation 98 450 
Sundry expenses 145 350 
Operating profit 24 Operation 436 400 
Interest income 23 600 
Net profit before interest expense Operation 460 000 
Interest expense (120 000 + 63 000 – 145 000) (38 000) 
Net profit before tax Operation 422 000 
Income tax (19 500  + 64 600  + 25 900 ) (110 000) *
Net profit after tax 10 Operation 312 000 
Foreign items -1 max -2 *one part correct
#can be combined

44

TOTAL MARKS

65

Copyright reserved Please turn over


Accounting:Gr 12 4 March 1

QUESTION 2

2.1 MACKMACK LTD

(i) Calculate the additions of Buildings during the Answer


year

4 800 000 – 3 450 000 2 1 350 000 


no part marks

(ii) Calculate the total depreciation on vehicles on


30 June 2021.

340 000 x 20/100 = 68 000 BUT CV = 14 999 

352 000 x 20/100 = 70 400 


99 399 
Disposal 116 800 – 102 800 = 14 000  one part correct

(iii) Calculate the carrying value of equipment on


30 June 2020

83 200 + 116 000 – 22 630


176 570 
556 000 one mark – 379 430 two marks one part correct

(440 000 + 116 000) ( 356 800 + 22 630) 4 13

Copyright reserved Please turn over


Accounting:Gr 12 5 March 1

2.2 MACKMACK LTD


CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2020

Operation
CASH FLOW FROM OPERATING ACTIVITIES 2 149 200 

Cash generated from operations 3 001 860


Interest paid (96 760) 
Dividends paid
170 000  + 70 000  – 40 000  or (200 000)* 
– 170 000 – 70 000 + 40 000 or
70 000 one mark + 130 000 two mark
Income tax paid 7 (555 900) 

Operation
CASH FLOW FROM INVESTING ACTIVITIES (1 363 200) 
Purchase of fixed asset
(1 466 000) *
(1 350 000  see FA Note + 116 000 )
Proceeds from sale of fixed assets 5 102 800 

Operation
CASH FLOW FROM FINANCING ACTIVITIES (246 000) 

New shares issued 444 000 


Repurchase of shares (360 000) 
Repayment of loan (1 350 000 – 1 020 000) 6 (330 000) 

Operation
Net change in cash and cash equivalents 540 000 
Cash and cash equivalents beginning of year
(105 000) 
– 110 000 + 5 000
Operation
Cash and cash equivalents at the end of year 4 435 000 
22
If a working is shown as a final answer, award working mark only if brackets correctly applied for that item
Signs may be reversed; apply consistently; mark one line only to benefit candidate
Workings may be done as T-accounts; inspect answer booklet for these workings
If workings not shown but figure is correct without brackets, award marks

TOTAL MARKS

35

Copyright reserved Please turn over

You might also like