Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought...

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JSC 2014, Accounting Paper 2 [Turn over INSTRUCTIONS AND INFORMATION TO CANDIDATES Candidates answer on the Question Paper in the spaces provided. Write your Candidate Number and Name in the spaces at the top of this page and on all separate answer sheets used. Write in dark blue or black pen. You may use a soft pencil for any rough work, diagrams or graphs. Do not use correction fluid. Do not write in the margin For Examiner's Use. Answer all questions. The number of marks is given in brackets [ ] at the end of each question or part question. Where layouts are to be completed, you may not need all the lines for your answer. The businesses mentioned in this question paper are entirely fictitious. Candidate Number Candidate Name JUNIOR SECONDARY CERTIFICATE ACCOUNTING 1500/2 PAPER 2 2 hours 30 minutes Marks 180 2014 Additional Materials: Non-programmable calculator Ruler This document consists of 15 printed pages. Republic of Namibia MINISTRY OF EDUCATION © MoE/DNEA For Examiner's Use 1 20 2 32 3 48 4 50 5 30 Total Marker Checker

Transcript of Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought...

Page 1: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

JSC 2014, Accounting Paper 2 [Turn over

INSTRUCTIONS AND INFORMATION TO CANDIDATES

• CandidatesanswerontheQuestionPaperinthespacesprovided.• WriteyourCandidateNumberandNameinthespacesatthetopofthispageandonallseparate

answersheetsused.• Writeindarkblueorblackpen.• Youmayuseasoftpencilforanyroughwork,diagramsorgraphs.• Donotusecorrectionfluid.• DonotwriteinthemarginFor Examiner's Use.

• Answerallquestions.

• Thenumberofmarksisgiveninbrackets[]attheendofeach questionorpartquestion.

• Wherelayoutsaretobecompleted,youmaynotneedallthe linesforyouranswer.

• Thebusinessesmentionedinthisquestionpaperareentirely fictitious.

CandidateNumber CandidateName

JUNIOR SECONDARY CERTIFICATEACCOUNTING 1500/2PAPER2 2hours30minutes

Marks180 2014

AdditionalMaterials: Non-programmablecalculator Ruler

Thisdocumentconsistsof15printedpages.

Republic of NamibiaMINISTRY OF EDUCATION

©MoE/DNEA

For Examiner's Use

1 202 323 484 505 30

Total

MarkerChecker

Page 2: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

1 Indicate theeffect of the transactionson theaccountingequation. Showanincreasewith(+),decreasewith(-)andnoeffectwith(0).

TransactionsExamplePaidwagesbycheque,N$300.1. Boughtgoodsoncredit,N$2110fromBaseballSuppliers.2. CreditcardsalesofN$2309.3. ChequereceivedfromMrDCricketforrent,N$2300.4. Purchasedequipmentandpaidbycheque,N$4710.5. PettyCashierreceivedN$150cash,fromChiefCashiertouseaspettycash.

Assets Owner'sEquity LiabilitiesEffect Reason Effect Reason Effect Reason

E.g. -300Bankdecrease -300

Wagesexpenses 0

[20]

= +

Page 3: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

BLANK PAGE

[Turn over

Question2startsonpage4

Page 4: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

2 YouarerequestedtodrawuptheWagesJournalofMarathonEnterprisesfortheweekending13June2014.CloseoftheWagesJournalattheendoftheweek.

Normalhoursperweekis40hours.

Employees Working hours Rate per hourNormaltime Overtime

KNetball 54 16 DoubletheratesofnormaltimeCSoccer 58 12

Thefollowingdeductionsweremade.

Social Security

Medical Aid Pension Fund

PAYE

KNetball 54 64 45 17%ofgrosswageCSoccer 54 52 34 13%ofgrosswage

Page 5: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

5For

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JSC 2014, Accounting Paper 2 [Turn over

W

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[32]

Page 6: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

3 ThetransactionsofDivingSupermarkettookplaceduringthemonthofAugust2014.

Transactions – August 20141 Balancesforcash,N$830andBank,N$1450. SoldgoodsoncredittoTJavelin.Issuedinvoiceno.I93,N$421. Boughtmerchandiseandpaidbycheque210,N$750.4 Receiveda cheque fromTennisBank, beinga fixeddeposit,N$35000,

thatmatured,plusinterestofN$3500.Chequedepositeddirectlyintothebusiness'currentaccount.Receiptno.11.

5 Cashsalesofgoods,N$2300. BoughtgoodsoncreditfromRugbyWholesalers,N$3100.Receivedinvoice

no.75.7 Paidwatertothemunicipalitybycheque,N$635. SoldgoodsoncredittoDShotput,N$308.11 BKarate,adebtor,settledhisdebtsofN$460incash.Allowed5%discount.14 TJavelinreturnedgoodstothevalueofN$74,issuedcreditnoteno.36. Paiddeliveryofgoodstocustomer,N$32.17 ReceivedinvoicefromBasketballTraders,N$7200,less15%tradediscount.18 Boughtasecond-handdeliverymotorcycleandpaidbycheque,N$18000. GFaustball,previouslywrittenoff,paidhisoutstandingamountbycheque,

N$133. Creditcardsales,N$1385.25 Receivedacreditnoteno.30,fromBasketballTradersforgoodsreturned,

N$1800.27 PaidRugbyWholesalerstheamountowingtothembycheque,afterreceiving

9%discount.28 Bought packingmaterial fromVolleyballSuppliers, andpaid by cheque,

N$580.29 PaidforadvertisinginSquashNewspaper,N$75. Paidsalaryofthemanagerbycheque,N$3400.30 Depositallcash,exceptN$830intothebankaccount.

REQUEST

Drawupthefollowingbooksoffirstentry.

(a) DebtorsJournal [3]

(b) DebtorsReturnsJournal [2]

(c) CreditorsJournal [4]

(d) CreditorsReturnsJournal [2]

(e) CashBook [37] Closeoffallbooksoffirstentry.

Page 7: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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Diving Supermarket(a)Debtors Journal - August 2014DocNo Day Details Fol Amount

[3](b)Debtors Returns Journal - August 2014DocNo Day Details Fol Amount

[2](c)Creditors Journal - August 2014DocNo Day Details Fol Amount

[4](d)Creditors Returns Journal - August 2014DocNo Day Details Fol Amount

[2]

Page 8: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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(e)

Dr

C

ash

Boo

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Div

ing

Supe

rmar

ket –

Aug

ust 2

014

C

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Doc

No

Day

Details

FolDiscount

Allowed

Cash

Bank

Doc

No

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FolDiscount

Received

Cash

Bank

[37]

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Page 9: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

BLANK PAGE

[Turn over

Question4startsonpage10

Page 10: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

4 ThefollowingappearsinthebooksofBadmintonStoresforthefinancialyearending31May2014.

Trial Balance of Badminton Stores as at 31 May 2014Debit Credit

Balance Sheet Account SectionCapital 606700Drawings 2980LandandBuildings 520000Vehicles 78000Stock(1.06.2013) 54000Debtors 4560Bank 3800Cash 750Fixeddeposit:HurdlesBank‒16% 54000Creditors 44700ProvisionforDepreciationonVehicles 16000Nominal Account SectionSales 169000Purchases 84000PurchasesReturns 4400Salaries 44200Baddebts 386DiscountAllowed 203DiscountReceived 179CarriageInwards 1700

844779 844779

Adjustments and other information1. Closingstock,N$49000.2. Calculatedepreciationonvehiclesat12%usingthereducingbalancemethod.3. Interestonfixeddepositisreceivablefortheyear.4. ThesalaryofoneoftheworkerswaspaidforJune2014,N$3400.

REQUIREDTaketheadjustmentsintoconsiderationanddrawupthe

(a) TradingAccount. [9]

(b) ProfitandLossAccount. [15]

(c) BalanceSheet. [26]

Page 11: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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General Ledger of Badminton Stores(a)Trading Account GL10

Date Details Fol Amount Date Details Fol Amount

[9]

[Turn over

Page 12: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

(b)Profit and Loss Account GL11Date Details Fol Amount Date Details Fol Amount

[15]

Page 13: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2 [Turn over

(c) Balance Sheet of Badminton Stores as at 31 May 2014

[26]

[50]

Page 14: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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5 (a) InterprettheentriesintheGeneralJournal(writeoutthetransactions).

General Journal of Relay Traders – January 2014Date Details Fol Debit Credit3 MaterialCost 600

HighJumpStores 6009 Donations 780

Purchases 78011 SSwimming 12

DiscountAllowed 1214 Drawings 330

Purchases 33018 InterestPaid 35

PoleJumpSuppliers 3519 Equipment 8980

LongDistanceSuppliers 898023 BadDebts 157

SBowls 15725 GSprinter 10

InterestReceived 1031 Capital 405

Drawings 405

TransactionsofRelayTradersJanuary2014

3...........................................................................................................................

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Page 15: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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Page 16: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

(b) On31January2014,theDebtorsControlAccountshowedabalanceofN$4230andtheCreditorsControlAccountshowedabalanceofN$6950.

Debtors Ledger of Relay Traders

S Swimming DL1Debit Credit Balance

2014Jan 1 Balance b/d 620

3 Sales DJ 140 76015 Bank CB 310 45015 DiscountAllowed CB 10 44018 Salesreturns DRJ 80 36026 Bank(R/D) CB 310 67026 DiscountAllowed GJ 10 680

S Bowls DL22014Jan 1 Balance b/d 390

5 Sales DJ 510 90015 Salesreturns DRJ 510 39019 Cash CB 233 15719 Baddebts GJ 157 0

G Sprinter DL32014Jan 1 Balance b/d 1310

2 Bank CB 1200 1102 DiscountAllowed CB 110 016 Sales DJ 1810 181019 Sales DJ 1740 3550

Creditors Ledger of Relay Traders

Pole Jump Suppliers CL12014Jan 1 Balance b/d 2310

5 Purchases CJ 980 329015 Bank CB 1000 229017 Purchases CJ 1320 361018 Interestpaid GJ 35 3645

Page 17: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

17For

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Boxing EnterprisesCL22014Jan 1 Balance b/d 1380

7 Purchases CJ 860 224017 PurchaseReturns CRJ 560 1680

Darts SuppliersCL32014Jan 1 Balance b/d 2340

21 Bank CB 2200 14021 DiscountReceived CB 140 028 Purchases CJ 1625 1625

REQUIRED

DrawupalistofdebtorsandcreditorsandcompareitwiththebalanceoftheControlAccounts.

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Page 18: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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Page 19: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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Page 20: Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought goods on credit, N$2 110 from Baseball Suppliers. 2. Credit card sales of N$2 309.

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JSC 2014, Accounting Paper 2

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