Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought...
Transcript of Marker Checker - Ministry of Education Namibia 1500-P2.pdfPaid wages by cheque, N$300. 1. Bought...
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
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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
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= +
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JSC 2014, Accounting Paper 2
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Question2startsonpage4
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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
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JSC 2014, Accounting Paper 2 [Turn over
W
ages
Jou
rnal
of M
arat
hon
Ente
rpris
es fo
r the
wee
k en
ding
13
June
201
4Em
ploy
eeN
orm
al T
ime
Ove
rtim
eG
ross
W
ages
Ded
uctio
nsN
et
Wag
esH
ours
Rat
eA
mou
ntH
ours
Rat
eA
mou
ntSo
cial
Se
curit
yM
edic
al
Aid
Pens
ion
Fund
PAYE
Tota
l
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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.
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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]
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(e)
Dr
C
ash
Boo
k of
Div
ing
Supe
rmar
ket –
Aug
ust 2
014
C
B1
Cr
Doc
No
Day
Details
FolDiscount
Allowed
Cash
Bank
Doc
No
Day
Details
FolDiscount
Received
Cash
Bank
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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]
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General Ledger of Badminton Stores(a)Trading Account GL10
Date Details Fol Amount Date Details Fol Amount
[9]
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(b)Profit and Loss Account GL11Date Details Fol Amount Date Details Fol Amount
[15]
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(c) Balance Sheet of Badminton Stores as at 31 May 2014
[26]
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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
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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
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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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