Grade 12 Accounting (ACC) June Paper 1 and Memo - 2024

Grade 12 Accounting
Term 2 - 2024
Question Paper
Total: 150 marks Time: 2 hours

Learner’s name: ____________________________________ Gr. 11: ___________.



Instructions and information:

1. Answer ALL the questions in the ANSWER BOOK provided.
2. Show ALL your workings to earn share points.
3. You may use a non-programmable calculator.
4. You may use a dark pencil OR blue/black ink to answer the questions.
5. Where applicable round answer down to ONE decimal number.
6. Write neatly and legibly.

Topics covered in this test:

QUESTION TOPICS MARKS MINUTES
1 STATEMENT OF FINANCIAL POSITION 55
2 FINANCIAL INDICATORS AND CASH FLOW
40
STATEMENT
3 INTERPRETATION OF COMPANY
35
INFORMATION
4 CORPORATE GOVERNACE
TOTAL 150 150 MIN




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Grade 12 June Paper 1

,QUESTION 1: STATEMENT OF FINANCIAL POSITION

Wacky Tech Ltd
The information relates to the financial year ended 30 June 2023. The business sells cell
phone and laptop accessories.


REQUIRED
1.1 Refer to Information B.
Calculate the value of the closing stock of laptop bags that was omitted from
the stock sheets on 30 June 2023. (5)


1.2 Refer to Information C.
Use the table provided to calculate the correct net profit after tax for the year
ended 30 June 2023. Indicate '+' for increase and '-' for decrease. (12)


1.3 Refer to Information A–H.


Complete the following on 30 June 2023:
 Retained Income Note (5)
 Statement of Financial Position (Balance Sheet) (33)


NOTE:
 Adjustments from Information C also affect the Statement of Financial Position (Balance
Sheet).
 Show workings. Certain figures are provided in the ANSWER BOOK.
 Figures are NOT required in the shaded areas.




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Grade 12 June Paper 1

, INFORMATION


A. List of balances, before taking into account all adjustments below:

30 June 2023 30 June 2022
B. The accountant omitted the closing stock figure of laptop bags in the trading
(R) (R)
Ordinary share capital ? ?
Retained Income 3 240 000
Mortgage loan: Discovery Bank 3 755 000 4 175 000
Trading Stock 4 198 500
SARS: Income tax (provisional tax) 1 200 000
Net trade debtors 3 668 810
Bank overdraft ?
Petty cash and cash float ?
Creditors control 1 253 000
Accrued income / Income receivable 8 000
Shareholders for dividends 1 170 000 821 700
stock balance provided in Information A.


NOTE:
 The first-in-first-out (FIFO) method is used to value the stock of the laptop bags.
 All other relevant entries have been recorded correctly.




The information relating to the stock of laptop bags is as follows:
Balances: Quantity Unit Price Total Value


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Grade 12 June Paper 1