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

MarkerChecker

Examiner’sUse

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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Question2startsonpage4

2 YouarerequestedtodrawuptheWagesJournalofMarathonEnterprisesfortheweekending13June2014.CloseoftheWagesJournalattheendoftheweek.

Normalhoursperweekis40hours.

Employees Working hours Rate per hourNormaltime Overtime

KNetball 54 16 DoubletheratesofnormaltimeCSoccer 58 12

Thefollowingdeductionsweremade.

Social Security

Medical Aid Pension Fund

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

Examiner’sUse

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.

Examiner’sUse

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

Examiner’sUse

ket –

Details

FolDiscount

Allowed

Details

FolDiscount

Received

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Question4startsonpage10

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]

Examiner’sUse

General Ledger of Badminton Stores(a)Trading Account GL10

Date Details Fol Amount Date Details Fol Amount

[Turn over

Examiner’sUse

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

Examiner’sUse

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

Examiner’sUse

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...........................................................................................................................

.............................................................................................................................

9...........................................................................................................................

.............................................................................................................................

11.........................................................................................................................

.............................................................................................................................

Examiner’sUse

14.........................................................................................................................

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18.........................................................................................................................

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19.........................................................................................................................

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23.........................................................................................................................

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25.........................................................................................................................

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31.........................................................................................................................

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(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

Examiner’sUse

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.

.............................................................................................................................

BLANK PAGE

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