ACCOUNTING GRADE 12 MEMORANDUM - NSC PAST PAPERS AND MEMOS FEBRUARY/MARCH 2017

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ACCOUNTING
GRADE 12
NSC PAST PAPERS AND MEMOS
FEBRUARY/MARCH 2017

MEMORANDUM

MARKS: 300
MARKING PRINCIPLES:

Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item). No double penalty applied.
Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item.
Full marks for correct answer. If answer incorrect, mark the workings provided.
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). Note: If figures are stipulated in memo for components of workings, these do not carry the method mark for final answer as well.
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.
Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates.
This memorandum is not for public distribution, as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions.
Where penalties are applied, the marks for that section of the question cannot be a final negative.
Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer and at least one part must be correct before awarding the mark.
Operation means ‘Check operation’. ‘One part correct’ means ‘Operation & one part correct’. Note: Check operation means must be +, -, x, or ÷ per memo, but some items can be + or – such as prov for bad debts adj.
In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. Indicate by way of ?
Be aware of candidates who provide valid alternatives beyond the marking guideline. 13. Codes: f = foreign item; p = placement/presentation.

QUESTION 1
1.1 CONCEPTS

1.1.1	B ✓
1.1.2	A ✓
1.1.3	D ✓

(3)
1.2 VALUE-ADDED TAX (VAT)
1.2.1

Calculate the amount of VAT either receivable from or payable to SARS on 31 July 2016.
16 800 ✓ – 189 000 ✓✓ + 115 500 ✓✓ – 1 120✓ + 840 ✓
= – 56 980 ☑ One part correct
OR

– 16 800 + 189 000 – 115 500 + 1 120 – 840 = 56 980

VAT CONTROL
16 800	189 000
115 500	*1 120
*840
56 980
*Can be on opposite sides in brackets NB: Columns can be reversed. Apply one method consistently.

Receivable/Payable: Payable ✓ (9)

1.2.2

The owner wants to change the VAT amount on bad debts from R840 to R4 200. Give ONE reason why you would disagree with him.
Any valid reason ✓✓
Possible responses for two marks:

It is unethical to forward incorrect information to SARS in order to reduce the amount payable/increase amount receivable.
It is illegal /fraudulent to provide falsified information to SARS as this will lead to fines or a jail sentence to the offender.

Possible responses for one mark:
Unethical / illegal / Fraud (2)

1.3 BANK RECONCILIATION
1.3.1

Calculate the correct balance of the Bank Account in the General Ledger on 31 July 2016.

Provisional Bank balance	R16 785
Cheque No. 186	+ 450 ✓
Interest income	+ 285✓
Bank charges	– 950✓
Correction Cheque No. 374	– 3 600 ✓✓
Theft of cash	– 37 800✓
Correct Bank balance	– 24 830 ☑ One part correct

*Accept alternative presentations such as Bank account or Receipts and Payment columns
* 1 Foreign items, max -2 if mark is earned in BRS
Favourable/Unfavourable: Unfavourable ? See calculation above (8)

1.3.2 Bank Reconciliation Statement as at 31 July 2016

	Alternative	DEBIT	CREDIT
Balance as per bank statement _{Balancing figure}	(26 960)	26 960☑
Outstanding deposit	27 180		27 180 ✓
Outstanding cheques:
No. 305	(8 400)	8 400✓
No. 401	(18 600)	18 600✓
Debit order erroneously debited	1 950		1 950 ✓
Balance as per bank account _{See 1.3.1}	(24 830)		24 830☑
1 Foreign items, max -2 if marked is earned in bank calculation above	53 960		53 960

(6)

1.3.3

Explain ONE internal control measure that the business should implement to ensure that this does not happen in the future.
Any valid internal control measure ✓✓ two or zero marks (no part marks)
Possible responses for two marks:

Follow up on unpaid cheques and cancel if a problem exists – this may prevent cheques being fraudulently cashed.
Ensure that the correct address is used when cheques are posted – follow up on payee to verify that it was received.
Minimise the use of cheques by encouraging the use of EFTs and Internet banking. (2)

TOTAL MARKS: 30

QUESTION 2
2.1 CONCEPTS

2.1.1	Specific identification ✓
2.1.2	First In First Out/FIFO ✓
2.1.3	Weighted Average ✓
	Accept abbreviations if understandable (3)

2.2.1

Calculate the unit price of cricket bats on 1 July 2015.
420 000 / 350 = R1 200 ✔✔ (2)

2.2.2

Calculate the value of the stock on hand on 30 June 2016 using the weighted-average method.
Net purchases = R 4 272 000 three marks
Purchases with carriage = R4 412 900 two marks
Net purchases with carriage = R4 382 400 four marks

R420 000✓+ R4 302 500✓+ R110 400✓ – R30 500✔✔ x 465✓ = R641 700 One part correct
☑ 350 ✓+ 3 150 ✓– 20 ✓ 1
3 500 two marks
3 130 two marks
NB: Do not accept any other permutations to calculation above.
4 802 400 five marks
3 480 three marks
eight marks one mark one method mark
1 380 x 465 = R641 700 10

2.2.3

Calculate the gross profit on 30 June 2016.
See 2.2.2 See 2.2.2
4 802 400 ☑ – 641 700 ☑ = 4 160 700 ☑ One part correct
three marks
5 400 000✓ – 4 160 700 = R1 239 300☑ One part correct

OR
5 400 000 – 4 802 400 – 641 700 = R1 239 300
^{one mark} ^{one method mark} ^{one method mark} ^{two method marks} (5)

2.2.4

Calculate how long (in days) it is expected to sell the closing stock of 465 cricket bats. Use the closing stock in your calculation.
See 2.2.2 One part correct
641 700 ☑ x 365✓ = 56,3 days ☑
4 160 700☑ 1
^{See 2.2.3}OR: IF UNITS ARE USED
one mark one mark one mark one method mark
465 / 3 000 x 365 = 56,6 days
3 480 - 480 (4)

2.2.5

Provide a calculation to support André's concern about the control of cricket bats.
3 480 ✓☑ One part correct
(350 + 3 150 – 20) – 3 000 ✓ – 465 ✓ = 15 missing ☑One part correct
How can André solve this problem? Explain ONE point.
Expected responses for 2 marks: ✓✓

Count stock regularly/randomly and check against stock records
Order smaller quantities, but more frequently
Improve physical security e.g. controls at entrance/security cameras
Restrict access to the storeroom

Expected responses for 1 mark:
Stock count / Security cameras (7 )

2.3

Identify ONE problem relating to each branch. Quote figures to support your answer. In each case, offer Bennie advice.

BRANCH	Problem ✓ ✓ ✓ Figures ✓ ✓ ✓	Advice ✓ ✓ ✓
Parys	Stock piling 75% (330/440) on hand / Mark-up percentage of 80% too high% / Sales are only 25% (110/440) of the stock	Decrease mark-up % / Reduce selling price / Sales promotions / order stock as required
Pretoria	Missing cash of R120 000 (1 800 000 – 1 680 000)	Check the money before banking. Division of duties.
Pofadder	Poor stock control – 400 orders and only 280 in stock (120 more could have been sold) / Not enough stock to meet demand (400 orders and only 280 in stock)/ No stock on hand (poor planning)	Purchase more stock/ Take stock from Parys Mall

(9)

TOTAL MARKS : 40

QUESTION 3
3.1 GANDHI LTD
INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017

	Sales COS + GP	8 400 000	✓☑
	Cost of sales Sales - GP	(5 250 000)	✓☑
	Gross profit	3 150 000
	Other income Operation	84 000	☑
	Commission income	12 000
	Rent income (61 900 ✓ + 10 100 ✓✓) 7 400 one mark + 2 700 one mark One part correct	72 000	☑
10	Gross income Operation	3 234 000	☑
	Operating expenses GI - OP	(2 016 000)	☑
	Salaries and wages	824 000
	Depreciation	216 500
	Sundry expenses balancing figure	283 000	☑
	One mark two marks / 0 Directors fees (605 500 ✓+ 17 300 ✓✓) OR (605 500 x 36 /35) one part correct	622 800	☑
	Audit fees (29 000 ✓ + 14 500 ✓) OR (29 000 x 3/2) one part correct	43 500	☑
	Trading stock deficit	24 200	✓✓
13	Provision for bad debts adjustment	2 000	✓✓
	Operating profit 14,5% of sales	1 218 000	✓☑
	Interest income NP before interest expense - OP	75 500	☑
	Net profit before interest expense operation NP before tax + interest expense	1 293 500	?
	Interest expense	(53 500)	✓✓
	Net profit before tax Income tax + NP after tax	1 240 000	✓☑
	Income tax	(396 800)
10	Net profit after tax Income tax must be subtracted	843 200	✓☑

Foreign items -1 (max -2) (33)

3.2.1 ORDINARY SHARE CAPITAL
AUTHORISED SHARE CAPITAL

1 200 000 ordinary shares

ISSUED SHARE CAPITAL

1 020 000✓	Ordinary shares on 1 March 2016	3 084 000
180 000 ✓☑ If 1 200 000 – figure above	Shares issued during the year	756 000	✓
(250 000)	Shares repurchased (ASP: R3,20 ✓✓) Ignore brackets on this line; mark absolute figures only	(800 000) One part correct	☑
950 000 ☑ One part correct	Shares on 28 February 2017 Operation one part correct; Repurchase deducted and issued added	3 040 000	☑ (10)

3.2.2 RETAINED INCOME

Balance on 1 March 2016	674 500
4,15 – 3.20 (ASP) Funds used for share buyback (250 000 ✓ x 0,95 ☑)	(237 500) One part correct	☑
Net profit after tax See 3.1	843 200	☑
Ordinary share dividends Operation, one part correct	(720 000)	☑
Interim dividends	420 000	✓
Final dividends (1 200 000 ✓ x 25 cents ✓)	300 000 One part correct	☑
Balance on 28 February 2017 Operation, one part correct	560 200	☑ (10)

3.3 EQUITY AND LIABILITIES SECTION OF THE BALANCE SHEET

SHAREHOLDERS' EQUITY Operation	3 600 200	☑
Ordinary share capital See 3.2.1	3 040 000	☑
Retained income See 3.2.2	560 200	☑
NON-CURRENT LIABILITIES	389 600
One mark one mark Loan: Anca Bank (487 000 ✓ – 97 400 ✓) OR (487 000 X 80%) One part correct	389 600	☑
CURRENT LIABILITIES Operation, one part correct	861 200	☑
Trade and other payables (395 200 ✓ + 17 300 ☑ + 14 500 ☑) One part correct Directors’ fees Audit Fees	427 000	☑
Shareholders for dividends Can be part of T&OP See 3.2.2	300 000	☑
SARS: income (396 800 – 360 000) Can be part of T&OP One part correct	36 800	✓☑
Short term loan Can be part of T&OP See NCL above	97 400	☑
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES Operation, one part correct	4 851 000	☑

(16)

3.4.1

Calculate B Sly's percentage shareholding in the company before and after the share buyback.
Before the buyback:
480 000/1 200 000 x 100% = 40% ✓✓

After the buyback:
480 000/950 000 x 100% = 50,5% ✓✓ Accept 51% (4 )

3.4.2

Explain why the other shareholders will be concerned about this transaction.
Any valid explanation ✓✓
Possible responses for two marks:

After the share buyback she is now the majority shareholder.
She can have her say in influential decisions and appointments of directors.
It is unethical for her to have this influence over the CEO.

Possible responses for one mark:

Unethical
Majority shareholder
Insider trading
Not good corporate governance / lack of transparency
Self-enrichment (2)

TOTAL MARKS : 75

QUESTION 4
4.1 CONCEPTS

4.1.1	Outflow of cash ✓
4.1.2	Working capital ✓ Accept net working capital
4.1.3	Depreciation ✓
4.1.4	Inflow of cash ✓

(4)
4.2 BRAZILIA LTD

4.2.1

State ONE purpose of a Cash Flow Statement.
One valid explanation ✓✓ Award part marks for partial/incomplete answers

It provides users of financial statements with information regarding the inflow and outflow of the cash resources of the company.
It explains the reasons for the change in the bank balance.
It shows the breakdown of the flow of cash in terms of operating, investing and financing activities. (2)

4.2.2 CASH FLOW STATEMENT FOR THE YEAR ENDED 31 OCTOBER 2016

	CASH FLOW FROM OPERATING ACTIVITIES Operation	749 950 ☑
	Cash generated from operations	2 844 200
	Interest paid	(336 000)
	**Taxation paid (41 750 ✓ + 560 000 ✓ + 28 500 ✓) OR (– 41 750 –5 60 000 – 28 500)	(630 250) ☑#
8	**Dividends paid (595 000 ✓ + 533 000 ✓) OR (– 595 000 – 533 000) One mark one mark OR 595 000 + (1 189 000 – 656 000)	(1 128 000) ☑#
	CASH FLOW FROM INVESTING ACTIVITIES Operation	(1 077 000) ☑
	Fixed assets purchased	(1 360 000)
6	**Proceeds from the sale of fixed assets (10 041 000✓ – 1 360 000 ✓ + 154 000 ✓– 8 878 000 ✓)	43 000 ☑#
	Change in fixed deposit	240 000
	CASH FLOW FROM FINANCING ACTIVITIES Operation	852 000 ☑
	**Proceeds from the sale of shares (7 280 000 ✓ + 182 000 ✓ – 5 950 000 ✓)	1 512 000 ☑#
	**Shares repurchased (20 000 ✓ x R15,50 ✓)	(310 000) ☑#
10	**Change in loans -1 for no brackets	(350 000) ✓✓
	NET CHANGE IN CASH AND CASH EQUIVALENTS Operation	524 950 ☑
	CASH AND CASH EQUIVALENTS AT BEGINNING (3 000 – 348 450) -1 for no brackets	(345 450) ✓✓
3	CASH AND CASH EQUIVALENTS AT END	179 500

(27)
** Award marks to workings if item misplaced; -1 for placement; no max
# One part correct and answer must indicate inflow/outflow

4.2.3

Calculate the acid-test ratio.
One mark one mark
(1 186 000 – 451 600)
735 000 ✓✓ : 1 236 000 ✓
= 0,6 : 1 ☑ One part correct,
must be x : 1 Accept 0,59 : 1 (4)

Calculate the % return on average shareholders' equity (ROSHE).
1 378 600 ✓ x 100
7 605 800 ✓✓ 1
= 18,1% ☑ One part correct (4)

Calculate the earnings per share (EPS).
1 378 600 ✓ x 100

820 000 ✓ 1
= 168,1 cents ☑ One part correct (3)

4.3 GRAYSON LTD AND JONI LTD
4.3.1

Which company is NOT handling its working capital effectively?
Joni Ltd ✓

Explain what the main problem is in respect of their working capital, by quoting TWO financial indicators.
Explanation ✓✓ No part marks
There is an over-investment in their inventories / stock piling / too much cash tied up in stock
TWO financial indicators ✓ ✓ Figures ✓ ✓

Current ratio: Grayson Ltd (1,65 : 1) and Joni Ltd (4,40 : 1):
Stock holding period: Grayson Ltd (38 days) and Joni Ltd (184 days)
Difference between current ratio and acid test ratio
Grayson Ltd (0,45 : 1) and Joni Ltd (3,55 : 1)

Acid test on its own is not valid
Not necessary to compare companies. Can award marks for indicators and figures if company and explanation above is incorrect. (7)

4.3.2 The companies have made different decisions regarding the use of loans. Comment on the degree of risk and financial gearing. Give ONE financial indicator in EACH case for EACH company.

	DEGREE OF RISK Financial indicator with figures ✓ ✓	FINANCIAL GEARING Financial indicator with figures ✓ ✓
Grayson Ltd	Financial indicator: Debt equity 0,85 : 1	Financial indicator: ROTCE 27%
Joni Ltd	Financial indicator: Debt equity 0,1 : 1	Financial indicator: ROTCE 4%
Comment Compare D/E for each company ✓ Compare ROTCE to interest rate ✓✔	Although Grayson Ltd has a higher risk than Joni Ltd, Grayson Ltd is positively geared since the ROTCE of (27%) exceeds the interest rate on loans of (14%). OR Joni Ltd has low risk but is negatively geared since the ROTCE of (4%) is much lower than the interest rate on loans of (14%).

(7)
4.3.3 The dividend policy used by each company has been maintained for the past four years. Explain the policy used by EACH company. Provide figures to support your explanation in EACH case.

	EXPLANATION (with figures)
Grayson Ltd Explanation ✓✓ Award part marks for incomplete explanations Figure ✓	Grayson Ltd has a very high dividend pay-out policy (98% or 528 out of 540 cents) as they would want to keep the shareholders satisfied. Encourages them to remain as shareholders of the company.
Joni Ltd Explanation ✓✓ Award part marks for incomplete explanations Figure ✓	Joni Ltd has a lower dividend pay-out policy (40% or 292 out of 730 cents) so that they can use retained income for expansion purposes/equalisation of dividends. The shareholders should benefit in the future.

(6)
4.3.4 Should EACH company be satisfied with its share price on the JSE? Explain. Provide figures.

	EXPLANATION (with figures)
Grayson Ltd No ✓ Explanation ✓ Figures ✓ (must include MP & NAV)	No The market price of the shares of Grayson Ltd (875 cents) is lower than the NAV (1 200 cents).
Joni Ltd Yes ✓ Explanation ✓ Figures ✓ (must include MP & NAV)	Yes The market price of the shares of Joni Ltd (763 cents) is greater than the NAV (425 cents).

(6 )

TOTAL MARKS : 70

QUESTION 5
5.1 MOSES MANUFACTURERS
5.1.1 PRODUCTION COST STATEMENT ON 30 APRIL 2016

Direct labour cost	716 960
✓ ✓ ✓ ✓ Direct material cost 37 600 + 555 000 – 21 000 – 58 560	513 040 ☑ Operation
Prime cost DMC + DLC	1 230 000 ☑
Factory overhead cost (468 450 ✓ + 13 650 ✓✓ - 12 100* ✓✓)	470 000 ☑
Total manufacturing cost Operation	1 700 000 ☑
Work-in-process (1 May 2015)	142 000
	1 842 000
Work-in-process (30 April 2016) Operation	(87 000) ☑
Cost of production of finished goods (39 000 x R45)	1 755 000 ✓✓

-1 foreign items; max -2
(16)
5.1.2 Complete the abridged (shortened) Income Statement to calculate the net profit for the year ended 30 April 2016.

Gross profit	1 250 000
Selling and distribution cost (609 850 ✓ + 4 840 ☑ * if adds to figure above) (36 300 x 8/60)	☑ (614 690) One part correct Ignore brackets, mark figure only
Administration cost (443 950 ✓ – 13 650 ☑ See 5.1.1 + 7 260 ☑ * if adds to figure above) (36 300 x 12/60)	☑ (437 560) One part correct Ignore brackets, mark figure only
Net profit Operation, S&DB and Admin costs must be subtracted	☑ 197 750

(8)
-1 foreign items; max -2

5.2 UNIT COSTS AND BREAK-EVEN ANALYSIS
5.2.1

Explain the difference between fixed cost and variable cost.
Any valid explanation ✓✓ Two or zero marks. No part marks
Fixed costs remain the same irrespective of the number of items manufactured.
Variable costs vary in direct proportion to the number of items manufactured. (2)

5.2.2

Calculate the break-even point for 2017.
80 000 one mark x 5,40 one mark
432 000 ✓✓
R17,80 ✓ – 11,60 ✓
R6,20 two marks
= 69 678 units ☑ (accept 69 677) One part correct
NB: The word units not necessary but do not accept if R (5)

5.2.3

Comment on the break-even point and the level of production for 2016 and 2017. Explain why the owner should be satisfied or not.

In 2016 the break-even point was 65 000 ✓units and they produced 65 000 ✓units. The business broke even. ✓
In 2017 the break-even point was 69 678/ 69 677 ☑ units and they produced 80 000 ✓ units. The business made a profit on 10 322/10 323 units. ☑

See 5.2.2. (6)

5.2.4

Identify the variable cost that should be of great concern to the owner. Explain and provide a calculation to support your answer.

Direct labour cost ✔
Figures ✔
Explanation ✔✔ No part marks

Direct labour cost increased from R3,50 to R4,05 / by 55 cents / by 15,7%
Explanation: DLC increased by more than the inflation or by more than DMC (4)

5.2.5

Despite the fact that there was a decrease in the fixed costs per unit, the owner is still not satisfied with his control over the fixed costs. Explain and provide calculation(s) to support his opinion.

Fixed costs in 2017 = R432 000 ☑ See 5.2.2
Fixed costs in 2016 = R65 000 x R5,50 = R357 500 ✓✓
Fixed costs increased by R74 500, i.e. 21% or 20,8%✓ (4)

TOTAL MARKS: 45

QUESTION 6

6.1

Calculate the expected monthly percentage of goods sold on credit.
70 000 ✓ x 100
70 000 ✓+ 17 500 ✓ 1 = 80%☑ one part correct
87 500 two marks
OR 64 000/64 000 + 16 000 x 100= 80% (4)

6.2 Complete the Debtors Collection Schedule for March 2017

MONTH	CREDIT SALE	FEBRUARY	MARCH
December 2016	74 000	16 280	0
January 2017	68 000	27 200	14 960 ✓
February 2017	70 000	24 010	28 000 ✓
March 2017	64 000		21 952 ✓✓
Cash from debtors		67 490	64 912 ☑

One part correct (5)
6.3.1

Explain why the owner is concerned. Give TWO reasons with supporting figures.
Explanation ✔ ✔ Figures ✔ ✔
Expected responses:

Actual amount collected from debtors in February (R43 870) is less than the budgeted amount of (R67 490) or by (R23 620)
Credit terms are 30 days but records show that 52% of debtors take 60 days or more to pay/Only 48% are meeting the credit terms. (4)

6.3.2

Suggest ONE solution for this problem.
Expected responses ✓✓ Part marks can be awarded for partial answers

Offer discounts to encourage early/prompt payments
Charge interest on overdue accounts
Proper screening of debtors to ensure debtors is able to pay their debts promptly.
Send regular reminders (2) ·

6.4.1

		WORKINGS	ANSWER
(a)	Payment to creditors	(70 000 + 17 500) 87 500✓✓ x 100/125✓ = 70 000☑ x 95% ✓ OR 87 500 x 100/125 = 70 000 – 3 500 OR 87 500 x 0,8 – 3 500	66 500☑ one part correct (6 )
(b)	Salaries of sales assistants	one part correct 20 800✓ x 107,5%✓ = 22 360 ☑ + 5 200✓ OR Two marks one method mark one mark 5 590 x 4 = 22 360 + 5 200 ✓	27 560 ☑ one part correct (5)

6.4.2

Calculate the percentage increase in rent on 1 March 2017.
(12 544 – 11 200) Two marks / zero
1 344✓✓ x 100 = 12% ☑ one part correct
11 200 ✓

(4)

6.4.3

The amount of the interest on investment expected to be received in March 2017.
Two marks or zero
✓ ✓ ✓ ☑
16 830 x 2 /102 = R330 one part correct
OR
One mark two marks/0 one method mark
16 830 – (16830 ÷ 1,02) = R330 (4)

6.5 Identify TWO payments that you consider to be poorly managed in February 2017. In EACH case, give a suggestion to improve the internal control of the items identified.

PAYMENT ✓ ✓	ADVICE Relevant advice ✓✓ ✓✓ (no part marks)
Advertising	The business must make use of the budgeted amount for advertising to influence sales
Stationery	The business should minimise wastage/theft and use stationery effectively.
Drawings	Stick to the budget or amend the budget to accommodate the increase in drawings.
Maintenance of office equipment	Equipment must be maintained properly to prevent it from breaking down.

(6 )
TOTAL MARKS : 40
TOTAL: 300

Last modified on Friday, 02 July 2021 09:32

Published in Grade 12 2017 Feb/March Supplementary Exams, Past Papers with Memos

ACCOUNTING GRADE 12 MEMORANDUM - NSC PAST PAPERS AND MEMOS FEBRUARY/MARCH 2017

MEMORANDUM

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