Applied Accounting NCV Level 2 — Document

February 2018 — NCV Level 2 — Applied Accounting

NCV Level 2 2018 NCV Business

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🎯 200 marks ⏱️ 3h 📄 19 pages 📝 87 items found 📚 4 topics

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Q1— Section header —

1.1Various options are given as possible answers to the following questions. Choose the answer and write only the letter (A D\ next to the question number (1.1.1

1.1.15\in the ANSWER BOOK.

1.1.1A duplicate cash sale invoice and a duplicate recei pt can be supporting internal source external source

1.1.2making net loss for the financial period. starting a successful

1.1.3the possessions that a business sells. entering source documents into journals. the daily rec ording of transactions in a business. an exchange of money for services rendered.

1.1.4which is a collection of al l supplier accounts.

1.1.5ecords the deposit and payment transactions of a business.

1.1.6A customer is credit note debit note tax invoice sales invoice

1.1.7The correct order of the accounting cycle is: Transaction, source document, journal, general ledger, trial balance, financial statement Transaction

1.1.8loan account fixed deposit bank overdraft income

1.1.9A current liability such as term debt. long

1.1.10and will show how much is owed to suppliers. ebtors

1.1.11If equipment is purchased on cred it, the equipment account in the debtors control

1.1.12Credit sales made to a customer two months ago will reflect in the 60 day

1.1.13purchase. cash duplicate tax original tax sales

1.1.14Discoun liability. asset. income. expense.

1.1.15transaction. supporting source financial sales

Q2— Section header —

2.1Give word/term for each of the following descriptions. Write only the word/term next to the question number (2.1.1

2.1.5\the ANSWER BOOK.

2.1.1between 2 0 members.

2.1.2A business of which the company.

2.1.5There are between (5 1\ (5\ (3011002\

2.2Choose the correct word(s\ from those given in brackets. Write only the word(s\ next to the question number (2.2.1

2.2.9\the ANSWER BOOK.

2.2.1When a creditor has charged interest to the business, the creditors con trol will be credited and interest (expense/income\ebited.

2.2.2When a debtors' cheque is dishonoured at the bank, the entry for this transaction will be made in the (cash payments/cash receipts\ journal.

2.2.3The creditors control account i n the general ledger must balance with the (debtors ledger.

2.2.4Correction of errors in the creditors' control account can be corrected by making use of the ( creditors' /general\ journal.

2.2.5A (c heque/petty cash voucher\ will be completed when purchasing postage stamps for R12,50.

2.2.6When inventory is returned to a creditor, the trading stock account will (increase/decrease\

2.2.7The cancellation of discount on a dishonoured cheque received from a debtor, will be recorded in the (general/cash payments\ journal.

2.2.8When stock bought on credit is returned to the supplier, the liability towards the supplier will (increase/decrease\

2.2.9When a business purchases stock on credit from a creditor, the amount will be recorded in the (debit/credit\ column in the creditors ledger. (9

2.3Indicate if the following income/expense will be entered on the DEBIT side or CREDIT side in the general ledger, when posted from the cash book:

2.3.1Discount received

2.3.2Land and buildings purchased (2 1\ (2\ (3011002\

2.4Choose a description from COLUMN B that matches an item/word in COLUMN A. Write only the letter (A \ next to the question numbe (2.4.1

2.45\ the ANSWER BOOK. COLUMN A COLUMN B

2.4.5Double entry system Service enterprise Debtor Creditor Cash book

2.5Briefly define the following terms : (Do NOT give ex amples.\

2.5.1Assets

2.5.2Owner's equity

2.5.3Liabilities

2.5.4Income

2.5.5

2.6Name the TWO sections in the trial balance. (2\

2.7Why is it important for source documents in a business to be arc hived? (2\ [35]35

Q3— Section header —

3.1Use the information below to complete the tax invoice in the ANSWER BOOK: J. Chocco' s bought the following items from Chocolate Love on 28 May 2017 and trade discount of 5% was given: 16 bars Dark c

3.2creditors age analysis report was generated by Tasty Treats as indicated below: CREDITORS' AGE ANALYSIS REPORT OF TASTY TREATS AS AT 31 JU LY 2017

3.2.13 200 Oh My Pie 630 220

3.2.2Sugar and ice 200 150 120 470

3.2.1Calculate the current amount due for Spaza Bakery. (3\

3.2.2Calcu late the balance due for Oh My Pie. (2\

3.2.3Calculate the total amount that Tasty Treats owes altogether. (4\

3.3Cake.Com owes an amount of R1 120 to All Thi ng Sweets. All Thing Sweets' credit policy says that interest is charged at 12% per a nnum. Calculate the amount of interest for three months that All Thing Sweets will

3.4Calculate the selling price, if a business sold its trading stock of R5 250 at a loss of 20%. (3\

3.5Use the following extract fr om the trial balance of Candi Mandi to do the required calculations below: Trading s tock R56 200 Bank (CR\

3.5.1Owner' quity (1\

3.5.2Liabilities (2\

3.5.3Assets (3\ [30] TOTAL SECTION A: 80 (3011002\30

Q4— Section header —

4.1Cash receipts journal (13\

4.2Cash payments journal (9\

4.3Debtors journal (4\

4.4Debtors allowances journal (2\

4.5Creditors journal (3\

4.6Creditors' allowan ces journal (2\

4.7General journal (7\ CHEQUE COUNTERFOILS 03/07/2017 To: Mambo Municipality For: Rates R1 240 Electricity

5.1Buns & Butter use a mark up of 30% on cost price. Th e following information was taken from their books on 31 May 2017.

5.1.1Drawings (1\

5.1.2Bank (2\

5.1.3Trading stock (9\

5.1.4Creditors' control (5\

5.1.5Sales (2\

5.1.6Stationery (2\ DEBTORS ' JOURNAL OF BUNS & BUTTER MAY 2017 DJ Doc. Day Debtor

5.2The following transactions were made with a debtor, J. Jam, for the month of June 2017. Post the transactions to J. Jam' s debtors ledger account. J. Jam owed R855 on 1 June 2017. TAX INVOICE

6.1Close off the sales account for the year ended 30 June 2017. (4\

6.2The profit and loss account for the year ended 30 June 2017. The gross profit was calculated at R329 875. (10\

6.3Th e balance sheet for the year ended 30 June 2017. Show ONLY the note required in the ANSWER BOOK. (16\ Show ALL calculations in brackets. Receipt No: R011 (3011002\

7.1The Icing Company is an enterprise that sell baking products to retailers. They use the continuous stock system and mark up t heir stock by 25% on the cost price. Show the effect of the following transactions on the accounting equation AND

7.1.1Address: 4 Melt Road, Riversdell CREDIT NOTE NO. CN X3 Date: 2 July 2017 Account number: XYZ12 To: R. Maple Address:

7.1.2INTERNAL OFFICE MEMO Memo: P6 Date: 13/07/2017 To: The accounting clerk From: The Owner T. Ice Discoun

7.1.321/07/2017 To: Cakes & Flakes Online For: Advertising of products Balance This cheque 780 00

7.2Complete the missing information in the accounting equation in the ANSWER BOOK, using the source document provided below: RECEIPT No. V66 DATE : 1 July 2017 Received from:

Multiple Choice Options

D)DOUGH

Topics Identified

InventoriesFinancial StatementsDebtors ControlCreditors Control

Mark Allocation

Total225 marks

Sections15 + 35 + 30 + 40 + 30 + 30 + 20 = 200 marks

Paper information

TitleDocument

SubjectApplied Accounting

LevelNCV Level 2

Document typeMemorandum

Year2018

MonthFebruary

Pages19

Downloads3

Examination context

Decade2010s

Years ago8y

SeasonSummer (SH)

Start dayThursday

Exam periodFebruary 2018

Days since exam3,173

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