Applied Accounting NCV Level 2 — Document
November 2018 — NCV Level 2 — Applied Accounting
NCV Level 2
2018
NCV Business
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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
1.1.20\in the ANSWER BOOK.
1.1.1business generates increases the owner s equity.
1.1.2cheque counterfoil. bank statement. duplicate receipt. duplicate sales invoice.
1.1.3When a business pays its supplier for stock purchased on credit, the creditors control be debited. trading stock cost of sales
1.1.4Net profit is calculated as follows: Gross income less operating expenses Sales less operating expenses Gross profit less
1.1.5debit bank balance computer mortgage bond credit bank balance
1.1.6drawings loan cash float vehicle (3011002\
1.1.7expense account that decreases the owner s equity. Interest on current account
1.1.8The general ledger is divided into two parts, namely the balance sheet and nominal accounts owner s equity and asset
1.1.9Source documents used for recording transactions in the cash cheques. credit invoices. original debit notes.
1.1.10business/individual that has purchased goods from your business on credit. business/individual that sells goods for cash. business/individual from which your business has purchased
1.1.11detailed account information. debtors ledger general
1.1.12show a summary of their purchases and payments and the outstanding amount owed. listing statement journal voucher
1.1.13Which of the following transaction will NOT be recorded on the debit side of the creditors ledger?
1.1.14subtracting expenses from the net profit. adding expenses to gross income. subtracting cost of sales from sales. adding sales to cost of sales.
1.1.15The total in the creditor s control account in the general ledger general ledger. debtor
1.1.16general ledger will have a credit balance. rent expense rent income advertising water and electricity
1.1.17
1.1.18issued. debit note credit note sales invoice tax invoice
1.1.19Calculate the profit on 83 cellphones purchased for R4 850 each and sold on credit for R6 305 each. R523 315
1.1.20A business is required to keep all source documents for a period one year. five years. three years. 24 months.
Q2— Section header —
2.1Choose a/an item/word from COLUMN B that mat ches a description in COLUMN A. Write only the letter (A F\ next to the question number (2.1.1
2.1.5\ the ANSWER BOOK. COLUMN A COLUMN B
2.1.5Public company Club Partnerships Close corporation Sole trader
2.2Choose ONE word/term for each of the following descriptions. Write only the word/term next to the question number (2.2.1
2.2.5\the ANSWER BOOK.
2.2.1An example of a roof repairing business is known as a (trade/service\nterprise. (3011002\ NC170
2.2.2The difference between the assets and liabilities of a business is known as the (owner s equity/debts\
2.2.3The (general/debtor s\ journal is used to record interest on an overdue account of a customer.
2.2.4The cost of sales is determined by adding opening stock to purchases, and subtracting (gross profit/closing stock\
2.2.5A business that produces bars of soap and sells to retailers, is known as a (wholesaler/manufacturer (5 1\ (5\
2.3Explain the following terms and give an example of each
2.3.1Internal source document
2.3.2External source document (2 2\ (4\
2.4Describe the following types of assets and liabilities and give an example of each:
2.4.1Non current asset
2.4.2Non current liability
2.4.3Financial asset (3 2\ (6\
2.5Re arrange the stages of the accounting cycle process given below Write only the letter (A E\n the correct sequence in the ANSWER BOOK. A.
2.6Give ONE reason why it is important for businesses to number source documents. (2\
2.7Define the term accounting. (2\
2.8Which statement is drawn up to ensure that the double entry principle is applied properly? (1\ [30] (3011002\ NC17030
Q3— Section header —
3.1Calculate the following, showing ALL your answers to TWO decimals in the ANSWER BOOK.
3.1.1The selling price of an item if the cost price is R2 450 and the mark up is 25% on cost.
3.1.2The profit of an item if the cost price is R4 280 and the selling price is R6 120.
3.1.3
3.2Use the information in the table to calculate the missing amounts. Show ALL your calculations. OWNER S EQUITY ASSETS LIABILITIES
3.2.1R143 750 R52 450 R40 000
3.2.2R25 000 R7 000 R10 100
3.2.3(3 2\ (6\
3.3A debtor, B. Gwede s cheque of R3 720 was dishonoured at the bank and returned to the business. Settlement of his account was R 3 980.
3.3.1Calculate the discount allowed that has to be cancelled. (2\
3.3.2Which journal would be used to cancel the discount allowed? (1\
3.4A business is charged 11% interest per annum on a loan of R35 000. Calculate the interest amount due for the first year. (3\ (3011002\ NC170
3.5A monthly statement was issued by Surf and Sea CC, to a debtor, A. Atlantis, dated 30 June 2017: SURF and SEA CC (Reg. 0 01002003/1\ P O Box 123 Tel : (001\876541
3.5.129 June Invoice no. 34 150 30 June Payment received (60 90 days\
3.5.2Balance 3 990 60 90 days 30 60 days 30 days Balance R 0
3.5.3R3 990
3.5.1Calculate the interest charged on 26 June 2017 on the overdue amount. Round off to the nearest rand. (4\
3.5.2Calculate the payment received on 30 June 2017 (2\
3.5.3Calculate the 0 days missing amount. (3\ [30] TOTAL SECTION A: 80 (3011002\30
Q4— Section header —
4.1Cash receipts journal (11\
4.2Cash payments journal (9\
4.3Debtors journal (4\
4.4Debtors allowances journal (2\
4.5Creditors journal (3\
4.6Creditors allowances journal (2\
4.7General journal (9\ [40] CASH REGISTER ROLLS: CRR 04/17 1 April 2017 R 5 270 CRR 05/17 10 April 201740
Q5— Section header —
5.1Seaside Industries use a mark up of 30% on cost price. The following information was taken from their books at the end of March 2017. As this is their first month trading, there are NO opening balances.
5.1.1Bank (Balance off the account\ (4\
5.1.2Debtors Control (Balance off the account\ (6\
5.1.3Trading stock (6\
5.1.4Cost of sales (3\
5.1.5Packaging (1\
5.1.6Discount received (1\ (3011002\ 16 NC170 (E\ (N28\
5.2The following transactions were made with a creditor, Blue Coral for the month of March 2017 by Seaside Industries Post the transactions to Blue Coral s creditor
Q6— Section header —
6.1The trading account for the year ended 28 February 2017. (4\
6.2The profit and loss account for the year ended 28 February 2017. (11\
6.3The balance sheet for the year ended 28 February 2017. Complete ONLY the note given in the ANSWER BOOK. (15\ Show any calculations in brackets. (3011002\ 18
Q7— Section header —
7.1A credit purchase of printing of R1 200 was incorrectly posted to postage. Correct the error. (5\
7.2The owner of Swimwear Traders took R500 cash for her personal use. (5\
7.3Swimwear Traders purchased equipment on credit from Lizz Designs for R4 230. (5\
7.4Swimwear Traders paid Tele Comms R640 by cheque no. 320 for the telephone account. (5\ [20] TOTAL SECTION B: 120 GRAND TOTAL:20
Multiple Choice Options
4C)Shore
C)Shore bought for his wife
C)Shore
C)Shore
Topics Identified
6
InventoriesFinancial StatementsPartnershipsCompaniesDebtors ControlCreditors Control
Mark Allocation
Total620 marks
Sections20 + 30 + 30 + 40 + 30 + 30 + 20 = 200 marks
Key Information
Websitewww.surf.org.za
Paper information
TitleDocument
SubjectApplied Accounting
LevelNCV Level 2
Document typeQuestion paper
Year2018
MonthNovember
Pages19
Downloads3
Examination context
Decade2010s
Years ago8y
SeasonSpring (SH)
Start dayThursday
Exam periodNovember 2018
Days since exam2,900
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