Applied Accounting NCV Level 2 — Document P1
November 2022 — NCV Level 2 — Applied Accounting
NCV Level 2
2022
NCV Business
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Q1— Section header —
1.20\in the ANSWER BOOK.
1.1plumber coffee shop doctor
1.2outstanding to a business. reconciliation ledger cash book age analysis
1.3A spaza shop owns a delivery bike to the value of R 2 750, cash of R 3 500 and creditors of R1 270. The value of the owner R4 980.
1.4the business. borrower cashier debtor creditor
1.5journal. creditors allowances general debtors allowances creditors
1.6document used to identify a purchase return to a credit supplier. debit note tax invoice journal voucher
1.7When a customer never settles their account after every attempt to collect business. responsibility bad debt credit
1.8mortgage bond cash float creditor fixed deposit: perm bank
1.9Interest on a long income asset expense
1.10A business borrowed R15 000 from the bank and deposited into the business bank account. The effect on the accounting equation is as follows: Owner s equity increased
1.11The double entry for when the owner takes cash for own use is debit drawings and credit bank credit stock and debit drawings credit drawings and debit bank debit drawings and credit stock
1.12s equity account. Bank Equipment Capital
1.13The cash book has payments of R3 730, receipts of R5 890 and a balance R9 620 R9 620
1.14till slip sales duplicate original
1.15When a creditor grants a discount, the creditor increase be equal decrease
1.16A non fees donations salaries
1.17external expense internal entry
1.18withdrawals, deposits and other charges. expense income cashflow bank
1.19The last interpret financial statements. record transactions in journals.
1.20A non current asset is purchased for this purpose. The owner
Q2— Section header —
2.1Give ONE word/term for each of the following descriptions. Write only the word/term next to the question number (2.1.1
2.1.5\n the ANSWER BOOK.
2.1.1When an item of small monetary value is purchased, payment is
2.1.2A bank account becomes overdrawn when the business goes into
2.1.3business.
2.1.4The general ledger expenses of a business.
2.1.5of a business. (5 1\ (5\
2.2Give TWO characteristics of each of the following types of business, under the following headings: What is the owner called? How many owners?
2.2.1Partnership
2.2.2Private company
2.2.3Close corporation (3 2\ (6\ (3011002\
2.3Choose a/an item/word from COLUMN B that matc hes a description in COLUMN A. Write only the letter (A \next to the question number (2.3.1
2.35\n the ANSWER BOOK. COLUMN A COLUMN B
2.3.5States all transactions that occurred during the month for a customer The total must equal the balance brought down in the debtors control account A cheque returned due to insufficient funds Charged on accounts overdue for
2.4Explain the:
2.4.1purpose of a trial balance
2.4.2term accounting
2.4.3use of a creditors ledger (3 2\ (6\
2.5Herbs Ltd returned 5 trays of seedlings at R26,00 per tray to Markets CC as the trays were damaged on arrival. Complete the debit note no. 49 for the transaction on 27 July 2021. (6\
2.6Give ONE reason why source and supporting documents are kept and stored away. (2\ [30] (3011002\ Copyright reserved30
Q3— Section header —
3.1Calculate the following, showing ALL your answers to TWO decimals in the ANSWER BOOK.
3.1.1Blue Ivy sent an invoice for the following stock bought on credit and gave a 10% trade discount. 10 boxes of dried flower petals @ R95,00 per box 18 rolls of wrapping tape @ R19 per roll Calculate the total
3.1.2Calculate the selling price of an item bought for R525,50 and sold at a profit mark up of 40%. (3\
3.1.3Calculate the percentage mark up on an item if the cost price is R1 200 and the selling price is R1 440. (3\
3.2Vines Ltd is a creditor of Olive Oils CC The following took place during the month of July 2021:
3.2.1Inventory was purchased from Vines Ltd on cre dit for R1 540 on 5 July 2021. On 9 July 2021 damaged goods were r eturned for an amount of R410. The account was settled on 31 July 2021 after discount of 5% was received.
3.2.2The following balances appeared in the creditor s ledger of Olive Oils CC on 31 July 2021. Garlic Farms R530,20 Preserve Ltd R1 420,50 Vines Ltd
3.3On 29 August 2021 a cheque for R678,50 was issued to The Gazette by Jasmine Nursery for a dvertising in their newspaper. The accountant, P Mali, authorized and signed the cheque.
3.3.1Complete the counterfoil and cheque to make the payment, in the ANSWER BOOK. (7\
3.3.2Show the effect of the above cheque payment of R678,50 to The Gazette for advertising on the accounting equation. Use a for an increase and a
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 (5\
4.6Creditors allowances journal (2\
4.7General journal (No narrations required.\ (7\ [40] CASH REGISTER ROLLS: Cash register roll 151 DATE: 440
Q5— Section header —
5.1Debtors control (Balance off the account (7\
5.2Trading stock (6\
5.3Creditors control (Balance off the account.\ (6\
5.4Discount allowed (Balance off the account.\ (5\
5.5Repairs (Balance off the account.\ (4\
5.6Interest income (2\ CASH RECEIPTS JOURNAL CRJ1 Bank Sales Cost of Sales Debtors
Q6— Section header —
6.1Trading account on 31 July 2021 (5\
6.2Profit and Loss account on 31 July 2021 (11\
6.3Balance Sheet as at 31 July 2021. Complete ONLY the note as required in the ANSWER BOOK. (14\ General ledger accounts Amount Dr/Cr Capital R40 000
Q7— Section header —
7.1Flowers of the Valley INTERNAL OFFICE MEMO No: 21 Date: 1 July 2021 S Nduku s account was incorrectly credited with a payment received instead of S Mandla, for R375. Correct the error. (5\
7.2On the 6 July 2021 the telephone account was paid by cheque no. 78 for an amount R580 to Cell.Com. (5\
7.3Flowers of the Valley Receipt no : 36 Date 16 July 2021 Received from Mr Spekboom
7.4A supplier, Crafty Paperworks, sent an original invoice no. 54 dated 22 July 2021, for stationery purchased on credit for an amount of R 1 130. (5\ [20] TOTAL SECTION B: 160 GRAND TOTAL: 20020
Topics Identified
6
VATInventoriesFinancial StatementsPartnershipsDebtors ControlCreditors Control
Mark Allocation
Total200 marks
Sections20 + 30 + 30 + 40 + 30 + 30 + 20 = 200 marks
Paper information
TitleDocument
SubjectApplied Accounting
LevelNCV Level 2
Document typeQuestion paper
Year2022
MonthNovember
Pages19
Downloads5
Examination context
Decade2020s
Years ago4y
SeasonSpring (SH)
Start dayTuesday
Exam periodNovember 2022
Days since exam1,440
About Applied Accounting examination preparation
This TVET examination resource can be used as part of a structured revision programme. Past papers are most useful when learners attempt questions independently, work within a realistic time limit, and review their answers afterwards.
How to use this resource for revision
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For stronger examination practice, complete the paper without unnecessary interruptions and keep track of the questions that take the most time. Afterwards, review the memorandum and separate knowledge gaps from mistakes caused by interpretation, calculation, structure, or examination technique.
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A practical revision approach
Start by completing the resource without looking at the memorandum. Review incorrect and incomplete answers afterwards and make a short revision list based on the areas that caused difficulty.
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