Applied Accounting NCV Level 3 — Document
November 2018 — NCV Level 3 — Applied Accounting
NCV Level 3
2018
NCV Business
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Q1— Section header —
1.1Various options are provided 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.
1.1.1When a customer returns stock to a business, the effect on the trading stock account will be debit ing the trading stock
1.1.2A refer to journal.
1.1.3The process of transferring amounts from the journals to the accounting posting
1.1.4Possible reason(s\ hat the bank will dishonour cheques include: The drawer has stopped payment on the cheque
1.1.5Money taken by the owner from the business for personal use is capital
1.1.6money is invested in a fixed deposit goods are sold for cash a cheque is drawn to restore the imprest amount
1.1.7A ... is issued when a debtor returns damaged goods. receipt credit note debit note
1.1.8Choose the correct parties involved in issuing a cheque Payer and payee Owner, drawer and payee Drawer
1.1.9During the month a business bank account increases by R34 400 and the business pays R6 800 for water and electricity. At the end of the month the bank balance of the business is
1.1.10The supporting document used for recording the payment of the cheque counter foil duplicate invoice
1.1.11A business owes a creditor R45 000. The amoun t is outstanding for four months. In terest is charged at 9.5% p er
1.1.12Received R700 f rom the insolvent estate of J. Knox, a debtor. The estate paid 25c in the and. The rest mus
1.1.13An example of a VAT discount received bad debts recovered
1.1.14Which one of the following accounts is a non routine income for a business?
1.1.15When a business returns stock to a creditor, the creditor s account be credited be debited
1.2Indicate whether the following statements are TRUE or FALSE. Choose the answer and write only true or false
1.2.5\ the ANSWER BOOK.
1.2.1Sales are a non routine transa ction for a business.
1.2.2A bank account holder can make cash withdrawals via internet banking.
1.2.3The i nterest on loan is an income for the business.
1.2.4The acronym VAT stands for value and tax.
1.2.5
2.2Study the following statement of account an d answer the questions Statement of ccount Mbewe Stores 123 Muller Road Telephone: 058 3036144 Bethlehem Fax: 058 3036145
2.2.1Is C. Nkosi a debtor or creditor? (1\
2.2.2What was C. Nkosi's outstanding balance on 1 August 2015? (1\
2.2.3By how much was C. Nkosi's account reduced during the month? (1\
2.2.4rom the account above, give ONE reason for the balance on C. Nkosi's account decreasing. (1\
2.2.5Why has Mbewe Stores put its banking details at the bottom of the account? (1\
2.2.6Name TWO measures that a business c an take to ensure that a customer pays their account on time. (2\
2.2.7Name the account that is used to write off irrecoverable amounts. (1\
2.2.8What type of account is the above mentioned account (in QUESTION
2.2.7\and what effect does it have on the profit of the business? (2\ (301100
2.3Analyse the account of Memory Suppliers below in the reditor's edger of Keep Sake Traders Creditors
2.3.1CPJ
2.3.28 200 Discount received CPJ
2.3.38 000 Debit note 56 CAJ
2.3.47 650 30 Journal voucher 9 GJ
2.3.57 850
2.3.1Complete the above account in the ANSWER BOOK by filling in th e missing information/amounts. Write only the answer next to the question number (2.3.1
2.3.5(5\
2.3.6Give ONE possible reason for the debit note issued on October 2015. (1\
2.3.7Give ONE possible reason for the general journal entry on 30 October 2015. (1\
2.4Name the FIRST step of the accounting cycle. (1\
2.5After the first step of the accounting cycle has been performed completed (as proof that the first step has taken pla ce\ (1\ [30]30
Q3— Section header —
3.1Cash sa les equal R1 450 ( VAT exclusive\ The p rofit mark up p
3.1.1nclusive sales amount
3.1.2VAT amount
3.1.3ost of sales (3 3\ 9\ (301100
3.2A business sold goods on credit to S. Mampuru for R3 590 and granted him
4.5% discount. Calculate the discount allowed. (3\
3.3S. Mocke s outstan ding account is R2 400. He settle s his account and pays R2 280. Calculate the
3.3.1iscount amount
3.3.2iscount percentage (2 3\ (6\
3.4Calculate the gross income for the year using the following information: Capital R150 000 Sales R 86 680 Rent ncome R1 500 per month
Q4— Section header —
4.1Cash receipts journal (13\
4.2Cash payments journal (9\
4.3Credi tors journal (3\
4.4Creditors allowances journal (3\
4.5Debtors journal (6\
4.6Debtors allowance journal (4\
4.7General journal (No narrations are required (2\ [40] Cash register rolls for November 2015: 03/11/2015 CRR12 Total: R12 131.0040
7.5% trade discount Paid R900 on account and received R150 discount Original invoices received from suppliers (renumbered\ Date No To whom Details
Q5— Section header —
5.1Debtors ontrol (R15 000\ (4\
5.2Trading tock (R25 000\ (8\
5.3Creditors ontrol (R9 700\ (5\
5.4Discount allowed (R550\ (3\
5.5Sales (R76 000 (3\
5.6Stationery (R1 600\ (7\ [30] (301100 1330
Q6— Section header —
6.1Income statement for the year ended 28 February 2015 (15\
6.2Balance sheet on 28 February 2015 Show ONLY the notes for cash and cash equivalents capital Trial balance of Chip Chop Traders on 28 February 2015 Balance sheet section DEBIT CREDIT Capital (01/03/2014\
Q7— Section header —
7.1Purchased a delivery vehicle for R225 000 and paid by cheque. (5\
7.2Bought trading stock from Maun Traders on credit, R6 700. (5\
7.3The bank returned J. Small's cheque, marked R/D, R500. (5\
7.4Paid SARS the VAT owing, R13 300. (5\ [20] TOTAL SECTION B: 120 GRAND TOTAL: 200 C< 3" '$ ' $' %;20
Multiple Choice Options
2A).. is issued when a debtor
C)Nkosi's account decreasing.
Topics Identified
5
VATInventoriesFinancial StatementsDebtors ControlCreditors Control
Mark Allocation
Total200 marks
Sections30 + 25 + 40 + 30 + 30 + 20 = 175 marks
Key Information
Contact Number058 3036144 · 058 3036145
Paper information
TitleDocument
SubjectApplied Accounting
LevelNCV Level 3
Document typeQuestion paper
Year2018
MonthNovember
Pages15
Downloads2
Examination context
Decade2010s
Years ago8y
SeasonSpring (SH)
Start dayThursday
Exam periodNovember 2018
Days since exam2,902
About Applied Accounting examination preparation
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