Financial Management NCV Level 3 — Document
November 2019 — NCV Level 3 — Financial Management
NCV Level 3
2019
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 lett er (A D\ next to the question number (1.1.1
1.1.10\in the ANSWER BOOK.
1.1.1rated supplies/products. Education provided by the state
1.1.2Input VA cash receipts debtors creditors allowance cash payment
1.1.3form is a formal document to be completed by a VAT vendor when making submissions to SARS. VAT 201 VAT 101
1.1.4/An business or individual on their bank account.
1.1.515%. 14%. 14 and 15%.
1.1.6on the financial position of the business. income statement balance sheet
1.1.7petty cash box at a fixed amount at the beginning of each month. alance
1.1.8An office laptop was purchased for R6 999 including VAT. he VAT amount using the curren t VAT percentage.
1.1.9A payment received from a debtor, C. August, was incorrectly crediting J. September and debiting C. Augus t. debiting the
1.1.10/An all transactions of the business using a sof tware program.
1.2Choose an item or word from COLUMN B that matches a description in COLUMN A. Write only the letter (A \next to the question number (1.2.1 1.
2.10\the ANSWER BOOK. COLUMN A COLUMN B
1.2.10A business that receives and pays value added tax The ten digit identification of
1.3Complete the following sentences by filling in the missing word(s\. Write only the word(s\ next to the question number (1.3.1
1.3.10\in the ANSWER BOOK.
1.3.1An enterprise that is registe red under Category E should submit its
1.3.2Purchases of non current assets are
1.3.4n before any deductions.
1.3.5(3011013\ Copyright reserved Please turn over
1.3.6owed
1.3.7side/column of the bank statement of the account holder.
1.3.8business.
1.3.9the presented bank statement.
1.3.10ulsory deduction from an employee' remuneration. (10 1\ (10\
1.4Complete the following sentences by using the word or words in the list below. Write only the missing word or words next to the question number (1.4.1
1.4.10\the ANSWER BOOK. salary; petty cash voucher; carrying value; VAT; capital; input VAT; depreciation; asset disposal; output VAT; general journal; salvage value; debtors
1.4.1imposed on the value of goods and services in South Africa.
1.4.4made by the petty cashier.
1.4.5The reduction in the value of an asset caused by wear and tear is
1.4.7The difference between the cost price and the accumulated depreciation of a non
1.4.9The future planning, monitoring, and manag ement of the investment of a non current asset is called
1.4.10used to record incorrect entries. (10 1\ (10\ [40] TOTAL SECTION A: 40 (3011013\40
Q2— Section header —
2.1Record the transactions above in the relevant subsidiary journals for February 2018. Total only the VAT columns in ALL the journals at the end of the month. (29\
2.2Post only to the VAT control accou nt in the general ledger. Balance off the account at the end of the month. 8\ (3011013\
2.3From the general ledger account in
Q2— Section header —
2.3.1Will the business pay VAT to SARS or receive a refund from SARS? (2\
2.3.2Identify the amount. (1\ [40]40
Q3— Section header —
3.1The following information was obtained from Debra Fashions. During the week ending 31 May 2018, the following hourly paid employees were employed by Debra Fashions. ALL employee s wo rk 40 normal hours per
3.2The petty cash transactions below is an extract from the books of Patel Ltd for the month of March 2018. The business uses the varying balance system. NOTE: ALL amounts are VAT exclusive. Ma rch 2018 Bought a whiteboard duster, R45 (
3.2.1Complete the petty cash journal of Patel Ltd for March 2018. Total only the petty cash column. (14\
3.2.2Post the petty cash journal above to the petty cash account in the general ledger and balance the account at the end of the month. NOTE Use the varying balances method. At the beginning of March 2018 a cash cheque for R800 was issued to the petty
4.1Make supplementary entries in the cash receipts journal and cash payments journal. Total only the bank colu mn in both journals on 31 August 2018. (15\
4.2Post to the bank account in the general ledger and balance the bank account. (3\
4.3Prepare the bank reconciliation on 31 August 2018. (7\
4.4The following information was taken from the books of Eva & Eva CC, for the month of March 2018. Ignore VAT for this question. List of ebtors on 1 March 2018 T. Mulisa R11 000 D. Daniels R4 000
4.4.1Make the necessary entries in the cred itors and debtors individual ledger accounts for March 2018. (13\
4.4.2Compile the debtors list and creditors list after taking into account the transactions above. (2\ [40] (3011013\ 12 Copyright reserved40
Q5— Section header —
5.1Use the extract from the asset register to complete the missing details (indicated by question marks\ in the ANSWER BOOK. (17\
5.2The following information appears in the books of S. Winter P ty for the financi al year ending 31 December 2018 Its books indicated the following balances at the end of the
5.2.1Vehicle ccount (2\
5.2.2Accumulated depreciation ccount (2\
5.2.3Asset di sposal ccount (4\
5.2.4Profit and loss account (1\
5.3Give TWO possible reasons for a discrepancy occurring in the petty cash of a business. (2 2\ (4\
5.4Give TWO reasons for what could have happened if the debit side and credit side of a trial balance do not balance. (2 2\ (4\
5.5The following debtors control account in the gen eral ledger of Frame CC has been balanced and totalled off incorrectly. Correct this discrepancy in the debtors control account in the ANSWER BOOK. GENERAL LEDGER OF FRAME CC
Multiple Choice Options
2C)Clara deposited R21 000 directly into the current account of the
D)Daniels
Topics Identified
3
Forms of OwnershipLeadershipBusiness Plan
Mark Allocation
Total200 marks
Sections40 + 40 + 40 + 40 + 40 = 200 marks
Paper information
TitleDocument
SubjectFinancial Management
LevelNCV Level 3
Document typeQuestion paper
Year2019
MonthNovember
Pages13
Downloads3
Examination context
Decade2010s
Years ago7y
SeasonSpring (SH)
Start dayFriday
Exam periodNovember 2019
Days since exam2,536
About Financial Management examination preparation
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