Grade 10 Acc Test
Grade 10 Acc Test
(60 marks; 50
minutes)
2.1 CONCEPTS
Choose one concept from the list provided for each explanation below.
Write only the concept next to the question number (2.1.1 - 2.1.5) in the
ANSWER BOOK.
2.1.1 A debt has been written off as bad even though the debtor is not
insolvent yet.
2.1.2 An office is rented to a tenant at R2 000 per month. The
business has received R26 000 for the year, but only shows
R24 000 as income for the year.
2.1.3 Although the cost price of stock fluctuates constantly, it is
recorded at the actual price paid for it because it is assumed that
it will be sold some time in the future.
2.1.4 These principles make it possible to compare the financial results
of different businesses.
2.1.5 Interest on overdraft must not be shown as a bank charges. (5)
The information provided is from KAYB Stores for the financial year
ended 28 February 2023. The business uses a mark-up of
100% on cost
REQUIRED:
A. A debtor, R. Hoven, has owed the business R1 800 for more than
60 days. The business decided to charge his account with R24
interest.
B. No entry has been made for a credit note issued to the debtor,
Sally Bam, for unsatisfactory goods returned by her to the amount
of R2 500.
C. Commission of R2 500 is still receivable on 28 February 2023.
D. The amount of R4 000 was paid advertising in the local newspaper.
It is for February and March 2023.
E. The February 2023 Bank Statement, showed the following which
was not entered in the books yet:
• Debit order for R850 for insurance
• Bank charges, R350
• Interest received for R65.
F. Interest is still owing on the fixed deposit. R20 000 of the fixed
deposit will mature on 31 March 2024.
G. On 1 December 2022 the rent increased with 12%. The rent for
March 2023 has been received. The rent amounted to R8 400.
H A debtor, K van Heerden, owes the business R1 050. She has
been declared insolvent. She paid the business R420 on 28
February 2023. Write the rest of as irrecoverable.
I. Depreciation must be provided as follows:
Vehicles:
• Take into account that a new vehicle costing R300 000 was
bought
on 1 June 2022.
• 20% p.a. on the diminishing balance method.
Equipment:
• Wrote R9 480 depreciation off for the year.
J A physical stock count on 28 February 2023 revealed the following
on hand:
• Trading Stock R92 700
• Packing material R 1 800
60
QUESTION 2
2.1 Choose one concept from the list provided for each explanation below. Write
only the concept next to the question number (2.1.1 - 2.1.5) in the answer book.
2.1.1
2.1.2
2.1.3
2.1.4
2.1.5 5
Operating profit
48
TOTAL MARKS
60