19 2019

MODULE NAME: MODULE CODE:

BOOKKEEPING 1A BOOK5111
BOOKKEEPING 1A BOOK5111d
BOOKKEEPING 1A BOOK5111p
BOOKKEEPING 1A BOOK5111w
BOOKKEEPING BKKA018

ASSESSMENT TYPE: EXAMINATION (PAPER ONLY)

TOTAL MARK ALLOCATION: 120 MARKS
TOTAL HOURS: 2 HOURS (+10 minutes reading time)
INSTRUCTIONS:
1. Please adhere to all instructions in the assessment booklet.
2. Independent work is required.
3. Five minutes per hour of the assessment to a maximum of 15 minutes is dedicated to
reading time before the start of the assessment. You may make notes on your question
paper, but not in your answer sheet. Calculators may not be used during reading time.
4. You may not leave the assessment venue during reading time, or during the first hour or
during the last 15 minutes of the assessment.
5. Ensure that your name is on all pieces of paper or books that you will be submitting. Submit
all the pages of this assessment’s question paper as well as your answer script.
6. Answer all the questions on the answer sheets or in answer booklets provided. The phrase
‘END OF PAPER’ will appear after the final set question of this assessment.
7. Remember to work at a steady pace so that you are able to complete the assessment within
the allocated time. Use the mark allocation as a guideline as to how much time to spend on
each section.
Additional instructions:
1. This is a CLOSED BOOK assessment.
2. Calculators are allowed.
3. Answer ALL Questions.
4. Ensure that you have received a special answer booklet (with forms drawn up) for entering
your answers. If you have not received an answer booklet, request one from the invigilator
before starting the assessment. Answer all questions in the answer booklet provided.
5. Show all calculations, where applicable (marks will be awarded for this).

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Question 1 (Marks: 10)

Businesses group accounts together under certain account types, for the purposes of bookkeeping, the
accounts are grouped as follows:
 Non-Current Asset
 Current Asset
 Non-Current Liability
 Current Liability
 Income
 Expenses
 Proprietary Account
For the accounts listed below, indicate the account type that the account would fall under.
Name of account:
Q.1.1 Machinery (1)
Q.1.2 Telephone (1)
Q.1.3 Trading Stock (Inventory) (1)
Q.1.4 Creditors Control (1)
Q.1.5 Drawings (1)
Q.1.6 Bank Overdraft (1)
Q.1.7 Interest Income (1)
Q.1.8 Interest on a favourable bank balance (1)
Q.1.9 Salaries and wages (1)
Q.1.10 Long – Term Loan from the bank. (1)

© The Independent Institute of Education (Pty) Ltd 2019

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Question 2 (Marks: 20)

The transactions for Incubus LTD for January 2019 are provided below. Incubus LTD is a registered VAT
vendor that trades only with other registered vendors that are able to supply them with valid tax invoices.
The business uses a perpetual inventory system. The following information relates to transactions that
Incubus LTD entered into during January 2019, which affected the General Journal. The most recent journal
entry was JV21. The VAT rate is 15%

1. The owner, B Boyd, took trading stock that would have been sold to the public for R4 200, including
VAT for his personal use. The mark up on cost was 20%.
2. The owner took trading stock that would have been sold to the public for R7 500, Including VAT for
his personal use. The mark up on selling price was 10%.
3. The owner made a capital contribution in the form of a vehicle with a fair value of R90 000. The
furniture was purchased more than six months ago and thus no VAT was allowed by SARS.
4. It was realised during the month that the electricity expense of R12 500 (Including VAT), was
incorrectly debited to the Rent expense account. Show the necessary entry to be made to correct this
error.

Required:
Interpret the information given above and make the necessary entries in the general journal of Incubus LTD
for January 2019.

Question 3 (Marks: 55)

Below are the transactions for Robot products for September 2018. The applicable VAT rate is 15%.
Source document codes are:
 “OIN” - Renumbered original Invoices
 “DIN” – Duplicate Invoices
 “OCN” – Renumbered Original credit Note
 “DCN” – Duplicate credit Notes
 “CC” – Renumbered cheque counterfoils
 “DCS” – Duplicate Cash Slips
 “RT” – Renumbered duplicate receipts
 “JV” – Journal vouchers
 “PCV” – Petty cash voucher

© The Independent Institute of Education (Pty) Ltd 2019

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DATE DETAILS SOURCE DESCRIPTION AMOUNT

DOCUMENT (R)
NO
1 Cash CC01 Petty Cash Imprest amount. 500
3 R2D2 CC02 Trading Inventory Purchased. 10 000
8 Vehicles R us CC03 Repairs to the delivery 5 000
vehicle
9 Layla LTD CC04 Trading Inventory Purchased 25 000
11 Walter Furniture OIN01 Bought 5 desks for use in the 10 000
office.
13 Chewie Computers CC05 Bought 3 computers for 25 000
office use.
16 Jabba Confectionary CC06 Bought refreshments for an 700
office staff party.
18 Anaskin Vader DCS01 The owner made a capital 20 000
contribution in cash to the
business.
19 Endor Municipality CC07 Paid electricity for the month 1 500
of September.
21 Solocom CC08 Paid the outstanding 2 000
telephone account.
25 Salaries and wages CC09 Salaries and wages for the 8 000
month.
27 Wookie Products RT01 Goods sold for R30 000, the ?
gross margin on the goods
was 25%.
29 Wookie Products RT02 Goods sold for R40 000, the ?
mark up on cost of these
goods is 30%
30 B/S Interest earned on the 100
positive bank balance.
30 Maul Products OIN02 Purchased trading inventory 18 000
on credit.

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Required:
Prepare the following Journals for September 2018:
Q.3.1 Cashbook Payments (25)

Q.3.2 Cashbook Receipts (18)

Q.3.3 Creditors Journal (12)

Question 4 (Marks: 30)

Using the information from Question 3, you are also provided with opening balances for the balance
sheet accounts. Opening balance for the balance sheet accounts as of 30 September 2018:
Capital R 120 500
Bank R 8 450
Creditors Control R 3 200

Required:
Q.4.1 Complete the following ledgers as they should appear in the general ledger for September (30)
2018 (Note: Your answer should include the transactions in question 3):
Capital;
Bank;
Creditors Control.

Question 5 (Marks: 5)
The following information is available for Catty LTD with regards to their inventory for the month of
September 2018. Catty LTD uses the periodic inventory (stock) system.
Opening Inventory R 14 000
Purchases for September 2018 R15 000
Purchases returns R3 000
Carriage on Purchases R1 250
Closing Inventory R18 000

Required:
Calculate the cost of sales for the month of September 2018 for Catty LTD.
END OF PAPER

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