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Accounting 2022 Grade 12 Contolled Test 1 AB.

This document is a grade 12 controlled test for accounting consisting of 2 questions worth 100 marks total. Question 1 involves concepts and income statements worth 60 marks, including matching, completing an income statement, and explaining profit calculations. Question 2 involves balance sheets and notes worth 40 marks, including ordinary share capital, retained income, equity and liabilities sections of a statement of financial position, and a reason companies donate to local schools. The test is to be completed in 1 hour and 5 minutes.

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Nomfundo Shabalala
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559 views5 pages

Accounting 2022 Grade 12 Contolled Test 1 AB.

This document is a grade 12 controlled test for accounting consisting of 2 questions worth 100 marks total. Question 1 involves concepts and income statements worth 60 marks, including matching, completing an income statement, and explaining profit calculations. Question 2 involves balance sheets and notes worth 40 marks, including ordinary share capital, retained income, equity and liabilities sections of a statement of financial position, and a reason companies donate to local schools. The test is to be completed in 1 hour and 5 minutes.

Uploaded by

Nomfundo Shabalala
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Ekurhuleni South District

Accounting
Grade 12
Controlled Test 1
Duration: 1, 5 hours
Marks: 100
March 2022

Answer Book
NAME OF THE LEARNER: __________________________CLASS:___

NAME OF THE SCHOOL: ______________________DATE:__________

Question Topic Total Leaner’s Mod.


marks Marks
1 Concepts and income 60
statement
2 Notes and balance sheet;
equity and liability section 40

100

This answer book consists of 5 pages (including the cover page).

1
QUESTION 1 CONCEPTS AND INCOME STATEMENT

1.1 MATCHING COLUMN A AND B

1.1.1

1.1.2

1.1.3

1.1.4

1.1.5
5

2
1.2 INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2022

Sales
Cost of sales (9 712 000)
Gross profit 6
Other operating income
Bad debts recovered 75 000
Commission income 3 670 620

Gross operating income 9


Operating expenses
Audit fees 163 500
Bad debts
Insurance
Salaries and wages (2 283 160
Stationery

33
Operating profit

Profit before interest expense

Profit before income tax

Net profit after tax 3 288 960 7 55

60

3
QUESTION 2 BALANCE SHEET AND NOTES

2.1 ORDINARY SHARE CAPITAL

AUTHORISED SHARE CAPITAL


2 000 000 ordinary shares
ISSUED SHARE CAPITAL
1 000 000 Ordinary shares on 1 March 2020

Ordinary shares on 28 February 2021 8 960 000


8

RETAINED INCOME
Balance on 1 March 2020

Interim 300 000

Balance on 28 February 2021


12

4
2.2 MZIZI LTD
STATEMENT OF FINANCIAL POSITION ON 28 FEBRUARY 2021
EQUITY AND LIABILITIES

Shareholders’ equity

Ordinary share capital 8 960 000

(2)
Non-current liabilities

(4)
Current liabilities

Trade and other payables

(12)
TOTAL EQUITY AND LIABILITIES

18

2.3 The directors want to give R450 000 to a local school. Give ONE reason
why companies take such decisions.

40

GRAND TOTAL: 100

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