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    ACCOUNTING P1 GR12 AB SEPT - English

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    Sthockzin Ent
    This document is an answer book for a Grade 12 National Senior Certificate Accounting P1 exam. It contains the exam questions and answers. There are 4 questions on the exam worth a total of 150 marks. The questions cover topics like financial statements, ratios, cash flows, auditing, ethics and corporate governance.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    ACCOUNTING P1 GR12 AB SEPT - English

    Uploaded by

    Sthockzin Ent
    35 views11 pages
    This document is an answer book for a Grade 12 National Senior Certificate Accounting P1 exam. It contains the exam questions and answers. There are 4 questions on the exam worth a total of 150 marks. The questions cover topics like financial statements, ratios, cash flows, auditing, ethics and corporate governance.

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    ACCOUNTING P1 GR12 AB SEPT_English

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    This document is an answer book for a Grade 12 National Senior Certificate Accounting P1 exam. It contains the exam questions and answers. There are 4 questions on the exam worth a total of 150 marks. The questions cover topics like financial statements, ratios, cash flows, auditing, ethics and corporate governance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    35 views11 pages

    ACCOUNTING P1 GR12 AB SEPT - English

    Uploaded by

    Sthockzin Ent
    This document is an answer book for a Grade 12 National Senior Certificate Accounting P1 exam. It contains the exam questions and answers. There are 4 questions on the exam worth a total of 150 marks. The questions cover topics like financial statements, ratios, cash flows, auditing, ethics and corporate governance.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    Name:

    NATIONAL
    SENIOR CERTIFICATE

    GRADE 12

    SEPTEMBER 2022

    ACCOUNTING P1
    ANSWER BOOK

    MARKS MODERATED
    QUESTION MAX. MARKS
    OBTAINED MARKS

    1 60

    2 40

    3 35

    4 15

    150

    This answer book consists of 11 pages.


    2 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2022)

    QUESTION 1

    1.1 1.1.1
    1.1.2
    1.1.3
    1.1.4 4

    1.2.1 Calculate the following:


    WORKINGS ANSWER
    Closing stock:

    4
    Missing stock:

    1.2.2 Calculate the correct net profit after tax for the year ended 30 June
    2022. Indicate ‘+’ for increase and ‘–’ for decrease at each adjusted
    amount.

    NO. WORKINGS ANSWER


    Incorrect net profit before tax 3 199 890
    (i) Stock loss

    (ii) Provision for bad debts-adjustment


    (iii) Directors fees

    Rent income

    Advertising

    (iv) Interest expense

    Income tax

    Net profit after tax 17

    Copyright reserved Please turn over


    (EC/SEPTEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 3

    1.2.3 STATEMENT OF FINANCIAL POSITION FOR ON 30 JUNE 2022

    ASSETS
    NON-CURRENT ASSETS
    Fixed assets
    Financial assets 200 000
    CURRENT ASSETS

    Inventories
    Trade and other receivables

    Cash and cash equivalents

    TOTAL ASSETS

    EQUITY AND LIABILITIES


    SHAREHOLDERS' EQUITY

    Ordinary share capital 3 948 000

    NON-CURRENT LIABILITIES

    CURRENT LIABILITIES
    Trade and other payables

    Current portion of loan 185 000

    TOTAL EQUITY AND LIABILITIES 33

    TOTAL MARKS 60

    Copyright reserved Please turn over


    4 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2022)

    QUESTION 2

    2.1 Calculate the following financial indicators on 28 February 2022:

    2.1.1 Acid-test ratio


    WORKINGS ANSWER

    4
    2.1.2 % Return on average capital employed
    WORKINGS ANSWER

    5
    2.1.3 Dividend per share (DPS)
    WORKINGS ANSWER

    2.2 Ordinary Share Capital Note

    1 700 000 Shares in issue on 1 March 2021 5 100 000

    (150 000)

    1 950 000 Balance on 28 February 2022 6 240 000 3

    Copyright reserved Please turn over


    (EC/SEPTEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 5

    2.3 Calculate the following:

    2.3.1 Change in receivables (indicate if it is an inflow or outflow of cash)


    WORKINGS ANSWER

    2.3.2 Income tax paid


    WORKINGS ANSWER

    2.3.3 Fixed assets purchased


    WORKINGS ANSWER

    Copyright reserved Please turn over


    6 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2022)

    2.4 Complete the following sections of the Cash Flow Statement.

    2.4.1 CASH EFFECTS OF FINANCING ACTIVITIES

    2.4.2 NET CHANGE IN CASH AND CASH EQUIVALENTS

    Cash (opening balance) 61 200

    Cash (closing balance)


    3

    TOTAL MARKS 40

    Copyright reserved Please turn over


    (EC/SEPTEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 7

    QUESTION 3

    3.1 Profitability:

    Identify the company with the better profitability financial indicators.


    Quote TWO financial indicators.

    3.2 Liquidity:

    3.2.1 Explain which company’s liquidity position will make shareholders


    happy. Quote TWO financial indicators in your explanation.

    3.2.2 Explain TWO points on how the other company can improve their
    liquidity position. Make reference to a specific financial indicator.

    Copyright reserved Please turn over


    8 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2022)

    3.3 Comment on the change in the dividend pay-out-policy of EACH


    company. Quote figures. In each case, provide a possible reason why
    each company has decided on a change of policy.

    Comment Explanation

    Dally Ltd

    Nana Ltd

    3.4 Risk and Gearing:


    Comment on how each company is managing their risk and gearing.
    Quote TWO financial indicators in your explanation.
    Dally Ltd:

    Nana Ltd:

    Copyright reserved Please turn over


    (EC/SEPTEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 9

    3.5 Percentage shareholding and share price:

    3.5.1 Comment on the price paid for the repurchase of shares by Dally Ltd.
    Provide TWO points. Quote figures.

    3.5.2 Explain the effect of the share repurchase on the % shareholding of the
    Bravo family in EACH company. Provide a calculation to support your
    explanation.

    Dally Ltd:

    Nana Ltd:

    TOTAL MARKS 35

    Copyright reserved Please turn over


    10 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2022)

    QUESTION 4

    4.1.1 Identify the type of report issued by the auditor. Provide ONE reason
    for your answer.

    TYPE:

    REASON:

    4.1.2 Explain the impact of such a report on the image of the company.
    State ONE point.

    4.2.1 Explain why it is unethical for the CEO to accept this offer.
    State TWO points.

    4.2.2 Mention possible implications for the CEO should he accept this
    offer. Explain TWO points.

    Copyright reserved Please turn over


    (EC/SEPTEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 11

    4.2.3 Suggest TWO ways in which corporate social responsibility can be


    achieved through good corporate governance.

    TOTAL MARKS 15

    TOTAL MARKS: 150

    Copyright reserved Please turn over

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