GRADE 9

ECONOMIC AND MANAGEMENT

SCIENCES P1

MID-YEAR CONTROLLED TEST 2022

TIME: 1 HOUR

MARKS: 50

FINANCIAL LITERACY

This question paper consists of 6 pages.

Grade 9 2 FS/June 2022

Economic and Management Sciences

INSTRUCTIONS

1 Read ALL the instructions carefully.

2 Answer ALL the questions.

3 Use the same numbering as used in the question paper.

4 Use the special ANSWER BOOK provided to answer ALL the questions.

5 You may use blue or black ink to answer the questions.

6 Write neatly and legibly.

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Grade 9 3 FS/June 2022

Economic and Management Sciences

QUESTION 1

Match the descriptions in COLUMN B with the terms in COLUMN A. Write only the
correct letter (A – E) next to the question number (1.1 – 1.5) in the ANSWER BOOK.

COLUMN A COLUMN B
1.1 Gross profit A Customers who owe the business money

1.2 EFT B Money that is needed to start a business

1.3 Cash Receipts Journal C Electronic Funds Transfer

1.4 Debtors D Difference between sales and cost of sales

1.5 Capital E Subsidiary book used to record cash sales

transaction
F Electricity Fault Trap

(1x5=5)

QUESTION 2

Choose the correct word from the word bank below and complete the statements that
follow. Write only the correct answer next to the question number (2.1 – 2.5) in the
ANSWER BOOK.

monthly; expense; source documents; debit; income; asset; credit;

daily

2.1 Trading stock in the business’s storeroom is classified as a/an … (1)

2.2 The second step in the accounting cycle is … (1)

2.3 Insurance is a / an … account. (1)

2.4 Journals are completed on a … basis. (1)

2.5 An asset will always increase on the … side. (1)

(1X5=5)

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Grade 9 4 FS/June 2022

Economic and Management Sciences

QUESTION 3

3.1 Analyse the transactions below to show the effect on the Accounting Equation.

e.g., Bought stationery cash, R 500

No Assets Owner’s Equity Liabilities

e.g. -500 -500 0

3.1.1 Cash takings at the till amounted to R5 500 for goods sold. A mark-up of
10% was applied.
3.1.2 Purchased stationery for R6 800 cash from Goldfields Stationers
(6)

QUESTION 4

You are provided with the transactions from the books of Sandy Jewellers for the month
of February 2022. Sandy Pam, the owner, sells goods for cash and on credit. She adds
a mark-up of 60% on cost price for all goods.

REQUIRED TO DO:

Record the transactions provided below in the following journals. Do not close off the
journals.

4.1 Cash Receipts Journal with analysis columns for Analysis of Receipts; (8)
Bank; Sales; Cost of Sales; Debtors’ Control and Sundry Accounts

4.2 Cash Payments Journal with analysis columns for Bank; Trading Stock (7)
and Sundry Accounts.

4.3 Debtors Journal with columns for Sales and Cost of Sales. (4)

Transactions: February 2022

02 Sold 4 pairs of earrings and a watch for cash and received R13 280.
(CRT11)

04 Issued invoice 61 to D Poole for R9 400 for 2 watches that he bought on

account

16 Paid R28 800 by EFT to cipro jewellers for jewellery purchased.

24 Made payment of R1 900 by EFT to TelFone for business’s cell phone

account of R1 080 and the rest for the owner’s personal cell phone account.

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Grade 9 5 FS/June 2022

Economic and Management Sciences

27 Received R4 800 from D. Poole in full settlement of his account. Issued

receipt no. 83.
Received R6 200 from M. Yoli, a tenant, in payment of February rental.

QUESTION 5

5.1 Study the partially completed Debtors’ Ledger answer the questions that
follows.

Debtors’ Ledger of Oakland Furniture

Botipe Frances D1
Date Details Fol. Debit Credit Balance
2020 1 Account rendered 2 400 00
Nov
4 Invoice 34 DJ (A) 3 900 00
9 Receipt 19 (B) 1 000 00 2 900 00
22 Invoice 35 DJ 800 00 (C)

5.1.1 Calculate the amount for A (2)

5.1.2 Complete the folio reference for B (1)

5.1.3 Botipe Frances bought more trading stock on credit for R800, issued
Invoice no. 35. Calculate the new balance at C. Write only the new
Balance. (2)

(5)
QUESTION 6

You are supplied with information from the books of Kelo Traders for April 2022.

Required:

6 Post the above complete journals to the following accounts in the General
Ledger:

6.1 Bank (5)

6.2 Debtors’ control (5)
Balance the accounts at the end of the month.

(10)

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Grade 9 6 FS/June 2022

Economic and Management Sciences

Information:
The following balance appeared in the ledger on 1 April 2022
Debtors Control R 25 465

Totals on 30 April 2022

CASH RECEIPTS JOURNAL OF Kelo Traders – 30 April 2022 CRJ 3

Bank Sales Cost of Debtors Sundry
sales control accounts
19 050 10 800 7 840 18 570 8 250

CASH PAYMENTS JOURNAL OF Kelo Traders – 30 April 2022 CPJ 3

Bank Trading Wages Sundry
stock accounts
16 770 9 650 3 800 3 320

DEBTORS JOURNAL OF Kelo Traders – 30 April 2022 DJ1

Sales Cost of sales
8 520 4 670

TOTAL MARKS: 50

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