ACCOUNTING

GRADE 10

MID-TERM TEST

MARKING GUIDELINES

23 MAY 2022

MARKS: 100 MARKING GUIDELINES TIME: 90 Minutes

MARKING PRINCIPLES:
1. Unless otherwise stated in the marking guideline, penalties for foreign items are applied only if the
candidate is not losing marks elsewhere in the question for that item..
2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning
marks on the figures for that item.
3. Full marks for correct answer. If answer incorrect, mark the workings provided.
4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure
(not the method mark for the answer). Note: if figures are stipulated in memo for components of
workings, these do not carry the method mark for final answer as well.
5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award
the mark. If no + or – sign or bracket is provided, assume that the figure is positive.
6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers
from candidates.
7. Where penalties are applied, the marks for that section of the question cannot be a final negative.
8. Where method marks are awarded for operation, the marker must inspect the reasonableness of the
answer and before awarding the mark.
9. Operation means 'check operation'. 'One part correct' means operation and one part correct. Note:
check operation must be +, -, x, ÷, or per memo.
10. In calculations, do not award marks for workings if numerator & denominator are swapped – this also
applies to ratios.
11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at
least in part. Indicate with a .
12. Be aware of candidates who provide valid alternatives beyond the marking guideline.
13. Codes: f = foreign item; p = placement/presentation.

This marking guideline consists of 6 pages

1
QUESTION 1 Accounting CONCEPTS and EQUATION. [50 Marks ; 40 Minutes]

1.1

1.1.1. C
1.1.2. G
1.1.3. I
1.1.4 E
1.1.5. B
1.1.6. D
1.1.7. J
1.1.8. A
1.1.9. H
1.1.10. F

10

1.2
NO Accounts Non Current Non Current Income Expense
current assets current liabilities
assets liabilities
E.g. Insurance X

1. Fixed X 
deposit
2 Rent X 
income
3 Cost of X 
sales
4 Mortgage X 
bond

2
1.3.

Numb GENERAL LEDGER Accounting Equation

er DEBIT CREDIT Assets Owner’s Equity Liabilities
1 Bank  Capital  + 80 000 + 80 000
2 T/stock Creditors + 9600  + 9 600 
control 
3 Vehicle Creditors +22 900  + 22 900
control A/C√ 
4 Debtors Sales  + 6 300  + 6 300 
Control 
Cost of Trading - 2 700  - 2 700 
Sales  inventory 
5 Trading Bank  + 7395  - 7395 
inventory

6 Creditors Bank  - 8640  - 8 640 
Control 
Creditors Discount + 960  - 960 
control  received 
7 Bank  Rent income + 1 400  + 1 400 


36

3
QUESTION 2 LEDGER ACCOUNTS [30 Marks; 24 Minutes]

2.1
DR TRADING INVENTORY CR
OCT 01 Balance b/d 47 560√ OCT 30 Cost of CRJ 20 520√
sales
30 Bank CPJ 55 560√ Cost of DJ 31 760√
sales
Creditors CJ 37 168√ Drawings GJ 400√
control
Cost of DAJ 2 030√ Equipment GJ 1 200√
sales
Balance c/d 88 438
142 318 142 318
Balance b/d 88 438

9
2.2
DR DEBTORS CONTROL CR
OCT 01 Balance b/d 38 OCT 30 Bank and discount CRJ 25
230√ 112√
30 Sales DJ 57 Debtors DAJ 3 654√
168√ allowances
Bank CPJ 460√ Journal credit GJ 2 354
78 + 836+1 
440
Journal GJ 1 806 Balance c/d 66 544
debits  
330 +
36+
1 440
97 664 97 664
Balance b/d 66 544

14

4
2.3.
DR CREDITORS CONTROL CR
OCT 30 Bank and discount CPJ 34 814√ OCT 01 Balance b/d 42 870√
Creditors CAJ 13 084√ 30 Sundry CJ 81 298√
allowances purchases
Journal debits GJ 38√ Journal GJ 944√
credits
Balance c/d 77 176
125 112 125 112
Balance b/d 77 176

5
QUESTION 3. CREDITOR*S CONTROL AND RECONCILIATION WITH LIST OF
BALANCES FROM CREDITOR*S LEDGER [20 Marks; 16 Minutes]

3.1 What is a creditor (2)

A creditor is a person or business to whom our business owes money

for purchasing goods on credit or for other business transactions that
took place but no payment was made. A creditor is classified as a
current liability.  (Accept other acceptable explanations)

6
3.2.1 List the corrections that the bookkeeper must make to the Creditors’
Control Account in the General Ledger.

Balance R160 300

A -13 000 or (13 000) 

B 10 100 

C No entry 

D No entry 

E 470 

F - 45 000 or (45 000) 

G No entry 
8
Final balance R112 870 

1.3.2 Prepare the correct Creditors’ List of balances on 30 June 2021.

Fourie Traders

(29 600 – 2 300 + 30 000  57 300

Faure Wholesalers
(96 500 + 2 300 – 45 000  ) 53 800
HlabiksStores
(44 300– 43 000 + 470) 1 770

Final balance 10
112 870