GENERAL EDUCATION AND TRAINING (GET)

Economic and Management Sciences

(EMS)
NOVEMBER EXAMINATION – 2023
PAPER 1
GRADE 8

INSTRUCTIONS
This question paper consists of 2 Sections: _______=______%
1. Read each question carefully.
2. This paper must be completed in 60 minutes. 50
3. Write neatly and legibly.
4. Answer ALL questions using the spaces provided.

SURNAME : ______________________________________________________

LEARNERS NAME : ______________________________________________________

SCHOOL : ______________________________________________________

DATE : ______ NOVEMBER 2023

DURATION: 60 minutes MARKS: 50

MARKS TIME
SECTION TYPES OF QUESTIONS
ALLOCATION ALLOCATION
SECTION A 1.1. Multiple Choice Question 03
▪ Financial Literacy
[15 Marks] 1.2. True or False 03
09 15 minutes
1.3. Matching Columns 03
SECTION B 2. Accounting Equation 08
▪ Financial Literacy 38
30 40 minutes
[35 Marks] 3. Cash Journals
4. Accounting Cycle 03 03 05 minutes
TOTAL 50 60 minutes
 SECTION A
QUESTION 1
1.1 MULTIPLE CHOICE QUESTIONS [03 Marks]
Choose one correct answer from the alternatives given. Write the correct letter in the
spaces provided.
STATEMENTS MARKS ANSWER
1.1.1 Another term for book of the first entry
A. General Ledger
B. Trial Balance
(1)
C. Debtors Ledger
D. Subsidiary Journal
1.1.2 Received EFT no.22 from a tenant S. Duma R700.00. The
correct analysis of this transaction is...
Assets = Owners Equity + Liabilities
(1)
A. +R700 = +R700 + 0
B. +R700 = - R700 + 0
C. - R700 = 0 + - R700
D. - R700 = - R700 + 0
1.1.3 Which one of the following represent the Accounting
equation 03
A. OE+A=L (1)
B. L-OE=A
C. A=OE+L
D. L+A+OE

1.2. TRUE OR FALSE

Indicate whether the following statements are true or false. Write only the answer in
the spaces provided for example 1.2.6. False [03 Marks]
No STATEMENTS MARKS ANSWER
1.2.1 If Trading Stock is sold, two General Ledger accounts are (1)
affected.
1.2.2 If customer paid for services rendered by the business. (1)
Current income credited on owners’ equity.
1.2.3 A cash register roll indicates the total cash sales for a (1)
03
particular period of time.
1.3. MATCHING COLUMNS QUESTION [ 03 Marks]
Choose a statement from column A that matches the term in column B. Write only the
letter in the spaces provided.
No COLUMN A COLUMN B MARKS ANSWER
1.3.1 Capital plus profit less drawings. A. Capital (1)

1.3.2 All events in the business that are worth B. Subsidiary

recording. Journal (1)
1.3.3 The book of first entry that summarises C. Owners’ Equity
information in order to facilitate posting to (1)
the ledger.
D. Expenses
E. Transaction
F. Deposit slip 03
 SECTION B – FINANCIAL LITERACY
QUESTION 2
ACCOUNTING EQUATION Marks: 16/2= 08
Record the transactions below in the accounting equation under the following headings:
Example: a. Cashed cheque 005 for the cash float, R450.
ASSETS OWNERS’ EQUITY
EFFECT REASON EFFECT REASON
+R450 Cash Float increases
-R450 Cash decreases in the bank

Transactions:
2.1. Bought a equipment from Prince Traders, paid by EFT 006, R4 800.
2.2. B. Sibiya increased his capital contribution from R15 000 to R20 000. Issued receipt A01
2.3. Owner cashed EFT 007 for personal use, R400
2.4. Issued receipt A02 to R Mashesha for services rendered, R270

ASSETS OWNERS’ EQUITY

EFFECT REASON EFFECT REASON

2.1

2.2

2.3

2.4

08
 QUESTION 3 – CASH JOURNALS Marks: 30
On 1 October 2023 Smakade Sono started a plumbing business, Sono Plumbers. Record the
transactions in the Cash Journals for the month. Analysis columns are provided. Do not change
or add other analysis columns. Do not cast off the journals at the end of the month. Use the
answer sheet below.
Transactions: October 2023
01 The owner electronically transferred R120 000 into the business bank account as his
capital contribution. (Receipt 01).
02 Issued EFT 001 to the Municipality for trading licence, R980
03 Bought a Vehicle from BB Motors, paid by EFT 002, R44 500
04 Purchased the following items from ZC Traders as per EFT 003:
▪ Office furniture, R5 600
▪ Office computer, R4 300
▪ Material costs, R11 750
08 Services rendered as per cash register roll, R15 340 (CRTA1).
Received R1 200 cash from C. Gina, a tenant, for monthly rent (Receipt 02)
09 Cashed EFT 004 for cash float, R500 and wages, R1 600
15 R. Ncube paid R3 940 cash for the installation of water pipes in his house (Receipt 03)
24 Bought stationery from KK Stationers, R880 (EFT 005).

3.1. CASH RECEIPTS JOURNAL OF SONO PLUMBERS – 31 OCTOBER 2023 CRJ 9

Doc Day Details Fol Analysis of Bank Current Sundry Fol Accounts
No Receipts Income Amount Details

14

3.2. CASH PAYMENT JOURNAL OF SONO PLUMBERS – 31 OCTOBER 2023 CPJ 9

 Doc Day Details Fol Bank Material Wages Sundry Fol Accounts
No Costs Amount Details

QUESTION 4 – ACCOUNTING CYCLE

4.1 Label the missing steps of the accounting cycle using the spaces provided. Marks: 3

4.1.1______________________
__

4.1.2 ___________________

4.1.7. Balance Sheet

4.1.3. Journals

4.1.6. Income Statement

4.1.4. General Ledger

4.1.5_______________________
03

4.1.1

4.1.2

4.1.5

%%%%%%%%%%%%%%%%%% [TOTAL MARKS: 50 ] %%%%%%%%%%%%%%%%%%%

END OF PAPER GOOD LUCK