ACCOUNTING

MARCH 2022

CONTROLLED TEST

ANSWER BOOK

NAME: ______________________________________________

GRADE 12: ______________

MAXIMUM LEARNER MODERATED

QUESTION
MARK MARK MARK
1 50

2 50

TOTAL 100

QUESTION 1
 1.1 STATEMENT OF COMPREHENSIVE INCOME FOR THE
YEAR ENDED 28 FEBRUARY 2022

Sales
Cost of sales (13 932 000)

Other income

Gross operating profit

Operating expenses
Salaries and wages 2 936 240
Depreciation

Sundry expenses 904 620

Operating profit

Profit before interest expense

Interest expense
Net profit before tax

Net profit after tax 2 108 000

TOTAL MARKS

50

QUESTION 2
2.1 CONCEPTS

2.1.1
2.1.2
2.1.3
2.1.4
4

2.2 TSOGO LIMITED

2.2.1 Prepare the following notes for the financial year ended 28 February 2022.

(a) Ordinary share capital

10

(b) Retained income

Balance at the beginning of the year 1 066 500

Ordinary share dividends

Balance at the end of the year

10
2.2.2 Complete Statement of Financial Position on
28 February 2022. Where notes are not required, show ALL workings.

ASSETS
NON-CURRENT ASSETS

CURRENT ASSETS 4 200 600

Cash and cash equivalents

TOTAL ASSETS

EQUITY AND LIABILITIES

ORDINARY SHAREHOLDERS' EQUITY
Ordinary share capital

NON-CURRENT LIABILITIES
Loan
CURRENT LIABILITIES 3 624 000
Trade and other payables

TOTAL EQUITY AND LIABILITIES

BALANCE SHEET ON 28 FEBRUARY 2022

26

TOTAL MARKS

50