SOUTH PENINSULA HIGH SCHOOL

ACCOUNTING
GRADE: 8 MARCH PERIODICAL TIME: 1HR

NAME: TOTAL: 60
INSTRUCTIONS:

1. Answer all the questions in the allocated spaces provided.

2. Write neatly and legibly
3. Write either with a BLUE or BLACK pen.

QUESTION 1: MULTIPLE CHOICE [5]

Four possible options are provided as answers to the following questions. Choose the correct
answer and write only the CAPITAL LETTER in the last column.

NO. QUESTION ANSWER

1.1 increases on the debit side and decrease on the credit side.
A. Liabilities B. Owners Equity
C. Assets D. Income and profits

1.2 Vehicles is seen as a/ an

A. Current asset B. Long term liability
C. Owners Equity D. Tangible assets

1.3 Paid VNA stationers with a cheque for stationery. Which source document will the
business keep.
A. Receipt B. Cheque counterfoil
C. Receipt duplicate D. Cash register roll

1.4 is a type of payment that will decrease the owners Equity.

A. Loss B. Capital
C. Expenses D. Liabilities
1.5 The amount of money received during each individual transaction is written under
which column in the CRJ?
A. Bank B. Analysis of receipts
C. Sundry accounts D. Current income

(5 1)
 QUESTION 2: FILL IN THE MISSING WORD/TERM [5]

2.1 The money contributed by the owner to start his/her business is known as

2.2 The purpose of is to prepare financial reports to

provide information about the profits or losses.

2.3 is money in the cash register-till.

2.4 The side is found on the right side of the T-accounts.

2.5 The journal record all money received by a business.

QUESTION 3: ACCOUNTING EQUATION [6] (5 1)

Complete the following table.

NO OWNERS EQUITY ASSETS LIABILITIES

3.1 375 000 ? 225 000

3.2 ? 420 800 320 000

3.3 145 200 228 100 ?

(3 2)

QUESTION 4: ACCOUNTING CYCLE [10]

Complete the cycle and answer the questions that follow.

4.6. 4.1.

THE ACCOUNTING CYCLE

4.5. TRIAL BALANCE 4.2.

4.4. 4.3.

(5 1)
4.7 Give two purposes of number 4.3

(2 1)
4.8 Define the term in number 4.1

(1 1)
4.9 Give two examples of number 4.2

(2 1)
QUESTION 5: ACCOUNTING EQUATION [12]

REFER TO THE ANSWER SHEET (PAGE 5)

TRANSACTIONS:

5.1 Bought a delivery van from Laattoe Motors for R 8 500. Paid by cheque (4)
5.2 Received R 9 500 for renting out one of our buildings. Receipt issued. (4)

5.3 The owner cashed a cheque of R350 for personal use. (4)

QUESTION 6: CASH RECEIPTS JOURNAL [22]

I.Rejaldien started a business on 1 February 2016 trading as Rej Garden services.

Required:

6.1 Complete the heading

6.2 Record the transactions into the Cash Receipts Journal only of Rej Garden Services
on the given answer sheet provided.

6.3 Close off the journal on the 29 February 2016.

TRANSACTIONS: FEBRUARY 2016

01 The owner, I.Rejaldien, increased his capital contribution of R50 000. Issued a
receipt 001.

03 Cashed a cheque for cash float, R150.

Sent a cheque 001 for R 250 to the municipality to pay the water account.

07 Received cash of R4 250 for services rendered as per cash register roll 012.

Received R6 200 from tenant S.Majiet for renting part of our building.

08 Issued a cheque of R 1 000 to Telkom for the telephone account.

13 Cash received from clients for services rendered, R 2 125.

17 Received R10 000 from I. Rejaldien to increase his capital.

21 Issues cheque to VNA stationers, R250.

28 Client paid R 1 055 for services rendered.

TOTAL: 60 MARKS