GRADE 10 ACCOUNTING

SCHOOL BASED ASSESSMENT TASK

TERM 2

PROJECT

2024

Question Topic Marks Minutes

1 Subsidiary Journals 52 66
2 Debtors’ Control and Internal Control 18 24
Total 70 90

NOTE:
• The project must be administered in class under supervision of the
educator.
• Learners must not refer to notes or textbooks during the
administration process.
This question paper consists of 5 pages.
2

QUESTION 1: SUBSIDIARY JOURNALS (52 marks; 66 minutes)

1.1 JOURNALS
The following information was extracted from the financial records of Sponge Traders, the
owner is Sponge Bob, and the business uses a profit mark-up of 40% on cost of sales. The
information provided relates to April 2024. As a newly accountant of Sponge Traders, you are
expected to maintain the business financial records.

REQUIRED:

Prepare the following Journals for April 2024.

1.1.1 Debtors Journal (5)

1.1.2 Debtors Allowances Journal (4)

1.1.4 Creditors Journal (6)

1.1.3 Creditors Allowances Journal (4)

1.1.5 Cash Receipts Journal (10)

1.1.6 Cash Payments Journal (7)

1.1.7 General Journal (16)

(NOTE: the source documents are re-numbered)

Do not close off the journals, narrations are not required for the General Journal.

The following transactions were not yet recorded in their respective Journals:

Date Transactions

1 Sold goods on credit to M. Masha, the cost price was R800, issued invoice
no.22.
3 Purchased additional trading stock on credit, the cost price was R 18 000,
8 % trade discount was granted by Spinach Traders, invoice no.110 was
received.

M. Masha returned damaged goods, the selling price is R740, issued credit
note no.201.
7 Paid for insurance by debit order to Onkarabile Insurers, R6 500, 40% of the
total insurance amount paid was for the owners’ personal insurance.
8 Sandy Cheeks Wholesalers transferred R800 into the account of the business
via EFT, this was a refund for stationery.

2024 Accounting Grade 10 Project Question Paper

3

10 The owner, Sponge Bob took stock at the selling price of R1 750 for personal
use.
Karen White was declared insolvent, her insolvent estate paid R1 200, a
dividend of 20 cents in a rand via EFT.Write off the balance as irrecoverable.
14 A debtor, K Dube returned damaged goods that were bought for, R1 500,
issued credit note no.202.

16 Sponge Traders failed pay their account of R 15 000 with Krabs Traders on
time, interest of two months was charged at the rate of 10% p.a.
20 Returned faulty equipment, purchased from Willow Traders for R9 000, a
debit note no. 41 was issued.
25 Goods sold for cash according to the cash register (CRT2),
amounted to R31 500.
26 Paid R 9 500 via EFT to Patrick Stores for stock, included in the amount is
R1 500 for delivery cost.

Transfer Z. Khumalo’s credit balance of R900 from the Debtors ledger to the
Creditors Ledger.
28 Sold goods on credit to Mr Bear at a profit of R200, issued invoice no.23
29 Bought the following on credit from Zig-Zag Wholesalers, invoice no.111 was
received.
• Paper for the printer, R 350
• Equipment, R 6 500
30 Issued debit note 42 to Zig Zag Traders for goods returned to them, R2 000.

Stationery purchased for R250 was debited in the consumable account.

Correct the error.

52

2024 Accounting Grade 10 Project Question Paper

4

QUESTION 2: DEBTORS CONTROL AND INTERNAL CONTROL (18 marks;24 minutes)

2.1 DEBTORS’ CONTROL

The information for March 2024 is taken from the books Sunshine Traders.

REQUIRED
2.1.1 Prepare the correct Debtors Control Account and balance the account for March (8)
2024 after accounting for all the errors and omissions.

2.1.2 Refer to the Debtors Control Account and answer the following question:
If the discount allowed is R35 700, how much was received from the debtors for (2)
the month of March?

INFORMATION
GENERAL LEDGER OF SUNRISE TRADERS
BALANCE SHEET ACCOUNTS SECTION

DR DEBTORS CONTROL CR
2024 1 Balance b/d 89 560 2024 Bank and CRJ 266 040
March March 31 discount
allowed
31 Sales DJ 270 350 Debtors DAJ 1 720
Allowances
Journal Journal credits GJ 1 950
debits GJ 1 320
Balance c/d 91 520
361 230 361230
April 1 Balance b/d 91 520

2024 Accounting Grade 10 Project Question Paper

5

Errors and omissions discovered during the month

A The opening balance of the debtors control account was understated by R6 500.
B The total column of the discount allowed was overstated by R330.
C A credit note for R520 for Ben Davids was not recorded at all.
D An EFT of R 6 400 received from R Chauke in full settlement of his account of R7 000 was
correctly recorded in his ledger account, but the bookkeeper forgot to record the discount in
the CRJ, he recorded only the amount received.
E Charged Y Sasman’s overdue account of R9 000 with R450 interest. No entry was made.

2.2 INTERNAL CONTROL

2.2.1 Sunshine Traders is concerned about the high balance of debtors control (4)
account. Provide TWO measures that can be implemented to improve collection
of outstanding amounts from debtors.

2.2.2 Suggest TWO strategies that should be implemented before providing a credit (4)
facility to customers.

18

TOTAL MARKS:70

2024 Accounting Grade 10 Project Question Paper