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PROVINCIAL EXAMINATION
JUNE 2022
GRADE 9

ECONOMIC AND MANAGEMENT SCIENCES:

FINANCIAL LITERACY

(PAPER 1)

TIME: 1 hour

MARKS: 50

7 pages and an answer book of 7 pages

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ECONOMIC AND MANAGEMENT SCIENCES 2
(Paper 1) GRADE 9

INSTRUCTIONS AND INFORMATION

1. This question paper consists of Sections A and B based on the prescribed content
framework in the CAPS Amendment Document and RATP. This paper includes
questions only on the topic of Financial Literacy.

SECTION A

QUESTION 1.1: Multiple-choice (5)

QUESTION 1.2: Complete the sentences (5)
[10]

SECTION B

QUESTION 2: Accounting Equation (11)

QUESTION 3: Journals (11)
QUESTION 4: General Ledger (8)
QUESTION 5: Trial Balance (10)
[40]

2. ALL the questions are compulsory.

3. Answer ALL the questions in the ANSWER BOOK provided.

4. Write neatly and legibly.

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ECONOMIC AND MANAGEMENT SCIENCES 3
(Paper 1) GRADE 9

SECTION A
QUESTION 1

1.1 MULTIPLE-CHOICE QUESTIONS

Various options are provided as possible answers to the following questions.

Choose the answer and write only the letter (A – D) next to the question number
(1.1.1 – 1.1.5) in the ANSWER BOOK provided.

1.1.1 A/An … increases on the credit side and decreases on the debit side.

A asset
B liability
C expense
D profit (1)

1.1.2 A person who buys goods from the business and promises to pay at a
later stage is called a …

A creditor.
B salesman.
C debtor.
D director. (1)

1.1.3 Money received from the sale of goods is recorded in the …

A Debtors’ Journal.
B Cash Receipts Journal.
C Creditors’ Journal.
D General Ledger. (1)

1.1.4 When a transaction affects more than one account in the General Ledger
it is called the …

A money market.
B double entry principle.
C subsidiary journal.
D accounting cycle. (1)

1.1.5 The selling price of stock is R5 200 and the mark-up is 25%. Calculate
the cost of sales.

A 4 500
B 4 160
C 4 900
D 4 200 (1)
[5]

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ECONOMIC AND MANAGEMENT SCIENCES 4
(Paper 1) GRADE 9

1.2 COMPLETE THE SENTENCES

Use the words in the word bank below to complete the following sentences. Write
only the answer next to the question number in the ANSWER BOOK e.g.
1.2.6 assets.

debit; EFT; invoice; cash receipts; credited; Subsidiary Journal;

General Ledger; bank; cash payments

1.2.1 All money received by the business is deposited in the ______ account.

1.2.2 When funds are moved from one account to another electronically, it is
called a/an ______.

1.2.3 A/An ______ is issued when goods or services are sold on credit.

1.2.4 A ______ balance of the bank account is also called a favourable balance
in the General Ledger.

1.2.5 When the owner pays for his personal cell phone from the business bank
account, it will be recorded in the ______ journal.
(5 x 1) [5]

TOTAL SECTION A: 10

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ECONOMIC AND MANAGEMENT SCIENCES 5
(Paper 1) GRADE 9

SECTION B

QUESTION 2: ACCOUNTING EQUATION

Analyse the following transactions and show the effect that each one has on the
accounting equation.

No. Transaction
e.g. Bought goods from Mzimba Traders costing R6 500 and transferred
the cash to his account.
2.1 Purchased pens and envelopes, R3 000 from JP Traders and paid by
EFT.
2.2 Stock with a cost price of R2 500 and mark-up of 25% was sold for
cash to Mr Marais.
[11]

QUESTION 3: JOURNALS

Mr Bubble is the owner of The Bubble Shop, a local bubble bath and soap shop. He
had to leave the country for an urgent family matter and asked you to record his
transactions for the month of February 2022 in the Subsidiary Journals.

Use the transactions below to prepare the following journals for The Bubble Shop for
February 2022.

REQUIRED:

3.1 Cash Receipts Journal for February 2022 (5)

3.2 Cash Payments Journal for February 2022 (3)

3.3 Debtors’ Journal for February 2022 (3)

[11]
NOTE: Do not close the journals at the end of the month.

TRANSACTIONS
3 The owner of The Bubble Shop increased his capital contribution from
R135 000 to R200 000 via the business banking app. Receipt 001 was
issued to him.
He also paid the municipality for rates and taxes, R5 500. (EFT 01)

6 Goods with a cost price of R4 000 were sold to Mr Z. Zulu. Invoice 10 was
issued to him for R5 000.

17 Received a notification from the bank for R2 000 received from Mr Z. Zulu as
partial payment of his account.

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ECONOMIC AND MANAGEMENT SCIENCES 6
(Paper 1) GRADE 9

QUESTION 4: GENERAL LEDGER

You are supplied with the following information for Sweety Vendors for May 2022.

REQUIRED:

Use the journal entries to post/complete the following General Ledger accounts:

4.1 Bank (5)

4.2 Sales (3)

NOTE:

Opening balance: The bank reflected a favourable balance of R12 000 on 1 May 2022.

Cash Receipts Journal of Sweety Vendors for May 2022 CRJ5

Doc Day Details Fol. Analysis Bank Sales Cost of Debtors’ Sundry Accounts
no. of receipts Sales Control
Amount Fol. Details
31 Balance b/d 7 500 6 000 4 500 3 500

Debtors’ Journal of Sweety Vendors for May 2022 DJ5

Doc no. Day Debtor Fol. Sales Cost of Sales

1 Van der Merwe D1 4 000 2 800
[8]

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ECONOMIC AND MANAGEMENT SCIENCES 7
(Paper 1) GRADE 9

QUESTION 5: TRIAL BALANCE

Study the following balances and totals from the General Ledger of The Hat Provider on
30 April 2022.

Stationery 12 000
Trading stock 30 000
Drawings 8 000
Wages 15 000
Sales ?
Capital 60 000
Rent income 5 000
Bank (Dr) 50 000
Telephone 10 000
Equipment 5 000
Cost of sales 100 000
Creditors’ control 15 000

The business uses a mark-up of 50% on cost price.

REQUIRED:

5.1 Classify the accounts according to Nominal and Balance Sheet Account sections
and complete the Trial Balance in your ANSWER BOOK.
[10]

TOTAL SECTION B: 40

TOTAL: 50

END