Professional Documents
Culture Documents
EMS 2010 November Question Paper
EMS 2010 November Question Paper
YEAR-END EXAMINATION
8 NOVEMBER 2010 MARKS: 170
EXAMINER: MRS U DUROW TIME: 2 hours
MODERATOR: MRS R BOUWER
INSTRUCTIONS:
1 Cash Journals LO 3 30 21
2 Accounting equation LO 3 24 17
4 Employment legislation LO 3 12 9
5 Trade Unions LO 1 20 14
7 Inflation LO 1 6 4
3 Bought the following from Taylor Stores and paid by cheque no. 66
● goods, R1 750
● stationery, R300
4 Bought a computer for R10 000 from Cutler Traders and paid by cheque.
9 Paid CC Potgieter Traders, R10 000 for the rent of the building
16 Sent a cheque to Telkom to pay the telephone account, R950, of which R200
was for the owners’ personal telephone.
22 Paid for the repairs done on the businesses deliver vehicle, R 1 200 at Toyota Co.
25 The owner Mr Fertig increased his capital contribution from R200 000 to R250 000.
Record the following transaction in the table provided to show the effect of the
accounting equation:
Transactions:
Study the TWO pay slips below and answer the questions that follow:
Employee: Mr C Harebottle
Employee no: 044
Pay period: 01/10/2010 – 08/10/2010
Cheque no; 9347
EARNINGS R
Description Hrs Amount
Basic 40 2 320,00
Overtime 8 696,00
DEDUCTIONS
UIF 30,16
NMP Medical Fund 70,00
Sanlam Pension Fund 68,67
FI Employees’ Union 40,00
Tax 542,88
TOTAL DEDUCTIONS 751,71
NET PAY 2 264,29
3.7 Does Mr Harebottle earn a salary or a wage? Explain your answer. (2)
3.12 What additional benefit is Ms Khumalo receiving from her employer? (1)
Read the following paragraph and answer the question that follows.
Kgosietsile More has recently started working for a new employer, Mr Ryan Peter, as a bookkeeper assistant.
When he started working there, Mr Peter informed him that he would not be getting an employment
contract because he did not want to burden him with paperwork. It was agreed that Kgosietsile would work
five days a week from 7am to 5pm, with lunch from 1pm to 1.25pm.
Mr Peter pays Kgosietsile an hourly wage of R60. Sometimes he requires him to work overtime, and he pays
him R80 per hour for her overtime. Because there is often quite a lot of work that needs to be done, Mr Peter
sometimes asks Kgosietsile to bring his 13-year-old daughter, Tanya, to assist with the filing. He pays
Kgosietsile an hourly wage of R40 for this additional work. Mr Peter deducts 1% off Kgosietsile’s gross wage
each week and pays it over to the Unemployment Insurance Fund.
Kgosietsile is allowed to take two weeks’ leave per year according to the agreement. Mr Peter has made him
sign a letter stating that he will never become a member of a Trade Union while under his employment. He
has also required him to undergo an HIV/AIDS test as well as an IQ test, saying that his wage will be adjusted
based on the results of these tests. Kgosietsile wishes to take a course at UNISA to improve his bookkeeping
skills, but Mr Peter has refused his permission to do so, saying that he must spend his time working for him.
The SA ………….. Union (Sadtu) will embark on strike action if the government does
not improve its wage offer within the next seven days, officials say.
The state was offering a 6.5 percent increase and a housing subsidy of R620 per month.
The union was demanding an 8.6 percent increase and a R1000 housing subsidy.
“The union will be serving a notice to the employer today wherein the employer has seven days to better
the offer in order to avert the strike,” said general secretary Mugwena Maluleke.
http://www.timeslive.co.za/business/article573677.ece/Teachers-union-warns-of-strike
[Downloaded: 26 October 2010]
5.8 Name and discuss THREE ways in which the CCMA can reduce
6.1 Give TWO reasons why it is important to save and invest money. (4)
6.2 What is the main difference between saving money in a “piggy bank”
container and a bank account. (2)
6.3 Look at the following example of how compound and simple interest has been
calculated.
R1 000 has been deposited with into a savings account with the post office (B)
and another R1 000 has been deposited with a
registered bank (A).
A B
COMPOUND INTEREST SIMPLE INTEREST
R 1 000 R 1 000
@ 12% p.a Interest @ 12% p.a interest
over 3 years over 3 year
-end of year 1 R1120,00 -end of year R1 120,00
-end of year 2 R1254,40 -end of year 2 R1240,00
-end of year 3 R ? -end of year 3 R ?
6.3.1 What is the essential difference between the TWO types of interest? (2)
6.3.2 Calculate the value of your savings at the end of year 3 according to
compound interest as per example. (3)
6.3.3 Calculate the total value of your savings at the end of year 3 according to
simple interest as per example. (3)
6.4.1 Identify FOUR services banks charge their customers for. (4)
6.4.2 How are some banks more competitive than others? (2)
6.4.3 What do you think would happen, if everyone who has money saved in their
bank accounts, decided to draw it all out on the same day? Explain. (4)
6.4.8 What is the current prime lending rate p.a on home loans? (1)
6.5 Read the share data below and answer the questions that follow:
6.5.1 Calculate the close share price of the following shares on 25 October 2010
(a) ABSA (2)
(b) Standard Bank (2)
6.5.3 How many of each of the following shares can an investor with
R100 000 buy?
(a) Capitex (2)
(b) Firstrand (2)
“The government continually adjusts the price of petrol. Adjustments are usually an
increase in the petrol price. This will affect inflation.”
7.1 Give one possible cause for the increase in the price of petrol. (2)
7.2 What will happen to the price of goods and services if the price of
7.3 How will the rising prices of petrol affect the purchasing power of
consumers? (2)