(NAME OF SCHOOL)

ECONOMIC AND MANAGEMENT SCIENCES

GRADE 8
Term 4: CONTROL TEST
PAPER 1: FINANCIAL LITERACY
November 2022
Marks: 50 Time: 60 minutes

NAME AND SURNAME: ________________________________________

INSTRUCTIONS AND INFORMATION:

1. This question paper consists of FOUR questions:

2. Answer ALL questions on the spaces provided.

3. Write neatly, legibly and in blue ink.

4. Calculators may be used.

5. Use the following as a guideline to manage your time:

Question Learner
Topic Marks Time Marks
no.

SHORT QUESTIONS
1 Multiple Choice 5 5 min
Matching the column 5 5 min
True or False 5 5 min
FINANCIAL LITERACY
2 Journals: CRJ and CPJ 17 20 min

General Ledger
3 And 11 11 min
Accounting Equation

4 Trial Balance 7 14 min

50 60 min 50

1
SECTION A: SHORT QUESTIONS [15 MARKS]

Question 1:
1. Choose the correct answer and write only the letter next to the number, for
example 1.11. F
1.1. Buying goods on credit creates a _________.
a) Capital
b) Liability
c) Owner’s Equity
d) None of the above

1.2. For every debit there must be a credit is a principle known as______
a) Creditors and Debtors
b) Double entry
c) Accounting Equation
d) All the above.

1.3. The correct accounting equation is:

a) Assets =Owner’s Equity – Liabilities
b) Assets = Owner’s Equity + Liabilities
c) Owner’s Equity = Assets – Liabilities
d) Owner’s Equity = Assets + Liabilities

1.4. Material costs is a/an

a) Expense
b) Assets
c) Income
d) Liability

1.5. Choose the item that will not be recorded as an expense

a) Salaries and wages
b) Electricity
c) Trading License
d) Commission received

2
 TOTAL Question 1: (5 x1=5)

Question 1.2:
1.2.1. Fit the description in column B with the word in column A, write only the letter
next to the number, for example 2.6 F
COLUMN A COLUMN B
1.2.1 Accounting A) When expenses exceed income.
1.2.2 Debit B) The owner’s investment in the business plus income less
expenses
1.2.3 Balance C) A system of collecting documents and recording
Sheet transactions of the bank accounts of the business in various
books
1.2.4 Loss D) Represents the financial position of the business.
1.2.5 Owner’s E) Left side of the General Ledger account
equity

TOTAL
Question 1.2: (5 x1=5)

Question 1.3:

1.3. Indicate if the following statements are TRUE of FALSE. Write only the words
TRUE or FALSE on the answer sheet:

1.3.1. Current assets have long term value and can be used to generate income for
the business.
1.3.2. Assets are possessions of the business.
1.3.3. Liabilities is any money that is owed to people outside the business, and it is
good for the business.
1.3.4. Drawings reduces Owner’s Equity.
1.3.5. Income is an Asset.

TOTAL Question 1.3: (5 x1=5)

TOTAL SECTION A: 15

3
SECTION B: FINANCIAL LITERACY [35 MARKS]

QUESTION 2: JOURNALS: CRJ AND CPJ

2.1. Use the information below to complete the following journals of Alpha
Accountants for October 2022:

2.1.1. Cash Receipts Journal (CRJ9) (9)

2.1.2. Cash Payments Journal (CPJ9) (8)

Close off both journals at the end of the month.

Transactions: October 2022

02 The owner, M. Alpha, deposits R45 000 directly in the business’ bank
account. Issue receipt 095 to her.

04 Issue cheque 126 to The Council for the water and electricity account of
R1 250.

09 The Cash Register Roll (CRR) shows R8 950 received in respect of

services rendered.

11 Pay R4 500 to Farmer Furniture for a computer that is bought for the
office.

15 Receive R2 200 from P. Paulsen for a part of the building rented to him.

22 Issue a cheque to the owner for her private use, R3 120.

29 The Cash Register Roll (CRR) shows R9 050 received in respect of

services rendered.

30 Pay R985 to Top Books for stationery purchased.

4
1.1.1. Cash Receipts Journal of Alpha Accountants – October 2022 CRJ9
Doc Day Details Fol Analysis of Bank Current Sundry Accounts
No. receipts income Amount Fol Details

(9)

1.1.2. Cash Payments Journal of Alpha Accountants – October 2022 CPJ9

Doc Day Beneficiary Fol Bank Stationery Sundry Accounts
No. Amount Fol Details

(8)

5
 QUESTION 2: GENERAL LEDGER

2.1. Use the information below, taken from the books of Top Plumbers for October
2022, and complete the following account in the general ledger:

2.1.1. Bank (B4) (7)

INFORMATION:

 Balances/Totals in the general ledger on 1 October 2022:

Bank (B4): R11 500

 Subsidiary Journals:

Cash Receipts Journal of Top Plumbers – October 2022 CRJ2

Doc Day Details Fol Analysis of Bank Current Sundry Accounts
no receipts income Amount Fol Details

25 25
015 1 Grace B1 Capital
000 000
CRR 12 Cash 8 750 8 750 8 750
016 15 T. Clifford 3 000 3 000 3 000 N2 Rent income
12
CRR 26 Cash 12 360 12 360
360
49 28
21 110
110 000
B4 N1

Cash Payments Journal of Top Plumbers – October 2022 CPJ2

Sundry Accounts
Doc Fo Material
Day Beneficiary Bank Wages Amoun
no l cost
t Fol Details
031 02 M. De Waal 2 100 2 100 N5 Rent expense
032 09 BOB Stores 3 150 3 150
033 12 Cash 1 500 1 500
034 15 BOB Stores 2 450 2 450
035 22 Grace 1 000 1 000 B2 Drawings
036 26 Cash 1 500 1 500
Mouers &
037 29 Co 725 725 N7 Stationery
12
425 3 000 5 600 3 825
B4 N3 N4

6
 GENERAL LEDGER OF TOP PLUMBERS FOR OCTOBER 2022

BALANCE SHEET ACCOUNTS SECTION

2.1.1. BANK B4
Date Details Fol Amount Date Details Fol Amount
2022 2022
Oct 1 Balance b/f Oct 31 CPJ2
31 CRJ2 31 Balance c/f
60 610
Nov 1 Balance b/f

(7)

2.1.2. Accounting Equation

Record the following transaction on the Accounting Equation below:

E.g. 14 Aug 2022: The owner Mpho Ndaba, took cash R 500 from the business for
personal use.

19 Aug 2022: Bought trading stock on credit R5 000.

Day Source Document Assets Owner’s Equity Liabilities

E.g.14 EFT -500 -500 0

(4)

7
QUESTION 3: TRIAL BALANCE

3.1. Use the balances/totals below to fill in the missing information on the Trial Balance
of Rika’s Salon on 30 September 2022. (7)

Balances/Totals on 30 September 2022:

Capital R?, Land and Buildings R48 000, Equipment R9 500, Bank R21 540, Cash
Float R1 000, Loan R10 000, Current income R19 500, Material cost R2 000, Rent
income R6 500, Telephone R650, Water and Electricity R550, Commission
income R2 200, Stationery R280, Interest income R320.

3.1. TRIAL BALANCE OF RIKA’S SALON ON SEPTEMBER 2022

FOLIO DEBIT CREDIT

BALANCE SHEET ACCOUNTS SECTION:
Capital B1 3.1.1
Land and Buildings B2 48 000
Equipment B3 9 500
Bank B4 21 540
3.1.2. B5 1 000
Loan B6 10 000

3.1.6. ACCOUNTS SECTION:

Current income 3.1.5 19 500
Material cost N2 2 000
Rent income N3 6 500
Telephone N4 650
Water and Electricity N5 550
Commission income N6 2 200
Stationery N7 280
Interest income N8 320

3.1.3. 83 520

TOTAL OF SECTION B: [35]

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 GRAND TOTAL: [50]

(NAME OF SCHOOL)
ECONOMIC AND MANAGEMENT SCIENCES
GRADE 8
Term 4: CONTROL TEST
PAPER 1: FINANCIAL LITERACY
November 2022
Marks: 50 Time: 60 minutes

BLOOM’S TAXONOMY AND MARKING GUIDELINES:

BLOOM’S TAXONOMY
QUESTION COGNITIVE LEVELS
NO. LOWER ORDER MIDDLE ORDER HIGHER ORDER
1 7 5 3
2 3 12 2
3 3 5 3
4 1 4 2
TOTAL 14 26 10
REQUIRED % 30% 50% 20%
ACTUAL % 28% 52% 20%

9
SECTION B: FINANCIAL LITERACY [35 MARKS]

QUESTION 2.1.1: JOURNALS: CRJ AND CPJ

1.1.1. Cash Receipts Journal of Alpha Accountants – October 2022 CRJ9

Doc Day Details Fol Analysis of Bank Current Sundry Accounts
No. receipts income Amount Fol Details

095 02 M. Alpha 45 000 45 000 Capital 

CRR 09 Cash 8 950 8 950 8 950
096 15 P. Paulsen 2 200 2 200 2 200 Rent income 
CRR 29 Cash 9 050 9 050 9 050
65 200 18 000 47 200
(9)

2.1.2. Cash Payments Journal of Alpha Accountants – October 2022 CPJ9

Doc Day Beneficiary Fol Bank Stationery Sundry Accounts
No. Amount Fol Details

126 04 The Council 1 250 1 250 Water and Electricity 

127 11 Farmer Furniture 4 500 4 500 Equipment 
128 22 M. Alpha 3 120 3 120 Drawings 
129 30 Top Books 985 985
9 855 985 8 870
(8)

10
 QUESTION 3: GENERAL LEDGER

GENERAL LEDGER OF TOP PLUMBERS FOR OCTOBER 2022

BALANCE SHEET ACCOUNTS SECTION

3.1.1. BANK B4
Date Details Fol Amount Date Details Fol Amount
2022 2022
Oct 1 Balance b/f 11 500 Oct 31 Total Payments  CPJ2 12 425
31 Total Receipts CRJ2 49 110 31 Balance c/o 48 185
60 610 60 610
Nov 1 Balance b/f 48 185

(7)

3.1.2. Accounting Equation

19 Aug 2022: Bought trading stock on credit R5 000.

Day Source Document Assets Owner’s Equity Liabilities

E.g.14 EFT -500 -500 0

19 EFT -5 000 0 -5 000

(4)

11
QUESTION 4: TRIAL BALANCE

4.1. TRIAL BALANCE OF RIKA’S SALON ON 30 SEPTEMBER 2022

FOLIO DEBIT CREDIT

BALANCE SHEET ACCOUNTS
SECTION:
4.1.1.
Capital B1 45 000
Land and Buildings B2 48 000
Equipment B3 9 500
Bank B4 21 540
4.1.2. Cash Float B5 1 000
Loan B6 10 000

4.1.6. NOMINAL ACCOUNTS

SECTION:
4.1.5.N1
Current income  19 500
Material cost N2 2 000
Rent income N3 6 500
Telephone N4 650
Water and Electricity N5 4.1.4. 550
Commission income N6 2 200
Stationery N7 280
Interest income N8 320

4.1.3.
83 520 83 520
(7)

TOTAL OF SECTION B: [35]

GRAND TOTAL: [50]

12