This is an Accounting Grade 12 first term test from the Free State, dated 16 March 2026, worth 100 marks and to be completed in one and a half hours. Question 1 uses the company Kamza Ltd to test the preparation of company financial statements, including calculating the correct net profit after tax, preparing the Retained Income Note and the Statement of Financial Position, and explaining why shareholders of re-purchased shares do not qualify for final dividends.
The following document, Accounting Grade 12 Term 1 Test.pdf, is the full document.
Term 1 Content Brief
Accounting Grade 12 Term 1 Test PDF CRJ-021
Key terms covered include net profit after tax, the Retained Income Note, the Statement of Financial Position, share re-purchase, and final dividends.
The test consists of 7 pages plus a formula sheet and a 6 page answer book. Question 1, worth 55 marks over 45 minutes, covers company financial statements, including adjustments for trading stock, provision for bad debts, rent received, insurance paid in advance, directors fees and a loss on disposal of equipment.
By the end of this test, learners should be able to calculate the correct net profit after tax using given adjustments, prepare the Retained Income Note and Statement of Financial Position for a company, and explain the dividend entitlement rules for re-purchased shares.