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Grade 8 EMS accounting revision centres on the Cash Receipts Journal (CRJ), Cash Payments Journal (CPJ), General Ledger and accounting equation. The Wamark Grade 8 June exam allocates 43 of its 150 marks to the two cash journals, 30 to the General Ledger, 37 to the accounting equation, and 40 to Economic Growth and Development; learners have 90 minutes and may use a calculator. See the Wamark exam paper.
What topics are in the Grade 8 EMS accounting exam?
The Wamark June paper is divided into four sections. Its mark allocation gives a useful guide to the paper’s balance, but it is not a guarantee that another school’s exam will use the same format.
| Section | Marks in the Wamark paper |
|---|---|
| Cash Receipts and Cash Payments Journals | 43 |
| General Ledger | 30 |
| Accounting Equation | 37 |
| Economic Growth and Development | 40 |
Grade 8 financial literacy also introduces sole traders and the language used to describe their finances: debit and credit, capital, owner’s equity, income, expenses, profit, losses, assets, liabilities and transactions. Shuter & Shooter’s Grade 8 plan places these alongside banking, cash journals and the accounting equation. See the publisher’s Grade 8 EMS plan.
The wider curriculum connects financial literacy with money, banking and economic growth. The Eastern Cape curriculum booklet includes the accounting equation and source documents such as receipts, cash slips, cheques and deposit slips. See the Eastern Cape curriculum booklet.
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How do you revise the accounting questions?
Use the same sequence for each transaction: identify what happened, find its source document, record it in the correct journal, post it where required, then explain its effect on the accounting equation. The Wamark memorandum works through examples including capital, service income, payments, drawings, vehicle disposal, telephone expense and rent income. Use the exam paper and memorandum for practice.
- Classify the accounts. Decide whether each item is an asset, liability, owner’s equity, income or expense.
- Identify the evidence. Determine which source document records the transaction.
- Choose the journal. Record cash received in the CRJ and cash paid in the CPJ, following the columns taught in class.
- Post to the General Ledger. Practise transferring both journal totals and individual transactions where the question requires it.
- Explain the equation effect. Show which part changes and why, not just the final figures.
The Financial Literacy PDF states that “Every transaction is recorded on a source document.” Read the Grade 8 Financial Literacy PDF.
Which source documents should you know?
Be ready to recognise what each document records and how it supports a journal entry. The Grade 8 plan lists receipts, deposit slips, till slips, cheques, cheque counterfoils, EFT records, bank statements and cash invoices. See the source-document list in the Grade 8 plan.
- Receipt: evidence that money was received.
- Deposit slip: records cash or cheques deposited into a bank account.
- Till slip or cash invoice: evidence of a cash sale or purchase.
- Cheque counterfoil: the business’s record of a cheque payment.
- EFT record and bank statement: evidence of an electronic transfer and the bank’s account record.
How do you record a cheque in EMS?
A cheque is an instruction to the bank to pay the amount written on it to the person or business named on the cheque. For the business recording the payment, the cheque counterfoil is the source document. These definitions appear in the Grade 8 Financial Literacy PDF. Read the PDF’s cheque explanation.
In a question about a cheque issued to pay an expense or creditor, treat it as a cash payment: use the counterfoil as the supporting document and enter the transaction in the CPJ. Then post it as instructed and state how the payment changes the relevant accounts and the equation. Do not confuse the cheque itself—the instruction to the bank—with the counterfoil kept as the business source document.
What is the accounting equation in Grade 8?
The accounting equation is Assets = Owner’s Equity + Liabilities, often written A = OE + L. Assets are what the business owns or controls; liabilities are amounts it owes; owner’s equity is the owner’s interest in the business. The Grade 8 Financial Literacy PDF defines the equation and illustrates its components. See its worked examples.
For every transaction, show how the equation remains balanced. A transaction can change more than one category: for example, receiving cash as capital increases assets and owner’s equity, while paying an expense reduces cash and affects owner’s equity through the expense. In an exam answer, explain the reason for each change rather than memorising a single direction for each transaction type.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should you use the 90 minutes?
The Wamark paper’s instructions allow a calculator. Because the paper is 150 marks in 90 minutes, the average pace is 1.67 marks per minute across the whole exam. Use that only as a rough time check: journal layouts and explanation questions may take different amounts of time. Check the instructions on the Wamark paper.
- Bring a basic calculator if your teacher or exam instructions permit it; do not rely on calculator use being allowed in every school’s paper.
- Practise journal layouts and ledger posting by hand so that calculations do not distract from the accounting treatment.
- Leave time to check that totals are added correctly and the accounting equation balances after each transaction.
- Answer the 40-mark Economic Growth and Development section too; the paper is not solely an accounting exam.
How to practise the economic-growth section
The paper assigns 40 marks to Economic Growth and Development. The curriculum places economic literacy alongside money and banking, and related questions may ask about growth, development, banking or the role of government. Review those concepts as well as the accounting mechanics so you are prepared for the full paper.
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