Accounting Grade 11 March Test 2016 Paper & Memo

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Downloaded from hlayiso.com Accounting (Grade 11) March 2016 Common Test NSC INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 41. This question paper consists of 8 pages. 2. A special ANSWER BOOK consisting of & pages is provided in which to answer all the questions. 3. Answer ALL. the questions, 4. Workings must be shown in brackets in order to earn part marks. 5. Non-programmable calculators may be used. 6, You may use dark pencil or black / blue pen to answer the questions. 7. Marks will be deducted for missing details and foreign entries. 8. Use the information in the table below as a guide when answering the question paper: Question 1: 11 Marks, 7 Minutes The topic of this question is: Content: e Comparison of Creditors Ledger to Statements Creditors Reconciliation from Creditor Question 2: 39 Marks, 23 Minutes The topic of this question is: Content: ( e Profit and Loss Partnerships * Calculation of Secondary Distribution e Current Account Question 3: 25 Marks, 15 Minutes The topic of this question is: Content: « Asset Disposal Account ib| Tangible Assets ° Tangible Asset Note Question 4: 25 Marks, 15 Minutes The topic of this question is: Content: « Catculation of Cash Journals Bank Hliatil ank Reconciliation e Bank Reconciliation Statement Copyright Reserved Please Turn Over

Accounting (Grade 11) QUESTION 1 CREDITORS’ RECONCILIATION Sammy's Traders received the Statement from their creditor, Super Supplier, on 30 March 2015. A comparison revealed that the balance on the Statement did not agree with that of the Creditors’ Ledger Account. NSC (11 Marks, 7 Minutes) Downloaded from hlayiso -com March 2016 Common Test REQUIRED: e Make a comparison of the Creditors Ledger and the Statement by completing the (11) table in your Answer Book in order to reconcile the two balances. INFORMATION: Creditors Ledger of Sammy’s Traders Super Supplier Date Details _ . J DR CR Balance ~\March 2015 |_ 1 | Balance b/d 86 600 | Invoice 567 CJ 82 000 168 600 6 __| Debit Note CAJ 4 500 164 100 10 | Cheque no 446 CPJ 52 000 112 100 Discount Allowed CPJ 4 160 107 940 20_| Invoice 995 CJ 18 500 126 440 22 | Cheque no, 74 CPJ 22 000 104 440 24 _| Invoice 584 GJ 40 000 144 440 28 | Cheque 462 CPJ 23 000 121 440 Discount Allowed CPJ 2 300 119 140 30_| Invoice 591 CJ 74 000 193 140 Supere Supple aper oupprier (345 Burger Debtor: 25 Mavoh 2015 Sireet Sannyy 8 Traders Pretoria 45 Bosman Street Boksburg Date Details DR CR___| Balance February 26 _| Balance 111 600 28 | Receipt 115 25 000 86 600 March 1 Invoice 567 82 000 168 600 6 Credit Note 12 4 500 173 100 10 __| Receipt no. 121 52 000 121 100 Discount Allowed 2.600 418 500 18 __| Invoice 572 48 000 166 500 22 | Receipt 135 22 000 144 500 24 _| Invoice 584 36 000 180 500 | | 25 __| Delivery Charges 5 500 186 000] Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) 4 March 2016 Common Test NSC An investigation revealed the following: ° Super Supplier only allowed a 5% discount on the payment on the 10". ° Super Supplier has entered Credit Note no. 12 in the wrong column in their records. ° Sammy's Traders forgot to deduct the trade discount they were given on invoice 584, ° Invoice 995 was for goods that Sammy's Traders bought from Pro Traders. . Invoice 572 was for goods sold by Super Supplier to Sandy Traders. . In terms of the contract, Super Supplier charge delivery charges to all their debtors. e« The Statement received from Super Supplier does not contain any transactions that occurred after 25 March 2015. QUESTION 2 (39 Marks, 23 Minutes) FINAL. ACCOUNTS OF PARTNERSHIPS You are provided with the Pre-adjustment Trial Balance of Nosipho Traders, with partners Noluthando, Sipho and Noma for the year ended 30 June 2015. REQUIRED: 2.1. Complete the Profit and Loss account in the General Ledger of Nosipho Traders for (20) | the year ended 30 June 2015. Show calculations in brackets so part marks can be awarded. C oo 2.2 Calculate the amount of the profit that Noma will receive for her secondary (7) distribution. 2.3. Complete the Current account for Noma for the year ending 30 June 2015. (12) Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) 5 March 2016 Common Test NSC INFORMATION: Nosipho Traders List of Balances from the Pre-Adjustment Trial Balance on 30 June 2015 | Bad Debts 32 000 | Bad Debts Recovered 12 300 Capital: Noluthando 400 000 Capital: Noma 400 000 Capital: Sipho 800 000 Current Account: Noluthando (1 July 2014) 5000 (CR) Current Account: Noma (1 July 2014) 35 000 (DR) Current Account: Sipho (1 July 2014) 20 000( DR) : Debtors’ Control 296 000 . Drawings: Noluthando 295000 | 3 Drawings: Noma 380 000 Drawings: Sipho 80000 Fixed Deposit (5% p.a.) 395 000 Interest on Fixed Deposit 16 630 Marketing Expense 480 000 Provision for Bad Debts 18 000 Rent Income 209 040 Salaries and Wages 833 800 Sundry Expenses 86 870 Trading Stock 875 000 ADJUSTMENTS: () ° Gross Profit for the year amounted to R1 979 868. e Make provision for the outstanding interest on the fixed deposit. This investment has been in existence for the entire year. « A debtor who originally owed R18 000 has been declared insolvent. His estate paid out 30 cents in every rand. This receipt has already been correctly recorded. The remaining balance must be written off as irrecoverable. e Rent Income for July 2015 has already been received. The rent has not increased during the year and the building has been occupied from the beginning of the financial year. e Marketing expenses of R160 000 have been paid in respect of the period 1 July to 31 December 2015. e The partnership agreement allows for the following: ¥ Amonthly salary of R30 000 for both Noluthando and Noma. (Sipho does not work in the business so does not earn a salary). v Interest on Capital of 5% per partner. (There have been no changes to capital during the financial year) v—Profits are shared-between Sipho; Noluthando-and-Nomainthe- ~~ > ratio of 2:1: 1. Copyright Reserved Please Turn Over \

~ Downloaded from hlayiso.com Accounting (Grade 11) 6 March 2016 Common Test NSC QUESTION 3 (25 Marks, 15 Minutes) TANGIBLE ASSETS Pillay's Pizza’ is a take away situated in Chatsworth. This business was established on 1 September 2010. The financial year ends at the end of February each year. REQUIRED: 3.1 Fill in the missing amounts in the Fixed / Tangible Assets note of Pillay’s Pizza’ on (16) 28 February 2015. (Some figures have already been entered to assist you.) 3.2 Complete the Asset Disposal account in the General Ledger for the sale of Equipment. (9) INFORMATION The General Ledger Account below show entries with regards to the purchase of Equipment on 1 ( ) September 2010 and subsequent entries regarding its sale. General Ledger of Pillay’s Pizza’ Equipment Sept 4 | Bank cps] 90.000] 40% | 30 j Asset Disposal | GJ | 18 000 “011 | 4 | creditors Control | cy | 42 000 0 | 28 | Balance cld | 144 000 | B28 | 4 | Bank cPy| 30 000 162 000 162 000 Me | 4 | Balance bid | 144 000 ADJUSTMENTS AND ADDITIONAL INFORMATION « The kitchen was extended at a cost of R320 000. ( Repairs to the existing restaurant were undertaken, R58 000. One pizza oven was sold for cash, for a profit of R1 000, on 30 November 2014. The accumulated depreciation on this equipment on the date of sale was R13 000. From the beginning of the financial year, the business has a small truck which is used for transporting raw materials to the site. A second hand car was purchased on 31 July 2014 to use for delivering pizza to customers, at an additional fee. Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) March 2016 Common Test 7 NSC QUESTION 4 (25 Marks, 15 Minutes) BANK RECONCILIATION [ “Flier Traders” sells a wide range of household goods to the public. They operate a current account I at Wings Bank and have negotiated an overdraft facility of R20 000. They have one bookkeeper who is responsible for all recording, depositing of money, issuing of cheques etc. REQUIRED: _ 4.1 Calculate the totals of the Cash Journals for May 2015. (12) 4.2 Prepare the Bank Reconciliation Statement on 31 May 2015 (9) 4.3 The owner has noticed that the bookkeeper is not managing to complete all her work (4) and is therefore claiming a lot of overtime, especially at the end of the month when (9 completing the bank reconciliation. The owner trusts the bookkeeper and accepts - that she is reliable and accurate at all times. He has therefore instructed her that she does not need to complete the bank reconciliation. She disagrees with this decision. Explain TWO reasons to motivate the necessity of completing the bank reconciliation, INFORMATION e The following details were extracted from the Bank Reconciliation on 30 April 2015: R Balance as per Bank Statement 2 Outstanding deposits 7070 Outstanding cheques _No. 341 2 500 No. 364 4 860 No, 366 8 620 - No. 367 5 577 i) Balance as per Bank Account ? e¢ The Cash Journals showed the following provisional totals at the end of May, prior to receiving the Bank Statement: R Cash Receipts Journal 41 630 Cash Payments Journal 49 920 e The following items were not on the Bank Statement for May 2015: v The following cheques were not presented for payment: No. 366 R8620 (Dated 3 July 2015) No. 384 R 854 (Dated 25 May 2015) ¥ The following deposits have not been credited to the Bank Statement: 9-590 Deposited 30-May 2015 — R6 175 Deposited 31 May 2015 Copyright Reserved Please Turn Over

Downloaded from hlayiso.com Accounting (Grade 11) 8 March 2016 Common Test NSC ¢ The following items were found in the Bank Statement for May 2015, but notin the Cash Journals: ¥ Cheque no, 367 for R5 777 is correct according to the Bank Statement. The cheque had been issued to Star Stationers for stationery bought. v The outstanding deposit on 30 April 2015 appeared on the Bank Statement for May 2015 ¥ Acheque for R700 which was originally received from S. Small, a debtor, was dishonoured by the bank due to insufficient funds. ¥ The bank charged the current bank account of “Flier Traders” with the following amounts: Interest on Overdraft 245 Service Fees 232 Credit Card Levy 160 ¥ The Bank Statement showed a debit order for R326 in favour of the City Council for municipal rates. } v¥ An amount of R2 200 was deposit electronically by Wentworth & Co, a tenant, ( ‘ into the current account of “Flier Traders”. ¥ On 31 May 2015, the bank statement showed an unfavourable balance of R15 636, e Errors and additional findings: ¥ Cheque no. 341, for R2 500, had been issued to Ethekwini Shop Suppliers on 4 October 2014 for trading stock, is now stale. A new cheque (no. 387) was issued on 31 May 2015 but no entry has been made. ¥ Cheque no. 364 appears on the Bank Statement for May 2015 for R4 680 but had been wrongly entered in the Cash Journal as R4 860. The cheque had been issued to Pinetown Motors for repairs to the owner’s vehicle. ¥ Acheque, dated 15 June 2015, was received from A. Singh, a debtor, for R560 in settlement of her debt of R600. No entry has been made for this cheque. ¢ \ v Acheque for R260 appears on the Bank Statement for May 2015. On investigation it was revealed that this cheque, written out by “Flyer Trade”, was wrongly debited to “Flier Traders” Bank account. The bank has promised to rectify this. error. TOTAL MARKS: [100] Copyright Reserved

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ACCOUNTING ANSWER BOOK MARCH 2016 COMMON TEST NATIONAL SENIOR CERTIFICATE GRADE 11 MARKS : 100 f TIME : 1 hour Name: Grade: Question Topic Learners | Moderators P Mark Mark 1 Creditors Reconciliation Final Accounts of Partnerships Asset Disposal 2 3 4 Bank Reconciliation at a id | El Copyright Reserved N.B. This answer book consists of 5 pages. Please Turn Over j00]

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