# Accounting Grade 11 March Test 2017 Paper & Memo > Grade 11 Accounting question paper and memo from the March Test 2017, 16 pages. Read online or get the free PDF download. - Page: https://www.hlayiso.com/library/acc-march-qp-memo-2017-gr11/eb9c6199-aee4-4a79-9cad-9e312708fef9 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Document type: Question paper and memo - Year: 2017 - Exam period: March Test - Curriculum: CAPS - Pages: 16 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 11](https://www.hlayiso.com/library/grade-11) › [Accounting](https://www.hlayiso.com/library/grade-11/accounting) › [Accounting Grade 11 March Test 2017 Paper & Memo](https://www.hlayiso.com/library/acc-march-qp-memo-2017-gr11/eb9c6199-aee4-4a79-9cad-9e312708fef9) ## About this document Accounting · Grade 11 · March Test · 2017. Question paper and memorandum, 16 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com testpapers.co.za ### Page 2 Downloaded from hlayiso.gg Accounting (Grade 11) arch 2017 Common Test NSC INSTRUCTIONS AND INFORMATION Read the following instructions and be sure to follow them carefully: 1. This question paper consists of 8 pages. 2. A special ANSWER BOOK consisting of 5 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: 16 Marks, 10 Minutes The topic of this question is: Content: * Identify correct Journal / Ledger Creditors’ Reconciliation * Reconciliation between Statement and Creditors Ledger Question 2: 45 Marks, 27 Minutes The topic of this question is: Content: * Calculation of Net Profit Final Accounts of Partnership * Current Account ¢ Appropriation Account Question 3: 25 Marks, 15 Minutes The topic of this question is: Content: ¢ Problem Solving and Ethics Tangible Assets * Fixed Asset Register * Asset Disposal Ledger ‘Question 4: 14 Marks, 8 Minutes ~ The topic of this question is: Content: ¢ Reconciliation Statement Bank Reconciliation + Internal Control Copyright Reserved Please Turn Over ### Page 3 Accounting (Grade 11) DOWNloaded from hlayiso,GOm. res NSC QUESTION 1 (16 Marks, 10 Minutes) CREDITORS’ RECONCILIATION REQUIRED: 1.1 Match the transaction column A, to the Journal / Ledger into which this transaction (5) is entered in column B. Write only the correct letter in your answer booklet. Example: 2.1 F. 1.1.1 | The opening balance of a creditor at the beginning of the month. 1.1.2 | The closing balance of all creditors accounts at the end of the month. 1.1.3 | The journal in which an error in the creditors Creditors Allowances Journal Creditors Ledger control account is corrected. Creditors List 1.1.4 | The journal in which Debit notes are Debtors Allowances recorded. Journal 1.1.5 | The journal in which Credit notes are recorded. Debtors Ledger Tm), Mm) O;O;]w] > General Journal 1.2 Reconcile statement received from A1 Wholesaler and the Creditors Ledger of RB (11) Stores. INFORMATION: RB Stores received a statement in the post from A1 Wholesaler, saying that the business owed an amount of R49 050. According to the business calculations in their Creditors Ledger, only R38 750 is owed to this creditor. Copyright Reserved Please Turn Over ### Page 4 accountng (Grade POWNIOAd Ed fram hlayiSO. GRIMId17 common test NSC ADDITIONAL INFORMATION: 1.2.1. The opening balance, on 1 February, on the Statement received from A1 Wholesaler, should have been R35 000 and not R38 000. 1.2.2 An invoice RB Stores received from A1 Wholesaler, for R7 180 trading stock purchased, was omitted from the Creditors Ledger. 4.2.3. A discount of R2 170 that RB Stores received from A1 Wholesaler was not reflected on the statement received from them. RB Stores is correct. 1.2.4 Trading Stock of R7 680, which RB Stores purchased from AB Warehouse, was accidently entered into A1 Wholesaler’s Creditors’ Ledger. 1.2.5 No entry for an amount of R1 230 for stock returned by RB Stores to A1 Wholesaler was recorded on their statement. RB Stores has the documentation to prove that this clothing was returned. 1.2.6 RB Stores accidently recorded an invoice received from A1 Wholesalers, for R2 200, as a payment in their Creditors Ledger. QUESTION 2 (45 Marks, 27 Minutes) FINAL ACCOUNTS OF PARTNERSHIPS “Melody’s Music Shop”, is a store that sells various types musical instruments as well as sheet music to enable people to play popular songs on their chosen instrument. The store is run by MG Tar and MV Lyn. REQUIRED: 2.1 Calculate the correct Net Profit for the year ending 28 February 2017 using the (9) adjustments provided. 2.2 Calculate the Interest on Capital due to each partner at the end of the 2017 financial (4) year. 2.3 Complete the following accounts in the General Ledger of ‘Melody’s Music Shop” for the year ended 28 February 2017. 2.3.1. Current Account: MG Tar (18) 2.3.2 Appropriation (14) BALANCES ON 28 FEBRUARY 2017: Capital: MG Tar R200 000. Capital: MV Lyn R175 000 Current Account: MG Tar (1 March 2016) R5 400 (CR) Current Account: MV Lyn (1 March 2016) R3 200 (DR) Drawings: MG Tar R176 000 Drawings: MV Lyn R180 000 Copyright Reserved Please Turn Over ### Page 5 Accounting (rade 11) DOWNIOaded FEOM hlayiSO,GOM omen ree NSC YEAR END ADJUSTMENTS: * The net profit, before the adjustments below were taken into account, was R411 450, * Consumable stores on hand at the end of the year amounted to R950. ¢ After the year end stock take, it was noted that R2 560 more stock was on hand than was recorded in the trading stock account. * Insurance includes an annual premium paid on 1 November 2016 for R7 200. * B. Barcello cannot be traced. His account of R1 300 must be written off. * The provision for bad debts must be decreased by R140. * February 2017 Rent of R6 400 is still owed by the business. ADDITIONAL INFORMATION: * MG Tar increased his capital by R50 000 on 1 September 2016. MV Lyn’s capital remained unchanged. * Both partners are entitled to interest on their capital of 15% per annum. * MG Tar is entitled to a salary of R12 000 per month, and MV Lyn R10 900 per month. + MG Tar withdraws R16 000 per month for personal use. His drawings for February 2017 have not yet been recorded. * Profits and Losses are shared equally by both partners. Copyright Reserved Please Turn Over ### Page 6 accounting (Grace POWNIOAd Ee From hlayiSO.CAQMbor7 common tet NSC QUESTION 3 (25 Marks, 15 Minutes) TANGIBLE ASSETS BS Builders (owner Barry Sithole) purchased a second hand caravan, to accommodate their four staff members while working on building sites far from their homes in Durban. This asset is considered to be part of the vehicles that is taken to building sites. The businesses financial year ends on 31 July each year. INFORMATION: »_The details of the caravan are provided below. Asset Caravan Cost Price R80 000 Registration No. | ND 123 587 Depreciation Diminishing Bal Date Purchased 1 August 2014 Depreciation Rate 20% p.a. * The caravan was sold for R50 000 cash on 30 January 2017. REQUIRED: 3.1 Provide TWO advantages of purchasing a caravan for the staff, rather than booking — (4) them alternative accommodation. 3.2 Is it ethical for Barry Sithole, the owner of BS Builders, to use business funds topay (3) for his personal accommodation in a hotel during the duration of the contract. 3.3 Complete the Fixed Asset Register for this caravan. (9) 3.4 Prepare the Asset Disposal account in the General Ledger to calculate whether a (9) profit or a loss was made on the disposal of this caravan. Copyright Reserved Please Turn Over ### Page 7 Accounting (Grade 11) Down loaded from h layiso Mesa Common Test QUESTION 4 NSC (14 Marks, 8 Minutes) BANK RECONCILIATION The bookkeeper of Sewpershad Stores (owner S Sewpershad) completed the following Bank Reconciliation Statement for February 2017. Bank Reconciliation Statement on 28 February 2017 Entry number DR CR Favourable Balance as per Bank Statement 40 670 One Outstanding Deposit 3 500 Outstanding Cheques: Two No.872 dated (1 September 2016) 5 600 No.975 dated (15 January 2017) 8 900 No.980 dated (20 February 2017) 730 Three Debit amount wrongly credited 2 600 Four Balance as per Bank Account ot QUESTIONS 4.1 Questions 4.1.1 to 4.1.4 are multiple choice questions. Choose the most correct (8) answer for each of the following. Mark an “X” in the column of your choice in your answer book, as shown in the example below: A B Cc Example x 4.1.1. A possible transaction that led to entry number one of the Bank Reconciliation Statement is: A, Rent Income of R3 500 was deposited directly into the bank account by the businesses tenant after the statement for February had been printed by the bank. B. S Sewpershad deposited the daily takings of R3 500 into the businesses bank account after the statement for February had been printed by the bank. C, R3.500 was deposited directly into the business bank account, by “Wentzel Wholesalers, as a refund for items that the business was overcharged for. D. None of the above 4.1.2 Entry number two shows a stale cheque that was originally issued to MR Clean, a supplier. The correct way to cancel this cheque is to: A. DR Creditors Control; CR Bank B. DR Bank; CR Debtors’ Control C. DR Bank; CR Creditors Control D. None of the above Copyright Reserved Please Turn Over ### Page 8 Accounting (Grade HMMOWNIOAdE fram hlayiSO. QQMo17 common test NSC 4.1.3 A possible transaction that led to entry number three on the Bank Reconciliation Statement is: A. R2 600 was erroneously deposited into Sewpershad Stores Bank account by the bank. It was meant to be deposited into S Sewpershad’s personal account. B. The Bank Statement showed a withdrawal of R2 600 on the businesses bank statement. This amount was meant to be R26 000. C. R2 600 appeared in the DR column of the Bank Statement. Sewpershad stores does not know what this amount was for. D. None of the above 4.1.4 The Balance of the Bank account on 28 February 2017 shown in entry number four was.... A. R23 640, Favourable B. R26 340, Favourable C. R26 340, Unfavourable D. None of the above 4.2 The bookkeeper is annoyed that she needs to work late at the end of the month when she is completing the Bank Reconciliation, as well as her normal day-to-day work. 4.2.1. Give TWO reasons how her employer motivates the necessity of completing the bank reconciliation. (4) 4.2.2 Discuss ONE possible solution to this problem. (2) TOTAL MARKS: [100] Copyright Reserved ### Page 9 av D9 LEYS Downloaded from hlayiso.com MHS, Education iNWWNe’ KwaZulu-Natal Department of Education eas REPUBLIC OF SOUTH AFRICA nine ohh PAAR LA ARRAS EACLE SEERA ERMAN ; , % Hy ANSWER BOOK MARCH 2017 i ACCOUNTING SwerseereT \ COMMON TEST :: | NATIONAL SENIOR CERTIFICATE | ' GRADE 11 | MARKS : 100 TIME : 1 hour Name: Grade: | . . Learners | Moderators | Question Topic Mark Mark 1 Creditors Reconciliation 2 Final Accounts of Partnerships | | | 3 Tangible Assets 4 Bank Reconciliation | N.B. This answer book consists of 5 pages. Copyright Reserved Please Turn Over ### Page 10 Downloaded from hlayiso.com Accounting (Grade 11) 4 March 2017 Common Test NSC QUESTION 3 (25 Marks, 16 Minutes) TANGIBLE ASSETS 3.1. Provide TWO advantages of purchasing a caravan for the staff, rather than booking them alternative accommodation. 4 3.2 Is it ethical for Barry Sithole, the owner of BS Builders, to use business funds to pay for his personal accommodation in a hotel during the duration of the contract. 3 3.3 Depreciation Accumulated Carrying P Depreciation Value 31 July 2015 31 July 2016 30 January 2017 9 3.4 Asset Disposal 9 Copyright Reserved Please Turn Over ### Page 11 Downloaded from hlayiso.com Accounting (Grade 11) QUESTION 4 (14 Marks, 8 Minutes) § NSC March 2017 Common Test BANK RECONCILIATION 44 A B Cc 4.4.1 4.1.2 4.1.3 4.1.4 8 4.2.1. 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