# Accounting Grade 11 P2 National Exemplar November 2020 Memo > Grade 11 Accounting Paper 2 memorandum from the National Exemplar November Exam 2020, 9 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accn-gr-11-p2-november-2020-mg-final-dej/a5216c07-753a-4670-8671-caff8c95c88f - Updated: 2026-10-29 - Subject: Accounting - Grade: Grade 11 - Document type: Memorandum - Year: 2020 - Exam period: National Exemplar November Exam - Paper: 2 - Curriculum: CAPS - Pages: 9 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 P2 National Exemplar November 2020 Memo](https://www.hlayiso.com/library/accn-gr-11-p2-november-2020-mg-final-dej/a5216c07-753a-4670-8671-caff8c95c88f) ## About this document Accounting · Grade 11 · National Exemplar November Exam · 2020. Memorandum. 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 NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2020 ACCOUNTING P2 MARKING GUIDELINE (EXEMPLAR) MARKS: 150 MARKING PRINCIPLES: 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no foreign item penalty for misplaced items). No double penalty applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Full marks for correct answer. If the answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method mark for the answer). 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. This memorandum is not for public distribution; as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions 8. Where penalties are applied, the marks for that section of the question cannot be a final negative. 9. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer before awarding the mark. 10. 'Operation' means 'Check operation'. 'One part correct' means 'Operation and one part correct'. 11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. In such cases, do not award the method mark. Indicate by way of  12. Be aware that some candidates provide valid alternatives beyond the memorandum. 13. Codes: f = foreign item; p = placement/presentation. This marking guideline consists of 9 pages. Copyright reserved ### Page 2 2 ACCOUNTING P2 (EC/NOVEMBER 2020) QUESTION 1: RECONCILIATION 1.1 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question number. 1.1.1 False  1.1.2 True  2 1.2 Bank Reconciliation Statement on 31 July 2020: Debit Credit Balance as per Bank Statement 3 600  Late deposit 15 200  Outstanding cheques: No 231 2 020  No 235 1 570  Correct error deposit 3 800  Balancing figure  Balance as per Bank Account 11 410  for 18 800 both 18 800 totals -1 Foreign item: Max. 2 8 1.3.1 Although Bramley Traders offers credit terms of 60 days, Lavender Suppliers prefers to settle their account within 30 days during certain months. Provide TWO points to indicate that it is not a good decision. Any TWO points    Keep money as long as possible in own bank account to earn interest.  First collect money from debtors to pay creditors.  If no early payment discount is offered, there is no benefit  Pay as late as possible, but avoid unnecessary interest charged. 4 1.3.2 CREDITORS’ LEDGER ACCOUNT STATEMENT FROM OF BRAMLEY TRADERS BRAMLEY TRADERS 21 130 32 600 A 13 300 – 11 200 + 2 100  B + 300  C - 500  D (3 035 + 3 035) + 6 070  E - 7 000 one mark; -700 one mark- 7 700  27 000 * 27 000 10 * Operation one part correct. Both figures Copyright reserved Please turn over ### Page 3 (EC/NOVEMBER 2020) ACCOUNTING P2 3 1.4 VAT 1.4.1 Calculate the VAT amount payable/receivable to/from SARS. 142 800  184 680  5 520  9 240  2 340  252  43 512  Operation one part correct OR Choose the line 184 680 – 142 800 + 9 240 – 5 520 – 2 340 + 252 = 43 512 – 184 680 + 142 800 – 9 240 + 5 520 + 2 340 – 252 = 43 512 9 1.4.2 The internal auditor discovered that two large credit sales transactions for R598 000 during August 2020 were not recorded in the respective journal. The owner insists that these will be recorded during September, due to current cash flow problems. Give ONE reason why the auditor would not be satisfied with this explanation. Unethical.  He should not go along with the owner's request. They make use of the invoice basis to record VAT, so it has to be recorded and paid.  2 TOTAL MARKS: 35 Copyright reserved Please turn over ### Page 4 4 ACCOUNTING P2 (EC/NOVEMBER 2020) QUESTION 2: MANUFACTURING AND COST ACCOUNTING 2.1 MANUFACTURING 2.1.1 GENERAL LEDGER OF CHAMPION MANUFACTURERS RAW MATERIALS STOCK 2019 2020 Creditors' control Mar 01 Balance 107 000  Feb 29 16 000  Bank  428 900 2020 Raw Material Issued/  Feb 29 (250 000 + 15 400) 265 400 Work in process  1 mark each Balancing figure Creditors’ 158 000  Balance 85 500 control  530 400 530 400 2020 01 Balance 85 500  14 Mar WORK-IN-PROCESS 2019 2020 Finished Goods 800 000   Mar 01 Balance 25 800  Feb 29 Stock  Balancing figure 2020 Direct Labour Feb 29 Cost  214 749  Balance 86 414  Direct Materials Cost /Raw material stock 428 900   Factory  Overhead Cost 216 965  886 414 886 414 2020 Balance 86 414  12 01 Mar FINISHED GOODS STOCK 2019 2020 Cost of 901 000  Mar 01 Balance 126 400  Feb 29 sales  Balancing figure 2020 Work-in-process Feb 29 stock  800 000  Balance 25 400  926 400 26 400 8 2020 Balance 25 400  01 Mar 2.1.2 Calculate the gross profit for the year. R1 520 000  – R901 000  = R619 000  3 Copyright reserved Please turn over ### Page 5 (EC/NOVEMBER 2020) ACCOUNTING P2 5 2.1.3 Calculate the mark-up percentage. 619 000  100 901 000  x 1 = 68,7% 4 2.2 COST ACCOUNTING 2.2.1 Three fixed costs Salary foreman  Factory Rent  Salary of the Accountant  3 2.2.2 Calculate the break-even value of Jellytot Manufacturers. R945 000 R160 – R 115 R945 000  R45   = 21 000 units  4 2.2.3 In your opinion should Jellytot Manufacturers change to a cheaper supplier? Give TWO reasons for your answer. Yes/No  Reason     No  Lose goodwill  Poor quality of material  Customers will go elsewhere – less profit  Eventually cheaper quality and cheaper price Yes  Emphasis is on profit  A demand can be created; then the business should be able to supply it. 5 TOTAL MARKS 53 Copyright reserved Please turn over ### Page 6 6 ACCOUNTING P2 (EC/NOVEMBER 2020) QUESTION 3: BUDGETING 3.1 Explain the importance of comparing budgeted figures with actual figures achieved for the same period. One valid explanation  Deviations can be determined and remedial measures will be put in place. Establish whether the budgeting was realistic. Identify trends of mismanagement of cash. 2 3.2 Calculate the missing amounts (indicated by a, b and c) in the Debtors' Collection Schedule for the budgeted period March to May 2020. a 6 048  b 5 320  c 15 750  4 Calculate the budgeted total sales for March 2020. 3.3.1 10 500 x 100/20 = 52 500  2 3.3.2 Calculate the amount budgeted for payments to creditors during May 2020. 40 000 70 000  x 100/175  x 70%  = 28 000  any one part correct OR 12 000/30 x 70 = 28 000 1 mark 1 mark 1 mark 1 w/w mark 4 3.3.3 Calculate the budgeted salaries of the shop assistants for April 2020. 102 000/12 = 8 500 8 500 x 3 = 25 500 15 300 x 9 = 137 700 25 500  + 137 700  = 163 200  any one part correct OR 102 000 one mark + 61 200 two marks = 163 200 1 w/w mark (102 000 X 80% X 9/12) one mark one mark 4 Copyright reserved Please turn over ### Page 7 (EC/NOVEMBER 2020) ACCOUNTING P2 7 3.3.4 Calculate the % increase in the salary of the manager expected in May 2020. 3 200 (1 mark) (19 200 – 16 000) /16 000  = 20%  any one part correct 3 3.3.5 Calculate the amount of the additional loan expected to be acquired on 1 April 2020. 875  x (100 x12)  /14  = 75 000  any one part correct OR 7 175 X 100/14 X 12 = 615 000 two marks 6 300 X 100/14 X 12 = 540 000 one mark 75 000 one w/w mark 4 3.4 An official of the local municipality has offered to recommend Peter Pan Stationers to supply stationery to the value of R500 000. However, he will only do this if Vuyo pays him R20 000 in cash. Give Vuyo advice in this regard. State TWO points. Any two suggestions    This is a bribe which is unethical and illegal.  If this information is made public, it will have a negative effect on the business in the future.  Vuyo must tender formally to the municipality to secure the contract through the normal processes. 4 Copyright reserved Please turn over ### Page 8 8 ACCOUNTING P2 (EC/NOVEMBER 2020) 3.5 Identify THREE over-payments in April 2020, apart from vehicle expenses. Provide figures to support your answer. Provide a valid reason for each over-payment to support Vuyo's decisions. Over-payment with figures Valid reason Item and figure       1 Cash purchase of merchandise (R28 000) was Possibly to take advantage of significantly higher than the bulk discounts on purchases. budgeted figure (R12 000) 2 The bonus of the manager He has retained the services (R24 000) of a valuable employee. 3 Purchase of vehicle The difference between motor (R180 000) vehicle expenses and delivery expenses is R5 200 per month 6 Explain how this difference of opinion with his wife can be avoided in future. As they are jointly running the business, they should have specific meetings to determine the budget jointly. Vuyo should consult his wife before spending on unbudgeted items.  2 State TWO other strategies that Vuyo and his wife could consider in future to improve the results of the business. Any two valid points:    Advertise monthly  Reduce the number of shop assistants  Reinstate deliveries to customers  Negotiate longer credit terms with creditors 2 TOTAL MARKS: 37 Copyright reserved Please turn over ### Page 9 (EC/NOVEMBER 2020) ACCOUNTING P2 9 QUESTION 4: FIXED ASSETS AND INTERNAL CONTROL 4.1 What is a Fixed Assets Register? Any valid explanation  A Fixed Asset Register is a book in which all the assets owned by a business is recorded. 2 4.2 Calculate the depreciation on equipment for the year. New equipment: 90 000 x 20% x 3/12 R4 500  Equipment sold: 60 000  – 42 000  = 18 000 x 20% x 9/12  R2 700  Old equipment: 555 000  – 138 000  = 417 000 x 20% R83 400  Total: R90 600  10 4.3 Asset Disposal 2020 Equipment  60 000  2020 Acc dep on Dec 1 Dec 1 equipment  44 700  (42 000  + 2 700 ) see 4.2 Profit on sale 6 700  Creditors’ control  22 000 of equipment   66 700 66 700 10 4.4 The owner is concerned about the internal control over the fixed assets of the business. Suggest THREE internal control measures that could be implemented. Three valid suggestions     Ensure that all fixed assets are safely stored (security)  Ensure that proper authorisation procedures are in place  Do regular physical checks against the fixed asset register 3 TOTAL MARKS: 25 TOTAL: 150 Copyright reserved Please turn over ## Related documents - [ACCN P2 MEMO GR11NOV2020 AFR D](https://www.hlayiso.com/library/accn-p2-memo-gr11nov2020-afr-d/38bba4b0-47f1-41bd-9411-5a4b9c511428) — Accounting · Memo · 2020 · Afr - [ACCN GR 11 P2 NOVEMBER 2020 MG - AFR DeJ](https://www.hlayiso.com/library/accn-gr-11-p2-november-2020-mg-afr-dej/b285fcec-6fab-46ad-b84c-6a4f7f1767c5) — Accounting · Memo · 2020 · Afr - [ACCOUNTING P2 GR11 QP NOV2020 Afrikaans](https://www.hlayiso.com/library/accounting-p2-gr11-qp-nov2020-afrikaans/e1f5b6b4-a7f4-4a8c-b27e-228a5f075c6b) — Accounting · QP · 2020 · Afr - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2020 Afrikaans .docx](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2020-afrikaans-docx/134a2888-385c-4172-8067-9fc5c9886ca1) — Accounting · Memo · 2020 · Afr - [Gr11 Acc P2 (Afrikaans) 2020 Exemplars Possible Answers](https://www.hlayiso.com/library/gr11-acc-p2-afrikaans-2020-exemplars-possible-answers/4e368746-40f7-41f2-abf3-6417b98990d2) — Accounting · Memo · 2020 · Afr - [ACCOUNTING P1 GR11 QP NOVEMBER 2020 Afrikaans .docx](https://www.hlayiso.com/library/accounting-p1-gr11-qp-november-2020-afrikaans-docx/eeaf8539-72ee-46a7-8495-615b05451a2d) — Accounting · QP · 2020 · Afr ## More from Grade 11 Accounting - [GR11 Accounting Practice exam November Paper 1](https://www.hlayiso.com/library/gr11-accounting-practice-exam-november-paper-1/a786fffb-f00d-472f-a62b-80f038063c5b) — Guide - [Grade 11 Accounting P2 November 2026 Mock](https://www.hlayiso.com/library/grade-11-accounting-2026-november-mock-exam-question-paper-paper-2/23b01a3d-4c7f-4c08-87ca-2f521d5b13fd) — QP · 2026 · Eng - [ACCOUNTING P1 GR11 ANSWER BOOK NOV2025 Afrikaans watermark](https://www.hlayiso.com/library/accounting-p1-gr11-answer-book-nov2025-afrikaans-watermark/6daad69c-e558-4d79-9945-bdcc57c797b8) — Addendum · 2025 · Afr - [ACCOUNTING ANS BOOK GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-ans-book-gr11-nov-2025-eng-watermark/23071d73-1633-476d-9eea-a35d45360d61) — QP · 2025 · Eng - [ACCOUNTING P1 GR11 QP NOV2025 Afrikaans watermark](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov2025-afrikaans-watermark/12583458-757b-44ed-b818-66dccc55c934) — QP · 2025 · Afr - [ACCOUNTING P2 QP GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr11-nov-2025-afr-watermark/c1345715-0e44-4f64-9844-4e1a4ca18c22) — QP · 2025 · Afr ## Collection - [Grade 11 past papers](https://www.hlayiso.com/grade-11/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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