Accounting Grade 11 North West June 2017 Addendum

Downloaded from hlayiso.com SCHOOL: __________________________________________________________ LEARNER: _________________________________________________________ GRADE 11 ACCOUNTING JUNE 2016 ANSWER BOOK QUESTION TOTAL MARKS LEARNER MARK MODERATOR 65 1 65 2 50 3 50 4 45 5 25 6 300 TOTAL This answer book consists of 14 pages

Downloaded from hlayiso.com Accounting Gr. 11 2 NW/June 2017 Answer book QUESTION 1 1.1 Write only the term next to the question number 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2.1 Cash Receipts Journal – 30 November 2016 Sundry Accounts Day Details Bank Amount Details Total 174 890 174 890 7 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 3 NW/June 2017 Answer book 1.2.1 Cash Payments Journal – 30 November 2016 Sundry Accounts Day Details Bank Amount Details Total 124 760 124 760 13 1.2.2 Dr Bank Cr 5 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 4 NW/June 2017 Answer book 1.2.3 Bank Reconciliation Statement on 30 November 2016 Details Debit Credit 8 1.3.1 As the internal auditor, explain TWO concerns you have over Mary’s duties. 4 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 5 NW/June 2017 Answer book 1.3.2 Identify TWO problems withthe cash slips and the deposit thereof. Give a possible reason why it happened and use amounts/figures to substantiate your point.Give advice to solve each of the problems, use different advice for each problem. PROBLEM WITH REASON ADVICE Problem: Advice: Reason: Problem: Advice: Reason: 8 1.4 No. Creditors' Ledger of Statement of account Wonnie Stores received from Wondekop Ltd Balance 112 820 182 150 A – 9 000 – 9 000 B C D E F G H 15 65 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 6 NW/June 2017 Answer book QUESTION 2 MONACO TRADERS 2.1 INCOME STATEMENT FOR THE YEAR ENDED28 FEBRUARY 2017 Note Sales (1 520 000 Cost of sales Gross Profit Other Operating Income Gross Operating income Operating Expenses Operating Profit 494 724 Profit Before Interest Expense Net Profit for the year 54 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 7 NW/June 2017 Answer book 3.2 Trade and other receivables 11 65 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 8 NW/June 2017 Answer book QUESTION 3 3.1.1 CAPITAL SAUSAGE ROLL TOTAL Balance at the beginning of the year Balance at the end of the year 8 3.1.1 CURRENT ACCOUNT SAUSAGE ROLL TOTAL 30 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 9 NW/June 2017 Answer book 3.2 Accounting equation Assets Equity Liabilities e.g – 500 – 500 0 3.2.1 12 50 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 10 NW/June 2017 Answer book QUESTION 4 4.1.1 MEMBERSHIP FEES 2016 2016 Jan 1 Jan 1 Dec 31 Dec 31 18 4.1.2 TRACK SUITS 2016 1 Jan Dec 31 10 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 11 NW/June 2017 Answer book 4.1.3 There was a burglary on 29 December 2016. Some track suits were stolen. Give TWO internal control measures to prevent it in the future. 4 4.2 Analyses of transactions No. Receipts Payments Income Expenses 4.2.1 4.2.2 4.2.3 4.2.4 4.2.5 4.2.6 18 50 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 12 NW/June 2017 Answer book QUESTION 5 5.1 Dr Asset Disposal Account N6 Cr 2016 2016 Sept 1 Sept 1 11 Land and 5.2 Fixed/Tangible Assets Vehicles Equipment Buildings Carrying value at the 400 000 224 000 60 000 beginning of the year Cost 400 000 300 000 80 000 Accumulated Depreciation (0) (76 000) (20 000) Movements: Carrying value at the end of the year Cost Accumulated Depreciation 20 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 13 NW/June 2017 Answer book 5.3 The Land and Buildings were revalued on 1 March 2016 and the market value was R700 000, the financial records reflects R400 000.Which GAAP Principle is applicable? 2 5.2 Identify ONE problem in relation to each branch, quoting figures to support the problem. In each case, offer Tienie advice on how to solve the problem. BRANCH COMMENT ADVICE BRITS CENTURION HATFIELD 12 45 Copy right reserved Please page over

Downloaded from hlayiso.com Accounting Gr. 11 14 NW/June 2017 Answer book QUESTION 6 6.1.1 Calculate the mark up percentage 4 6.1.2 Calculate the solvency ratio 4 6.1.3 Calculate the debt equity ratio 4 6.2.1 Calculate the current ratio Comment 6 6.2.2 Average stock turnover rate Comment 7 25 TOTAL: 300 Copy right reserved Please page over