Accounting Grade 11 North West June 2018 Addendum

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING JUNE 2018: ANSWER SHEET MARKS: 300 LEARNER’S NAME...................................................................................................... NAME OF SCHOOL.................................................................................................... QUESTION MARKS INITIALS MODERATOR 1 2 3 4 5 6 TOTAL This answer book consists of 15 pages Demo NW/JUNE/ACCNG/ EMIS/6******* Page 1 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 QUESTION 1: 1.1 What is the purpose of bank reconciliation? 2 1.2 1.2.1 1.2.2 1.2.3 1.2.4 4 1.3 1.3.1 CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL Provisional totals 62 800 Provisional totals 109 600 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 2 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 BANK BALANCE: 14 1.3.2 BANK RECONCILIATION STATEMENT ON 31 MARCH 2018 OR BANK RECONCILIATION STATEMENT ON 31 MARCH 2018 2 30 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 3 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 QUESTION 2: 2.1 Why must the balance of the Creditors’ Control Account in the General Ledger be the same as the total of the Creditors List in the Creditors Ledger 2 2.2 & 2.3 No. Balance Creditors Control Creditors List A A B C D E F G 23 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 4 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 2.4 2.4.1 Quick has asked you to comment on the internal control system he has in place. Are they adequate? Give Two points 5 2.4.2 Is the salesman incompetent or guilty of fraud? What action could be taken against him in either case? 5 30 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 5 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 QUESTION 3: 3.1 3.1.1. 3.1.2. 3.1.3. 3.1.4. 3.1.5. 5 3.2.1 Asset Disposal 8 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 6 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 3.2.2 FIXED ASSET NOTE Land and Vehicles Equipment buildings Carrying value at the beginning 247 500 Cost (1 March 2017) 800 000 450 000 Accumulated depreciation(1 March 207) (70 000) Movement Additions on cost Disposal at carrying value (0) (92 160) Depreciation for the year Carrying value at the end Cost Accumulated depreciation 22 35 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 7 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 QUESTION 4: 4.1.1 Income Statement of Golden Poppy Traders for the ended 30 June 2017 Sales (1193000 Cost of Sales (668000 Gross profit Other operating income Rent income Discount received Provision for bad debts adjustments Gross income Operating expenses Salaries and Wages Insurance Packing Material Repairs and maintenance Water and Electricity Bad Debts Sundry Expenditure Depreciation Trading Stock deficit Operating profit before interest expenses Interest Income Operating Profit before interest expense Interest expenditure 53 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 8 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 4.1.2. Trade and other Payables 17 70 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 9 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 QUESTION 5 5.1 GENERAL LEDGER OF BIG BROTHER TRADING ON 28 FEB 2018 Appropriation 2018 28 2018 28 Feb Feb 17 5.2 5.2.1.1 Acid test Ratio 4 5.2.1.2 Stock turnover Rate 5 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 10 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 5.2.1.3 Debt/equity ratio 4 5.2.1.4 Percentage return earned by Aaron 6 5.2.2 9 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 11 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 5.2.3 12 5.2.4 5 5.2.5 1 8 70 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 12 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 Question 6 6.1 Statements of receipts and payments Mubs Football club for the year ended 31 December 2018 RECEIPTS PAYMENTS Cash Surplus 27 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 13 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 6.2 6.2.1 a. Annual Dance b. Refreshments 10 6.2.2 4 6.2.3 6 Demo NW/JUNE/ACCNG/ EMIS/6******* Page 14 of 15

Downloaded from hlayiso.com Accounting Grade 11-Answer book NW/June 2018 6.2.4 a. b. c. d. 9 6.2.5 4 60 [300] Demo NW/JUNE/ACCNG/ EMIS/6******* Page 15 of 15