Physical Sciences Grade 11 Eastern Cape November 2018 Addendum

Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2018 ACCOUNTING ANSWER BOOK MARKS MODERATED QUESTION MAX MARKS OBTAINED MARKS 1 40 2 50 3 60 4 50 5 45 6 55 300 This answer book consists of 12 pages.

Downloaded from hlayiso.com 2 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) QUESTION 1: RECONCILIATIONS 1.1 1.1.1 1.1.2 1.1.3 1.1.4 4 1.2.1 CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL SUNDRY ACCOUNT AMOUNT SUNDRY ACCOUNT AMOUNT 10 1.2.2 BANK RECONCILIATION STATEMENT ON 31 OCTOBER 2018 DEBIT CREDIT 10 1.2.3 PROBLEM IDENTIFIED SOLUTION 6 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2018) ACCOUNTING (ANSWER BOOK) 3 1.3 CREDITORS RECONCILIATION Creditors Ledger Account Statement 20 000 21 500 A B C D E 10 Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) QUESTION 2: INCOME STATEMENT VUZI TRADERS Income Statement for the year ended 28 February 2018 Sales Cost of Sales GROSS PROFIT Other income Gross income Operating expenses Operating profit Profit before interest expense Net profit for the year 50 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2018) ACCOUNTING (ANSWER BOOK) 5 QUESTION 3: PARTNERSHIPS 3.1 CURRENT ACCOUNT NOTE THANDI XOLA TOTAL Salaries Interest on capital Bonus Net profit for the year 471 250 Drawings (148 800) (127 100) (275 900) Balance (1 March 2017) Balance (28 February 2018) 25 3.2 Calculate the following financial indicators: 3.2.1 CURRENT RATIO 3 3.2.2 AVERAGE DEBTORS COLLECTION PERIOD 6 3.2.3 PARTNER XOLA’S RETURN ON EQUITY 7 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) 3.2.4 DEBT/EQUITY RATIO 4 3.3 Comment on the liquidity of the business. Quote TWO financial indicators (with figures) to support your comment. 6 3.4.1 Explain Thandi’s concern about the ‘unlimited liability’ principle. 3 3.4.2 Provide TWO points to support Xola’s suggestion. Quote ONE financial indicator (with figures) in your motivation. 6 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2018) ACCOUNTING (ANSWER BOOK) 7 QUESTION 4: COST ACCOUNTING 4.1.1 Calculate: Direct material cost 7 Calculate: Direct labour cost 5 4.1.2 GENERAL LEDGER OF STRUMPHER MANUFACTURERS WORK-IN-PROGRESS STOCK 10 FINISHED GOODS STOCK 6 Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) 4.1.3 The owner is concerned about the control of workers in production. Provide TWO points that justify his concern. Quote relevant figures. Point 1: Figures Point 2: Figures 6 4.2 JOLENE AND JUANE DOLLS 4.2.1 Calculate the break-even point. 7 Comment on the findings. ` 3 4.2.2 Did the business achieve the targeted gross profit on sales? Provide a calculation to support your opinion. 6 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2018) ACCOUNTING (ANSWER BOOK) 9 QUESTION 5: BUDGETING 5.1 Calculate the percentage of goods sold on credit during December 2018. 4 5.2 Complete the Debtors Collection Schedule for December 2018. MONTH CREDIT SALES NOVEMBER DECEMBER October 57 600 23 040 November 64 800 24 624 December 72 000 CASH FROM DEBTORS 8 5.3 CASH BUDGET FOR DECEMBER 2018 RECEIPTS DECEMBER 2018 Cash Sales TOTAL RECEIPTS PAYMENTS Advertising 3 600 Repairs and maintenance 5 000 TOTAL PAYMENTS SURPLUS/(SHORTFALL) Bank (Opening Balance) BANK (CLOSING BALANCE) 23 Copyright reserved Please turn over

Downloaded from hlayiso.com 10 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) 5.4 ITEM REASON Well controlled: Not well controlled: 6 Provide the owner with different internal control measures he can use to exercise better control over any TWO items on this list. 4 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2018) ACCOUNTING (ANSWER BOOK) 11 QUESTION 6: CLUBS AND FIXED ASSETS 6.1.1 GENERAL LEDGER OF MOUNT COKE HIKING CLUB MEMBERSHIP FEES ACCOUNT 20 6.1.2 Explain why they feel this way. Provide ONE point. 2 Provide a solution to solve this problem. ONE point 2 6.2.1 Calculate: Total depreciation on vehicles 6 Calculate: Total depreciation on equipment 3 Copyright reserved Please turn over

Downloaded from hlayiso.com 12 ACCOUNTING (ANSWER BOOK) (EC/NOVEMBER 2018) 6.2.2 FIXED ASSETS NOTE VEHICLES EQUIPMENT CARRYING VALUE (1 March 2017) 213 000 Cost 924 000 380 000 Accumulated depreciation (554 400) (167 000) Movements: Additions 0 Disposals 0 Depreciation CARRYING VALUE (28 February 2018) Cost 1 090 000 335 000 Accumulated depreciation (165 340) 9 6.2.3 Provide TWO points to justify her concern. Quote figures. 6 Give Shirley TWO points of advice on how she can exercise better control over the use of the vehicles. 4 6.2.4 The six drivers are dissatisfied with their salary increase and are planning a strike. Are they justified? Explain. 3 TOTAL: 300 Copyright reserved Please turn over