Accounting Grade 11 P1 National November 2019 Addendum (Eng)

Downloaded from hlayiso.com NAME: …………………………………………… CLASS: …………………. NATIONAL SENIOR CERTIFICATE ACCOUNTING P1 GRADE 11 EXEMPLAR NOVEMBER 2019 SPECIAL ANSWER BOOK TOTAL MARK MODERATED MODERATOR QUESTION MARKS OBTAINED MARK INITIAL 1 25 2 50 3 40 4 35 TOTAL 150 This answer book consists of 9 pages. Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 2 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book QUESTION 1: GAAP AND FIXED ASSETS (25 marks; 20 minutes) 1.1 1.1.1 1.1.2 1.1.3 1.1.4 4 1.2.1 WORKINGS ANSWER (i) (ii) (iii) (iv) 17 1.2.2 Give ONE suggestion that the internal auditor can use to check whether movable fixed assets have been stolen. 2 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 3 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book 1.2.3 Provide ONE point why you would agree with Partner Naomi. 2 TOTAL MARKS 25 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 4 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book QUESTION 2: INCOME STATEMENT AND BALANCE SHEET NOTE (50 marks; 45 minutes) 2.1 MASALA TRADERS INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2019 Sales (9 600 000 – 168 000 Cost of sales (6 400 000 Gross profit Other income Commission income 96 200 Gross income Operating expenses Sundry expenses 386 100 Bank charges 62 850 Operating profit Interest income 4 000 Profit before interest expense Interest expense Net profit for the year 40 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 5 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book 2.2 TRADE AND OTHER PAYABLES Creditors' control 126 075 Pension fund (23 500 10 TOTAL MARKS 50 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 6 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book QUESTION 3: PARTNERSHIPS (40 marks; 30 minutes) 3.1 Calculate the percentage interest on capital. 3 3.2 CURRENT ACCOUNTS VILANDER LOUW Partner salaries 144 000 Interest on capital 35 200 Primary distribution 179 200 Final distribution 36 000 Drawings (33 000) (259 000) (43 800) Balance at beginning Balance at end of year 13 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 7 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book 3.3 KGALAGADI TRADERS BALANCE SHEET ON 28 FEBRUARY 2019 ASSETS NON-CURRENT ASSETS 901 200 Fixed assets 750 000 Fixed deposit 151 200 CURRENT ASSETS TOTAL ASSETS EQUITY AND LIABILITIES EQUITY Capital Current account NON-CURRENT LIABILITIES CURRENT LIABILITIES Trade and other payables 85 300 Bank overdraft Current portion of loan TOTAL EQUITY AND LIABILITIES 24 TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 8 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book QUESTION 4: ANALYSIS AND INTERPRETATION (35 marks; 25 minutes) 4.1.1 The business was started on 1 March 2017. The partners are concerned about the financial results during the first year of operation. Calculate the % return on the partners' equity (use average equity). 6 Comment on this return. Provide ONE point. 2 4.1.2 Ronel Henning is concerned about whether she has made the right decision in resigning from her previous job. Calculate the total amount earned by Ronel Henning during the first year of operation of this business. 5 What percentage of the total net income did she earn and what percentage did her partner, Yvonne, earn? RONEL YVONNE 5 Will the partners be satisfied with the amounts calculated above? Explain briefly. Quote figures. RONEL YVONNE 4 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P1 9 DBE/November 2019 NSC – Grade 11 Exemplar – Answer Book 4.2 FINANCIAL DECISIONS FOR THE NEXT YEAR 4.2.1 Calculate the change in net profit if Yvonne decides to work fulltime. Show workings. 152 000 7 4.2.2 Show the effect of this change to Yvonne's total earnings, if she gives up her job. 4 4.2.3 Briefly explain TWO other advantages for the business if Yvonne works on a full-time basis in the business. 2 TOTAL MARKS 35 TOTAL: 150 Copyright reserved