Accounting Grade 11 P1 Eastern Cape November 2022 QP (Eng)

Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2022 ACCOUNTING P1 ANSWER BOOK MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 20 2 45 3 55 4 30 150 *IACABE1* This answer book consists of 8 pages.

Downloaded from hlayiso.com 2 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022) QUESTION 1 1.1 No. A O L e.g. + + 0 6 1.2.1 Calculate the missing figures in the fixed asset note: WORKINGS ANSWER (i) (ii) (iii) (iv) 14 TOTAL MARKS 20 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 3 QUESTION 2 2.1 CONCEPTS 2.1.1 2.1.2 2.1.3 2.1.4 4 2.2.1 AMADIBA TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2022 Sales Cost of sales Gross profit Other income Gross income Operating expenses Salaries and Wages 192 200 Advertising 46 600 Operating profit Net profit for the year 346 840 37 Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022) 2.2.2 Provide TWO possible reasons why rent income decreased. 4 TOTAL MARKS 45 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 5 QUESTION 3 3.1 TRADE AND OTHER RECEIVABLES Trade debtors 7 3.2 CURRENT ACCOUNTS B. Bolt C. Comma Partners’ salaries 480 000 Interest on capital 72 000 Primary distribution of profit Final distribution of profit 261 600 Drawings for the year (1 200 400) (750 000) Retained income for the year Balance at the beginning of the year Balance at the end of the year 16 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022) 3.3 STATEMENT OF FINANCIAL POSITION ON 31 DECEMBER 2021 NON-CURRENT ASSETS Fixed assets Financial assets CURRENT ASSETS Inventories TOTAL ASSETS EQUITY AND LIABILITIES OWNERS’ EQUITY NON-CURRENT LIABILITIES CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES 32 TOTAL MARKS 55 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 7 QUESTION 4 4.1 Calculate the following: 4.1.1 Acid-test ratio WORKINGS ANSWER 4 4.1.2 Average stockholding period (in days) WORKINGS ANSWER 5 4.1.3 Percentage return on average partner’s equity WORKINGS ANSWER 5 Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022) 4.2 Comment on the liquidity position of the business. Quote and explain THREE financial indicators (with figures) in your explanation. 8 4.3 The partners decided to decrease the loan during the financial year. Explain how this decision has affected the risk of the business. Quote and explain ONE financial indicator with figures. 4 4.4 Collar is satisfied with the % return he is earning in the partnership. Provide TWO reasons with figures. 4 TOTAL MARKS 30 TOTAL: 150 Copyright reserved Please turn over