Accounting Grade 11 P1 Eastern Cape November 2019 Addendum

Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2019 ACCOUNTING P1 ANSWER BOOK MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 30 2 50 3 40 4 30 TOTAL 150 *IACABE* This answer book consists of 10 pages.

Downloaded from hlayiso.com 2 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2019) QUESTION 1: ANALYSIS OF TRANSACTIONS AND FIXED ASSETS 1.1 ANALYSIS OF TRANSACTIONS General Ledger Owners’ Assets Liabilities Account Account credited equity debited 1.1.1 Trading stock Bank 1.1.2 0 +500 -500 1.1.3 1.1.4 12 1.2 FIXED ASSETS 1.2.1 Calculate the missing figures denoted by (i) to (iii). WORKINGS ANSWER (i) 2 (ii) 4 (iii) 7 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2019) ACCOUNTING P1 (ANSWER BOOK) 3 1.2.2 The equipment was sold at a loss while the market value was R35 000. Provide TWO possible reasons for the loss and suggest ONE control measure to prevent this happening again. Possible reasons: Suggestion: 5 TOTAL MARKS 30 Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2019) QUESTION 2: INCOME STATEMENT AND BALANCE SHEET NOTE 2.1 TYALI TRADERS INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2019 Cost of sales Gross profit Other operating income Gross operating income Operating expense Depreciation 71 680 Operating profit Profit before interest expense Net profit for the year 41 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2019) ACCOUNTING P1 (ANSWER BOOK) 5 2.2 TRADE AND OTHER RECEIVABLES 9 TOTAL MARKS 50 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2019) QUESTION 3: PARTNERSHIPS 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3.1.4 4 3.2.1 CURRENT ACCOUNTS NOTE OF PARTNERS NTUBENI KOLISI Partners’ salaries Interest on capital 42 000 Partners’ bonuses Drawings (345 000) (375 000) Balance at the beginning (30 000) 10 500 Balance at the end 19 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2019) ACCOUNTING P1 (ANSWER BOOK) 7 3.2.2 BALANCE SHEET ON 30 SEPTEMBER 2019 EQUITY AND LIABILITIES Owners’ equity Non-current liabilities Current liabilities TOTAL EQUITY AND LIABILITIES 17 TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2019) QUESTION 4: ANALYSIS AND INTERPRETATION 4.1 CONCEPTS True or False 4.1.1 4.1.2 4.1.3 4.1.4 4 4.2 MK TRADERS 4.2.1 Percentage return earned by Mike. Calculate the average percentage return earned by Mike. 6 Comment on the return earned by Mike. Quote figures. 2 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2019) ACCOUNTING P1 (ANSWER BOOK) 9 4.2.2 Comment on TWO liquidity indicators which improved. Quote figures. 6 4.2.3 The partners planned minor extensions to the building to the value of R80 000. Partner Koline suggested an additional loan to be taken out for the extensions. Why do you think Koline made this suggestion? Quote a financial indicator with figures to support your answer. 3 Copyright reserved Please turn over

Downloaded from hlayiso.com 10 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2019) 4.3 JOHN’S APPLIANCES 4.3.1 Refer to the electric fans: Identify TWO negative effects of the increase in the mark-up percentage. Quote the relevant figures. 4 4.3.2 Identify ONE consequence (problem) resulting from the change in supplier. Quote figures. Provide a possible reason for the problem you identified. PROBLEM REASON 3 Provide ONE suggestion (besides those mentioned above) that John can use to increase sales in general. 2 TOTAL MARKS 30 TOTAL: 150 Copyright reserved Please turn over

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