# Accounting Grade 11 P1 Eastern Cape November 2022 Memo (Eng) > Grade 11 Accounting Paper 1 memorandum from the Eastern Cape November 2022 (English), 8 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2022-english/88d6eef7-a681-4de5-9666-b667a0f71a40 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2022 - Exam period: Eastern Cape November - Paper: 1 - Curriculum: CAPS - Pages: 8 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 11](https://www.hlayiso.com/library/grade-11) › [Accounting](https://www.hlayiso.com/library/grade-11/accounting) › [Accounting Grade 11 P1 Eastern Cape November 2022 Memo (Eng)](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2022-english/88d6eef7-a681-4de5-9666-b667a0f71a40) ## About this document Accounting · Grade 11 · Eastern Cape November · 2022 · English. Memorandum, 8 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2022 ACCOUNTING P1 MARKING GUIDELINE MARKS: 150 MARKING PRINCIPLES: 1. Unless otherwise indicated in the marking guidelines, penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item). No double penalty applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Full marks for correct answer. If the answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method mark for the answer). NOTE: if figures are stipulated in marking guidelines for components of workings, these do not carry the method mark for final answer as well. 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers. 7. Where penalties are applied, the marks for that section of the question cannot be a final negative. 8. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer. 9. ‘Operation’ means ‘Check operation’. ‘One part correct’ means ‘Operation and one part correct’. NOTE: Check operation must be +, –, x or ÷ or as per marking guidelines. 10. In calculations, do not award marks for workings if numerator and denominator are swapped – this also applies to ratios. 11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. Indicate with a . 12. Be aware of candidates who provide valid alternatives beyond the marking guideline. Note that one comment could contain different aspects. 13. Codes: f = foreign item; p = placement/presentation. This marking guideline consists of 8 pages. ### Page 2 Downloaded from hlayiso.com 2 ACCOUNTING P1 (EC/NOVEMBER 2022) QUESTION 1 1.1 No. A O L e.g. + + 0 a +✓ +✓ 0 b -✓ 0 - ✓ c - ✓ +✓ 0 6 If no entry in a column, assume 0; -1 per line for foreign entry. 1.2.1 Calculate the missing figures in the fixed asset note: WORKINGS ANSWER (i) 3 000 000 + 760 000 3 760 000 ✓✓ (ii) 420 000 ✓ – 160 000 ✓ 260 000 ✓ (iii) see (ii) x 10% above 38 000  26 000  + 12 000 ✓✓ one part correct (iv) 252 000 three marks 108 000  360 000 ✓ – (216 000 ✓ + 36 000 ✓✓) one part correct 14 TOTAL MARKS 20 Copyright reserved Please turn over ### Page 3 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 3 QUESTION 2 2.1 CONCEPTS 2.1.1 B✓ 2.1.2 D✓ 2.1.3 A✓ 2.1.4 C✓ 4 2.2.1 AMADIBA TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2022 Sales (1 770 400 ✓ + 9 600 ✓) 1 780 000 * Cost of sales Sales x 100/160 (1 112 500)  Gross profit Sales – Cost of sales 667 500  6 Other income operation, one part correct 98 800  Discount received 4 600 ✓ 278 000 two marks Trading stock surplus (287 700 ✓ – (284 000✓ – 6 000 ✓) 9 700 * Provision for bad debts adjustment (5 950 ✓ – 4 810 ✓✓) 1 140 * Rent income (69 700 ✓ + 13 660 ✓✓) 83 360 * Gross income GP + OI 766 300  15 Operating expenses (419 960) Salaries and Wages 192 200 Advertising 46 600 Bad debts (7 790 ✓ + 1 400 ✓) 9 190 ✓ Telephone (10 500 ✓ + 1 150 ✓) 11 650 ✓ Insurance (107 730 ✓ – 8 910 ✓✓) 98 820 * Depreciation 61 500 ✓ Operating profit GOI – OE 346 340  12 Interest income balancing figure (PBIE – OP) 18 000  Profit before Interest expense NP + Int exp 364 340  4 Interest expense (312 000 – 294 500) (17 500) ✓✓ Net profit for the year 346 840 37 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 ACCOUNTING P1 (EC/NOVEMBER 2022) 2.2.2 Provide TWO possible reasons why rent income decreased. Any TWO valid reasons ✓✓ ✓✓ part marks for incomplete / partial / unclear responses • Decrease in demand for rental space due to lockdown • Tenant could not afford to pay the original rent and negotiated for a decrease. • The tenant negotiated to occupy a smaller floor space. • The tenant got a cheaper offer for the same floor space elsewhere. 4 TOTAL MARKS 45 Copyright reserved Please turn over ### Page 5 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 5 QUESTION 3 3.1 TRADE AND OTHER RECEIVABLES Trade debtors NTD + PBD 377 500 * Provision for bad debts (4 900) ✓ Net trade debtors 372 600 ✓ Prepaid expense 3 900 ✓ Accrued income 12 500 ✓✓ 389 000 * 7 3.2 CURRENT ACCOUNTS B. Bolt C. Comma Partners’ salaries 600 000 ✓✓ 480 000 Partners’ bonuses 40 000 ✓✓ Interest on capital (24 000 + 30 000) 72 000 54 000 ✓✓ Primary distribution of profit operation 712 000  534 000  Final distribution of profit (261 600 x 3 ÷ 2) 392 400 ✓✓ 261 600 Drawings for the year (1 200 400) (750 000) Retained income for the year operation (96 000)  45 600  Balance at the beginning of the year 146 500 ✓ 33 000 ✓ Balance at the end of the year operation 50 500  78 600  16 Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com 6 ACCOUNTING P1 (EC/NOVEMBER 2022) STATEMENT OF FINANCIAL POSITION ON 31 DECEMBER 2021 NON-CURRENT ASSETS operation 1 248 700  Fixed assets 948 700 ✓ Financial assets 400 000 ✓ – 100 000 ✓✓ 300 000 * 6 CURRENT ASSETS operation (TA – NCA) 763 000  Inventories balancing figure (CA – TOR – CCE) 254 000  Trade and other receivables see 3.1 389 000  Cash and Cash Equivalents see above (8 000 ✓+12 000 ✓+100 000 ) 120 000 * TOTAL ASSETS E+L 2 011 700  8 EQUITY AND LIABILITIES OWNERS’ EQUITY operation ( Cap + Cur acc’s) 1 229 100  Capital (600 000 + 500 000) 1 100 000 ✓✓ Current accounts (50 500 + 78 600) see 3.2 129 100  NON-CURRENT LIABILITIES 617 000 Loan: Gqeberha Bank (662 000 ✓ – 45 000 ✓✓) 617 000 * 8 CURRENT LIABILITIES operation 165 600  Trade and other payables (83 200 ✓– 12 500 ✓+ 5 400✓+13 000✓✓) 89 100 * Bank overdraft 31 500 ✓ Current portion of Loan See NCL above 45 000  10 TOTAL EQUITY AND LIABILITIES operation 2 011 700  32 TOTAL MARKS 55 Copyright reserved Please turn over ### Page 7 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 7 QUESTION 4 4.1 Calculate the following: 4.1.1 Acid-test ratio WORKINGS ANSWER 554 000 two marks (416 000 ✓ + 138 000)✓: 588 000 ✓ OR 0,9 : 1  one part correct 554 000 two marks one mark (854 000 – 300 000) : 588 000 one mark one mark 4 4.1.2 Average stockholding period (in days) WORKINGS ANSWER 507 500 three marks 1 015 000 two marks ✓½ (300 000 + 715 000) ✓✓ x 365 98,8 or 99 days  1 875 000✓ one part correct 5 4.1.3 Percentage return on average partner’s equity WORKINGS ANSWER ✓660 000 ✓½ (2 002 800 + 1 488 000) ✓✓ x 100 3 490 800 two marks 37,8% or 38%  1 745 400 three marks one part correct 5 Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com 8 ACCOUNTING P1 (EC/NOVEMBER 2022) 4.2 Comment on the liquidity position of the business. Quote and explain THREE financial indicators (with figures) in your explanation. Financial indicators    comparative figures ✓ ✓  Valid comment ✓✓ part marks for incomplete / partial / unclear responses Current ratio decreased from 1,8 : 1 to 1.5 : 1 Acid test ratio increased from 0,7 : 1 to 0,9 : 1 see 4.1.1 and mark explanation accordingly Stockholding period drop from 159 days to 99 days see 4.1.2 Liquidity shows an upward/increasing trend / the business is holding much less stock / stock is moving faster / increase in sales / less cash tied up in stock / may not experience cash flow problems in the future. 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. Financial indicator  comparative figures with trend  comment  Debt/equity ratio decreased from 0,5 : 1 to 0,3 : 1 (by 0,2 : 1) • Paying-off the loan places the business at a lower financial risk. • Although the business is still lowly geared the risk is lower. 4 4.4 Collar is satisfied with the % return he is earning in the partnership. Provide TWO reasons with figures. Two valid reasons ✓ ✓ Comparative figures ✓ ✓ • % return increased from 14% to 17% (by 3% points) while EZO’s dropped from 30% to 21% (by 9%). • % return is still higher than alternative investments which is ± 6%. 4 TOTAL MARKS 30 TOTAL: 150 Copyright reserved Please turn over ## Related documents - [ACCOUNTING P2 MEMO GR11 NOV2022 English](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov2022-english/4c0cad8a-f3d3-4318-bcbe-6354a4b81cf9) — Accounting · Memo · 2022 · Eng - [ACCOUNTING P2 GR11 QP NOV2022 English](https://www.hlayiso.com/library/accounting-p2-gr11-qp-nov2022-english/f43f0b46-185b-41cf-bed5-88654714f772) — Accounting · QP · 2022 · Eng - [ACCOUNTING P2 GR12 ANS BOOK NOV2022 English](https://www.hlayiso.com/library/accounting-p2-gr12-ans-book-nov2022-english/f4a4602d-bd68-471c-908e-7d2b30e5baa9) — Accounting · QP · 2022 · Eng - [Gr 11 Accounting P1 (English) November 2022 Answer Book - Copy](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-answer-book-copy/b5f51a33-e557-4096-9267-68bf5690bcb4) — Accounting · Addendum · 2022 · Eng - [Gr 11 Accounting P1 (English) November 2022 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0) — Accounting · QP · 2022 · Eng - [Gr 11 Accounting P2 (English) November 2022 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-november-2022-possible-answers/f9181d83-1d51-4791-b6ff-7a96d108c1db) — Accounting · Memo · 2022 · Eng ## More from Grade 11 Accounting - [GR11 Accounting Practice exam November Paper 1](https://www.hlayiso.com/library/gr11-accounting-practice-exam-november-paper-1/a786fffb-f00d-472f-a62b-80f038063c5b) — Guide - [Grade 11 Accounting P2 November 2026 Mock](https://www.hlayiso.com/library/grade-11-accounting-2026-november-mock-exam-question-paper-paper-2/23b01a3d-4c7f-4c08-87ca-2f521d5b13fd) — QP · 2026 · Eng - [ACCOUNTING ANS BOOK GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-ans-book-gr11-nov-2025-eng-watermark/23071d73-1633-476d-9eea-a35d45360d61) — QP · 2025 · Eng - [ACCOUNTING P2 QP GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr11-nov-2025-afr-watermark/c1345715-0e44-4f64-9844-4e1a4ca18c22) — QP · 2025 · Afr - [LP Accounting Grade 11 March 2025 QP and Memo](https://www.hlayiso.com/library/lp-accounting-grade-11-march-2025-qp-and-memo/e029a6c5-e494-4ee4-85f6-bf55d1d8442b) — QP + Memo · 2025 - [Gr 11 Accounting P1 (English) June 2024 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-june-2024-question-paper/6f46b4c9-08af-40d5-bbfc-8e5e70b68734) — QP · 2024 · Eng ## Collection - [Grade 11 past papers](https://www.hlayiso.com/grade-11/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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