# Accounting Grade 11 P1 Eastern Cape November 2022 QP (Eng) > Grade 11 Accounting Paper 1 question paper from the Eastern Cape November 2022 (English), 10 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accounting-p1-gr11-qp-november-2022-english/e12d77aa-a6fe-4f6b-9032-700c6cc5231f - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Question paper - Year: 2022 - Exam period: Eastern Cape November - Paper: 1 - Curriculum: CAPS - Pages: 10 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 QP (Eng)](https://www.hlayiso.com/library/accounting-p1-gr11-qp-november-2022-english/e12d77aa-a6fe-4f6b-9032-700c6cc5231f) ## About this document Accounting · Grade 11 · Eastern Cape November · 2022 · English. Question paper, 10 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Matching paper and memo - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2022 English](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2022-english/88d6eef7-a681-4de5-9666-b667a0f71a40) — Memo · 2022 · Eng ## 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 MARKS: 150 TIME: 2 hours This question paper consists of 10 pages, including a formula sheet, and an 8-page answer book. ### Page 2 Downloaded from hlayiso.com 2 ACCOUNTING P1 (EC/NOVEMBER 2022) INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. Show ALL workings to earn part-marks. 4. You may use a non-programmable calculator. 5. You may use a dark pencil or blue/black ink to answer the questions. 6. Where applicable, show ALL calculations to ONE decimal point. 7. If you choose to do so, you may use the Financial Indicator Formula Sheet attached at the end of this question paper. The use of this formula sheet is NOT compulsory. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. TIME QUESTION TOPIC MARKS (minutes) 1 Accounting Equation and Fixed Assets 20 15 Concepts, Statement of Comprehensive 2 45 35 Income Statement of Financial Position and 3 55 45 Notes Financial indicators and interpretation of 4 30 25 financial information TOTAL 150 120 Copyright reserved Please turn over ### Page 3 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 3 QUESTION 1: ACCOUNTING EQUATION, FIXED ASSETS (20 marks, 15 minutes) 1.1 ACCOUNTING EQUATION Complete the table provided to indicate the effect on the accounting equation for the following transactions. NOTE: Assume that the bank balance is favourable and the perpetual inventory system is in use for all transactions. Example: Issued a receipt for rent received. TRANSACTIONS: (a) One of the partners contributed a delivery vehicle as part of his investment in the partnership (b) Credit note received for damaged equipment returned (c) Repairs to buildings were debited to the land and buildings account in error. This must be corrected (6) 1.2 LULU TRADERS The following information relates to the financial year ended 30 June 2022. REQUIRED: Calculate the missing figures denoted by (i) to (iv) on the fixed asset note. (14) INFORMATION: A. Fixed asset note: Land and Equipment Vehicles buildings Carrying value on 1July 2021 3 000 000 (ii) 800 000 Cost 3 000 000 420 000 1 080 000 Accumulated depreciation (160 000) (280 000) Additions at cost 760 000 160 000 Disposal at carrying value (iv) Depreciation for the year (iii) Carrying value on 30 June 2022 Cost (i) 580 000 720 000 Accumulated depreciation B. Information from the fixed asset register: • Depreciation on equipment is calculated at 10% p.a. on the diminishing balance. • New equipment was purchased on 1 October 2021. • Depreciation on vehicles is calculated at 15% p.a. on cost. • A delivery vehicle was sold for R112 000 cash on 1 March 2022. The cost price was R360 000 and accumulated depreciation on 1 July 2021 amounted to R216 000. 20 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 ACCOUNTING P1 (EC/NOVEMBER 2022) QUESTION 2: CONCEPTS, STATEMENT OF COMPREHENSIVE INCOME (45 marks, 35 minutes) 2.1 CONCEPTS Match the GAAP principles in COLUMN A with the examples in COLUMN B. Write only the letters (A–D) next to the question numbers (2.1.1 to 2.1.4) in the ANSWER BOOK. COLUMN A COLUMN B 2.1.1 Materiality A Buildings are valued at R2 500 000 but is shown as R550 000 in the financial statements. 2.1.2 Matching B Interest expense should be disclosed separately in the financial statements. 2.1.3 Historical cost C A debtor who owes R1 270, was written off as a bad debt as he could not be traced. 2.1.4 Prudence D Insurance, R2 500, is paid in advance. This amount is not reflected in the Statement of Comprehensive Income. (4 x 1) (4) 2.2 AMADIBA TRADERS REQUIRED: 2.2.1 Complete the Statement of Comprehensive Income for the year ended on 28 February 2022. (37) 2.2.2 Refer to Information B (viii) Provide TWO possible reasons why rent income decreased. (4) INFORMATION: A. Extract from Pre-adjustment Trial balance on 28 February 2022: Trading stock R 284 000 Loan: ANW Bank 294 500 Debtors control 88 000 Provision for bad debts (1 March 2021) 5 950 Sales 1 770 400 Cost of sales ? Salaries and wages 192 200 Insurance 107 730 Rent income 69 700 Discount received 4 600 Bad debt 7 790 Advertising 46 600 Telephone 10 500 Depreciation 61 500 Interest on fixed deposit (balancing figure) ? Copyright reserved Please turn over ### Page 5 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 5 B. Adjustments and additional information: (i) The business used a fixed mark-up of 60% on the cost price. This was achieved over the financial year. (ii) On 28 February 2022, credit sales for R9 600, were not recorded. (iii) Stocktaking on 28 February 2022 reflected trading stock on hand, R287 700. (iv) A further amount for bad debts, R1 400, must be written off. (v) Adjust the provision for bad debts to 5% of outstanding debtors. (vi) The telephone account for February 2022, R1 150, is not paid yet. (vii) Insurance was paid for one month in advance. The insurance premium increased by 10% p.a. from 1 January 2022. The policy is in place for the entire financial year. (viii) Rent income has been received for the period 1 March 2021 to 31 December 2021. Note that the rent was decreased by R200 per month as from 1 October 2021. (ix) The loan statement received reflected a closing balance of R312 000. Interest capitalised is not yet recorded. (x) Net profit for the year after all the adjustments were taken into account amounted to R346 840. 45 Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com 6 ACCOUNTING P1 (EC/NOVEMBER 2022) QUESTION 3: STATEMENT OF FINANCIAL POSITION AND NOTES (55 marks, 45 minutes) BCM TRADERS The following information was taken from the books of BCM Traders, partners Bolt and Comma, for the financial year ended 31 December 2021. REQUIRED: Complete the following on 31 December 2021: 3.1 Trade and other receivables note (7) 3.2 Current account note (16) 3.3 Statement of Financial Position (32) INFORMATION: A. Extract from the records on 31 December 2021: Capital: B. Bolt R 600 000 Capital: C. Comma 500 000 Current account B. Bolt (1 January 2021) 146 500 (Cr) Current account C. Comma (1 January 2021) 33 000 (Cr) Loan: Gqeberha Bank 662 000 Fixed assets (carrying value) 948 700 Fixed deposit: Matatiel Bank 400 000 Bank (unfavourable) 31 500 Cash float 8 000 Petty cash 12 000 Creditors control 83 200 Accrued expense 5 400 Prepaid expense 3 900 Trading stock (balancing figure) ? Debtors control ? Provision for bad debts 4 900 SARS (PAYE) ? Copyright reserved Please turn over ### Page 7 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 7 B. Additional information to be taken into account: (i) Net trade debtors amounted to R372 600. (ii) Loan Statement from Gqeberha Bank: Balance at the beginning of the financial year R692 000 Interest capitalised 20 000 Repayments during the year ? Balance at the end of the financial year 662 000 NOTE: Repayment for the next financial year will equal to 1,5 times the portion paid over this financial year. (iii) A quarter of the fixed deposit will mature on 30 June 2022. (iv) Extract: Salaries journal for December 2021: Gross Deductions Net salary salary Pension PAYE Medical R 52 000 3 900 ? 4 000 31 100 NOTE: The necessary payments have been made except for PAYE. (v) An EFT payment, R12 500, made in error to Sandile Stores. They are not a creditor anymore and will refund the money during January 2022. C. Partnership agreement: (i) The partners are entitled to the following salaries: • B. Bolt: R50 000 per month. • C. Comma: R480 000 per year. (ii) B. Bolt is entitled to a bonus of 80% of his monthly salary. (iii) Interest on capital is calculated at 12% p.a. on the capital balances. NOTE: C. Coma increased his capital contribution by R100 000 on 1 July 2021. (iv) The remaining profit is shared between B. Bolt and C. Comma in the ratio 3 : 2 respectively. 55 Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com 8 ACCOUNTING P1 (EC/NOVEMBER 2022) QUESTION 4: FINANCIAL INDICATORS AND INTERPRETATION OF FINANCIAL INFORMATION (30 marks, 25 minutes) The information relates to EC Muller Traders, partners Ezo and Collar, for the financial period ending on 28 February 2022. REQUIRED: 4.1 Calculate the following: 4.1.1 Acid-test ratio (4) 4.1.2 Average stockholding period (in days) (5) 4.1.3 Percentage return on average partner’s equity (5) 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. Quote financial indicators and figures. (4) INFORMATION: A. Extract from the Statement of Comprehensive Income for the year ended 28 February 2022. Sales R3 000 000 Cost of Sales 1 875 000 Net profit for the year 660 000 B. Extract taken from the Statement of Financial Position on 28 February 2022. 2022 2021 Current Assets R854 000 R1 213 000 Inventory 300 000 715 000 Trade and other receivables 416 000 480 000 Cash and cash equivalents 138 000 18 000 Partner’s equity 2 002 800 1 488 000 Capital contribution 1 875 000 1 500 000 Current accounts 127 800 (12 000) Non-current liabilities 600 000 750 000 Current liabilities 588 000 672 000 Copyright reserved Please turn over ### Page 9 Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P1 9 C. Financial indicators on 28 February 2022 2022 2021 Current ratio 1,5 : 1 1,8 : 1 Acid-test ratio ? 0,7 : 1 Average stockholding period ? 159 days Debt-equity ratio 0,3 : 1 0,5 : 1 % return on average partner’s equity ? 34% % return on average equity: Ezo 21% 30% % return on average equity: Collar 17% 14% 30 TOTAL: 150 Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com 10 ACCOUNTING P1 (EC/NOVEMBER 2022) GRADE 11 ACCOUNTING FINANCIAL INDICATOR FORMULA SHEET Gross profit 100 Gross profit 100 Net profit 100 Sales x 1 Cost of sales x 1 Sales x 1 Operating expenses 100 Operating profit 100 Sales x 1 Sales x 1 Total earning by partner 100 Net profit 100 Partner’s average equity x 1 Average owners' equity x 1 (Current assets – Inventories) : Current Current assets : Current liabilities liabilities (Trade and other receivables + Cash and cash equivalents): Current liabilities Average debtors 365 Average creditors 365 x 1 Credit purchases x 1 Credit sales Average inventories 365 or 12 Cost of sales 365 x x Cost of sales 1 Average inventories 1 Non-current liabilities : Owners’ equity Total assets : Total liabilities Copyright reserved Please turn over ## Related documents - [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 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 - [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 - [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 - [ACCOUNTING P1 GR11 QP NOV 2023 English](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov-2023-english/4a9ed09a-c470-41c0-8d03-0f4bd2f3f6c6) — Accounting · QP · 2023 · 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 - [ACCOUNTING P2 MEMO GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-eng-watermark/7aa479bf-34d0-4240-934b-67a2f33e2597) — Memo · 2025 · Eng - [ACCOUNTING P2 MEMO GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-afr-watermark/a92dc10a-0d2e-42d6-9cd3-ff78b0e78afe) — Memo · 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 - [ACCOUNTING P2 MEMO GR11 NOV 2024 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2024-eng-watermark/c09eb350-5d2d-4070-8df4-25ece70dc7de) — Memo · 2024 · Eng - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2023 English watermark](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2023-english-watermark-1/49899c38-504c-42fb-972e-2181fa910731) — Memo · 2023 · 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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