ACCOUNTING P2 GR11 ANSWER BOOK NOV2020_English_hlayiso.com_.pdf

NAME: NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2020 ACCOUNTING P2 ANSWER BOOK (EXEMPLAR) MARKS: 150 MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 35 2 53 3 37 4 25 150 This answer book consists of 9 pages. Copyright reserved

2 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020) QUESTION 1: RECONCILIATION 1.1 Indicate whether the following statements are TRUE or FALSE. Write only ‘True’ or ‘False’ next to the question number. 1.1.1 1.1.2 2 1.2 Bank Reconciliation Statement on 31 July 2020: Debit Credit 8 1.3.1 Athough Bramley Traders offers credit terms of 60 days, Lavender Suppliers prefers to settle their account within 30 days during certain months. Provide TWO points to indicate that it is not a good decision. 4 1.3.2 CREDITORS’ LEDGER OF STATEMENT FROM LAVENDER BRAMLEY TRADERS SUPPLIERS 21 130 32 600 A B C D E 10 Copyright reserved Please turn over

(EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 3 1.4 VAT 1.4.1 Calculate the VAT amount payable/receivable to/from SARS. 9 1.4.2 The internal auditor discovered that two large credit sales transactions for R598 000 during August 2020 were not recorded in the relevant journal. The owner insists that these will be recorded during September, due to current cash flow problems. Give ONE reason why the auditor would not be satisfied with this explanation. 2 TOTAL MARKS: 35 Copyright reserved Please turn over

4 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020) QUESTION 2: MANUFACTURING AND COST ACCOUNTING 2.1 MANUFACTURING 2.1.1 GENERAL LEDGER OF CHAMPION MANUFACTURERS RAW MATERIALS STOCK 2019 2020 01 29 Mar Feb 2020 29 Feb 14 WORK-IN-PROCESS 2020 2019 01 Feb 29 Mar 2020 29 Feb 12 FINISHED GOODS STOCK 2019 2020 01 29 Mar Feb 2020 29 Feb 8 2.1.2 Calculate the gross profit for the year. 3 2.1.3 Calculate the mark-up percentage. 4 Copyright reserved Please turn over

(EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 5 2.2 COST ACCOUNTING 2.2.1 Three fixed costs 3 2.2.2 Calculate the break-even value of Jellytot Manufacturers. 4 2.2.3 In your opinion, should Jellytot Manufacturers change to a cheaper supplier? Give TWO reasons for your answer. 5 TOTAL MARKS: 53 Copyright reserved Please turn over

6 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020) QUESTION 3: BUDGETING 3.1 Explain the importance of comparing budgeted figures with actual figures achieved for the same period. 2 3.2 Calculate the missing amounts (indicated by a, b and c) in the Debtors' Collection Schedule for the budgeted period March to May 2020. a b c 4 Calculate the budgeted total sales for March 2020. 3.3.1 2 3.3.2 Calculate the amount budgeted for payments to creditors during May 2020. 4 3.3.3 Calculate the budgeted salaries of the shop assistants for April 2020. 4 Copyright reserved Please turn over

(EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 7 3.3.4 Calculate the % increase in the salary of the manager expected in May 2020. 3 3.3.5 Calculate the amount of the additional loan expected to be acquired on 1 April 2020. 4 3.4 An official of the local municipality has offered to recommend Peter Pan Stationers to supply stationery to the value of R500 000. However, he will only do this if Vuyo pays him R20 000 in cash. Give Vuyo advice in this regard. State TWO points. 4 Copyright reserved Please turn over

8 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020) 3.5 Identify THREE over-payments in April 2020, apart from vehicle expenses. Provide figures to support your answer. Provide a valid reason for each over-payment to support Vuyo's decisions. Over-payment with figures Valid reason 1 2 3 6 Explain how this difference of opinion with his wife can be avoided in future. 2 State TWO other strategies that Vuyo and his wife could consider in future to improve the results of the business. . 2 TOTAL MARKS: 37 Copyright reserved Please turn over

(EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 9 QUESTION 4: FIXED ASSETS AND INTERNAL CONTROL 4.1 What is a Fixed Assets Register? 2 4.2 Calculate the depreciation on equipment for the year. 10 4.3 Asset Disposal 10 4.4 The owner is concerned about the internal control over the fixed assets of the business. Suggest THREE internal control measures that could be implemented. 3 TOTAL MARKS: 25 TOTAL: 150 Copyright reserved Please turn over