Accounting Grade 11 P2 Eastern Cape November 2022 QP (Eng)

Downloaded from hlayiso.com NAME: NATIONAL SENIOR CERTIFICATE GRADE 11 NOVEMBER 2022 ACCOUNTING P2 ANSWER BOOK MAXIMUM MARKS MODERATED QUESTION MARKS OBTAINED MARKS 1 40 2 40 3 45 4 25 150 This answer book consists of 8 pages.

Downloaded from hlayiso.com 2 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2022) QUESTION 1 1.1.1 State THREE advantages of using electronic funds transfers (EFTs). 3 1.1.2 Explain TWO aspects of the business environment that Beauty had to change or adapt, to implement this system and to ensure that it functions effectively. 4 1.1.3 UPDATING THE CASH JOURNALS: CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL DETAILS OF SUNDRY DETAILS OF SUNDRY AMOUNT AMOUNT ACCOUNT ACCOUNT Total b/f 113 800 Total b/f 98 400 20 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P2 (ANSWER BOOK) 3 1.2 CREDITORS RECONCILIATION Reconciling the Creditors Ledger account with the Statement CREDITORS LEDGER STATEMENT FROM VUYI No. ACCOUNT OF VUYI SUPPLIERS SUPPLIERS Balance 41 680 26 070 A B C D E F TOTAL 13 Q1 40 Copyright reserved Please turn over

Downloaded from hlayiso.com 4 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2022) QUESTION 2 2.1.1 Calculate: Direct material cost WORKINGS ANSWER 6 Direct labour cost WORKINGS ANSWER 7 2.1.2 FACTORY OVERHEAD COST TOTAL BROUGHT FORWARD 106 760 TOTAL 9 2.1.3 GENERAL LEDGER OF MAHLAPE MANUFACTURERS WORK-IN-PROGRESS STOCK ACCOUNT 8 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P2 (ANSWER BOOK) 5 2.2 MELINDA’S TOY SHOP 2.2.1 Calculate the break-even point for the year ended 30 June 2021. 4 2.2.2 Explain whether Melinda should be satisfied with the level of production achieved for this financial year. Quote figures. 3 2.2.3 Melinda is concerned about the control over the direct labour cost per unit. Explain why she may be concerned. Quote figures. 2 Provide ONE suggestion on how she can improve the control over this cost. 1 Q2 40 Copyright reserved Please turn over

Downloaded from hlayiso.com 6 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2022) QUESTION 3 3.1 DEBTORS COLLECTION SCHEDULE Month Credit sales OCTOBER NOVEMBER DECEMBER SEPTEMBER 490 000 196 000 * OCTOBER 504 000 191 520 201 600 90 720 NOVEMBER 483 000 * * DECEMBER * 196 840 RECEIPTS FROM DEBTORS * * 9 3.2 EXTRACT: Cash Budget for the budget period ended 31 December 2021 RECEIPTS NOVEMBER DECEMBER Cash sales 204 000 Cash from debtors Rent income 9 500 TOTAL RECEIPTS 712 000 833 000 PAYMENTS Payment to creditors (for stock) 480 000 Insurance 2 625 Other operating expenses 6 200 Drawings 7 300 Interest on loan 1 705 Salaries and wages 52 500 56 175 TOTAL PAYMENTS 802 000 777 000 SURPLUS/DEFICIT OPENING BALANCE IN BANK 123 000 CLOSING BALANCE IN BANK 22 Copyright reserved Please turn over

Downloaded from hlayiso.com (EC/NOVEMBER 2022) ACCOUNTING P2 (ANSWER BOOK) 7 3.3.1 Calculate: Amount of the loan in December 2021 4 3.3.2 Calculate: the percentage increase in salaries and wages 4 3.4 Provide Shirley with TWO suggestions on how she can ensure that only reliable people are granted credit, and TWO ways to improve collections from debtors. SUGGESTIONS 2 WAYS TO IMPROVE COLLECTIONS 4 Q3 45 Copyright reserved Please turn over

Downloaded from hlayiso.com 8 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2022) QUESTION 4 4.1 Calculate: Total depreciation on vehicles 6 Calculate: Total depreciation on equipment 7 4.2 Malusi wants to sell two of the delivery vehicles, and replace them with a later model, bigger truck. His wife feels that this is not a good idea. 4.2.1 Provide TWO possible reasons that Malusi can use to convince his wife that this is a good decision. 4 4.2.2 Provide ONE reason in support of his wife’s feelings. 2 4.3 Identify TWO problems from the information provided. Quote figures. In each case, provide a solution to the problem identified. PROBLEM (with figures) SOLUTION 6 TOTAL 25 MARKS TOTAL: 150 Copyright reserved Please turn over