Accounting Grade 11 Free State March Test 2025 Paper & Memo

Testpapers.co.za XHARIEP DISTRICT MARKS: 100 TIME: 75 Minutes EXAMINER: XHARIEP TEACHERS MODERATOR: MR VALASHIYA This question paper consists of 7 pages and a 5-page answer book. Copyright reserved Please turn over

Testpapers.co.za INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. 2. Answer ALL questions. March 2025 A special ANSWER BOOK is provided in which to answer ALL questions. Show ALL workings to earn part-marks. You may use a non-programmable calculator. You may use a dark pencil of blue/black ink to answer questions. Where applicable, show ALL calculations to ONE decimal point. Write neatly and legibly. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS MINUTES 1 Bank Reconciliations 45 35 2 Creditor Reconciliations 20 15 3 Fixed Assets 35 25 TOTAL 100 75 Copyright reserved Please turn over

Testpapers.co.za March 2025 QUESTION 1: RECONCILIATION AND INTERNAL CONTROL (45 marks; 35 minutes) 44 1.2 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (1.1.1 to 1.1.3) in the ANSWER BOOK. 1.1.1, Acredit balance on the Bank Statement means that the business has a positive balance in the bank. 1.1.2 Adebit card may be used to withdraw cash from an ATM. 1.1.3. An error on the bank statement must be rectified in the cash journals. (3) KABZA TRADERS The following informati official bank sta each month. REQUIRED: ’ al 1.2.1 Use the gi ‘ i complete the Cash Receipts Journal and Cash Payme al for February 2025. (29) 1.2.2 Calculate the bank balance on 28 February 2025. (4) 1.2.3. Prepare the Bank Reconciliation Statement on 28 February 2025. (7) 1.2.4 Refer to the outstanding deposit of R112 338. Provide ONE solution to avoid this problem in future. (2) INFORMATION: A The Bank Reconciliation Statement on 31 January 2025: Outstanding deposits: 21 January 2025 R112 338 30 January 2025 R43 578 Outstanding EFT: No. 321 R13 378 No. 342 R38 200 Favourable balance as per Bank account R17 737 Note: The outstanding deposit of R112 338 on the Bank Reconciliation Statement was in respect of sales. It did not_appe Statement for January. An inve: : never deposited the money. The country. It was decided to write-off EFT 342 appeared on the Februan R32 800.This amount is correct on the } settlement of a creditors’ account (Grey Traders. The outstanding deposit of R43 578 and EFT no. 321 appeared on the Bank Statement for February 2025. atement as was for the Copyright reserved Please turn over

Testpapers.co.za March 2025 B The provisional totals in the cash journals before comparing them to the Bank Statement were: e Cash Receipts Journal, R116 658 e Cash Payments Journal, R105 562 C. The following information on the February 2025 Bank Statement received from AB Bank did not appear in the February Cash Journals: e A deposit of R97 200 appeared on the Bank Statement. This was for the fixed deposit of R93 600 that expired from Apple Bank, including interest. EFT 361 for R16 978"wa paid to Makro Wholesalers for trading lely they were out of stock and had to saction was reversed but must still be rt, R32 760 for her monthly rent. Service a Interest on able bank account, R194 Debit orders: Limited Insurers R15 120 | Insurance is for the business's vehicles. AB Bank R7 740 | Repayment of the loan Mohokare City R11 214 | Water and electricity e EFT 371 for R4 736 was in favour of Ruca Radiators. The bank duplicated this EFT in the bank account. The bank will rectify this error. D. The following information appeared in the February 2025 Cash Journals but did not appear on the Bank Statement for February 2025: e EFT 393 for R40 648 paid to Q’s for equipment purchased. e Outstanding deposit, R24 894 e The Bank Statement showed a credit balance on 28 February 2025 of R?. 45 Copyright reserved Please turn over

Testpapers.co.za March 2025 QUESTION 2: CREDITORS RECONCILIATION AND INTERNAL CONTROL (20 marks; 15 minutes) 2.1 Tammy Traders buys goods on credit from Sandy Stores. REQUIRED: 2.1.1 Briefly explain how the preparation of a creditors’ reconciliation as an internal control measure can assist the business in managing their creditors effectively. Provide TWO points. 2.1.2 Use the table provided to indicate the changes that must be made: e Inthe Greditors' Ledger Account in the books of Tammy Traders And iors' Reconciliation Statement on 28 Fi INFORMATION: A. Creditors’ Tammy Traders Sandy Sto on f DATE DETAILS FOL.| DEBIT | CREDIT | BALANCE Feb. | 1 | Balance b/d 72 200 2 | Invoice 462 CJ 54 200 126 400 4 | Debit Note 56 CAJ 3 900 122 500 7 | EFT 443 CPJ 42 000 80 500 Discount received | CPJ 4 200 76 300 20 | Invoice 1111 CJ 15 300 91 600 23 | EFT 615 CPJ 17 300 74 300 24 | Invoice 590 CJ 25 000 99 300 27 | EFT 599 CPJ 13 700 85 600 Discount received | CPJ 2470 83 130 28 | Invoice 592 CJ 55 500 138 630 B. Statement of account received from Sandy Stores SANDY STORES No. 2321 15 Mandela Drive, Mangaung Debtor: Tammy Traders 25 February 2025 DATE DETAILS DEBIT CREDIT | BALANCE Jan. | 25 | Balance 87 200 28 | Receipt 110 15 000 72 200 Feb. | 2 | Invoice 462 59 200 131 400 sl redit No 3 900 135 300 42 000 93 300 2 100 91 200 13 900 105 100 17 300 87 800 23 600 111 400 2750 114 150 Copyright reserved Please turn over (4) (16)

Testpapers.co.za March 2025 Cc. An investigation revealed the following errors and omissions: (i) Invoice 462 was recorded correctly on the statement of account. (ii) Invoice 1111 was for goods that Tammy Traders bought from another supplier, Sicwetsha Suppliers. (iii) Invoice 568 was an error on the statement. This was for goods they supplied to another business. (iv) d.on 7 February 2025 is correct as per the (v) lers omi ted to deduct the trade discount allowed (vi) f 0 were returned by Tammy Traders to Sandy bruary 2025. (vii) In terms of the contract Sandy Stores charges a delivery fee to all its customers. (viii) The statement of account only includes transactions up to 25 February 2025. 20 QUESTION 3: FIXED ASSET NOTE AND ASSET DISPOSAL = (35 marks; 25 minutes) The following information relates to Kok Traders. The financial year ended on 28 February 2025. REQUIRED: 3.1 Briefly explain a fixed asset register. (2) 3.2 Name TWO reasons why fixed assets can be sold. (2) 3.3 Land and buildings were bought five years ago for R1 800 000. The property prices have increased by 50% since then. The partners want to record it at the higher amount so that a profit can be reflected in the Income Statement. Provide TWO points why it is not allowed. (4) 3.4. Prepare an asset disposal account on 1 December 2024. (9) 3.5 Calculate the missing amounts denoted by (a) to (f). (18) Copyright reserved Please turn over

Testpapers.co.za March 2025 INFORMATION: A. Fixed assets: LAND AND BUILDINGS VEHICLES | EQUIPMENT Carrying Value (1/03/2024) 490 500 Cost 2 700 000 810 000 459 000 Accumulated depreciation (319 500) Movements: Additions 450 000 (b) 90 000 Asset Disposals a 0 0 (e) Depreciation | (0) (c) (f) Carrying Value (28/02/2025) \ jl (d) Cost 4 | (a) 990 000 486 000 Accumulated depreciation — (0) (444 600) Additional information: The new vehicle was purchased on 1 June 2024. Depreciation on vehicles is calculated at 20% p.a. on the diminishing method. New equipment was purchased on 1 September 2024. Equipment with a cost price of R? was sold on 1 December 2024 for R38 250 cash. Accumulated depreciation on this equipment on 1 March 2024 amounted to R25 200. Depreciation on equipment is calculated at 10% on the cost price. Copyright reserved 35 TOTAL: 100 MARKS

XHARIEP DISTRICT SURNAME: _ NAME: SCHOOL: QUESTION MARKER | MODERATOR 1 2 3 This answer book consists of 6 pages. Copyright reserved Please turn over

Testpapers.co.za March 2025 QUESTION 1 1.1 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (1.1.1 to 1.1.3) in the ANSWER BOOK. 1.1.1 1.1.2 1.1.3 1.2.1 CASH RECEIPTS JOURNAL OF KABZA TRADERS FEBRUARY 2025 CRJ Sundry accounts Doc | Day | Details é Fol Bank Amounts | Fel |Detie 28 | Total 116658 116 658 16 CASH PAYMENTS JOURNAL OF KABZA TRADERS FEBRUARY 2025 CPJ Sundry accounts Doc Day | Details Fol Bank Amounts | Fol | Details 28 ~~ Total 105562 105562 13 Copyright reserved Please turn over

Testpapers.co.za March 2025 1.2.2 | Calculate the correct Bank Account balance on 28 February 2025. 1.2.3 | Bank Reconciliation Statement for 28 February 2025. Debit Credit 1.2.4 | Refer to the outstanding deposit of R112 338. Provide ONE solution to avoid this problem in future. Copyright reserved TOTAL MARKS 45 Please turn over

QUES 244 2.1.2 Testpapers.co.za March 2025 TION 2 Briefly explain how the preparation of a creditors’ reconciliation as an internal control measure can assist the business in managing their creditors effectively. Provide TWO points. 4 Sade ; CREDITORS' RECONCILIATION CREDITORS’ LEDGER STATEMENT Balance 138 630 114 150 (i) (ii) : y (iii) (iv) (v) (vi) (vii) (viii) 16 TOTAL MARKS 20 Copyright reserved Please turn over

Testpapers.co.za QUESTION 3 3.1 March 2025 Briefly explain a fixed asset register. 3.2 Name TWO reasons why fixed assets can be sold 3.3 Provide TWO points why it is not allowed. 3.4 ASSET DISPOSAL 2024 Dec 1 | Equipment Copyright reserved Please turn over

Testpapers.co.za March 2025 3.5 (a) | Calculate the carrying value of Land and Buildings on 28 February 2025. WORKINGS ANSWER (b) | Calculate the additions to vehicles bought on 1 June 2024. WORKINGS ANSWER (c) | Calculate the total depreciation on vehicles on 28 February 2025. WORKINGS ANSWER (d) | Calculate the carrying value of Vehicles on 28 February 2025. WORKINGS ANSWER (e) | Calculate the asset disposal at carrying value on 1 December 2024. WORKINGS ANSWER (f) | Calculate the total depreciation on equipment on 28 February 2025. WORKINGS ANSWER TOTAL MARKS 35 TOTAL: 100 MARKS Copyright reserved

Testpapers.co.za XHARIEP DISTRICT GRADE 11 — TEST ACCOUNTING “MARCH 2025 MARKS: 100 ae MARKING PRINCIPLES: ti 10. 11. 12. 13. 14, 15. Unless otherwise stated 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. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. Unless otherwise stated, give full marks for correct answer. If answer is incorrect, mark workings. 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 memo for components of workings, these do not carry the method mark for final answer as well. 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. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. If candidates provide more that the required number of responses, inspect all responses to give benefit to the candidate. Penalties may be applied for foreign entries if candidates earn full marks on a question. This memorandum is not for public distribution; as certain items might imply incorrect treatment. The adjustments made are due to nuances in certain questions. Where penalties are applied, the marks for that section of the question cannot be a final negative. Where method marks are awarded for operation, marker must inspect reasonableness of answer. Operation means ‘check operation’. ‘One part correct’ means operation and one part correct. Note: check operation must be +, -, x, +, or per memo. In calculations, do not award marks for workings if numerator & denominator are swapped — this also applies to ratios. 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 EJ. Be aware of candidates who provide valid alternatives beyond the marking guideline. Note that one comment could contain different aspects. Codes: f = foreign item; p = placement/presentation. This answer book consists of 7 pages Copyright reserved Please turn over

1.1 Testpapers.co.za March 2025 Accounting 2 QUESTION 1 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (1.1.1 to 1.1.3) in the ANSWER BOOK. 1.1.1 True 1.1.4 True 1.1.3 False accept TF 1.2.1 CASH RECEIPTS JOURNAL OF KABZA TRADERS FEBRUARY 2025 CRJ 7 Sundry accounts Doc Day | Details Fot Bank Amounts | Fol | Details 28 | Total 116658 116658 342 Grey Traders ~ 5 400 v 5400} v | Creditors controlv i posit: B/S Apple Bank 97 200 v 93600] v Fixed deposit: Apple Bank v 3600| / | Interest on fixed deposit ws : aa Makro Wholesalers 16 978 v 16 978 | y | Trading Stock: B/S Q.Swaart 32 760V 32 7601 v | Rent income B/S AB Bank 194 494| v Interest ‘on current account v +21 must include provisional totals 269 190%" | pa 16 CASH PAYMENTS JOURNAL OF KABZA TRADERS FEBRUARY 2025 CPJ Sundry accounts Doc Day Details Fol Bank Amounts | Fol Details 28 | Total 105562, 105562 Sales 112 338v 112 338 | v_ | Loss due to theft/Salesv B/S AB Bank 1 601v 1601 v_ | Bank charges B/S Limited Insurers 15 120V 15120) v_ | Insurance B/S AB Bank 7 740 ¥ 7740| v_ | Loan: AB Bank ¥ B/S Mohokare City 11 214v 11214| vw | Water and electricity ‘ta/must inclide provisionaltotas |_| 253 575 Copyright reserved 13 Please turn over

Testpapers.co.za Accounting = Tee March 2025 1.2.2 | Calculate the correct Bank Account balance on 28 February 2025. 17 737V + 269 190 M— 253 575 M = 33 352M one part correct 1.2.3 | Bank Reconciliation Statement for 28 February 2025. Debit Credit Cr. Balance as per Bank Statement 44370 Cr. Outstanding deposit — / 24894 v Cr EFT wrongly debited 4736 vv Dr. Outstanding EFT - No. 393 40648 v Dr. Balance according to bani 33 352 account y See 1.22 J 74000 4 74 000 1.2.4 | Refer to the outstanding deposit of R112 338. Provide ONE solution to avoid this problem in future. Any acceptable answer v ¥ Division of duties: the person receiving the money must not be the same person depositing the money. Daily deposits of cash. Encourage EFTs. Notifications of all cash movements on banking app. To hire cash in transit services TOTAL MARKS 45 Copyright reserved Please turn over

Testpapers.co.za Accounting " 4 March 2025 QUESTION 2 2.1.1. | Briefly explain how the preparation of a creditors’ reconciliation as an 2.1.2 internal control measure can assist the business in managing their creditors effectively. Provide TWO points. Any TWO relevant control measures part mark may be awarded for incomplete VV Vv e Errors and omissions can be detected and corrected. e Fraud can be detected and minimised. e The correct payment can be made to creditors. 4 — CREDITORS’ LEDGER CREDITORS! RECONGILIATION Balance 114 150 (i) v (ii) ; v (iii) - 13 900 v (iv) +2100 vv (v) -1400 vv (vi) (3900v-39007) -7800 Vv (vii) +2750 vv (viii) v , v > j v 131780 *M “31780 «*M *@ one part correct and must inchGS BAECS 16 TOTAL MARKS 20 Copyright reserved Please turn over

Testpapers.co.za Accounting ~ Te March 2025 QUESTION 3 3.1 Briefly explain a fixed asset register. 3.2 3.3 3.4 Any ONE explanation vv —_Part-marks for unclear / incomplete answers It is a list of all fixed assets purchased. (except land and buildings) Name TWO reasons why fixed assets can be sold Any TWO reasons v¥ ¥ e Replaced with a more technologically modelv. e No longer economicaily, useful. ¥ e Fully depreciated ; Provide TWO points why it is fot allowed. TWO valid points v vv Partimarks for unclear incomplete answers e GAAP prescribes the historical (original) cost principle when recording assets and only recognising profits and/or losses on disposal (i.e. prudence). e IFRS provides for revaluation (fair value) provided that this estimate can be measured reliably (evidence). e Essentially, financial statements must not be overstated to create a false impression on profitability. ASSET DISPOSAL 2024 Accumulated 2024 | 1 | depreciation on 1 | Equipment 63 000v v | Dec equipment v Profit on sale of 25 200V +4 725M) 29 9254) asset 51754 Bank v 38 250” 68 175 68 175 Can be a loss as well depends on calculation Copyright reserved Please turn over

Testpapers.co.za Accounting " 1: 3.5 (a) (b) (c) (d) (e) (f) March 2025 Calculate the carrying value of Land and Buildings on 28 February 2025. WORKINGS ANSWER 2.700 000 + 450 000 3 150 000 vv no part marks Calculate the additions to vehicle bought on 1 June 2024. WORKINGS ANSWER 990 000 — 810 000 180 000 vv ‘no part marks Calculate the total depreciation on vehicles on 28 February 2025. WORKINGS ANSWER 444 600 -— 319 500 125 100 vv ‘no part marks Calculate the carrying ‘value of vehicles on 28 February 2025. WORKINGS ANSWER Ky 545 400 vv 990 000 — 444 600 aaRRERES Calculate the asset disposal at carrying value on 1 December 2024. WORKINGS ANSWER 63 000M — 29 9254] 33 075M see3.4 see3.4 ‘one part correct Calculate the total depreciation on equipment on 28 February 2025. WORKINGS ANSWER Disposal = 4725! see 3.4 Old 459 000 — 63 000= 396 000x 10/100 =39 600VM 48 825 ‘one part correct New 90000 x 10/100” x 6/12 v = 4500M TOTAL MARKS 35 TOTAL: 100 MARKS Copyright reserved