# Accounting Grade 11 Gauteng June 2024 Memo (English) > Grade 11 Accounting memorandum from the Gauteng June Exam 2024 (English), 9 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/gr-11-accounting-english-june-2024-possible-answers/edc0ee12-4386-4b97-9831-21f18aea0df0 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2024 - Exam period: Gauteng June Exam - Curriculum: CAPS - Pages: 9 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 Gauteng June 2024 Memo (English)](https://www.hlayiso.com/library/gr-11-accounting-english-june-2024-possible-answers/edc0ee12-4386-4b97-9831-21f18aea0df0) ## About this document Accounting · Grade 11 · Gauteng June Exam · 2024 · English. Memorandum, 9 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 1 PROVINCIAL EXAMINATION JUNE 2024 GRADE 11 MARKING GUIDELINES ACCOUNTING PAPER 1 9 pages Marking principles: 1. 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 items). No double- penalty is 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). 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 from candidates. 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 and at least one part must be correct before awarding the mark. 9. In awarding method-marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 10. Be aware of candidates who provide valid alternatives beyond the marking guidelines. 11. Codes: f = foreign item; p = placement/presentation ### Page 2 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 1: GAAP PRINCIPLES AND INCOME STATEMENT (50 marks; 40 minutes) 1.1 GAAP PRINCIPLES 1.1.1 Prudence ✓ 1.1.2 Matching ✓ 1.1.3 Going concern ✓ 1.1.4 Materiality ✓ 4 1.2.1 HLAZO TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDING 29 FEBRUARY 2024. *one part correct Sales (1 248 260✓- 3 200 ✓ + 16 560 ✓✓) * 1 261 620 Cost of sales sales x 100/180 ✓* (700 900) Gross profit Sales – Cost of sales 8 * 560 720 Other income operation * 99 000 Provision for bad debts adjustment ✓ 5 000 Bad debts recovered ✓ 800 Rent income (78 200 ✓ + 15 000✓✓) * 93 200 Gross income GP + OI 8 * 659 720 Operating expenses (446 130) Sundry expense 86 700 Telephone 23 650 Salaries and wages (189 240✓+ 8 000✓✓+  197 400 160✓✓) Insurance (42 840✓ – 14 460✓)  28 380 Packing material ✓ 7 900 Bad debts (8 800 + 800) ✓✓ 9 600 202 800 two marks  6 350 Trading stock deficit (212 000✓– 9200✓ - 196 450✓) Depreciation ✓ 85 600 Bank charges (340 + 210) ✓✓ 550 Operating profit GOI – OE  213 590 20 Interest income balancing figure (PBIE - OP) ✓ 16 000 Profit before interest expense NP+ Int exp ✓ 229 590 Interest expense (630 800 – 611 300) ✓✓ (19 500) Net profit for the year 210 090 6 42 2 ### Page 3 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 1.2.2 Provide TWO possible reasons why rent income decreased. Any TWO valid reasons ✓✓ ✓✓ part marks for incomplete/partial/unclear responses. • Tenant could not afford to pay the original rent and negotiated for a decreased amount. • The tenant negotiated to occupy a smaller floor space. • The tenant got a cheaper offer for the same floor space elsewhere. 4 50 QUESTION 2: PARTNERSHIP: STATEMENT OF FINANCIAL POSITION AND NOTES (45 marks: 36 minutes) 2.1 2.1.1 B 2.1.2 E 2.1.3 D 2.1.4 C 2.1.5 A 5 3 ### Page 4 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 2.2 NOTE TO THE BALANCE SHEET ON 29 FEBRUARY 2024. 2.2 CURRENT ACCOUNTS Rose Daisy Salaries 146 000* 182 000 Interest on capital 30 000* 28 000 Bonus 25 000 37 500 Primary Distribution 201 000 247 500 Final Distribution 60 600 90 900 Net Profit for the year 261 600 338 400 Drawings (127 500) (85 000) Retained income 134 100 253 400 Balance at beginning (67000)  55 000 Balance at end of year  67100 308 400 20 Show Calculations Rose’s salary 1 000 x 3 = 3 000 (159 000 – 3000)/13  = 12 000 + 1 000 = 13 000 159 000 – 13 000 =146 000 Interest on Capital (Rose) 290 000 x 10% x 6/12 = 14 500  310 000 x 10% x 6/12 = 15 500  = 30 000 4 ### Page 5 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 2.3 EQUITY AND LIABILITIES OWNERS’ EQUITY 965 500 Capital (280 000 + 290 000 + 20 000 ) 590 000  Current accounts (see 2.2: (67 100 + 308400) 375 500 NON-CURRENT LIABILITIES 265 000 Loan: BNF Bank (330 000 – (50 000+ 15 000) 265 000*  (65 000 = 2 MARKS) CURRENT LIABILITIES 226 500 Trade and other payables 161 500* (160 000 + 3500  – 2000 )  Current portion of loan 65 000* TOTAL EQUITY AND LIABILITIES 1 457 000* 20 45 5 ### Page 6 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 3: ANALYSIS AND INTERPRETATION (43 marks; 32 minutes) 3.1 FAIRYTALE PALACE TRADERS 3.1.1 Calculate the gross profit on sales. (1 830 000 – 1 610 400) X 100 1 830 000 12%  219 000 (2 marks) 4 3.1.2 b. Calculate the acid test ratio. (240 000  + 175 000) 292 750  1,4 : 1 OR (585 500 – 170 500): 292 750 4 3.1.3 Calculate the average percentage return earned by Snowy. 149 250 X 100 ½  (620 000 + 490 000  + 37 000 – 13 500)/2 26,8 % (556 750 = 4 marks) 7 3.1.3 Calculate the debt equity ratio. 419 400 : 1 248 500 Partners equity 0,34 : 1 (600 000+ 620 000)+ 42 000 – 13 500) (one mark) (one mark) 4 6 ### Page 7 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 3.1.5 Calculate the solvency ratio. (1375 650+585 500) 1 961 150 : (419 900+ 292 750)  712 650 (2 marks) 2,75:1  4 3.2 Cinderelli and Snowy received an offer from a potential 3rd partner. The partner is mostly interested on how profitable the partnership is. Do you think Fairytale Palace’s profitability is good? Provide two indicators to support your answer. Financial indicator   Figures (with trend)   No Operating profit on sales has decreased from 23% to 16%. Operating expenses on sales have decreased from 12% to 19%. 5 3.3 The business didn’t achieve the intended markup of 20%. Provide TWO possible reason for not achieving the markup. Debtors' allowances is high  Sales at reduced price  Trade discount  Error on documentation  4 7 ### Page 8 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 3.4. Comment on the liquidity of the business. Refer to TWO relevant indicators. Financial indicator   Figures (with trend)   ▪ The current ratio as weakened 2,4:1 to 2:1. ▪ The acid-test ratio has weakened from 1,63:1 to 1,4:1. However debtors' collection period has improved from 40 days to 32 days. 4 3.5. The partners have decided to start offering delivery services. They are considering taking an additional loan to finance the purchase of a new vehicle. Is it wise for them to increase their loan? Quote ONE financial indicator to support your answer Financial indicator  Figure (with trend)  Comment  Yes  Debt-equity ratio has decreased from 0,6:1 to 0,34:1. Low financial risk. 4 3.6. Snowy is happy with the returns that she received, explain why by quoting figures Financial indicator  Figure (with trend)  Her return earned is 15% which is greater than the interest on the fixed deposit of 10% and the return on partners equity of 14%. 3 43 8 ### Page 9 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 4: PROBLEM SOLVING (12 marks; 10 minutes) 4.1.1 ONE PROBLEM SOLUTION ✓✓ ✓✓ ✓✓ QUOTE FIGURES TAXI 1: Is old- bought in 2009(15 years) Replace this vehicle. Fully depreciated – has a book value Give this driver the new vehicle. of R1 Use this vehicle for short trips. High fuel and repair cost – R8,65/km 65% of revenue TAXI 2: R15 000 of fare not handed in Monitor daily takings regularly. Fuel and repairs is 45% of revenue Collections must be done daily. Deduct the money from the driver’s salary. Disciplinary hearing. TAXI 3: Investigate the reason for the low number of trips. New vehicle – only travelled 32 060 Driver may be on leave./ km engaging in fraudulent behaviour. 33% of Taxi 1 and 65% of Taxi 2 Give this vehicle to a more reliable driver 12 TOTAL MARKS 150 9 ## Related documents - [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) — Accounting · QP · 2024 · Eng - [Gr 11 Accounting P2 (English) June 2024 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p2-english-june-2024-question-paper/b649cfc1-b72f-4e45-b621-502673440d1c) — Accounting · QP · 2024 · Eng - [Grade 11 ACC P1 (English) June 2023 Answerbook](https://www.hlayiso.com/library/grade-11-acc-p1-english-june-2023-answerbook-1/888a682a-0a7a-4301-8989-c137240cf50d) — Accounting · Addendum · 2023 · Eng - [Grade 11 ACC P2 (English) June 2023 Answerbook](https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-answerbook-1/c240ab3d-7672-41d9-832e-83884ae4b9d9) — Accounting · Addendum · 2023 · Eng - [Gr 11 Accounting P2 (English) 2023 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-2023-possible-answers/53a6d2b9-6d3d-4b2e-baad-b064b8a631d6) — Accounting · Memo · 2023 · Eng - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2022 English](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2022-english/88d6eef7-a681-4de5-9666-b667a0f71a40) — 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 - [ACCOUNTING P1 GR11 QP NOV 2023 English watermark](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov-2023-english-watermark/114f97da-f00d-48e5-b867-cc2fbc9acf2c) — QP · 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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