Accounting Grade 11 P1 Gauteng November 2023 Addendum (Eng)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2023 GRADE 11 ACCOUNTING PAPER 1 ANSWERBOOK Name of school: Name of learner: Date: Question Topic Possible Obtained Moderated marks marks marks 1 GAAP & Fixed Assets 30 Note 2 Income Statements 45 3 Balance Sheet 50 4 Analysis and Interpretation 25 150 8 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 2 (PAPER 1) GRADE 11 QUESTION 1 1.1 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2.1 Depreciation on equipment AMOUNT Old Equipment: New Equipment: Total depreciation for the year: 4 1.2.2 EXTRACT OF FIXED ASSET REGISTER OF GOODY SHOE TRADERS FOR VEHICLES SOLD DELIVERY VEHICLE (SOLD) COST PRICE = R320 000 Current Accumulated Carrying Date Calculation depreciation depreciation value 31 Dec 2021 16 000 16 000 31 Dec 2022 1 Jul 2023 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 3 (PAPER 1) GRADE 11 1.2.3 Depreciation on old vehicles AMOUNT SOLD OLD Total depreciation for the year: 4 1.2.4 FIXED/TANGIBLE ASSETS VEHICLES EQUIPMENT Carrying value at the beginning of the year Cost 2 680 000 810 000 Accumulated depreciation (1 060 000) (240 000) Movements Additions at cost Disposals at carrying value Depreciation Carrying value at end of the year Cost Accumulated depreciation 12 TOTAL 30 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 4 (PAPER 1) GRADE 11 QUESTION 2 PLUMSTEAD HARDWARE STATEMENT OF COMPREHENSIVE INCOME FOR YEAR ENDED 28 FEBRUARY 2023 Sales Cost of sales Gross profit Other operating income Bad debts recovered 1 342 Discount received 2 340 Gross operating income Operating expenses Discount allowed 1 990 Insurance 10 560 Rent expense Advertising Stationery Salaries and wages UIF contributions Bad debts Water and electricity Telephone Bank charges Operating profit Profit before interest expense Net profit for the year 45 TOTAL 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 5 (PAPER 1) GRADE 11 QUESTION 3 3.1 3.1.1 3.1.2 3.1.3 3.1.4 4 3.2 HOPPITY POPPITY TRADERS Extract of the Statement of Financial Position on 28 February 2023 EQUITY AND LIABILITIES Partners' Equity Capital Current accounts Non-current liabilities Current liabilities Trade and other payables Total equity and liabilities 21 3.3 IRONMAN TOY STORE CURRENT ACCOUNTS Iron Man Profit per Income Statement Partners’ salaries Partners’ bonus Interest on capital Primary distribution of profits Final distribution of profits 125 000 Drawings during the year Retained income for the year Retained income at the beginning of the year Retained income at end of the year P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 6 (PAPER 1) GRADE 11 Calculations: Interest on capital : Iron Interest on capital : Man Salary : Iron Bonus: Man Final distribution : Iron 25 TOTAL 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWERBOOK 7 (PAPER 1) GRADE 11 QUESTION 4 4.1 CALCULATION OF FINANCIAL INDICATORS FOR 2023 4.1.1 Percentage operating expenses on turnover: 2 4.1.2 Acid-test ratio: 4 4.1.3 Debt-equity ratio: 3 4.1.4 % returns on average partners' equity: 4 P.T.O.

Downloaded from hlayiso.com 4.2 Comment on the liquidity position of the business for 2023. Quote ONE financial indicator and figures to support your answer. 4 4.3 The business changed their policy with regard to the profit mark-up from 2022 to 2023. What was the change in policy? What are the risks in this regard and what effect did this change have on the business's income? 4 4.4 Does the business have good control over their expenses? Quote ONE financial indicator and figures to support your answer. Yes/No 4 TOTAL 25 TOTAL: 150 END