Accounting Grade 11 P1 Gauteng June 2024 Addendum (English)

Downloaded from hlayiso.com 1 PROVINCIAL EXAMINATION JUNE 2024 GRADE 11 ACCOUNTING PAPER 1 ANSWER BOOK TIME: 2 hours MARKS: 150 9 pages Name of school: Name of learner: Date: Question Topic Possible Obtained Moderated Marks Marks Marks 1 GAAP Principles and Statement of 50 Comprehensive Income 2 Partnership: Statement of Financial 45 Position and Notes 3 Analysis and Interpretation 43 4 Problem solving 12 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 PAPER 1 GRADE 11 QUESTION 1: GAAP PRINCIPLES AND STATEMENT OF COMPREHENSIVE INCOME (50 marks; 40 minutes) 1.1 GAAP PRINCIPLES 1.1.1 1.1.2 1.1.3 1.1.4 04 1.2.1 HLAZO TRADERS STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDING 29 FEBRUARY 2024. Sales Cost of sales Gross profit Other income Gross income Operating expenses Sundry expenses 86 700 Telephone 23 650 Operating profit Profit before interest expense Net profit for the year 210 090 42 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 PAPER 1 GRADE 11 1.2.2 Provide TWO possible reasons why rent income decreased. 4 50 QUESTION 2: PARTNERSHIP: STATEMENT OF FINANCIAL POSITION AND NOTES (45 marks; 36 minutes) 2.1 MATCHING ITEMS 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 PAPER 1 GRADE 11 2.2 NOTE TO THE STATEMENT OF FINANCIAL POSITION ON 29 FEBRUARY 2024 2.2 CURRENT ACCOUNTS Rose Daisy Net Profit for the year Salaries 182 000 Interest on Capital Bonus 25 000 Primary Distribution 201 000 247 500 Final Distribution Drawings (85 000) Retained income Balance at beginning Balance at end of year 20 Show Calculations: Rose's salary: Interest on Capital (Rose) Interest on Capital (Daisy) P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 PAPER 1 GRADE 11 EXTRACT FROM THE STATEMENT OF FINANCIAL POSITION ON 29 FEBRUARY 2024 2.3 EQUITY AND LIABILITIES OWNERS’ EQUITY NON-CURRENT LIABILITIES CURRENT LIABILITIES Trade and other payables TOTAL EQUITY AND LIABILITIES 20 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 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. Answer 04 3.1.2 Calculate the acid test ratio. Answer 04 3.1.3 Calculate the average percentage return earned by Answer Snowy. 07 3.1.4 Calculate the debt equity ratio. Answer 04 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 PAPER 1 GRADE 11 3.1.5 Calculate the solvency ratio. Answer 04 3.2 Cinderelli and Snowy received an offer from a potential 3rd partner. The partner is mostly interested in how profitable the partnership is. Do you think Fairytale Palace’s profitability is good? Provide two indicators with figures to support your answer. 05 3.3 The business didn’t achieve the intended markup of 20%. Provide TWO possible reason for not having achieving the markup. 04 3.4 Comment on the liquidity of the business. Refer to TWO relevant indicators with figures to support your answer. 04 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 PAPER 1 GRADE 11 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 with figures to support your answer. 04 3.6 Snowy is happy with the returns that she received, explain why by quoting figures. 03 43 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 PAPER 1 GRADE 11 QUESTION 4: PROBLEM SOLVING (12 marks; 10 minutes) 4.1.1 ONE PROBLEM SOLUTION QUOTE FIGURES TAXI 1: TAXI 2: TAXI 3: 12 TOTAL MARKS 150 END