# Accounting Grade 11 P1 Gauteng June 2024 QP (Eng) > Grade 11 Accounting Paper 1 question paper from the Gauteng June Exam 2024 (English), 12 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/gr-11-accounting-p1-english-june-2024-question-paper/6f46b4c9-08af-40d5-bbfc-8e5e70b68734 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Question paper - Year: 2024 - Exam period: Gauteng June Exam - Paper: 1 - Curriculum: CAPS - Pages: 12 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 P1 Gauteng June 2024 QP (Eng)](https://www.hlayiso.com/library/gr-11-accounting-p1-english-june-2024-question-paper/6f46b4c9-08af-40d5-bbfc-8e5e70b68734) ## About this document Accounting · Grade 11 · Gauteng June Exam · 2024 · English. Question paper, 12 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 ACCOUNTING PAPER 1 TIME: 2 hours MARKS: 150 11 pages + 1 formula sheet and an answer book of 9 pages P.T.O ### Page 2 Downloaded from hlayiso.com ACCOUNTING 2 PAPER 1 GRADE 11 INSTRUCTIONS AND INFORMATION 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. A FORMULA SHEET for financial indicators is provided at the back of this question paper. 4. Show ALL workings to earn part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil, blue or black pen to answer the questions. 7. Where applicable, show all calculations to ONE decimal point. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS TIME IN MINUTES 1 GAAP Principles and Statement of 50 40 minutes Comprehensive Income 2 Partnership: Statement of Financial 45 36 minutes Position and Notes 3 Analyses and Interpretation 43 34 minutes 4 Problem solving 12 10 minutes TOTAL 150 120 minutes P.T.O ### Page 3 Downloaded from hlayiso.com QUESTION 1: GAAP PRINCIPLES AND STATEMENT OF COMPREHENSIVE INCOME (50 marks; 40 minutes) 1.1 Choose ONE word/term for each of the following statements by choosing a GAAP principle from the list below. Write only the answer next to the question numbers (1.1.1 – 1.1.4) in the ANSWER BOOK. Going concern; Prudence; Historical cost; Materiality; Business Entity; Matching 1.1.1 Business expects to make a profit of R80 000 on the sale of part of the building, it will not be entered in the books until the transfer of the land has been concluded. 1.1.2 Insurance R2 300, is paid in advance. This amount is not reflected in the statement of comprehensive income. 1.1.3 The business will continue to operate in the future. 1.1.4 Interest expense should be disclosed separately in the financial statements. (04) 1.2 HLAZO TRADERS REQUIRED: The following information was taken from the books of Hlazo Traders on 29 February 2024. The business uses a mark-up of 80% on cost. 1.2.1 Prepare the Income Statement (Statement of Comprehensive Income) of Hlazo Traders for the year ending 29 February 2024. (42) 1.2.2 Refer to information B(viii) Provide TWO possible reasons why the rent income decreased. (04) P.T.O. ### Page 4 Downloaded from hlayiso.com IINFORMATION A EXTRACT FROM THE PRE-ADJUSTMENT TRIAL BALANCE ON 29 FEBRUARY 2024 Equipment (cost price) 432 800 Accumulated depreciation on equipment 82 100 Loan: Tika Bank 611 300 Trading stock 212 000 Debtors' control 115 420 Provision for bad debts 11 950 Bank (Debit) 79 450 Sales 1 248 260 Cost of sales ? Debtors' allowance 3 200 Sundry expense 86 700 Telephone 23 650 Salaries and wages 189 240 Insurance 42 840 Packing material 14 000 Bad debts 8 800 Depreciation 85 600 Rent income 78 200 Interest on fixed deposit (balancing figure) ? B ADJUSTMENTS AND ADDITIONAL INFORMATION (i) Goods with the cost price of R9 200 were sold on credit to P Smith. No entry has been made. (ii) On 29 February 2024 the physical stock count revealed the following: • Trading stock R196 450. • Packing material used R7 900. (iii) A debtor, T Naidoo, whose account was previously written off, paid R800. The bookkeeper incorrectly credited the amount to the bad debts account. (iv) Provision for bad debts must be decreased by R5 000. P.T.O. ### Page 5 Downloaded from hlayiso.com (v) One employee is omitted in the Salaries Journal for February 2024 Gross salary Deductions Net salary UIF Contribution ? R560 (7%) ? 160 (2%) NOTE: The UIF contribution includes contributions made by the employers. All contributions form part of salaries and wages. (vi) Insurance includes an annual policy for R57 840 taken out on 1 June 2023. (vii) The loan statement received from Tika Bank reflected a closing balance of R630 800. (viii) Rent income has been received for the period 1 March 2023 to 31 December 2023. NOTE: Rent decreased by R400 per month as from 1 November 2023. (ix) The bank statement revealed the following items that have not been recorded in the relevant cash journals: • Transaction fees R340 • EFT charges R210 50 P.T.O. ### Page 6 Downloaded from hlayiso.com QUESTION 2: PARTNERSHIP: STATEMENT OF FINANCIAL POSITION AND NOTES (45 marks:36 minutes) ROSEY DAISY BLOOMS The following information was extracted from the records of Rosey Daisy Blooms, a partnership owned by White Rose and Yellow Daisy. REQUIRED: 2.1 Match the description in COLUMN A with the term in COLUMN B. Write only the correct letter to next to the question number in your answer book. COLUMN A COLUMN B A The amount is recorded under 2.1.1 Non-Current Assets Current Liabilities. B These Assets take more than 2.1.2 Solvency 12 months to be converted into cash. C The ability to pay off current 2.1.3 Current Assets debts. D These assets can be converted 2.1.4 Liquidity into cash within 12 months. E The business’s ability to pay off 2.1.5 Bank Overdraft all its debts. F Gives an indication if the business is financed by its own capital or borrowed capital. (05) 2.2 Prepare the Current Account Note to the Statement of Financial Position on 29 February 2024. (20) Refer to information A & B 2.3 Prepare the Equity and Liability section of the Statement of Financial Position. (20) Refer to information A To D P.T.O. ### Page 7 Downloaded from hlayiso.com INFORMATION: Extract from the Post-adjustment Trial Balance on 29 February 2024. Capital: Rose 290 000 Capital: Daisy 280 000 Current Account : Rose (01 March 2023) DR 67 000 Current Account : Daisy (01 March 2023) CR 55 000 Drawings: Rose ? Drawings: Daisy 85 000 Bank 178 000 Petty Cash 2 500 Debtors' Control 59 000 Loan : Tulip bank ? Fixed deposit: Lilly bank 690 000 Creditors' control 160 000 Accrued income 16 000 Accrued expenses 3 500 Prepaid expenses 4 000 A. Rose has increased her capital by R20 000 halfway through the year, this has not yet been recorded. Daisy’s capital remained the same throughout the year. B. The partnership agreement stipulates the following: • Interest on capital is calculated at 10% of capital balances. • Daisy’s Bonus is 50% more than that of Rose’s. • The total salary paid to Rose amounted to R159 000, this included her salary for March 2024. Daisy’s salary for the year amounted to R182 000. Both partners are entitled to a R1 000 increase p.m. on 01 January each year which has been taken into account. • The Net profit for the year amounted to R600 000 and the remaining profit is shared between Rose and Daisy in the ratio of 2:3 respectively. • Daisy’s drawings amounted R85 000, Rose withdraws 50% more than Daisy. C. A Creditor with a credit balance of R2 000 needs to be transferred to the debtor’s ledger. P.T.O. ### Page 8 Downloaded from hlayiso.com D. The interest on loan is capitalised. Below is the loan statement received from Tulip bank. TULIP BANK LOAN STATEMENT ON 29 FEBRUARY 2024 Balance on 01 March 2023 380 000 Interest for the year Repayments including interest (R6 500 X 12) 78 000 Balance on 29 February 2024 330 000 The capital portion of the loan that will be paid in the next financial year will increase by R15 000. 45 QUESTION 3: ANALYSIS AND INTERPRETATION (43 marks; 32 minutes) FAIRYTALE PALACE TRADERS Fairytale Palace Traders is a partnership owned by Cinderelli and Snowy. The financial year ended 29 February 2024. They make use of a 20% mark up on cost of sales. REQUIRED: 3.1 Calculate the following financial indicators for the year ended 29 February 2024. 3.1.1 Gross Profit on Sales. (04) 3.1.2 Acid test ratio. (04) 3.1.3 Average percentage return earned by Snowy. (07) 3.1.4 Debt/Equity ratio. (04) 3.1.5 Solvency ratio. (04) Profitability 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) P.T.O. ### Page 9 Downloaded from hlayiso.com 3.3 The business didn’t achieve the intended markup of 20%. Provide TWO possible reasons for not achieving the markup (04) Liquidity 3.4 Comment on the liquidity of the business. Refer to TWO relevant indicators with figures to support your answer. (04) Risk 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) Return 3.6 Snowy is happy with the returns that she received, explain why by quoting figures. (03) INFORMATION A. Extract from the Statement of Comprehensive Income for the year ended 29 February 2024. Sales R1 830 000 Cost of sales R1 610 400 Gross profit ? Net profit R 223 875 P.T.O. ### Page 10 Downloaded from hlayiso.com B. Extract taken from the Statement of Financial Position on 29 February 2024. 2024 2023 Non-Current Assets 1 375 650 Fixed deposit @ 10% p.a. ? 200 000 Current Assets 585 500 738 000 Inventory 170 500 238 000 Trade and other receivables 240 000 350 000 Cash and Cash Equivalents 175 000 150 000 Partners equity ? ? Capital: Cinderelli 600 000 480 000 Capital: Snowy 620 000 490 000 Current Account: Cinderelli CR 42 000 CR 78 000 Current Account: Snowy DR 13 500 CR 37 000 Non-current Liability 419 900 600 000 Current Liability 292 750 307 500 C. Financial Indicators and Additional Information 2024 2023 Operating profit on sales 16% 23% Operating Expenses on sales 19% 12% Current Ratio 2:1 2,4: 1 Acid test ratio ? 1.63:1 Debtors' collection period 32 Days 40 Days Debt equity ? 0,6: 1 Total Earnings by Cinderelli Total Earnings by Snowy 149 250 Return on partners equity 14% 20% 43 P.T.O. ### Page 11 Downloaded from hlayiso.com QUESTION 4: FIXED ASSET MANAGEMENT (12 marks; 10 minutes) PROBLEM SOLVING Jones Mahlaba owns three taxis. She is concerned about the performance of this business. REQUIRED 4.1 Identify ONE major problem related to each taxi. Quote figures and provide solutions to the problems identified. (12) INFORMATION: Information from the business records of 31 May 2024, the financial year end. TAXI 1 TAXI 2 TAXI 3 Date purchased 1 June 2009 1 July 2021 1 April 2023 Cost of vehicle R140 700 R276 000 R432 000 Accumulated depreciation R140 699 R234 600 R100 800 Total revenue from taxi fares R1 462 500 R720 000 R480 900 Kilometres covered 97 500 km 49 000 km 32 060 km Fare per kilometre R15 R15 R15 Fuel and repair costs R843 375 R303 800 R92 974 Fuel and repair cost per kilometre R8,65 6,20 2,90 12 TOTAL: 150 END ### Page 12 Downloaded from hlayiso.com ANNEXURE FORMULA SHEET 𝐆𝐫𝐨𝐬𝐬 𝐩𝐫𝐨𝐟𝐢𝐭 𝟏𝟎𝟎 𝐆𝐫𝐨𝐬𝐬 𝐩𝐫𝐨𝐟𝐢𝐭 𝟏𝟎𝟎 𝐍𝐞𝐭 𝐩𝐫𝐨𝐟𝐢𝐭 𝟏𝟎𝟎 𝐱 𝐱 𝐱 𝐒𝐚𝐥𝐞𝐬 𝟏 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐒𝐚𝐥𝐞𝐬 𝟏 𝐒𝐚𝐥𝐞𝐬 𝟏 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝟏𝟎𝟎 𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐧𝐠 𝐏𝐫𝐨𝐟𝐢𝐭 𝟏𝟎𝟎 𝐱 𝐱 𝐒𝐚𝐥𝐞𝐬 𝟏 𝐒𝐚𝐥𝐞𝐬 𝟏 𝐓𝐨𝐭𝐚𝐥 𝐄𝐚𝐫𝐧𝐢𝐧𝐠𝐬 𝐛𝐲 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝟏𝟎𝟎 𝐍𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐭 𝟏𝟎𝟎 𝐱 𝐱 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 ′ 𝐬 𝐄𝐪𝐮𝐢𝐭𝐲 𝟏 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐏𝐚𝐫𝐭𝐧𝐞𝐫′𝐬 𝐄𝐪𝐮𝐢𝐭𝐲 𝟏 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐀𝐬𝐬𝐞𝐭𝐬 − 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐢𝐞𝐬 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐀𝐬𝐬𝐞𝐭𝐬 ∶ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 ∶ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐓𝐫𝐚𝐝𝐞 𝐚𝐧𝐝 𝐎𝐭𝐡𝐞𝐫 𝐑𝐞𝐜𝐞𝐢𝐯𝐚𝐛𝐥𝐞𝐬 + 𝐂𝐚𝐬𝐡 𝐚𝐧𝐝 𝐂𝐚𝐬𝐡 𝐄𝐪𝐮𝐢𝐯𝐚𝐥𝐞𝐧𝐭𝐬 ∶ 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐃𝐞𝐛𝐭𝐨𝐫𝐬 𝟑𝟔𝟓 𝟏𝟐 𝐱 𝐨𝐫 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐂𝐫𝐞𝐝𝐢𝐭𝐨𝐫𝐬 𝟑𝟔𝟓 𝟏𝟐 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐚𝐥𝐞𝐬 𝟏 𝟏 𝐱 𝐨𝐫 𝐂𝐫𝐞𝐝𝐢𝐭 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐬 𝐨𝐫 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐒𝐚𝐥𝐞𝐬 𝟏 𝟏 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐢𝐞𝐬 𝟑𝟔𝟓 𝟏𝟐 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐒𝐚𝐥𝐞𝐬 𝐱 𝐨𝐫 𝐂𝐨𝐬𝐭 𝐨𝐟 𝐒𝐚𝐥𝐞𝐬 𝟏 𝟏 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 𝐈𝐧𝐯𝐞𝐧𝐭𝐨𝐫𝐢𝐞𝐬 𝐍𝐨𝐧 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 ∶ 𝐏𝐚𝐫𝐭𝐧𝐞𝐫′𝐬 𝐄𝐪𝐮𝐢𝐭𝐲 𝐓𝐨𝐭𝐚𝐥 𝐀𝐬𝐬𝐞𝐭𝐬 ∶ 𝐓𝐨𝐭𝐚𝐥 𝐋𝐢𝐛𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐅𝐢𝐱𝐞𝐝 𝐂𝐨𝐬𝐭𝐬 𝐒𝐞𝐥𝐥𝐢𝐧𝐠 𝐩𝐫𝐢𝐜𝐞 𝐩𝐞𝐫 𝐮𝐧𝐢𝐭 − 𝐯𝐚𝐫𝐢𝐚𝐛𝐥𝐞 𝐜𝐨𝐬𝐭𝐬 𝐩𝐞𝐫 𝐮𝐧𝐢𝐭 ## Related documents - [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 - [Gr 11 Accounting P1 (English) November 2022 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0) — Accounting · QP · 2022 · Eng - [ACCOUNTING P1 GR11 QP NOVEMBER 2020 English .docx](https://www.hlayiso.com/library/accounting-p1-gr11-qp-november-2020-english-docx/36f73aae-b2be-494f-b290-718a2c8f5958) — Accounting · QP · 2020 · Eng - [Gr11 Acc P1 (English) November 2019 Question Paper](https://www.hlayiso.com/library/gr11-acc-p1-english-november-2019-question-paper/bdf935ed-5668-4b8b-be13-5e4ebedf77ee) — Accounting · QP · 2019 · 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 - [Grade 11 ACC P2 (English) June 2023 Possible Answers](https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-possible-answers/fa85abfa-9f3e-4e3a-ba88-499b2e0673a6) — Accounting · Memo · 2023 · 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 - [ACCOUNTING P2 MEMO GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-eng-watermark/7aa479bf-34d0-4240-934b-67a2f33e2597) — Memo · 2025 · Eng - [ACCOUNTING P2 MEMO GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-afr-watermark/a92dc10a-0d2e-42d6-9cd3-ff78b0e78afe) — Memo · 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 P2 MEMO GR11 NOV 2024 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2024-eng-watermark/c09eb350-5d2d-4070-8df4-25ece70dc7de) — Memo · 2024 · Eng - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2023 English watermark](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2023-english-watermark-1/49899c38-504c-42fb-972e-2181fa910731) — Memo · 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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