Gr 11 Accounting P1 (English) November 2022 Answer Book - Copy_hlayiso.com_.pdf

Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2022 GRADE 11 ACCOUNTING (PAPER 1) ANSWER BOOK TIME: 2 hours MARKS: 150 9 pages Name of school Name of learner Grade Date MAXIMUM MARKS MODERATED QUESTION TOPIC MARKS OBTAINED MARKS Fixed Assets and Internal 1 25 Control Statement of 2 50 Comprehensive Income 3 Partnerships 40 4 Financial Indicators 35 Total 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 (PAPER 1) GRADE 11 QUESTION 1: FIXED ASSETS AND INTERNAL CONTROL (25 marks; 20 minutes) 1.1 Calculations: Depreciation Vehicles Sold Remaining (old) New Total depreciation for current year: Equipment Old New Total depreciation for current year: 10 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 (PAPER 1) GRADE 11 Land and 1.2 Tangible Assets Vehicles Equipment Buildings Carrying value on (01-03-2021) 400 000 224 000 60 000 Cost 400 000 300 000 80 000 Accumulated depreciation (76 000) (20 000) Movements Additions at cost 12 000 Disposals at carrying value Depreciation Carrying value on (28-02-2022) Cost 520 000 350 000 92 000 Accumulated depreciation 10 1.3.1 The land and buildings were revalued in January 2021 and the market value is R700 000. The financial records of RnB Traders are reflecting R400 000. Which GAAP principle being applied? (2) 1.3.2 The owner is concerned about high maintenance expenses of trucks and he needs your advice. Provide THREE points. (3) TOTAL MARKS 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 (PAPER 1) GRADE 11 QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME (50 marks: 45 minutes) MK Traders Statement of Comprehensive Income for the year ended 30 June 2022 Sales (1 032 000 Cost of sales (427 000 Gross profit Other operating income Rent income (47 250 Discount received 4 200 Gross operating income Other operating expenses Salaries and wages Water and electricity Discount allowed 1 500 Insurance Packing material (4 200 Stationery (4 100 Bad debts Medical contribution UIF contribution Skills development levy Bank charges Sundry expenses 41 000 Operating profit Profit before interest expense Net profit for the year 50 TOTAL MARKS 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 (PAPER 1) GRADE 11 QUESTION 3: PARTNERSHIPS (40 marks: 30 minutes) 3.1 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 5 Bryan Adam Stores Notes to Financial Statements as at 28 February 2022 3.2 Current Accounts A. Bryan B. Adam Total Net profit as per income statement Partners' salaries Partners' bonuses 16 000 0 Partners' interest on capital Primary distribution of profits Final distribution of profits Drawings for the year Retained income for the year Balance at beginning of the year Balance at end of the year 23 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 (PAPER 1) GRADE 11 Bryan Adam Stores Extract of the Statement of Financial Position as at 28 February 2022 3.3 EQUITY AND LIABILITIES OWNERS' EQUITY Capital 280 000 Current accounts NON-CURRENT LIABILITIES Loan: AB Bank CURRENT LIABILITIES Trade and other payables Bank overdraft Short term loan TOTAL EQUITY AND LIABILITIES 12 Calculations for drawings: A. Bryan Calculation for salaries: A. Bryan P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 (PAPER 1) GRADE 11 Calculations for interest on capital: A. Bryan Total Calculations for interest on capital: B. Adam Total Calculation for share of remaining Calculation for share of remaining profit/loss: A. Bryan profit/loss: A. Bryan Calculation of loan TOTAL MARKS 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 (PAPER 1) GRADE 11 QUESTION 4: FINANCIAL INDICATORS (35 marks; 25 minutes) 4.1 Calculate the percentage return earned on average equity for the business for 2022. (5) 4.2 Calculate the percentage return earned by Verma on his average equity for 2022. (5) 4.3 Comment on the two return financial indicators of the business mentioned in QUESTIONS 4.1 and 4.2. (4) 4.4 Calculate the Debt : Equity ratio for 2022. (4) P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 (PAPER 1) GRADE 11 4.5 In your opinion was it a good idea to increase the loan? Motivate your answer. (4) 4.6 Calculate the current ratio for 2022. (3) 4.7 Calculate the acid-test ratio for 2022. (4) 4.8 Comment briefly on the liquidity position of the business for 2022. Provide TWO financial indicators with figures. (6) TOTAL MARKS 35 TOTAL: 150 END