# Accounting Grade 11 P1 Gauteng November 2022 QP (Eng) > Grade 11 Accounting Paper 1 question paper from the Gauteng November 2022 (English), 11 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Question paper - Year: 2022 - Exam period: Gauteng November - Paper: 1 - Curriculum: CAPS - Pages: 11 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 November 2022 QP (Eng)](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0) ## About this document Accounting · Grade 11 · Gauteng November · 2022 · English. Question paper, 11 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Matching paper and memo - [Gr 11 Accounting P1 (English) November 2022 Answer Book - Copy](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-answer-book-copy/b5f51a33-e557-4096-9267-68bf5690bcb4) — Addendum · 2022 · Eng ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com PROVINCIAL EXAMINATION NOVEMBER 2022 GRADE 11 ACCOUNTING (PAPER 1) TIME: 2 hours MARKS: 150 10 pages + 1 formula page 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. You may use it if necessary. 4. Show ALL workings to earn part-marks. 5. Where applicable, round off all calculations to the nearest rand. All other calculations must be rounded off to one decimal place. 6. Read the instructions of each question carefully and follow them precisely. 7. Learners will forfeit marks for: • The use of non-standardised abbreviations • Overwriting of figures or words • Superfluous/foreign entries 8. You may use a non-programmable calculator. 9. You may use blue/black ink to answer the questions. 10. Use the information in the table as a guide when answering the question paper. Try not to deviate from it. TIME IN QUESTION TOPIC MARKS MINUTES 1 Fixed Assets and Internal Control 25 20 minutes 2 Statement of Comprehensive Income 50 45 minutes 3 Partnerships 40 30 minutes 4 Financial Indicators 35 25 minutes TOTAL 150 120 minutes P.T.O. ### Page 3 Downloaded from hlayiso.com ACCOUNTING 3 (PAPER 1) GRADE 11 QUESTION 1: FIXED ASSETS AND INTERNAL CONTROL (25 marks; 20 minutes) RnB TRADERS You are provided with information relating to RnB Traders on 28 February 2022, the end of the financial year. REQUIRED: 1.1 Complete the table provided in your answer book. (10) 1.2 Prepare the Tangible Assets Note. Show all calculations to earn part-marks. (10) 1.3 Answer the following questions. 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 is being applied? (2) 1.3.2 RnB Traders want to invest in a transport business. The owner intends to buy two trucks towards the end of December 2022 to transport goods throughout South Africa. The owner is concerned about high maintenance expenses of trucks and he needs your advice. Provide THREE points. (3) INFORMATION: Balances on 1 March 2021 Cost Accumulated Carrying depreciation value Land and buildings 400 000 ( 0) 400 000 Vehicles 300 000 (76 000) 224 000 Equipment 80 000 (20 000) 60 000 TRANSACTIONS (a) Land and buildings:  During June 2021 the owner made some extensions to the building with a total cost of R120 000.  After heavy rains caused damage to some parts of the building, the owner spent R25 000 to repair the storeroom. P.T.O. ### Page 4 Downloaded from hlayiso.com ACCOUNTING 4 (PAPER 1) GRADE 11 (b) Vehicles  On the 31 August 2021, the business traded in an old vehicle which cost R100 000 at Mzanzi Car Dealers for R55 000.  The vehicle that was traded in was purchased on 1 March 2019.  The vehicle traded in had an accumulated depreciation of R36 000 on 1 March 2021.  The cost of the new vehicle purchased was R150 000.  Depreciation on vehicles is calculated at 20% p.a. on the diminishing balance method. Equipment:  RnB Traders bought two new laptops at a cost of R6 000 each on 30 November 2021.  Depreciation on equipment is calculated at 10% p.a. on the cost price 25 method. P.T.O. ### Page 5 Downloaded from hlayiso.com ACCOUNTING 5 (PAPER 1) GRADE 11 QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME (50 marks; 45 minutes) MK TRADERS The following information was taken from the accounting records of MK Traders, a business owned by former cricketer, Makhaya Ntini. The last day of the financial year is 30 June 2022. REQUIRED: 1.1 Prepare the Statement of Comprehensive Income (Income Statement) for the year ending 30 June 2022. INFORMATION: 1. List of some of the balances and totals of MK Trades on 30 June 2022 Trading stock 81 000 Debtors' control 53 000 Fixed deposit: SACB (8% p.a.) 12 500 Provision for bad debts (1 July 2021) 1 500 Sales 1 032 000 Cost of sales 427 000 Debtors allowances 32 000 Salaries and wages 125 000 Water and electricity 25 000 Rent income 47 250 Discount allowed 1 500 Insurance 6 400 Packing materials 4 200 Stationery 4 100 Bad debts 1 500 Medical contribution 3 000 Discount received 4 200 Interest on fixed deposit 500 Bad debts recovered 1 000 UIF contribution 1 250 Skills development levy 1 250 Bank charges 840 Interest on overdraft 360 Sundry expenses 41 000 P.T.O. ### Page 6 Downloaded from hlayiso.com ACCOUNTING 6 (PAPER 1) GRADE 11 2. Adjustments and additional information: 2.1 Packing material of R500 purchased on 21 August 2021 was incorrectly posted to the stationery account. 2.2 A credit note for R225 issued on 30 August 2021 to Tendulkar has not been recorded. The stock was returned by Tendulkar because the wrong colour T-shirts were sent to him. The mark-up on cost for these goods was 50%. 2.3 Included in the insurance amount is an annual premium of R2 400 paid for the period 1 January 2022 to 31 December 2022. 2.4 According to a physical stock count, the following were on hand at the end of the year: Trading stock, R79 100 Packing material, R900 2.5 Rent income includes rent received until 31 July 2022. The monthly rent was increased by 10% with effect from 28 February 2022. 2.6 The loan statement received from ICC showed the following: Balance on 1 July 2021 42 875 Repayments for the year 10 000 Interest capitalised for the year ?? Balance on 30 June 2022 40 000 2.7 David Warner, a debtor whose account had been previously written off, deposited an amount of R210 in the bank account of the business on 25 August 2021. The bookkeeper entered the amount in the debtors' control column in the Cash Receipts Journal by mistake and posted it as such. Correct the error. 2.8 The following information taken from the Salaries Journal for June 2022 has not yet been entered in the books of the business: Gross salary 30 000 Medical aid deductions 1 300 Pension deductions 700 PAYE deduction 6 000 UIF deduction 300 Medical contributions 2 600 UIF contributions 300 SDL contributions 300 2.9 The account of Gibbs, a debtor, for R450 must be written off as it came to light that he has left the country to play cricket in Japan. P.T.O. ### Page 7 Downloaded from hlayiso.com ACCOUNTING 7 (PAPER 1) GRADE 11 2.10 The provision for bad debts must be decreased by R200. 2.11 Some of the interest on the fixed deposit is outstanding. Interest is not capitalised. 2.12 The water and electricity account for August 2022 has been received but not paid, R5 000. 2.13 Depreciation calculated for the year was R27 470. 50 QUESTION 3: PARTNERSHIPS (40 marks; 30 minutes) BRYAN ADAMS STORES The following information was taken from the accounting records of Bryan Adam Stores with partners A. Bryan and B. Adam. Their financial year ends annually on 28 February. Where necessary please round all answers to the nearest rand. REQUIRED: 3.1 State whether the following statements are TRUE or FALSE. Write only True or False next to the question numbers 3.1.1 to 3.1.5 in the ANSWER BOOK. 3.1.1 Owners’ Equity for a partnership consists of capital and drawings only. 3.1.2 All current accounts are current liabilities. 3.1.3 The partnership agreement stipulates the amount of capital that each partner must contribute to the business. 3.1.4 The partners' earnings are recorded in the Capital Account. 3.1.5 A partner can choose when to increase or decrease his/her capital account balance without informing the other partners. (5) 3.2 Use the information below to prepare the Current Account Note on 28 February 2022. (23) 3.3 Prepare the Equity and Liabilities section of the Statement of Financial Position (Balance Sheet) on 28 February 2022. Where notes are not required, show all calculations in brackets to earn part- marks. (12) P.T.O. ### Page 8 Downloaded from hlayiso.com ACCOUNTING 8 (PAPER 1) GRADE 11 INFORMATION: 1. The following balances appeared, amongst others, in the books of Bryan Adam Stores on 28 February 2022: Capital: A. Bryan 200 000 Capital: B. Adam 100 000 Current Account: A. Bryan (1 March 2021) (Cr) 6 300 Current Account: B. Adam (1 March 2021) (Dr) 1 400 Drawings: A. Bryan (See no. 4 below.) ??? Drawings: B. Adam 132 600 Loan: AB Bank (See no. 6 below.) ??? Trade and other payables (See no. 5 below.) 45 050 Bank Overdraft 11 940 2. The net profit as calculated in the Income Statement for the year ended 28 February 2022 amounts to R311 300. 3. The partnership agreement stipulates the following: 3.1 Partners will receive the following salaries: • A. Bryan – R6 700 per month • B. Adam – R102 000 per annum 3.2 A. Bryan should receive a bonus of R16 000 for extra services rendered. 3.3 The partners must receive 15 % interest per annum on their capital. The rate was changed to 18 % per annum on 1 September 2021. NOTE: (a) A. Bryan increased his capital by R40 000 on 1 December 2021 – this was properly recorded at the time. (b) B. Adam decreased his capital contribution by R20 000 on 1 September 2021 – this has not been recorded, as the accountant was ill on the day of the transaction. 3.4 Profits or losses are shared according to the ratio 5 : 2 for A. Bryan and B. Adam respectively. 4. A. Bryan withdrew the following during the year: • At the end of each month an amount equivalent to his monthly salary, according to the partnership agreement: • A once-off cash withdrawal of R4 670 AND Trading stock with a cost price of R8 790 for personal use. P.T.O. ### Page 9 Downloaded from hlayiso.com ACCOUNTING 9 (PAPER 1) GRADE 11 5. The business received rental income for 2 months in advance, R10 500. 6. The loan from AB Bank was taken out on 31 January 2020. A repayment of R15 000 is made annually on 28 February. The payment for this year was made on 28 February 2022, however this has not been recorded in the books of the business. 7. The debt : equity ratio for 2022 was 0,4 : 1 40 QUESTION 4: FINANCIAL INDICATORS (35 marks; 25 minutes) VERMAAK DESIGNERS The information provided below was extracted from the Financial Statements of Vermaak Designers. Partners Verma and Marcus started their interior design business in 2019. REQUIRED: Answer the questions below in the ANSWER BOOK provided. Note: Where relevant, answers should include financial indicators and figures. Round off all answers to one decimal place. 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) 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) INFORMATION: 1. Extract from the Income Statement for the year ended 28 February 2022 2022 2021 Turnover 570 000 600 000 Cost of sales 380 000 450 000 Gross profit 190 000 150 000 P.T.O. ### Page 10 Downloaded from hlayiso.com ACCOUNTING 10 (PAPER 1) GRADE 11 2. Extract from the Balance Sheet for the year ended 28 February 2022: 2022 2021 Non-current assets 690 000 459 000 Current assets 160 000 145 000 Inventories 95 000 91 000 Owners’ Equity 420 000 234 000 Capital: Verma 200 000 160 000 Capital: Marcus 200 000 80 000 Current account: Verma 8 000 2 000 Current account: Marcus 12 000 (8 000) Non-current liabilities 360 000 280 000 Current liabilities 70 000 90 000 3. Additional information: 3.1 The net profit for the year ended 28 February 2022 amounted to R58 000. 3.2 Partner Verma earned a total of R37 000 for the year ended 28 February 2022. 3.4 The following financial indicators were calculated for 2021: Ratio Results Return earned on business equity 24% Return earned by Verma 26% Return earned by Marcus 23% Debt: Equity ratio 1,2 : 1 Stock turnover rate 9 times Gross profit percentage on cost of sales 33⅓% Interest on fixed deposits 9% Current ratio 1,6 : 1 Acid-test ratio 0,6 : 1 3.5 The interest rate on the loan from Rand Bank is 21% p.a. and the 35 interest paid during the current year amounted to R57 600 TOTAL: 150 END ### Page 11 Downloaded from hlayiso.com ACCOUNTING 11 (PAPER 1) GRADE 11 ANNEXURE FORMULA SHEET Gross Profit 100 Gross Profit 100 Net Profit 100    Sales 1 Cost of Sales 1 Sales 1 Operating Expenses 100 Operating Profit 100   Sales 1 Sales 1 Total Earnings by Partner 100 Net Profit 100   Average Partners' Equity 1 Average Partners' Equity 1 Current Assets: Current Liabilities Current Assets – Inventories: Current Liabilities Average Debtors 365 12 Average Creditors 365 12  or  or Credit Sales 1 1 Credit Purchases or Cost of Sales 1 1 Average Inventorie s 365 12 Cost of Sales  or Cost of Sales 1 1 Average Inventorie s Non-current Liabilities: Partners’ Equity Total Assets: Total Liabilities Fixed Cost Selling price per unit − Variable costs per unit ## Related documents - [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 - [Gr 11 Accounting P2 (English) November 2022 Answer Book](https://www.hlayiso.com/library/gr-11-accounting-p2-english-november-2022-answer-book/320731cd-fc66-42d8-9601-ee85d15b1b01) — Accounting · Addendum · 2022 · Eng - [Gr 11 Accounting P2 (English) November 2022 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-november-2022-possible-answers/f9181d83-1d51-4791-b6ff-7a96d108c1db) — Accounting · Memo · 2022 · 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 - [Gr11 Acc P1 (English) 2020 Exemplars Possible Answers](https://www.hlayiso.com/library/gr11-acc-p1-english-2020-exemplars-possible-answers/fd190775-e227-4a4c-b033-269d676662ec) — Accounting · Memo · 2020 · Eng - [Gr11 Acc P1 (English) November 2019 Answer Book](https://www.hlayiso.com/library/gr11-acc-p1-english-november-2019-answer-book/7df9c3e6-59c6-4ae8-a82f-f6b8011ca1ab) — Accounting · Addendum · 2019 · 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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