Accounting Grade 11 P2 Gauteng June 2024 Addendum (English)

Downloaded from hlayiso.com 1 PROVINCIAL EXAMINATION JUNE 2024 GRADE 11 ACCOUNTING PAPER 2 ANSWER BOOK TIME: 2 hours MARKS: 150 10 pages Name of school Name of learner Date Question Topic Possible Obtained Moderated Marks Marks Marks Bank Reconciliation and Internal 1 55 Control Creditors' Reconciliation and 2 25 Ethics 3 Fixed Assets 50 4 Internal control 20 TOTAL 150 . P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 PAPER 2 GRADE 11 QUESTION 1: BANK RECONCILIATION AND INTERNAL CONTROL (55 marks;44 minutes) 1.1 State whether the following statements are TRUE or FALSE. 1.1.1 1.1.2 1.1.3 03 1.2.1 Complete the Cash Receipts Journal and the Cash Payments Journal for February 2024. Use the correct details (contra account). Cash Receipt Journal Cash Payment Journal Details Amount Details Amount Provisional totals 205 500 Provisional totals 178 400 26 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 PAPER 2 GRADE 11 1.2.2 Calculate the correct Bank Account balance on 29 February 2024. 04 1.2.3 Prepare the Bank Reconciliation Statement on 29 February 2024. Bank Reconciliation statement of SK Stores on 29 February 2024. DEBIT CREDIT 10 1.2.4 Provide TWO internal control measures to control cash. 04 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 PAPER 2 GRADE 11 1.2.5 Indicate TWO internal control measures that can be implemented regarding EFT payments. 04 1.2.6 A payment made to one of our creditors on the 19th was not received by the creditor. It was discovered that the money was sent to the creditor's old account which is now closed. Give TWO points explaining why it is important to verify account details before making any payments. 04 55 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 PAPER 2 GRADE 11 QUESTION 2: CREDITORS RECONCILIATION AND ETHICS (25 marks; 20 minutes) 2.1 Provide TWO reasons why it is important to have control over creditors. 02 2.2 Prepare a correct creditors' list in the books of BaseM Traders after considering all the adjustments referred to in INFORMATION A. Creditors' list on 29 February 2024 Masuku Suppliers (18 000 Maleka Suppliers (5 900 Hadebe Suppliers(10 300 Matshaba Suppliers (7 000 Ngubeni Suppliers (6 800 Mokoena Suppliers (21 700 09 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 PAPER 2 GRADE 11 2.3 Statement of Account Creditors' Ledger Account received from Mokoena of Mokoena Suppliers. Suppliers. Balances 21 700 23 900 (i) (ii) (iii) (iv) (v) (vi) (vii) 12 2.4 The bookkeeper found out that the owner was ordering merchandise for his personal use and was putting through the cost as purchases of the business. What should the bookkeeper say to the owner? 02 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 PAPER 2 GRADE 11 QUESTION 3: FIXED ASSET (50 marks;40 minutes) 3.2.1. CALCULATE DEPRECIATION FOR VEHICLES Amount SOLD: OLD: NEW: Total depreciation for the year 08 CALCULATE DEPRECIATION FOR EQUIPMENT Amount OLD: NEW: Total depreciation for the year 04 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 PAPER 2 GRADE 11 3.2.2 Dt Asset Disposal Account N6 Cr 11 3.2.3 Fixed Assets Land and Vehicles Equipment buildings Carrying value: beginning of the year Cost Accumulated depreciation (555 000) (438 000) Movements Additions at cost Disposal at carrying value Depreciation for the year Carrying value: end of the year Cost Accumulated depreciation 27 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 PAPER 2 GRADE 11 QUESTION 4: INTERNAL CONTROL (20 marks; 16 minutes) 4.1.1 Depreciation is an unusual expense in that it does not involve the outflow of cash from a business. Identify ONE other example of a similar type of expense. 02 4.1.2 Provide TWO points in favour of the manager’s proposal. 04 4.1.3 Provide TWO points in support of the employees. 04 4.1.4 If the computer was sold and the business made a loss, in which financial statement would the loss be recorded. 02 4.1.5 “When a asset is sold at book value/ carrying value net profit decreases.” Is this statement True or False? Provide a reason for your answer. 02 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 PAPER 2 GRADE 11 4.2 The supervisor in the copying and duplicating room is concerned about the large expense on repairs and maintenance of copying machines. She also noticed that large amount of money is spent on copying paper, toners, and stencils. Suggest THREE measures that can be put in place to control these expenses. 06 20 TOTAL MARKS 150 END