# Accounting Grade 11 Gauteng June 2017 Memo > Grade 11 Accounting memorandum from the Gauteng June 2017, 13 pages. Read online or get the free PDF download, question paper linked when available. - Page: https://www.hlayiso.com/library/gr11-acc-june-2017-possible-answers/93f139d2-2174-4480-8f7f-8d7dc1154f3c - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Document type: Memorandum - Year: 2017 - Exam period: Gauteng June - Curriculum: CAPS - Pages: 13 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 Gauteng June 2017 Memo](https://www.hlayiso.com/library/gr11-acc-june-2017-possible-answers/93f139d2-2174-4480-8f7f-8d7dc1154f3c) ## About this document Accounting · Grade 11 · Gauteng June · 2017. Memorandum, 13 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 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2017 GRADE 11 ACCOUNTING MEMORANDUM 13 pages 1 ### Page 2 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING MEMORANDUM MARKING PRINCIPLES 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (No foreign item penalty for misplaced item). 2. Full marks for correct answer. If answer is incorrect, mark the workings provided. 3. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (Not the method mark for the answer). 4. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 5. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 6. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer before awarding the mark. 7. In awarding method marks, ensure that candidates do not get full marks for any item that is partially incorrect 8. Code f = foreign item 2 ### Page 3 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 QUESTION 1 1.1.1 Bank overdraft  1.1.2 Dishonoured cheque  1.1.3 Debit order  1.1.4 Post-dated cheques register  5 1.1.5 Stop payment 1.2 Calculate the correct totals for the Cash Receipts Journal and Cash Payments Journal for September 2017. Show details of sundry accounts. Cash Receipts Journal Cash Payments Journal Details of Sundry Amount Details of Sundry Amount Accounts Accounts Total 49 926 Total 49 800 Trading stock 150 Trading Stock  300 Stationery 500 Advertising 180 (640-460) Interest on current a/c 400 Insurance 1 520 Bank charges 786 Debtors’ control 4100 (I. May) 19 55 076 52 586 19 1.3 General Ledger of Mercby Dealers Bank B1 Sep 30 Total CRJ 55 076 Sep 1 Balance b/d 1 830 Receipts 30 Total CPJ Payments 52 586 Balance c/d 660 55 076 55 076 Oct 1 Balance b/d  660 7 3 ### Page 4 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 1.4 Bank Reconciliation Statement on 30 September 2017 Debit Credit DR Balance as per Bank Statement  680 CR Outstanding deposit  2 500 DR Outstanding cheques  112  800  113  400  117 1320 DR balance as per bank account  660 Operation if one part correct  same total 3 180 3 180 7 Foreign entries -1 maximum -2 1.5.1 Explain to Tommy why it’s important that he prepares the Bank Reconciliation Statement at the end of each month. Provide THREE reasons. Good explanation = 2, Satisfactory = 1, incorrect = 0  • Improves internal control by minimizing fraud or error because records are checked against an external source. • Improves internal control by identifying outstanding cheques and deposits. • To compare the books of the business with that of the bank in order to detect errors and dishonesty at an early stage. Expected responses for 1 mark 1. Internal control purposes 2. To reconcile the bank account 6 1.6 Give THREE advantages of internet banking. Any valid point  • Do not have to stand in queues to pay accounts • Don’t have to walk around with cash • Maintain your own internet banking limits • Payments can be made immediately • Send proof of payment to a beneficiary 3 4 ### Page 5 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 1.7 Explain the term white collar crime and list ONE example. Any valid point  • A crime committed by management / CEO while being employed in the business 3 Example: Fraud, Bribery, Tax evasion. 50 QUESTION 2 2.1 Choose a description from COLUMN B that matches a concept in COLUMN A. 2.1.1 E 2.1.2 A 2.1.3 D 2.1.4 B 2.1.5 C 5 2.2 CREDITORS' LEDGER OF BEKI TRADERS ON 30 SEPTEMBER 2017 Balance as per ledger account 57 312 Error corrected on invoice 223 - 512 Adjustment of discount on 1 000 Correction of error on Invoice 105  (6 929) Interest 69 One part correct 50 940 8 2.3 CREDITOR'S RECONCILIATION STATEMENT ON 30 SEPTEMBER 2017 Balance as per Creditors’ Statement 51 163 Credit note incorrectly recorded (618 X 2)  (1 236) Discount not yet recorded  (2 532) Trade discount omitted  (981) Invoice issued after statement date 4 526 Balance as per Creditors’ Ledger 50 940 One part correct 7 20 5 ### Page 6 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 QUESTION 3 3.1.1 Historical  3.1.2 Asset register  3.1.3 Book value or carrying value  3.1.4 Accumulated depreciation  4 3.2.1 (a) Depreciation on equipment Old: 210 000 – 60 000 – 45 000 = 105 000 x 10/100 = 10 500 New: 45 000 x 10/100 x 7/12 = 2 625 16 125 Sold: 60 000 x 10/100 x 6/12 = 3 000 If one part correct (b) Depreciation on old vehicles 810 000 – 387 000 x 20% = 84 480 95 480 330 000 x 20% x 2/12 = 11 000 If one part correct (c) Depreciation on vehicle sold Accumulated depreciation on vehicle sold 118 080 If one part correct 200 000 - 72 000 - 9 920 (d) Accumulated depreciation on vehicles on 28 February 2017 387600 +  95 480 - 118 080 365 000 see (b) see (c) If one part correct 13 6 ### Page 7 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 3.2.2 FIXED ASSET REGISTER ASSET DATE OF Equipment 1 June 2013 PURCHASE COST PRICE R60 000 DEPRECIATION 10% @ cost price RATE RECORD OF DEPRECIATION Accumulated Date Depreciation Book value depreciation 28 February 2014 4 500 4 500 55 500 28 February 2015 6 000 10 500 49 500 28 February 2016 6 000 16 500 43 500 1 September 2016 3 000 19 500 40 500 3 3.2.3 Dr ASSET DISPOSAL Cr N Acc Dep on Vehicles 118 080 Vehicles 200 000 (97 600 + 20 480) Bank  72 000 Loss on sale of 9 920 asset 200 000 200 000 8 3.2.4 FIXED ASSETS Land & Vehicles Equipment Buildings Carrying value at beginning 422 400 88 000 Cost 4 789 720  810 000 165 000 Accumulated depreciation  (387 600)  (77 000) Movements Additions at cost 2 000 000  330 000 45 000 Disposals at carrying value  (980 000)  (81 920)  (40 500) see 3.2.2 Depreciation  (95 480)  (16 125) see 3.2.1 (a) Carrying value at end 5 809 720  575 000 76 375 Cost 5 809 720  940 000 150 000 Accumulated depreciation  (365 000) (73 625) 22 see 3.2.1 (d) 50 7 ### Page 8 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 QUESTION 4 4.1.1 F√ 4.1.2 E√ 4.1.3 G√ 4.1.4 D√ 4.1.5 A√ 4.1.6 H√ 4.1.7 C√ 4.1.8 B√ 8 4.2 BLUE STORE INCOME STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2017 Sales (4 220 700 – 12 500 – 850) 4 207 350 Cost of sales (1 100 720√ – 680√)  (1 100 040) Gross profit 3 107 310 Other operating income 5 460 Trading stock surplus (698 900 – 697 400) √√1 500 Provision for bad debts adjustment (3 450 – 3 090) √√360 Bad debts recovered. √3 600 Gross operating income 3 112 770 Operating expenses (872 250) Salaries and wages (288 090 + 25 000 + 2 625 + 250) 315 965 Bad debts (2 790 + 540) 3 330 Rent expense (63 360 – 5 280) 58 080 Advertising √292 330 Water & Electricity (72 000 + 11 000) 83 000 Packing material 15 700 Bank charges (1675 + 670) 2 345 Insurance √18 300 Depreciation 83 200 Operating profit 2 240 520 Interest income (847 + 13 000) 13 847 Profit before interest expense 2 254 367 Interest expense (315 + 89 600√) (89 915) Net profit for the year 2 164 452 48 8 ### Page 9 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 4.2.2  Trade and other receivables Trade debtors (63 190 – 850 – 540 + 11 700) √73 500 Provision for bad debts  (3 090) Net Trade debtors 70 41 Pr paid expense √5 280 75 690 9  Trade and other payables Trade creditors (197 000 – 680 + 11 700+2 580√+1850√) √212 450 Accrued expense 11 000 Creditors for salaries (48 000 + 18 375√) 66 375 Pension fund (6 500 + 2 625 + 1 875) 11 000 SARS (12 000 + 4 500) 16 500 UIF (1 500 + 250 +250) 2 000 319 325 25 90 9 ### Page 10 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 QUESTION 5 5.1 CAPITAL Gous Naidoo Total Balance at the beginning of the year 2 080 000 1 920 000 Contribution of capital during the year 800 000 Withdrawal of capital during the year Balance at the end of the year 2 880 000 1 920 000 4 800 000 5 5.2 INTEREST ON CAPITAL Gous 2 080 000 x 8/100 x 9/12 = 124 800 2 080 000 x 12/100 x 3/12 =  62 400 187 200 Naidoo 1 920 000 x 8/100 x 9/12 = 115 200 1 920 000 x 12/100 x3/12 =  57 600 172 800 10 5.3 CURRENT ACCOUNTS Gous Naidoo Total Partners’ salaries 780 000 780 000 Interest on capital 187 200 172 800 Partners’ bonus 101 500 Primary distribution of profits 1 068 700 952 800 2 021 500 Final distribution of profits 5 100 3 400 8 500 Profit as per Income Statement 1 073 800 956 200 2 030 000 Drawings during the year  (875 000)  (905 000) Retained income for the year 198 800 51 200 Balance at beginning of year 25 000  (112 000) Balance at end of year 223 800  (60 800) 163 000 25 10 ### Page 11 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 5.4 Balance Sheet on 28 February 2017 Partners’ Equity 4 963 000 Capital 4 800 000 Current Accounts 163 000 Non-Current Liabilities Mortgage Loan (1 000 000  100 000  100 000) 800 000 Current Liabilities 925 000 Bank overdraft 705 000 Trade and other payables 120 000 Short term loan 100 000 10 Total equity and liabilities 6 688 000 50 11 ### Page 12 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 QUESTION 6 6.1 Calculate the percentage return on partners’ average equity. Comment and use figures to support your answer. 58 000 X 100  (420 000 + 234 000) / 2  1 58 000  X 100 327 000  1 6 17.74 %  COMMENT The percentage return earned on the business equity  decreased  from 24% to 17. 74%.  The return percentage is higher than outside investment of 10%, but the fact that the returns have decreased is a cause for concern, as this shows that the business profits have decreased. 3 6.2 Calculate the percentage return earned by Mikyl on her average equity. Should she be satisfied? Substantiate your answer. 37 000 X 100 (200 000  +160 000 +8 000 +2000  ) / 2  1 37000 X 100  185 000 1 7 20%  COMMENT: YES  The return of 20% is higher than the outside investments of 10% interest p.a.  2 12 ### Page 13 Downloaded from hlayiso.com MEMORANDUM ACCOUNTING GRADE 11 6.3 CALCULATE THE DEBT : EQUITY RATIO FOR 2017 360 000  : 420 000  0.86 : 1  3 6.4 Was it a good idea to increase the loan? Substantiate your answer with valid reasons. YES  The debt: equity  ratio has improved / decreased  from 1,2:1 to 0.86:1 OR NO  The increase in the debt: equity ratio  is especially due to the increase in the capital contributions made by both partners and not due to the increase of the loan.  Interest rate on repayment of the loan of 21% is high.  4 6.5 Comment on the liquidity position of the company. Quote THREE relevant financial indicators (actual figures / ratios / percentages) and their trends. Current ratio  improved  from 1,6:1 to 2,29:1 Acid test ratio  improved  from 0.6:1 to 1,57:1 9 Average debtors’ collection period  improved from 55 days to 30 days.  6.6 Comment on the following financial indicators. Provide a reason for the improvement or the decline, have with figures. Gross profit on cost of sales Percentages have decreased from 60% to 50%. Any valid reason   Trade discounts allowed to bulk buyers  Stock was discounted during a sale. 3  Errors in calculating mark-up Operating expenses on turnover Percentages have decreased/improved from 50% to 40% There has been better control over operating expenses, as there was a decrease in expenses  3 40 300 13 ## Related documents - [2017 GRADE 11 ACCN MARKING GUIDELINE](https://www.hlayiso.com/library/2017-grade-11-accn-marking-guideline/e5ac88b8-73da-48d6-a5ae-d4adaf1aec06) — Accounting · Memo · 2017 - [Gr11 Acc November 2017 Possible Answers](https://www.hlayiso.com/library/gr11-acc-november-2017-possible-answers/9cf389d2-8ef2-429d-bcef-1deaf19c7a77) — Accounting · Memo · 2017 - [Accounting GR 11 MEMO](https://www.hlayiso.com/library/accounting-gr-11-memo/9838c337-301c-4604-9310-3e1d752f1d37) — Accounting · Memo · 2017 - [Gr11 ACC P2 (ENG) June 2022 Possible Answers](https://www.hlayiso.com/library/gr11-acc-p2-eng-june-2022-possible-answers/ece12388-af7d-4c48-955d-4bdc5697500a) — Accounting · Memo · 2022 · Eng - [Gr11 Acc June 2018 Possible Answers](https://www.hlayiso.com/library/gr11-acc-june-2018-possible-answers/eb0f3b21-20cc-411d-8881-77f6d64804ee) — Accounting · Memo · 2018 - [Gr11 Acc (Afrikaans) June 2018 Possible Answers](https://www.hlayiso.com/library/gr11-acc-afrikaans-june-2018-possible-answers/9df1ea61-69fc-44d0-ae99-55747a39390f) — Accounting · Memo · 2018 · Afr ## 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 - [Grade 11 Accounting P2 November 2026 Mock](https://www.hlayiso.com/library/grade-11-accounting-2026-november-mock-exam-question-paper-paper-2/23b01a3d-4c7f-4c08-87ca-2f521d5b13fd) — QP · 2026 · Eng - [ACCOUNTING P1 GR11 ANSWER BOOK NOV2025 Afrikaans watermark](https://www.hlayiso.com/library/accounting-p1-gr11-answer-book-nov2025-afrikaans-watermark/6daad69c-e558-4d79-9945-bdcc57c797b8) — Addendum · 2025 · Afr - [ACCOUNTING ANS BOOK GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-ans-book-gr11-nov-2025-eng-watermark/23071d73-1633-476d-9eea-a35d45360d61) — QP · 2025 · Eng - [ACCOUNTING P1 GR11 QP NOV2025 Afrikaans watermark](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov2025-afrikaans-watermark/12583458-757b-44ed-b818-66dccc55c934) — QP · 2025 · Afr - [ACCOUNTING P2 QP GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr11-nov-2025-afr-watermark/c1345715-0e44-4f64-9844-4e1a4ca18c22) — QP · 2025 · Afr ## 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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