Gr11 Acc June 2017 Question Paper Answer Book_hlayiso.com_.pdf

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2017 GRADE 11 ACCOUNTING ANSWER BOOK NAME GRADE 11 QUESTION MARKER’S MARKS MODERATOR’S MARKS 1 2 3 4 5 6 TOTAL 13 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING 2 ANSWER BOOK GRADE 11 GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING ANSWER BOOK TIME: 3 hours MARKS: 300 QUESTION 1 1.1.1 Bank overdraft ✓ 1.1.2 Dishonoured cheque ✓ 1.1.3 Debit order ✓ 1.1.4 Asset register ✓ 1.1.5 Stop payment✓ 5 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 19 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 3 ANSWER BOOK GRADE 11 1.3 General Ledger of Mercby Dealers Bank B1 7 1.4 Bank Reconciliation Statement on 30 September 2017 Debit Credit • • • 7 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 4 ANSWER BOOK GRADE 11 1.5 Briefly explain to Tommy why it is important that he prepares the Bank Reconciliation Statement at the end of each month. 6 1.6 Give THREE advantages of internet banking. 3 1.7 Explain the term white collar crime and list ONE example. 3 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 5 ANSWER BOOK GRADE 11 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 ✓✓1000 Correction of error on Invoice 105 ✓✓ (6929) Inte est ✓69 correct One part 50 940 8 2.3 CREDITOR'S RECONCILIATION STATEMENT ON 30 SEPTEMBER 2017 Balance as per Creditors’ Statement 51 163 7 20 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 6 ANSWER BOOK 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 (b) Depreciation on old vehicles 810 (c) Depreciation on vehicle sold (d) Accumulated depreciation on vehicles on 28 February 2017 13 3.2.2 FIXED ASSET REGISTER ASSET DATE OF Equipment 1 June 2013 PURCHASE COST PRICE R60 000 DEPRECIATION 10% p.a. on cost RATE price 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 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 7 ANSWER BOOK GRADE 11 3.2.3 Dr ASSET DISPOSAL Cr N 8 3.2.4 FIXED ASSETS Land & Vehicles Equipment Buildings Carrying value at beginning Cost Accumulated depreciation Movements Carrying value at the end of the year Cost Accumulated depreciation 22 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 8 ANSWER BOOK GRADE 11 QUESTION 4 4.1 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.1.6 4.1.7 4.1.8 8 4.2.1 BIG BLUE STORES 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 () √√1 500 Provision for bad debts adjustment ( √√360 Bad debts recovered √3 600 Gross operating income 3 112 770 Operating expenses (872 250) Salaries and wages 315 965 Bad debts 3 330 Rent expense 58 080 Advertising √292 330 Water & Electricity 8 000 Packing material ✓15 700 Bank charges 2 345 Insurance √18 300 Depreciation ✓83 200 Operating profit 2 240 520 Interest income 13 847 Profit before interest expense 2 254 367 Interest expense (89 915) Net profit for the year 2 164 452 48 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 9 ANSWER BOOK GRADE 11 4.2.2 • Trade and other receivables Trade debtors (63 190✓ – 850✓ – 540✓ + 11 700✓) √73 5 0 Provision for bade debts ✓ (3 090) Net Trade debtors 70 410 Prepaid expense √5 280 75 690 9 • Trade and other payables 25 90 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 10 ANSWER BOOK GRADE 11 QUESTION 5 5.1 Capital Gous Naidoo Total Balance at the beginning of the year 5 5.2 INTEREST ON CAPITAL Gous ✓124 800 ✓62 400 2 080 000 x 8/100✓ x 9/12 =187 200 2 08 0 000 x 12/100✓ x 3/12 Naidoo 10 5.3 CURRENT ACCOUNTS Gous Naidoo Total Profit as per Income Statement 2 030 000 Balance at beginning of year Balance at end of year 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 11 ANSWER BOOK GRADE 11 5.4 Balance Sheet on 28 February 2017 Partners’ Equity 5 763 000 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 Total equity and Liabilities ✓6 788 000 10 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 12 ANSWER BOOK GRADE 11 QUESTION 6 6.1 Calculate the percentage return on partnership's average equity. Comment and use figures to support your answer. 6 COMMENT 3 6.2 Calculate the percentage return earned by Mikyl on her average equity. Should she be satisfied? Substantiate your answer. 7 COMMENT 2 6.3 Calculate the debt : equity ratio for 2017. 3 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 13 ANSWER BOOK GRADE 11 6.4 Was it a good idea to increase the loan? Substantiate your answer with valid reasons. 4 6.5 Comment on the liquidity position of the company. Quote THREE relevant financial indicators (actual figures / ratios / percentages) and their trends. 9 6.6 Comment on the following financial indicators. Provide a reason for the improvement or the decline, with figures. % Gross profit on cost of sales 3 % Operating expenses on turnover 3 40 300 END