Accounting Grade 11 Gauteng November 2015 Addendum

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION 2015 GRADE 11 ACCOUNTING ANSWER BOOK CANDIDATE’S NAME & SURNAME: ______________________________ NAME OF SCHOOL:____________________________________________ QUESTION MARKS INITIAL MODERATED 1 2 3 4 5 6 TOTAL 17 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING 2 ANSWER BOOK GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION ACCOUNTING MARKS: 300 TIME: 3 hours QUESTION 1 1.1 CONCEPTS 1.1.1 1.1.2 1.1.3 1.1.4 04 1.2.1 CASH RECEIPTS JOURNAL OF SIBEKO TRADERS FOR JULY 2015 Details Amount Details of Sundry Totals 7 704 11 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 3 ANSWER BOOK 1.2.1 CASH PAYMENTS JOURNAL OF SIBEKO TRADERS FOR JULY 2015 Payee Amount Details of Sundry Totals 6 204 09 1.2.2.CALCULATION OF BANK BALANCE ON 31 JULY 2015 05 1.2.3 BANK RECONCILIATION STATEMENT FOR JULY 2015 DEBIT CREDIT Credit balance according to the Bank Statement 4 531 08 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 4 ANSWER BOOK 1.2.4 Give ONE reason for non-reflection of the deposit and provide TWO control measures that must be applied to avoid this in future. ONE reason TWO control measures 06 1.3 CREDITORS' RECONCILIATION ACCOUNT OF MAXI SUPPLIERS IN THE STATEMENT RECEIVED CREDITORS' LEDGER OF FROM MAXI SUPPLIERS SHUKUMA TRADERS Balance R8 752 R15 492 A B C D E Closing balance 07 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 5 ANSWER BOOK QUESTION 2 2.1. MZIZI TRADERS INCOME STATEMENT FOR 28 FEBRUARY 2015 Note Gross Profit Other Operating Income Gross Operating income Operating Expenses Water and electricity Packing material Bad debts Operating Profit Profit Before Interest Expense Net Profit for the year 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 6 ANSWER BOOK QUESTION 3 3.1 CONCEPTS 3.1.1 3.1.2 3.1.3 3.1.4 04 3.2.1 Dr Asset Disposal Account N5 Cr 09 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 7 ANSWER BOOK 3.2.2 Land and Tangible Assets [Note 3] Vehicles Equipment Buildings Cost 410 000 Accumulated Depreciation - (68 000) (64 500) Carrying value on (01-03-2014) 410 000 Movements Additions at cost Disposals at carrying value Depreciation Carrying value on (28-02-2015) 410 000 Cost 410 000 Accumulated Depreciation 16 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 8 ANSWER BOOK 3.2.3 BALANCE SHEET OF SIMUNYE TRADERS – 28 FEBRUARY 2015 ASSETS Note Non-Current Assets Tangible assets 3 [410 000 + Current Assets Inventories [39 000+ 500] 4 39 500 Trade and other receivables 5 [63 000 Cash and cash equivalents 6 400 TOTAL ASSETS EQUITY AND LIABILITIES Note Partners’ Equity 7 8 Non-current liabilities Loan: United Bank Current liabilities Trade and other payables 9 [21 600 TOTAL EQUITY AND LIABILITIES 31 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 9 ANSWER BOOK 3.3.1 No. Degree of profitability Current Ratio Acid Test Ratio e.g. + + + A B + C - 05 3.3.2 A Period for which enough stock is on hand [Stock-holding period] 04 B Debtors’ average collection period 04 C Debt-equity ratio 03 D Return on M.Mona’s equity 03 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 10 ANSWER BOOK 3.3.3 Respond to the following questions: A Comment on the liquidity position of the business. Use TWO financial indicators to support your answer. Two financial indicators   figures and trends   Comments  B Explain the results of the debt-equity ratio. C Explain whether M.Mona should be satisfied with his returns. 11 90 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 11 ANSWER BOOK QUESTION 4 4.1 CONCEPTS (a) (b) (c) 03 4.2.1 CALCULATION OF RAW MATERIAL USED FOR PRODUCTION 69 400 04 4.2.2 Dr Work-in-Process Stock Account B8 Cr 2014 01 Balance b/d 15 600 2015 30 Jul June 09 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 12 ANSWER BOOK 4.2.3 Dr Finished Goods Stock Account B8 Cr 07 4.2.4 Dr Factory Overheads Cost Account C2 Cr 2015 30 Factory June 13 000 maintenance 12 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 13 ANSWER BOOK 4.3.1 Calculate the break-even point and comment on your findings. Calculation Comment 06 4.3.2 Provide TWO measures that should be applied by Simelane, in order to reduce the cost of production per unit. Two valid points 04 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 14 ANSWER BOOK QUESTION 5 5.1 CONCEPTS 5.1.1 What is the main purpose of preparing a Cash Budget? 02 5.1.2 Identify THREE items that should not be placed in the Cash Budget. 03 5.2.1 Debtors’ Collection Schedule from 1 April 2015 to May 2015 Credit sales April May February 23 600 4 248 March 26 000 15 600 April 22 800 May 27 600 07 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 15 ANSWER BOOK 5.2.2. Cash Budget for the period 1 April 2015 to 31 May 2015 Receipts April May Cash sales Cash from debtors Total Receipts Payments Cash purchases 9 920 11 760 Payments to creditors Total Payments Cash surplus/deficit Balance on 1 April 2015 Balance on 31 May 2015 28 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 16 ANSWER BOOK QUESTION 6 6.1.1 VAT A B C 03 6.1.2 Rexel Wholesalers, one of Stanza’s suppliers, offered Stanza Traders goods valued at R5 400 for R2 700. He stated that Stanza Traders must pay cash and he will not issue an invoice. What advice would you give to Stanza Traders? 02 6.2.1 Dr Trading Account F1 Cr 21 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 17 ANSWER BOOK 6.2.2 Ekasi Traders is concerned about high transport costs. Provide TWO ways to solve this problem. 04 30 TOTAL: 300 END