Gr11 Acc November 2018 Question Paper Answer Book_hlayiso.com_.pdf

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2018 GRADE 11 ACCOUNTING ANSWER BOOK Name: _______________________________________________________ School: ______________________________________________________ Learner's Moderated Question Marks mark mark 1 55 2 50 3 90 4 25 5 45 6 35 Total 300 18 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING 2 ANSWER BOOK GRADE 11 QUESTION 1 1.1.1 What is the purpose of preparing a Bank Reconciliation statement? 2 1.1.2 (a) Calculate the bank balance in the books of Rina Traders on 31 December 2017. 2 (b) Calculate the correct totals for the Cash Receipts Journal and Cash Payments Journal for January 2018. Cash Receipts Journal Cash Payments Journal Details of Sundry Amount Details of Sundry Amount Accounts Accounts Total b/f 22 100 Total b/f 17 300  20 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 3 ANSWER BOOK GRADE 11 (c) Prepare the Bank Reconciliation Statement on 31 January 2018. Debit Credit 8 (d) Refer to cheque no. 270 in the Bank Reconciliation statement of December 2017. How will this cheque be recorded in the financial statements for the year ending February 2018? Explain. 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 4 ANSWER BOOK GRADE 11 1.2 Creditors’ Reconciliation 1.2.1 Creditors' Ledger of Shade Creditors’ Statement of Sun Traders Suppliers 5 600 4 640 A B C D E F G 10 1.2.2 The owner of Shade Traders is unhappy with the errors made by the bookkeeper. Briefly explain TWO measures that the bookkeeper can implement to maintain good control over creditors to avoid this from happening in the future. 4 1.2.3 Shade Traders is experiencing cash-flow problems and is currently in a position where they are unable to pay their creditors on time. They allow their customers credit terms of 60 days. Suggest TWO ways in which the liquidity of the business can be improved. 4 55 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 5 ANSWER BOOK GRADE 11 QUESTION 2 2.1 A B C D E 10 2.2 2.2.1 Calculate the net sales for the year. 5 2.2.2 Calculate the net purchases for the year. 6 2.2.3 Calculate the closing stock on 28 February 2018. Show all calculations. 6 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 6 ANSWER BOOK GRADE 11 2.2.4 Prepare the trading account on 28 February 2018. TRADING ACCOUNT 15 2.2.5 Provide TWO reasons to convince the owner that the Continuous Inventory System is best suited for his business. 4 2.2.6 Provide a reason other than theft of stock for the drop in gross profit on sales and state the consequences for the business. 4 50 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 7 ANSWER BOOK GRADE 11 QUESTION 3.1 Income statement for the year ended 28 February 2018 Sales (2 292 660 Cost of sales Gross profit Other operating income Rent income (247 650 Discount received 7 620 Commission income (22 680 Bad debts recovered 6 400 Provision for bad debts adjustment Trading stock surplus Gross operating income Operating Expenses Discount allowed 9 060 Vehicle expenses 47 200 Salaries (336 800 Packing material (14 000 Advertising (39 240 Bad debts (10 000 Repairs 26 400 Sundry expenses (265 200 Depreciation 15 120 Operating profit Interest income (19 600 Profit before interest expense Interest expense (29 260 Net profit for the year 37 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 8 ANSWER BOOK GRADE 11 3.2 3.2.1 Explain how a Fixed Asset Register will assist the internal auditor in his duties. 2 3.2.2 Newton Traders intends selling their premises at cost price to improve the cash flow in the business. Do you support this decision? Give a reason for your answer. 3 3.2.3 Calculation of Depreciation Depreciation on vehicle sold: Depreciation on old vehicles: New Vehicle: Total depreciation for the year: 9 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 9 ANSWER BOOK GRADE 11 3.2.4 FIXED ASSETS Land & Vehicles Equipment buildings Carrying value at beginning 328 000 286 420 Cost 500 000 410 320 Accumulated depreciation (172 000) (123 900) Movements Additions at cost 150 000 Disposals at carrying value Depreciation (61 540) Carrying value at end 922 820 Cost 482 320 Accumulated depreciation 11 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 10 ANSWER BOOK GRADE 11 3.2.5 Balance sheet on 28 February 2018 ASSETS Non-Current Assets 1 647 440 Tangible assets 1 527 440 Financial assets Current Assets Inventories Trade and other receivables (126 000 Cash and cash equivalents TOTAL ASSETS 1 960 100 EQUITY AND LIABILITIES Partners' Equity 1 454 300 Capital Current Accounts Non-Current liabilities Loan: United Bank Current Liabilities Trade and other payables (43 200 Bank Overdraft (11 000 Short-term loan: Unity Bank 28 TOTAL EQUITY AND LIABILITIES P.T.O.

Downloaded from hlayiso.com ACCOUNTING 11 ANSWER BOOK GRADE 11 QUESTION 4 4.1 Comment on the operating efficiency of the business. Quote TWO indicators with figures to support your answer. 4 4.2 Calculate the Acid-Test Ratio for February 2018. 4 4.3 Comment on the Liquidity position of the business. Name TWO financial indicators with figures to support your answer. 4 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 12 ANSWER BOOK GRADE 11 4.4 Calculate the Debt-Equity Ratio and comment on the gearing of the partnership. Use figures to support your answer. 7 4.5 Calculate S. Slim’s return on his investment. Comment. 6 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 13 ANSWER BOOK GRADE 11 QUESTION 5 5.1 5.1.1 Calculate the raw materials used for production. 138 800 4 5.1.2 (a) FACTORY OVERHEADS COST 14 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 14 ANSWER BOOK GRADE 11 (b) WORK-IN-PROCESS STOCK ACCOUNT 2017 Balance 31 200 July 1 10 (c) FINISHED GOODS STOCK 2017 Balance 93 200 July 1 7 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 15 ANSWER BOOK GRADE 11 QUESTION 5.2 5.2.1 Explain to Katlego why it is necessary to calculate the break-even point. 2 5.2.2 Calculate the break-even point achieved by Katlego. 6 5.2.3 Comment on the level of production achieved by Katlego. 2 45 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 16 ANSWER BOOK GRADE 11 QUESTION 6 6.1 Debtors’ Collection Schedule from 1 January to 28 February 2018 Month Credit sales January February November 162 000 64 800 December 153 000 January February Total 9 P.T.O.

Downloaded from hlayiso.com ACCOUNTING 17 ANSWER BOOK GRADE 11 6.2 CASH BUDGET OF REDDAWN TRADERS FOR THE PERIOD 1 JANUARY 2018 TO 28 FEBRUARY 2018 JANUARY FEBRUARY Receipts Cash sales Cash from debtors Rent income Proceed from the sale of vehicle Total Receipts 232 300 196 450 Payments Payment to creditors 100 938 Advertising 6 000 Other operating expenses 38 500 Drawings Loan repayment Bonuses Total Payments 181 938 197 250 Cash surplus/deficit Opening balance (29 000) 22 Closing balance P.T.O.

Downloaded from hlayiso.com ACCOUNTING 18 ANSWER BOOK GRADE 11 6.3 What is the purpose of preparing a cash budget? 2 6.4 List TWO expenses that cannot be included in a cash budget. Provide a reason. 2 35 300 END