Accounting Grade 11 P2 Gauteng November 2020 Addendum (Eng)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2020 GRADE 11 ACCOUNTING PAPER 2 ANSWER BOOK Name of school Name of learner Date 13 pages QUESTION TOPIC MARKS OBTAINED MODERATED MARKS MARKS 1 Reconciliation 40 2 Manufacturing 55 3 Inventory valuation & Ethics 20 4 Budgets 35 TOTAL 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 2 PAPER 2 GRADE 11 QUESTION 1 QUESTION 1.1: TRUE OR FALSE ANSWER 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 QUESTION 1.2: BANK RECONCILIATION 1.2.1 Show changes in the cash journal for 30 November 2020. Cash Receipts Journal Cash Payments Journal R 54 940 R 64 800 8 1.2.2 Calculate the Bank Account balance. 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 3 PAPER 2 GRADE 11 1.2.3 Prepare the Bank Reconciliation Statement on 30 November 2020. Debit Credit 7 1.2.4 The owner, J Kirk, realised that many people are now using electronic funds transfers (EFTs) to pay the business. State TWO advantages of EFTs. 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 4 PAPER 2 GRADE 11 QUESTION 1.3: CREDITORS’ RECONCILIATION 1.3.1 Creditors’ Reconciliation for Golden Globe Traders Creditors’ Ledger of Emmy Creditors’ Statement of Stores Golden Globe Traders Balances 28 656 26 228 1 2 3 4 5 6 7 9 1.3.2 (a) What action should be taken by the management against this employee? Provide TWO points. 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 5 PAPER 2 GRADE 11 1.3.2 (b) Provide TWO internal control measures that should be applied to prevent this from happening again. 2 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 6 PAPER 2 GRADE 11 QUESTION 2 QUESTION 2.1: HAPPY PAWS PET FOOD 2.1.1 Calculate the amount of raw materials issued for production in 2020. 6 2.1.2 Calculate the direct labour cost. Normal time: 9x Contributions: Over time: 9x Total Direct Labour Cost: 12 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 7 PAPER 2 GRADE 11 2.1.3(a) GENERAL LEDGER OF HAPPY PAWS PET FOOD DR FACTORY OVERHEADS COST CR 14 2.1.3(b) WORK-IN-PROCESS STOCK 9 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 8 PAPER 2 GRADE 11 QUESTION 2.2: MUFASA MANUFACTURERS 2.2.1 Calculate the amounts indicated by (a) and (b). Calculations Answer (a) (b) 4 2.2.2 Calculate the break-even point for the financial year ended 30 June 2020. 7 2.2.3 Do you think the business should be happy with the break-even point? Quote relevant figures to justify your comment. Yes/No Comment: 3 55 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 9 PAPER 2 GRADE 11 QUESTION 3 QUESTION 3.1: INVENTORY SYSTEMS 3.1.1 Calculate the purchases figure that will be closed off to the Trading Account. 230 000 4 3.1.2 Calculate the sales figure that will be closed off to the Trading Account. 4 3.1.3 Calculate the cost of sales. 75 000 4 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 10 PAPER 2 GRADE 11 QUESTION 3.2: INTERNAL CONTROL OF ASSETS 3.2.1 Catharine is aware that most assets lose value due to normal wear and tear. Which fixed asset does not normally depreciate at the end of the financial year? Explain why. 2 3.2.2 Briefly explain to her the purpose of the fixed asset register. 2 3.2.3 Catharine received some complaints from her clients that stock has gone missing from their storage units. Give ONE suggestion on how this problem can be solved. 2 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 11 PAPER 2 GRADE 11 3.2.4 The business has three delivery trucks, each with its own driver. Catharine has discovered that one of the truck’s kilometre readings is higher than what it should be. Give ONE practical solution how she can solve this issue. 2 20 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER BOOK 12 PAPER 2 GRADE 11 QUESTION 4 QUESTION 4.1: MATCHING ITEMS ANSWER 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 5 QUESTION 4.2: CASH BUDGET Debtors’ collection schedule for the period September and October 2020 Credit sales September October July 600 000 150 000 --- August 750 000 300 000 187 500 September 720 000 October Debtors’ collections 10 P.T.O.

Downloaded from hlayiso.com CASH BUDGET FOR SEPTEMBER AND OCTOBER 2020 September October RECEIPTS Sales 240 000 Collection from Debtors Rent income 15 000 15 000 Total receipts PAYMENTS Payment to creditors 80 000 Purchases of Trading stock 65 000 Drawings Advertising Salaries 75 000 Total payments Cash surplus (shortfall) Bank: opening balance (127 500) Bank: closing balance 20 35 TOTAL: 150 END