Accounting Grade 11 P2 Gauteng June 2019 Addendum (English)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION JUNE 2019 GRADE 11 ACCOUNTING PAPER 2 ANSWER BOOK Name of school Name of learner Date Question Topic Possible Obtained Converted Moderated Marks Marks to % Marks 1 Bank 40 Reconciliation 2 Creditors’ 40 Reconciliation 3 Fixed Assets 50 4 Internal Control 20 150 9 pages P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 2 ANSWER BOOK GRADE 11 QUESTION 1: BANK RECONCILIATION Marks: 40 Time: 32 minutes 1.1 Answer the following questions relating to Bank Reconciliation. 1.1.1 Is it necessary for a relatively small business to prepare monthly Bank Reconciliations? Provide a reason for your answer. (3) YES / NO 1.1.2 Explain the procedure that needs to be followed at the end of a financial period regarding a post-dated cheque issued. Which GAAP principle is applied? (3) 6 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 3 ANSWER BOOK GRADE 11 1.2.1 General Ledger of Disney World Bank B 10 Date Details Amount Date Details Amount 2019 2019 Jun Jun 23 1.2.2 Bank Reconciliation Statement of Disney World on 30 June 2019 Debit Credit 11 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 4 ANSWER BOOK GRADE 11 QUESTION 2: CREDITORS’ RECONCILIATION Marks: 40 Time: 33 minutes Creditors’ Ledger Stationery Galore Purple Pencils C3 Date Details Fol Debit Credit Balance 2019 Apr 15 Creditor’s Reconciliation Statement of Purple Pencils on 30 April 2019 Amount 13 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 5 ANSWER BOOK GRADE 11 2.3.1 Briefly explain what I. Steale has done. State TWO separate points. (2) 2.3.2 Explain THREE internal control measures that need to be introduced by Stationery Galore to avoid a recurrence of this. (6) 2.3.3 Mention TWO actions Stationery Galore can take against I Steale, other than a disciplinary hearing. (4) 12 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 6 ANSWER BOOK GRADE 11 QUESTION 3: FIXED ASSETS Marks: 50 Time: 39 minutes 3.1 Calculation of depreciation Vehicles OLD NEW SOLD Total depreciation on vehicles for the year: 5 EQUIPMENT OLD NEW 4 General Ledger of Fruit City 3.2.1 Vehicles B 7 Date Details Amount Date Details Amount 2018 March 01 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 7 ANSWER BOOK GRADE 11 3.2.2 Asset Disposal N 26 Date Details Amount Date Details Amount 2018 2018 Oct 01 Oct 01 9 3.3 Fruit City Notes to Financial Statements on 28 February 2019 Land and Vehicles Equipment Fixed Assets Buildings Carrying value on 01 March 2018 Cost Accumulated depreciation Movements Additions at cost Disposal at carrying value Depreciation for the year Carrying value on 28 February 2019 Cost Accumulated depreciation 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 8 ANSWER BOOK GRADE 11 3.4 What is the main purpose of the Fixed Assets Register in a business? (2) 2 50 QUESTION 4: INTERNAL CONTROL Marks: 20 Time: 16 minutes 4.1 The business has changed its pricing policy. Is the statement true or false? Provide ONE reason for your answer. (3) TRUE / FALSE 4.2 With reference to your answer to Question 4.1, motivate whether this was a good decision. (3) YES / NO 4.3 Does the business have good control over its expenses? Give ONE reason for your answer. (3) YES / NO P.T.O.

Downloaded from hlayiso.com ACCOUNTING PAPER 2 9 ANSWER BOOK GRADE 11 4.4 The business has revised its debt collection policy in January 2019. Was this a good idea? Give ONE reason for your answer. (3) YES / NO 4.5 The business is considering paying its creditors after the 30 days term agreed upon. Mention TWO factors that must be considered before this (4) happens. 4.6 Comment on the stock holding period. Mention TWO points. (4) 20 END