Accounting Grade 11 P2 Gauteng November 2019 Addendum (Eng)

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2019 GRADE 11 ACCOUNTING PAPER 2 ANSWER BOOK NAME: _______________________________________________________________ QUESTION MAX MARKS MARKS MODERATOR AWARDED 1 40 2 42 3 52 4 16 TOTAL 150 9 pages Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 2 GP/November 2019 Grade 11 – Answer Book QUESTION 1: CONCEPTS AND MANUFACTURING ACCOUNTS 1.1 CONCEPTS 1.1.1 1.1.2 1.1.3 5 1.1.4 1.1.5 1.2. LEDGER ACCOUNT AND COSTS CALCULATIONS 1.2.1 GENERAL LEDGER OF WISHY-WASHY MANUFACTURERS DR RAW MATERIALS STOCK B1 CR 2018 March 1 Balance b/d 8 1.2.2 COST CALCULATIONS Direct labour cost Factory overheads costs 13 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 3 GP/November 2019 Grade 11 – Answer Book 1.3 UNIT CALCULATIONS 1.3.1 Calculate the direct material cost per unit. 2 1.3.2 Calculate the break-even point. 4 1.3.3 Should the business be satisfied with the number of units manufactured during 2019? Explain by quoting relevant information. 4 1.3.4 The direct materials cost per unit was R152 in 2018. Explain TWO reasons for the difference in the cost over the two financial years. 4 TOTAL MARKS 40 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 4 GP/November 2019 Grade 11 – Answer Book QUESTION 2 : RECONCILIATIONS, INTERNAL CONTROL AND ETHICS 2.1. BANK RECONCILIATION 2.1.1 Provide TWO reasons why preparing a monthly Bank Reconciliation Statement is important for the business. 4 2.1.2 Explain why the bookkeeper cancelled cheque no. 706 and in which journal he cancelled the entry. 3 2.1.3 BANK RECONCILIATION STATEMENT ON 31 AUGUST 2019 Debit Credit 10 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 5 GP/November 2019 Grade 11 – Answer Book 2.2 CREDITORS’ RECONCILIATION CREDITORS' LEDGER CREDITORS' STATEMENT Balance 16 555 10 055 A B C D E F G Corrected Balance 11 2.3 INTERNAL CONTROL AND ETHICS 2.3.1 Which THREE actions should be taken regarding the two missing cheques? 6 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 6 GP/November 2019 Grade 11 – Answer Book 2.3.2 What are the implications of recording “Drawings” as “Donations”? Explain in ONE point. 2 2.3.3 Provide THREE suggestions to management for the effective control of cash. 6 TOTAL MARKS 42 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 7 GP/November 2019 Grade 11 – Answer Book QUESTION 3: BUDGETS, ETHICS AND FINANCIAL INDICATORS 3.1.1 DEBTORS' COLLECTION SCHEDULE Credit Sales November December September 144 000 14 400 October 149 760 November 161 280 96 786 December 187 200 46 800 7 3.1.2 CASH BUDGET FOR TWO MONTHS ENDING DECEMBER 2018 RECEIPTS November December Cash sales 241 920 ? ? Rent income 5000 TOTAL RECEIPTS PAYMENTS Cash purchases of trading stock 78 000 Payments to creditors 138 320 Loan repayment Interest on loan 3 000 Salary including bonus (store manager) 20 000 Sales assistants' salaries 60 000 Drawings 30 000 ? ? 145 866 TOTAL PAYMENTS Cash surplus (shortfall) Balance at the beginning of the month 138 400 Balance at the end of the month 29 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 8 GP/November 2019 Grade 11 – Answer Book 3.1.3 Refer to transaction J, and explain why the employees should not be satisfied with the increase of 4% in their salaries. 2 3.2 FINANCIAL INDICATORS 3.2.1 Calculate the following indicators for year ended 28 February 2019. Average creditors' payment period (4) Stock-Holding period (4) 3.2.2 Compare the financial indicators for 2018 and 2019 February and respond to the following questions. Comment on the stock turnover rate and the stock holding period. (2) (Quote figures.) Explain why Nkosi Traders should be concerned about the two indicators and provide ONE point of advice to Nkosi Traders. (4) TOTAL MARKS 52 Copyright reserved Please turn over

Downloaded from hlayiso.com Accounting/P2 9 GP/November 2019 Grade 11 – Answer Book QUESTION 4: VAT AND TANGIBLE ASSETS 4.1 VAT 4.1.1 and 4.1.2 Including VAT Excluding VAT VAT Amount VAT Input VAT Output (R) (R) (R) 500 000 75 000 75 000 287 500 250 000 1 830 6 400 960 9 800 5 405 TOTALS 10 4.1.3 Calculate the amount payable to / receivable from SARS. 2 4.2.1 Explain the TWO measures that you will put in place to prevent employees from using business assets for personal reasons? 4 TOTAL MARKS 16 Copyright reserved Please turn over