# Accounting Grade 11 P1 Gauteng November 2021 QP (Eng) > Grade 11 Accounting Paper 1 question paper from the Gauteng November 2021 (English), 13 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/gr11-accounting-p1-eng-nov-question-paper/a2e7a499-31e3-4f22-ac26-b0c7a26c1ea0 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Document type: Question paper - Year: 2021 - Exam period: Gauteng November - Paper: 1 - Curriculum: CAPS - Pages: 13 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 11](https://www.hlayiso.com/library/grade-11) › [Accounting](https://www.hlayiso.com/library/grade-11/accounting) › [Accounting Grade 11 P1 Gauteng November 2021 QP (Eng)](https://www.hlayiso.com/library/gr11-accounting-p1-eng-nov-question-paper/a2e7a499-31e3-4f22-ac26-b0c7a26c1ea0) ## About this document Accounting · Grade 11 · Gauteng November · 2021. Question paper, 13 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2021 GRADE 11 ACCOUNTING PAPER 1 TIME: 2 hours MARKS: 150 12 pages + 1 formula page and an answer book of 10 pages P.T.O. ### Page 2 Downloaded from hlayiso.com ACCOUNTING 2 PAPER 1 GRADE 11 INSTRUCTIONS AND INFORMATION 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. A FORMULA SHEET for financial indicators is provided at the back of this question paper. You may use it if necessary. 4. Show ALL workings to earn part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil or blue/black ink to answer the questions. 7. Where applicable, show all calculations to ONE decimal point. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC OF THE QUESTION MARKS TIME IN MINUTES 1 GAAP & Fixed Assets Note 30 24 minutes 2 Income Statement 40 32 minutes 3 Balance Sheet 50 40 minutes 4 Analysis and interpretation 30 24 minutes TOTAL 150 120 minutes P.T.O. ### Page 3 Downloaded from hlayiso.com ACCOUNTING 3 PAPER 1 GRADE 11 QUESTION 1: GAAP & FIXED ASSET NOTE (30 MARKS; 24 MINUTES) 1.1 CONCEPTS 1.1 Fill in the missing word(s). Write only the correct word(s) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. 1.1.1 … is the remaining value of an asset after it has been fully depreciated. 1.1.2 … is a set of principles according to which financial statements are prepared. 1.1.3 The … principle states that all incomes earned, and expenses incurred must be shown for the same financial period. 1.1.4 … is an imputed expense. 1.1.5 … is a negative asset. (5) 1.2 FIXED ASSET NOTE You are provided with the following information from the records of Good Place Traders. REQUIRED: 1.2.1 Calculate the depreciation on equipment for the year ended 31 December 2021. (5) 1.2.2 Calculate the depreciation on vehicles for the year ended 31 December 2021. (8) 1.2.3 Complete the Fixed Asset Note to the Financial Statements on 31 December 2021. (12) P.T.O. ### Page 4 Downloaded from hlayiso.com ACCOUNTING 4 PAPER 1 GRADE 11 INFORMATION: A The information provided below is an extract of a Pre-adjustment Trial Balance of Good Place Traders. List of balances on 31 December 2021 Vehicles 2 680 000 Equipment 810 000 Accumulated depreciation on vehicles 1 060 000 Accumulated depreciation on equipment 240 000 A Equipment • New equipment with a cost price of R120 000 was purchased on 01 October 2021. No entries have been made for the transaction. • Equipment is depreciated at 20% p.a. using the cost price method. B Vehicles • One of the delivery vehicles was sold for R190 000 on 01 July 2021. The vehicle was purchased on 01 July 2019 for R320 000. The accumulated depreciation for the vehicle on 01 January 2021 was R46 400. • Vehicles are depreciated at 10% p.a. using the diminishing balance method. 30 QUESTION 2: INCOME STATEMENT (40 MARKS; 32 MINUTES) The information provided below is from the accounting records of Westville Traders. The financial year ends on 28 February 2021. REQUIRED: Prepare the Income Statement for the year ended 28 February 2021. (40) P.T.O. ### Page 5 Downloaded from hlayiso.com ACCOUNTING 5 PAPER 1 GRADE 11 INFORMATION: A Pre-adjustment Trial balance on 28 February 2021 Balance Sheet Accounts Section Debit Credit Capital [01/03/2020] 510 000 Drawings 204 000 Land and buildings 450 000 Vehicles 210 000 Equipment 123 700 Accumulated depreciation on vehicles 94 500 Accumulated depreciation on equipment 43 500 Fixed Deposit: Nedbank [8% p.a.] 125 000 Loan: Nedbank [12% p.a.] 390 000 Trading Stock 174 120 Debtors’ Control 59 500 Provision for bad debts 3 500 Bank 29 320 Petty cash 1 000 Cash float 3 000 Creditors’ control 110 280 Nominal Accounts Section Sales 954 300 Cost of sales 467 630 Debtors’ allowances 28 620 Bad debts 1 020 Stationery 12 520 Packing material 13 670 Salaries and wages 175 170 Utilities 45 210 Insurances 15 460 Advertising 17 080 Telephone 21 570 Motor expenses 25 840 Maintenance 13 710 Discount allowed 11 070 Discount received 17 550 Bank Charges 3 560 Interest on overdraft 1 610 Rent income 99 750 Interest on fixed deposit 10 000 2 233 380 2 233 380 P.T.O. ### Page 6 Downloaded from hlayiso.com ACCOUNTING 6 PAPER 1 GRADE 11 A Adjustments and additional information i. Physical stock taking on 28 February 2021 revealed the following: • Trading stock, R171 020 • Stationery, R1 420 • Packing material used during the year amounted to R11 220. ii. Utilities account totalling R3 180 due for February 2021 will be paid on 10 March 2021. iii. An amount of R2 100 was paid to Reality Ads on 25 February 2021 for an advertisement which will appear during March 2021. iv. Rent income includes rent for March 2021. Rent was increased by R750 from 1 January 2021. v. Provision for bad debts must be adjusted to 5% of debtors. vi. The following information appeared on the Bank Statements received from Nedbank: • Service fees, R1 120 • Internet banking fees, R320 • Interest on overdraft, R170 vii. The loan statement from Nedbank reflects the following: Balance on 1 March 2020 450 000 Payments made during the year [12 x R5 000] 60 000 Balance on 28 February 2021 399 860 viii. Depreciation for the year amounted to R33 030. 40 P.T.O. ### Page 7 Downloaded from hlayiso.com ACCOUNTING 7 PAPER 1 GRADE 11 QUESTION 3: BALANCE SHEET (50 MARKS; 40 MINUTES) 3.1 Match the concept in Column A with the description in Column B. Write only the letters (A – E) next to the question numbers (3.1.1 to 3.1.4) in the ANSWER BOOK. COLUMN A COLUMN B 3.1.1 Going concern A The partnership has enough assets to cover all debts. 3.1.2 Solvency B Analysis of the financial position of the 3.1.3 Balance Sheet partnership. 3.1.4 Liquidity C The partnership reflects trading stock in the Balance Sheet at R60 000, even though they are planning on having a sale next month. The stock will then be sold for R40 000. D The partnership must use the same inventory system from one financial year to another. E The partnership is able to pay off all short- term debts. (4) P.T.O. ### Page 8 Downloaded from hlayiso.com ACCOUNTING 8 PAPER 1 GRADE 11 3.2 FRANKENSTEIN TRADERS REQUIRED: Prepare the Equity and Liabilities Section of the Balance Sheet as at 28 February 2021. Show all the calculations relating to the notes in brackets. (18) INFORMATION: The following balances appeared amongst others, in the General Ledger of Frankenstein Traders on 28 February 2021. Capital: Frank 200 000 Capital: Stein 170 000 Current Account: Frank (Debit) 1 690 Dr Current Account: Stein (Credit) 10 360 Cr Tangible assets at carrying value 232 000 Fixed Deposit: ABSA Bank (9% p.a.) 70 000 Loan: ABSA Bank (12%) 40 000 Trading stock 85 980 Debtors’ control 64 000 Creditors’ control 9 070 SARS: PAYE 3 500 Bank (Credit) 20 250 Cr Petty cash 1 200 Cash float 400 Provision for bad debts 890 Pension fund 500 Income received in advance 700 A Adjustments and additional information i. On 28 February 2021 Ms Stein contributed equipment to the value of R15 000 and cash of R15 000 to equalise her capital contribution. This entry was not recorded. ii. The partners have agreed to pay off R20 000 of the loan by 30 April 2021. P.T.O. ### Page 9 Downloaded from hlayiso.com ACCOUNTING 9 PAPER 1 GRADE 11 3.3 MARVELLOUS CANDY STORE The following information was extracted from the accounting records of Marvellous Candy Store. The store is a partnership between Mr Marvel and Ms Lane. REQUIRED: Prepare the following notes as it would appear in the Balance Sheet for the year ending 28 February 2021. • Capital Note (3) • Current Account Note (25) INFORMATION: A The following balances appeared in the ledger of MARVELLOUS CANDY STORE on 28 February 2021. Capital: Mr Marvel R360 000 Capital: Ms Lane R760 000 Current Account: Mr Marvel R2 300 (DR) Current Account: Ms Lane R4 500 (CR) Drawings: Mr Marvel R25 000 Drawings: Ms Lane R30 000 B Additional information i. Mr Marvel took stock to the value of R35 000. This was donated to a local charity in his personal capacity. This transaction was not recorded. ii. On 1 December 2020 Mr Marvel increased his capital by R175 000. No entry has been made for this transaction. iii. The partnership agreement stipulated the following: • Partners are entitled to interest at 15% p.a. on their capital balance at the end of the financial year. • On 01 January 2020 Mr Marvel received a 10% increase on his monthly salary of R26 500. No further increases were given. • Ms Lane’s salary for the year amounted to R425 000. • At the end of the financial year Ms Lane received a bonus equal to 12% of her annual salary. • Mr Marvel and Ms Lane share the remaining profits or losses in the ratio 3:2. iv. Ms Lane’s portion of the final distribution of profit amounted to R125 000. v. Mr Marvel received a bonus of R12 000 at the end of the financial year. 50 P.T.O. ### Page 10 Downloaded from hlayiso.com ACCOUNTING 10 PAPER 1 GRADE 11 QUESTION 4: ANALYSIS AND INTERPRETATION (30 MARKS; 24 MINUTES) The following information is extracted from the accounting records of Micro-touch. Micro-touch is a partnership between Mike Ndlovu and Kate Terblanche. REQUIRED: 4.1 Calculate the following indicators for 2021: 4.1.1 Acid-test ratio (4) 4.1.2 Debt-equity ratio (3) 4.1.3 % return on average equity earned by the partnership (5) 4.2 Should the partners be concerned about the liquidity of the business for 2021? Quote TWO financial indicators. (5) 4.3 Micro-touch sells Latex examination gloves to doctors and pharmacies. They are considering expanding their product range to sanitisers and face masks. The partners are considering increasing the loan by R300 000. 4.3.1 Is this a good idea to borrow R300 000? Quote ONE financial indicator to support your answer. (4) 4.3.2 Provide TWO other suggestions that the partners can consider instead of increasing the loan. (2) 4.4 Mike is concerned about the % return that he is earning. Is this a valid concern? Quote ONE financial indicator to support your answer. (4) 4.5 Mike is not happy with Kate’s current contributions to the partnership. He has decided to have a meeting with her about this. List THREE points he should discuss with her at this meeting. (3) P.T.O. ### Page 11 Downloaded from hlayiso.com ACCOUNTING 11 PAPER 1 GRADE 11 INFORMATION: Extract from the Balance Sheet of Micro-Touch on 28 February: 2021 2020 R R Fixed Deposit: Nedbank (10% p.a.) 300 000 390 000 Current Assets 171 000 304 000 Inventory 96 000 134 000 Trade and other receivables 64 000 45 000 Cash and cash equivalents 11 000 125 000 Capital accounts 800 000 1 200 000 Current accounts 58 000 10 000 Mortgage loan: Nedbank (12% p.a.) 240 000 135 000 Current liabilities 84 000 78 000 Extract from Appropriation and Partners’ Current Accounts: Total Mike Kate 2021 R R R Current accounts at beginning of year 10 000 40 000 (30 000) Current accounts at end of year 58 000 108 000 (50 000) Net profit for the year 278 000 Partners’ salaries 140 000 70 000 70 000 Interest on capital (6% p.a.) 54 000 36 000 18 000 Partners’ share of remaining profit 84 000 42 000 42 000 Partners’ drawings for the year 230 000 80 000 150 000 P.T.O. ### Page 12 Downloaded from hlayiso.com NOTE: = i. Each partner contributed capital of R600 000 when the business started, but Kate reduced her capital by R400 000 half-way through the 2021 financial year. ii. Mike maintained his capital contribution at R600 000 throughout the year. He also reduced his drawings in order to prevent the business from going into a bank overdraft. Financial indicators: 2021 2020 % operating profit on sales 20% 23% % net profit on sales 12% 15% Current ratio 2,2 : 1 3,9 : 1 Acid-test ratio ? 2,2 : 1 Debt-equity ratio ? 0,1 : 1 Return on equity: Mike 22% 29% Return on equity: Kate 36% 21% Return on equity of partnership ? 18% 30 TOTAL: 150 END ### Page 13 Downloaded from hlayiso.com ACCOUNTING 13 PAPER 1 GRADE 11 FORMULA SHEET Gross profit 100 Gross profit 100 Net profit 100    Sales 1 Cost of Sales 1 Sales 1 Operating Expenses 100 Operating Profit 100   Sales 1 Sales 1 Total Earnings by Partner 100 Net Profit 100   Average Partners' Equity 1 Average Partners' Equity 1 Current Assets: Current Liabilities Current Assets – Inventories: Current Liabilities Average Debtors 365 12 Average Creditors 365 12  or  or Credit Sales 1 1 Credit Purchases or Cost of Sales 1 1 Average Inventorie s 365 12  or Cost of Sales 1 1 Non Current Liabilities : Partners’ Equity Total Assets : Total Liabilities ## Related documents - [Gr11 Accounting P1 (AFR) NOV Answer Book](https://www.hlayiso.com/library/gr11-accounting-p1-afr-nov-answer-book/b3397780-f91a-4188-abc4-42546bba18f6) — Accounting · Addendum · 2021 · Afr - [Gr11 Accounting P1 (ENG) NOV Answer Book](https://www.hlayiso.com/library/gr11-accounting-p1-eng-nov-answer-book/7e9a8cc3-4c71-4bba-8169-55eb38c790c9) — Accounting · Addendum · 2021 · Eng - [Gr11 Accounting P1 (AFR) NOV Possible Answers](https://www.hlayiso.com/library/gr11-accounting-p1-afr-nov-possible-answers/f0005b8f-9cd3-4d4e-9734-cbe78273b662) — Accounting · Memo · 2021 · Afr - [Gr11 Accounting P2 (AFR) NOV Question Paper](https://www.hlayiso.com/library/gr11-accounting-p2-afr-nov-question-paper/195ab86e-6c94-4f22-a871-aec3f68a188d) — Accounting · QP · 2021 · Afr - [Gr 11 Accounting P1 (English) November 2022 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0) — Accounting · QP · 2022 · Eng - [Gr11 Acc P1 (English) November 2019 Question Paper](https://www.hlayiso.com/library/gr11-acc-p1-english-november-2019-question-paper/bdf935ed-5668-4b8b-be13-5e4ebedf77ee) — Accounting · QP · 2019 · Eng ## More from Grade 11 Accounting - [GR11 Accounting Practice exam November Paper 1](https://www.hlayiso.com/library/gr11-accounting-practice-exam-november-paper-1/a786fffb-f00d-472f-a62b-80f038063c5b) — Guide - [ACCOUNTING P1 GR11 ANSWER BOOK NOV2025 Afrikaans watermark](https://www.hlayiso.com/library/accounting-p1-gr11-answer-book-nov2025-afrikaans-watermark/6daad69c-e558-4d79-9945-bdcc57c797b8) — Addendum · 2025 · Afr - [ACCOUNTING P2 MEMO GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-eng-watermark/7aa479bf-34d0-4240-934b-67a2f33e2597) — Memo · 2025 · Eng - [ACCOUNTING P2 MEMO GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-afr-watermark/a92dc10a-0d2e-42d6-9cd3-ff78b0e78afe) — Memo · 2025 · Afr - [LP Accounting Grade 11 March 2025 QP and Memo](https://www.hlayiso.com/library/lp-accounting-grade-11-march-2025-qp-and-memo/e029a6c5-e494-4ee4-85f6-bf55d1d8442b) — QP + Memo · 2025 - [ACCOUNTING P2 MEMO GR11 NOV 2024 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2024-eng-watermark/c09eb350-5d2d-4070-8df4-25ece70dc7de) — Memo · 2024 · Eng ## Collection - [Grade 11 past papers](https://www.hlayiso.com/grade-11/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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