Accounting Grade 11 Paper 2 Gauteng November 2021 Addendum

Downloaded from hlayiso.com GAUTENG DEPARTMENT OF EDUCATION PROVINCIAL EXAMINATION NOVEMBER 2021 GRADE 11 ACCOUNTING (PAPER 2) ANSWER BOOK TIME: 2 hours MARKS: 150 10 pages Name of school Name of learner Grade Date Possible Obtained Marks Moderated Question Topic Marks Marks 1 Reconciliations 40 2 Cost Accounting 40 VAT and Inventory 3 30 Systems Cash Budgets and 4 Projected Income 40 Statement 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 2 (Paper 2) GRADE 11 QUESTION 1: RECONCILIATIONS (40 marks; 32 minutes) 1.1.1 General Ledger of Sahara Traders Bank B 10 Date Details Amount Date Details Amount 2021 2021 30 30 Nov Nov 16 1.1.2 Bank Reconciliation Statement of Sahara Traders on 30 November 2021 Debit Credit Balance as per Bank Statement 8 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 3 (Paper 2) GRADE 11 1.1.3 Briefly explain the purpose of doing a bank reconciliation statement. (2) 1.1.4 List TWO internal control measures a business can implement to control cash in a business. (2) 4 1.2.1 Green Apple Co. Creditors’ Reconciliation on 31 October 2021 Statement of Account Creditors’ Ledger of from Green Apple Co. Fresh Fruit Mart Incorrect balance 14 530 13 789 a. b. c. d. e. Correct balance 8 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 4 (Paper 2) GRADE 11 1.2.2 a. What action should be taken by the management against this employee? Provide TWO points. (2) b. Provide TWO internal control measures that should be applied to prevent this from happening again. (2) 4 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 5 (Paper 2) GRADE 11 QUESTION 2: COST ACCOUNTING (40 marks; 32 minutes) 2.1.1 Calculate the raw materials issued for production in 2021. (6) 6 2.1.2 GENERAL LEDGER OF PURPLE GIRLS MASK MANUFACTURERS a. DR FACTORY OVERHEADS COST N2 CR 2021 2021 30 30 Sept Sept 14 P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 6 (Paper 2) GRADE 11 b. WORK-IN-PROCESS STOCK B6 2020 2021 01 Balance 38 000 Oct Sept 30 2021 01 Oct 9 2.2 HANDSAN MANUFACTURES 2.2.1 Calculate the break-even point for the financial year ended 28 February 2021. (5) 2.2.2 Comment on whether the business should be happy with the break- even point. Quote relevant figures in your comment. (4) Yes/No P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 7 (Paper 2) GRADE 11 2.2.3 The direct material costs have been well controlled. List ONE possible reason for the reduction in the direct material costs in 2021. (2) 11 40 QUESTION 3: VAT AND INVENTORY SYSTEMS (30 marks; 24 minutes) 3.1 VAT 3.1.1 Calculate the VAT amounts A – E. (5) ANSWER A B C D E 3.1.2 Explain the difference between Tax Avoidance and Tax Evasion. (4) P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 8 (Paper 2) GRADE 11 3.1.3 Give TWO examples of zero-rated items and TWO examples of VAT exempt items. (4) ZERO-RATED ITEMS: VAT EXEMPT ITEMS: 13 3.2 INVENTORY SYSTEMS 3.2.1 Calculate the purchase figure that will be closed off to the Trading Account. (5) 3.2.2 Calculate the sales figure that will be closed off to the Trading Account. (4) 3.2.3 Calculate the Cost of Sales. (4) P.T.O.

Downloaded from hlayiso.com ACCOUNTING (ANSWER BOOK) 9 (Paper 2) GRADE 11 3.2.4 Calculate the average rate of stock turnover for 2020. (4) 17 30 QUESTION 4: CASH BUDGETS AND PROJECTED INCOME STATEMENT (40 marks; 32 minutes) 4.1 CONCEPTS ANSWER 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 5 4.2 CASH BUDGET 4.2.1 DEBTORS’ COLLECTION SCHEDULE FOR JUNE AND JULY 2021. Credit sales June July April May June July Debtors’ collections 14 P.T.O.

Downloaded from hlayiso.com 4.2.2 CASH BUDGET FOR JUNE AND JULY 2021. June July RECEIPTS Cash Sales 25 000 27 500 Collection from Debtors Rent income 17 000 Loan-RAV Bank - 201 600 Total receipts PAYMENTS Cash purchases Payments to creditors 80 000 Drawings 7 500 Loan instalment 5 600 Interest on loan Advertising Salaries 75 000 Total payments Cash surplus (shortfall) Bank: Opening balance 140 530 Bank: Closing balance 21 40 TOTAL: 150 END