Grade 11 ACC P1 (English) June 2023 Answerbook (1)_hlayiso.com_.pdf

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2023 GRADE 11 ACCOUNTING PAPER 1 ANSWER BOOK TIME: 2 hours MARKS: 150 8 pages Name of school: Name of learner: Date: Possible Obtained Moderated Question Topic marks marks marks 1. Accounting Equation 15 Partnership: Ledger 2. 25 Accounts Statement of Comprehensive 3. 45 Income (Income Statement) Concepts and Statement of 4. Financial Position (Balance 40 Sheet) 5. Financial Indicators 25 TOTAL 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER2BOOK PAPER 1 GRADE 11 QUESTION 1: ACCOUNTING EQUATION (15 marks; 10 minutes) Effect on accounting equation Account Account No. debited credited A OE L 1.1 1.2 1.3 1.4 1.5 /1.6 24/1.6 15 QUESTION 2: PARTNERSHIPS: LEDGER ACCOUNTS (25 marks; 17 minutes) 2.1 Calculate the interest on capital for Martin Nike. 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER3BOOK PAPER 1 GRADE 11 2.2 CURRENT ACCOUNT NOTE: MARRONNIE FASHIONS MARTIN RONNIE TOTAL Net profit for the year 1 180 400 Salaries Bonus Interest on capital Primary distribution Secondary distribution Drawings (442 800) Retained income Balance at the beginning of the 21 600 (30 800) year Balance at the end of the year 20 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER4BOOK PAPER 1 GRADE 11 QUESTION 3: STATEMENT OF COMPREHENSIVE INCOME (INCOME STATEMENT) (45 marks; 40 minutes) Ahmed Traders Statement of Comprehensive Income for the year ended 28 February 2023 Sales Cost of sales (1 757 000) Gross profit Other operating income Discount received 19 600 Gross operating income Other operating expenses Discount allowed 13 350 Water and electricity 68 950 Insurance 162 500 Operating profit Interest income 780 Profit before interest expense Net profit for the year 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER5BOOK PAPER 1 GRADE 11 3.2 Trade and other receivables note: Trade Debtors (178 400 5 45 QUESTION 4: CONCEPTS AND STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) (40 marks; 35 minutes) 4.1 Capital Note: Mahlatse Dimpho Total Balance at the beginning Additional Capital contributions 0 220 000 220 000 Withdrawal of Capital (500 000) 0 (500 000) Balance at the end 5 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER6BOOK PAPER 1 GRADE 11 4.2 MacDee Traders Statement of Financial Position as at 31 May 2023 Non-Current Assets Current Assets Trade and other receivables 959 000 TOTAL ASSETS Equity and Liabilities Partners' Equity Capital Current Accounts 400 000 Non-Current Liabilities Current Liabilities Trade and other payables Total Equity and Liabilities 35 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER7BOOK PAPER 1 GRADE 11 QUESTION 5: FINANCIAL INDICATORS (25 marks; 18 minutes) 5.1 TRUE/FALSE 5.1.1 5.1.2 5.1.3 5.1.4 4 5.2 THABETH TRADERS 5.2.1 (a) Calculate the acid-test ratio for 2023. (3) (b) Calculate the debt/equity ratio. (3) (c) Calculate the percentage return on average equity. (5) P.T.O.

Downloaded from hlayiso.com 5.2.2 Comment on the liquidity of the business. Motivate your answer by quoting any ONE financial indicator, with figures. (3) 5.2.3 Should the partners be satisfied with their investment in the business? Explain and quote figures to motivate your answer. (3) 5.2.4 Thabo is suggesting they should expand the business. Do you agree with his decision of obtaining an additional loan? Explain by citing ONE financial indicator, with figures. (4) YES/NO 25 TOTAL: 150 END