# Accounting Grade 11 Paper 1 Gauteng June 2023 Memo (English) > Grade 11 Accounting Paper 1 memorandum from the Gauteng June Exam 2023 (English), 8 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/grade-11-acc-p1-english-june-2023-possible-answers/78164423-ba69-4a08-a945-0db5172a48de - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2023 - Exam period: Gauteng June Exam - Paper: 1 - Curriculum: CAPS - Pages: 8 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 Paper 1 Gauteng June 2023 Memo (English)](https://www.hlayiso.com/library/grade-11-acc-p1-english-june-2023-possible-answers/78164423-ba69-4a08-a945-0db5172a48de) ## About this document Accounting · Grade 11 · Gauteng June Exam · 2023 · English. Memorandum, 8 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 PROVINCIAL EXAMINATION JUNE 2023 GRADE 11 MARKING GUIDELINES ACCOUNTING PAPER 1 8 pages Marking principles: 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced items). No double- penalty is applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Full marks for correct answer. If the answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that figure (not the method-mark for the answer). 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no + or – sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. Where penalties are applied, the marks for that section of the question cannot be a final negative. 8. Where method-marks are awarded for operation, the marker must inspect the reasonableness of the answer and at least one part must be correct before awarding the mark. 9. In awarding method-marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 10. Be aware of candidates who provide valid alternatives beyond the marking guidelines. 11. Codes: f = foreign item; p = placement/presentation ### Page 2 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 1: ACCOUNTING EQUATION (15 marks; 10 minutes) No. Account debited Account credited Effect on accounting equation A OE L 1.1 Bank √ Capital: Matome √ + 256 000 √ + 256 000 √ 0 1.2 Trading Stock √ Bank √ - 250 000 √ 0 0 + 250 000 √ 1.3 Stationery √ Creditors’ Control √ 0 - 6 700 √ + 6 700 √ 1.4 Debtors’ control √ Sales √ + 300 000 √ + 300 000 √ 0 Cost of Sales √ Trading Stock √ - 200 000 √ - 200 000 √ 0 1.5 Loan: Tummy Bank √ - 89 000 √ 0 - 89 000 √ Bank √ /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. 6 9 X 1 600 000 X = 72 000 √ 100 12 8 3 X 1 600 000 X = 32 000√ 100 12 72 000 + 32 000 = 104 000  one part correct 5 2 ### Page 3 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 2.2 CURRENT ACCOUNT NOTE: MAKRONNIE FASHIONS MARTIN RONNIE TOTAL Net profit for the year  678 000  502 400 1 180 400 Salaries √√ 203 200 √√ 254 000 Bonus - √ 11 000 Interest on capital 104 000 √√√ 52 000 Primary distribution  307 200  317 000 Final distribution  370 800  185 400 Drawings (442 800) √ (213 200) Retained income  235 200  289 200 Balance at beginning 21 600 (30 800) Balance at the end of the year  256 800  258 400  one part correct 20 25 3 ### Page 4 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 3: STATEMENT OF COMPREHENSIVE INCOME (INCOME STATEMENT) (45 marks; 40 minutes) 3.1 Ahmed Traders Statement of Comprehensive Income for the year ended 28 February 2023 Sales (1 757 000 x 200/100) √ 3 514 000 Cost of sales (1 757 000) Gross profit  1 757 000 Other operating income  132 075 Discount received (19 600) 19 600 Rent income (89 650 + 11 825) √ 101 475 Bad debts recovered (9 000 + 2 000) √ 11 000 Gross operating income (missing figure GOI -OP) (9)  1 889 075 Other operating expenses  (1 186 275) Discount allowed 13 350 Water and electricity 68 950 Insurance 162 500 Telephone (61 950 + 1 800) √√ 63 750 Donations (42 650 + 19 000) √√ 61 650 Stationery (128 150 – 2 500√ – 2 100 √)  123 550 Bad debts ( 30 600 + 27 000 √√)  57 600 Advertising (139 050 – 27 000 √√) 112 050 Sundry Expense Balancing figure OE-All expenses  290 455 Trading stock deficit (371 900 √ – 19 000 √ + 2 500 √ – 326 600√)  28 800 Depreciation (161 250 + 33 040) √ √ 194 290 Bank Charges (8 000 + 365 + 140 + 225) √√ 8 730 Provision for bad debts adjustment √ 600 Operating profit (3 514 000 x 0,20) (#20% of sales) 27 √  702 800 Interest income 780 Profit before interest expense  703 580 Interest expense (691 000 + 192 000 – 800 000) √√ (83 000) Net profit for the year 4  620 580 40 4 ### Page 5 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 3.2 Trade and other receivables note: Trade and other receivables (178 400 – 36 000) √  142 400 Less: Provision for bad debts (17 600) Net Trade Debtors 124 800 Accrued income (see Rent income) 11 825 Prepaid expenses (see Advertising) 27 000 163 625 5 45 QUESTION 4: STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) (40 marks; 35 minutes) MacDee Traders Notes to financial statements as at 31 May 2023 4.1 Capital Note: Mahlatse Dimpho Total Balance at the beginning √ 3 000 000 √ 3 880 000 Additional Capital contributions 0 220 000 220 000 Withdrawal of Capital (500 000) 0 (500 000) Balance at the end √ 2 500 000 √ 4 100 000  6 600 000  one part correct 5 5 ### Page 6 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 4.2 MacDee Traders Statement of Financial Position as at 31 May 2023 R Non-Current Assets  14 156 000 Tangible Asset √ 14 112 000 Fixed Deposit (22 000 x 2) √√ 44 000 Current Assets  1 705 000 Inventories (600 000√ + 92 000√) 692 000 Trade and other receivables 959 000 Cash and Cash equivalents (22 000 √ + 32 000 √)  54 000 TOTAL ASSETS (13) √ 15 861 000 Equity and Liabilities Partners' Equity (2)  7 000 000 Capital  6 600 000 Current Accounts 400 000 Non-Current Liabilities (6) 6 864 000 Mortgage loan (7 320 000 √ + 376 800√ – 604 800√ – 228 000 √√)  6 864 000 Current Liabilities (Total Assets- Equity-NCL) √1 997 000 Trade and other payables (1 120 000 √ + 3 600 √ + 20 000 √ + (14)  1 175 500 26 250√ + 3 750 √ + 300 √ + 1 600 √) Current portion of loan  228 000 Bank Overdraft (balancing figure; CL-payables-current portion of loan) √ 593 500 Total Equity and Liabilities  15 861 000  one part correct 35 40 6 ### Page 7 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 QUESTION 5: FINANCIAL INDICATORS (25 marks; 18 minutes) 5.1 TRUE/FALSE 5.1.1 False √ 5.1.2 True √ 5.1.3 False √ 5.1.4 True √ 4 5.2 THABETH TRADERS 5.2.1 (a) Calculate the Acid-test ratio for 2023. (3) (340 000 – 95 000) √ : 155 000 √ OR (65 000 + 180 000) √ : 155 000 √ = 245 000 : 155 000 = 1,6 : 1  one part correct (b) Calculate the debt/equity ratio. (3) 700 000 √ : 995 100 √ = 0,7 : 1  one part correct (c) Calculate the percentage return on average equity. (5) √ 285 000 X 100 (995 100 √+ 803 000√) x ½ √ 1 = 285 000 X 100 899 050 1 = 31,7 %  one part correct 7 ### Page 8 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES (PAPER 1) GRADE 11 5.2.2 Comment on the liquidity of the business. Motivate your answer by quoting ANY ONE financial indicator, with figures. (3) The liquidity of the business is acceptable and they will not struggle to meet their short-term obligations.  Ratio Figure Ratio The current ratio increased from 1,5 : 1 to 2,19 : 1 The acid-test ratio increased from 0,8 : 1 to 1,6 : 1 (see no. a) The rate of stock turnover increased from 19 times to 24 times. (Any acceptable explanation) 5.2.3 Should the partners be satisfied with their investment in the business? Explain and quote figures to motivate your answer. (3) Yes  Explanation Figure They earn a return of 31,7% which is more than the 15% interest on Fixed Deposit. Note: Mark the answer according to the candidate's answer in (c). The answer can then be "no" with an explanation, based on their findings. 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  Indicator with numbers Explanation  The debt/equity ratio is 0,7 : 1 which means the business is medium geared. OR No  The debt equity ratio is 0,7 : 1 which is too high, because 70 cents of every rand put in by the partners goes towards servicing debt. 21 25 TOTAL: 150 8 ## Related documents - [Grade 11 ACC P1 (English) June 2023 Answerbook](https://www.hlayiso.com/library/grade-11-acc-p1-english-june-2023-answerbook-1/888a682a-0a7a-4301-8989-c137240cf50d) — Accounting · Addendum · 2023 · Eng - [Grade 11 ACC P2 (English) June 2023 Answerbook](https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-answerbook-1/c240ab3d-7672-41d9-832e-83884ae4b9d9) — Accounting · Addendum · 2023 · Eng - [ACCOUNTING P1 GR11 QP NOV 2023 English watermark](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov-2023-english-watermark/114f97da-f00d-48e5-b867-cc2fbc9acf2c) — Accounting · QP · 2023 · Eng - [ACCOUNTING P1 GR11 QP NOV 2023 English](https://www.hlayiso.com/library/accounting-p1-gr11-qp-nov-2023-english/4a9ed09a-c470-41c0-8d03-0f4bd2f3f6c6) — Accounting · QP · 2023 · Eng - [Gr 11 Accounting P1 (English) June 2024 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-june-2024-question-paper/6f46b4c9-08af-40d5-bbfc-8e5e70b68734) — Accounting · QP · 2024 · Eng - [Gr 11 Accounting P2 (English) 2023 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-2023-possible-answers/53a6d2b9-6d3d-4b2e-baad-b064b8a631d6) — Accounting · Memo · 2023 · 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 - [Grade 11 Accounting P2 November 2026 Mock](https://www.hlayiso.com/library/grade-11-accounting-2026-november-mock-exam-question-paper-paper-2/23b01a3d-4c7f-4c08-87ca-2f521d5b13fd) — QP · 2026 · Eng - [ACCOUNTING ANS BOOK GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-ans-book-gr11-nov-2025-eng-watermark/23071d73-1633-476d-9eea-a35d45360d61) — QP · 2025 · Eng - [ACCOUNTING P2 QP GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-qp-gr11-nov-2025-afr-watermark/c1345715-0e44-4f64-9844-4e1a4ca18c22) — QP · 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 - [Gr 11 Accounting P2 (English) June 2024 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p2-english-june-2024-question-paper/b649cfc1-b72f-4e45-b621-502673440d1c) — QP · 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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