Accounting Grade 11 P2 Gauteng June 2023 Addendum (English)

Downloaded from hlayiso.com PROVINCIAL EXAMINATION JUNE 2023 GRADE 11 ACCOUNTING PAPER 2 ANSWER BOOK TIME: 2 hours MARKS: 150 11 pages Name of school: Name of learner: Date: Marks Moderated Question Topic Marks obtained marks 1. Bank Reconciliation 40 2. Creditors’ Reconciliation 25 3. Fixed Assets and Asset 55 Disposal 4. Financial Indicators 30 TOTAL 150 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER2BOOK PAPER 2 GRADE 11 QUESTION 1: BANK RECONCILIATION (40 marks; 32 minutes) QUESTION 1.1: TRUE AND FALSE ANSWER 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 QUESTION 1.2 Update the CRJ and CPJ totals in the table provided. CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL 116 400 132 500 14 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER3BOOK PAPER 2 GRADE 11 1.2.2 Calculate the correct bank account balance in the General Ledger on 30 June 2023. Show ALL workings. 5 1.2.3 Prepare the Bank Reconciliation Statement as at 30 June 2023. Bank Reconciliation Statement of Zulu Stores on 30 June 2023 Debit Credit 12 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER4BOOK PAPER 2 GRADE 11 1.2.4 Explain why the accountant should be concerned about the deposit of R12 700 on 20 June 2023. Provide TWO points. 4 40 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER5BOOK PAPER 2 GRADE 11 QUESTION 2: CREDITORS’ RECONCILIATION (25 marks; 20 minutes) 2.1 Creditors' Ledger of Sunrays Nurseries Rose Traders Date Details Fol. Debit Credit Balance Apr 30 Incorrect balance 3 266 14 2.2 Creditors' Reconciliation Statement of Sunrays Nurseries on 30 April 2023 Balance as per Creditors' Statement 16 727 11 25 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER6BOOK PAPER 2 GRADE 11 QUESTION 3: FIXED ASSETS AND ASSET DISPOSAL (55 marks; 44 minutes) 3.1 FIXED ASSETS AND ASSET DISPOSAL ANSWER 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 5 Amount for this 3.2.1 DEPRECIATION CALCULATION year NEW: SOLD: Year 1: Year 2: Year 3: Total: OLD: Total depreciation for the year: 16 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER7BOOK PAPER 2 GRADE 11 3.2.2 Dr Asset Disposal Account N6 Cr 8 3.2.3 Fixed Assets Land and Vehicles buildings Carrying value 1/7/2022 Cost Accumulated depreciation Movements Additions Disposals Depreciation Carrying value 30/6/2023 Cost Accumulated depreciation 19 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER8BOOK PAPER 2 GRADE 11 3.3 INTERNAL CONTROL OF ASSETS 3.3.1 Jeanette is aware that most assets lose value due to normal wear and tear. Which fixed asset does not normally depreciate at the end of the financial year? Briefly explain why this asset does not depreciate. (2) 3.3.2 Jeanette takes the laptops home every day for her children to use so they can access their online lessons. Explain how the depreciation will be dealt with for these laptops. Refer to the applicable GAAP principle in your answer. (3) 3.3.3 Jeanette noticed that one of the mini van’s kilometre reading is higher than it should be. Give ONE practical solution on how she can solve this issue. (2) 55 P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER9BOOK PAPER 2 GRADE 11 QUESTION 4: FINANCIAL INDICATORS (30 marks; 24 minutes) 4.1 Calculate the mark-up on cost that the business achieved for the year ended 30 June 2023. (3) 4.2 Refer to your answer to QUESTION 4.1. Is there cause for concern? Give ONE reason for your answer. (2) YES/NO 4.3 If the business does not achieve the intended mark-up of 100%, it does not always indicate problems. 4.3.1 Give ONE possible reason where not achieving the intended mark-up is NOT a cause for concern. (1) 4.3.2 Give ONE possible reason where not achieving the intended mark-up IS a cause for concern. (1) P.T.O.

Downloaded from hlayiso.com ACCOUNTING ANSWER10BOOK PAPER 2 GRADE 11 4.4 Calculate the operating expenses on sales for the year ended 30 June 2023. (3) 4.5 Refer to your answer to QUESTION 4.4. In your opinion, has the business been able to control its operating expenses well? Give ONE reason, with figures, for your answer. (2) YES/NO 4.6 The partners are of the opinion that the profitability of the business has deteriorated from last year. State TWO indicators, with figures and trends, to support their opinion. (4) 4.7 Calculate the stock turnover rate for the year ended 30 June 2023. (3) P.T.O.

Downloaded from hlayiso.com 4.8 Refer to your answer to QUESTION 4.7. Is there cause for concern? Give ONE reason for your answer. (2) YES/NO 4.9 Calculate the number of days for which there is stock on hand. (3) 4.10 Refer to your answer to QUESTION 4.9. Is there cause for concern? Give ONE reason for your answer. (2) YES/NO 4.11 How can a business improve its control over its debtors and creditors? Mention ONE way to improve control over debtors and ONE way to improve control over creditors. Debtors: (2) Creditors: (2) 30 TOTAL: 150 , END