# Accounting Grade 11 Paper 2 Gauteng June 2023 Memo (English) > Grade 11 Accounting Paper 2 memorandum from the Gauteng June Exam 2023 (English), 11 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-possible-answers/fa85abfa-9f3e-4e3a-ba88-499b2e0673a6 - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2023 - Exam period: Gauteng June Exam - Paper: 2 - Curriculum: CAPS - Pages: 11 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 2 Gauteng June 2023 Memo (English)](https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-possible-answers/fa85abfa-9f3e-4e3a-ba88-499b2e0673a6) ## About this document Accounting · Grade 11 · Gauteng June Exam · 2023 · English. Memorandum, 11 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 2 11 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 2 GRADE 11 QUESTION 1: BANK RECONCILIATION (40 marks; 32 minutes) QUESTION 1.1: TRUE AND FALSE ANSWER 1.1.1 False  1.1.2 False  1.1.3 False  1.1 .4 True  1.1.5 False  5 QUESTION 1.2 1.2.1 Update the CRJ and CPJ totals in the table provided. CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL 116 400 132 500 1 800  1 150  + 230  OR 1 380  1 000  720  22 500  1 440  1 840  141 700  137 880  14 2 ### Page 3 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES PAPER 2 GRADE 11 1.2.2 Calculate the correct bank account balance in the General Ledger on 30 June 2023. Show ALL workings. 21 800  + 141 700  - 137 880  = 25 620  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 Cr balance as per Bank Statement 10 215  Cr outstanding deposits 12 700 √ 9 200 √ Dr outstanding EFTs 778 6 200 √ 791 520 √ 797 1 260 √ Cr amount wrongly debited 1 840 √√ Dr amount wrongly credited 355 √√ Dr balance as per Bank Account 25 620  One mark for same total  33 955 33 955 12 3 ### Page 4 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES 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.  The deposit was made on 20 June 2023 and the bank statement was only printed and sent to the business on 25 June 2023. There was enough time for the deposit to reflect on the bank statement.   This could mean that the money was never deposited by the employee in charge of doing the deposits.  4 40 4 ### Page 5 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES 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 Receipt 417 600  Invoice 619 1 870  Discount 1048 33  Invoice 342 520  Invoice 2301 4 400  Invoice 351 10 001 Correction of error 810  9 814 √ (or 405 + 405 ) 14 2.2 Creditors' Reconciliation Statement of Sunrays Nurseries on 30 April 2023 Balance as per Creditors' Statement 16 727 Debit note 72 (27)  Invoice 347 (2 310)  Discount on receipt 1112 (121)  EFT 1067 (4 050)  Discount omitted (405)  9 814  11 25 5 ### Page 6 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES PAPER 2 GRADE 11 QUESTION 3: FIXED ASSETS AND ASSET DISPOSAL (55 marks; 44 minutes) 3.1 ANSWER 3.1.1 D 3.1.2 B 3.1.3 G 3.1.4 F 3.1.5 E 5 Amount 3.2.1 DEPRECIATION CALCULATION for this year NEW: 150 000 x 20%  = 30 000 / 12 x 6  = 15 000  SOLD: Year 1: 1/7/20 – 30/6/21 100 000 x 20% = 20 000  Year 2: 1/7/21 – 30/6/22 (100 000 – 20 000) x 20% = 16 000  Year 3: 1/7/22 – 31/12/22 (100 000 – 20 000 – 16 000) x 20% = 12 800 / 12 x 6 = 6 400  TOTAL: 20 000  + 16 000  + 6 400  = 42 400 OLD: COST: 300 000 – 100 000 = 200 000  ACC DEP: 76 000 – 36 000 = 40 000  32 000  200 000 – 40 000 = 160 000 x 20% = Total depreciation for the year: 53 400 16 6 ### Page 7 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES PAPER 2 GRADE 11 3.2.2 Dr Asset Disposal Account N6 Cr 2023 30 Vehicles  GJ 100 000  2023 30 Accumulated June June depreciation on GJ 42 400  vehicles  Creditors' Control  55 000  GJ Loss on sale of asset  GJ 2 600  100 000 100 000 8 3.2.3 Fixed Assets Land and Vehicles buildings Carrying value 1/7/2022 400 000  224 000 Cost  400 000  300 000 Accumulated depreciation  (76 000) Movements Additions  120 000  150 000 Disposals  (57 600) (100 000  – 42 400) See 3.2.2 Depreciation  (53 400) See 3.2.1 Carrying value 30/6/2023 520 000  263 000 Cost (300 000 +150 000 – 100 000)  520 000  350 000 one part correct Accumulated depreciation  87 000 19 7 ### Page 8 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES 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) Buildings  They appreciate in value and do not depreciate.  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 GAAP principle in your answer. (3) GAAP Principle: Business entity principle  The laptops are used for both business and personal use. Therefore the depreciation calculated for the year needs to be split between business expense (depreciation) and personal expense (drawings).  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) She could keep a record sheet on the mileage per driver to see if the drivers are using the mini vans only for work purposes and not for personal reasons. Install trackers to monitor the drivers' movements. Drivers need to keep a log book.  Any relevant answers. 55 8 ### Page 9 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES 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) Gross profit x 100 Cost of sales 1 4 000 000 – 2 200 000 x 100 2 200 000 1 1 800 000 √ x 100 2 200 000 √ 1 81,8%  4.2 Refer to your answer to QUESTION 4.1. Is there cause for concern? Give ONE reason for your answer. (2) Yes √, there is cause for concern.  The achieved mark-up has decreased from 97% to 81,8%. √  The achieved mark-up of 81,8% is nearly 20% less than the intended mark-up. (any other relevant answer) 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)  If the business offers discounts, it will not achieve the intended mark-up. However, the quantity of its sales will increase. √ 4.3.2 Give ONE possible reason where not achieving the intended mark-up IS a cause for concern. (1)  If the achieved mark-up is a lot less than the intended mark-up, it could be an indication that a lot of unauthorised discounts are given. √ (any other relevant answer) 9 ### Page 10 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES PAPER 2 GRADE 11 4.4 Calculate the operating expenses on sales for the year ended 30 June 2023. (3) Operating expenses 100 x Sales 1 1 888 000√ 100 x 4 000 000 √ 1 47,2%  ( – one part correct) 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 for your answer, with figures. (2) No, √ the business has not properly controlled its expenses.  It increased from 30% to 47,2%. √  Nearly 50% of its sales are used to cover the expenses. (any other correct answer) 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) Indicator: 1 mark each Trend: 1 mark each (take into account the answer in QUESTION 4.5.)  The percentage operating profit on sales has decreased from 22% to 18%.  The percentage net profit on sales has decreased from 17,7% to 15%. Do not accept % gross profit on sales. 4.7 Calculate the stock turnover rate for the year ended 30 June 2023. (3) Cost of sales Average inventory 2 200 000 (600 000  400 000)/2 2 200 000√ 500 000 √ 4,4 times per annum  ( – only if one part of the calculation is correct) 10 ### Page 11 Downloaded from hlayiso.com ACCOUNTING MARKING GUIDELINES PAPER 2 GRADE 11 4.8 Refer to your answer to QUESTION 4.7. Is there cause for concern? Give ONE reason for your answer. (2) No, √ there is no cause for concern. This is a clothing store. There are 4 seasons. And it seems as if the business managed to sell new clothes every season. √ The stock turnover rate increased from last year to this year by 0,4%. (any relevant answer) 4.9 Calculate the number of days for which there is stock on hand. (3) Average stock 365 x Cost of sales 1 500 000 √ 365 x 2 200 000 √ 1 83 days  ( – only if one part correct) 4.10 Refer to your answer to QUESTION 4.9. Is there cause for concern? Give ONE reason for your answer. (2) Yes, √ there is cause for concern. There are only about 60 days left of the winter season, while there are 83 days of winter stock left. May not be able to sell the winter stock, before winter ends. √ OR Although the number of days stock on hand decreased from 91,3 days to 83 days there is still too much stock on hand. (any relevant answer) 4.11 How can the 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:  Discount for early settlement of accounts could be offered. √ √  Interest could be charged on late payment of accounts.  Do not sell on credit again to a debtor whose account is not paid on time. (2) (any relevant answer) Creditors:  Ensure that accounts are paid on time to take advantage of the discounts offered and to avoid the interest charges. √.√ (any other relevant answer) (2) 30 TOTAL: 150 11 ## Related documents - [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 - [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 - [ACCOUNTING P2 GR11 QP NOV2023 English](https://www.hlayiso.com/library/accounting-p2-gr11-qp-nov2023-english/f476ab04-a9d8-48f8-8d61-d147a95b251f) — Accounting · QP · 2023 · Eng - [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) — Accounting · QP · 2024 · Eng - [ACCOUNTING P2 MEMO GR11 NOV2022 English](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov2022-english/4c0cad8a-f3d3-4318-bcbe-6354a4b81cf9) — Accounting · Memo · 2022 · Eng - [Gr 11 Accounting P2 (English) November 2022 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-november-2022-possible-answers/f9181d83-1d51-4791-b6ff-7a96d108c1db) — Accounting · Memo · 2022 · 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 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) — 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. When citing, link the page URL above, not a PDF or /api/ URL.