Accounting Grade 11 P1 North West June 2024 Addendum (Eng)

PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING P1 JUNE 2024 ANSWER BOOK NAME OF LEARNER:__________________________________________ QUESTION MAX MARKS MARKS MODERATOR AWARDED 1 35 2 50 3 30 4 35 TOTAL 150 This answer book consists of 8 pages. Copyright reserved Please turn over

Accounting/P1 2 NW/June 2024 Grade 11 – Answer book QUESTION 1 1.1 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2 ANALYSIS OF TRANSACTIONS No. ACCOUNT DR ACCOUNT CR AMOUNT A O L 1.2.1 1.2.2 1.2.3 1.2.4 1.2.5 1.2.6 30 TOTAL MARKS 35 QUESTION 2 2.1 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 5 Copyright reserved Please turn over

Accounting/P1 3 NW/June 2024 Grade 11 – Answer book 2.2 KG TRADERS: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 FEBRUARY 2024 Sales (1 480 000 Cost of Sales (912 250 GROSS PROFIT OTHER OPERATING INCOME Rent income (94 900 GROSS OPERATING INCOME OPERATING EXPENSES Bad Debts (5 000 Salaries & Wages 650 000 OPERATING PROFIT Interest income (4000 PROFIT BEFORE INTEREST EXPENSE Interest expense NET PROFIT FOR THE YEAR 40 Copyright reserved Please turn over

Accounting/P1 4 NW/June 2024 Grade 11 – Answer book 2.2.2 Trade and other receivables Trade debtors (90 000 Net Trade debtors 5 TOTAL MARKS 50 Copyright reserved Please turn over

Accounting/P1 5 NW/June 2024 Grade 11 – Answer book QUESTION 3 3.1.1 CAPITAL B BRAND S VILJOEN TOTAL Balance at begining of the year Contributions during the financial year Withdrawals during the financial year Balance at end of the year 6 3.1.2 CURRENT ACCOUNT B BRAND S VILJOEN TOTAL Profit per the Income Statement Primary distribution of profits Final distribution of profits Drawings Retained income for the year Retained income at beginning of year Retained income at end of the year 22 3.2 Explain two disadvantages of a partnership business. 2 TOTAL MARKS 30 Copyright reserved Please turn over

Accounting/P1 6 NW/June 2024 Grade 11 – Answer book QUESTION 4 4.1 Calculate the mark-up percentage achieved by the business in 2024. (Calculate answers to the nearest whole number) 5 4.2.1 Should the owners be happy with the mark-up received? Motivate your answer. 2 4.2.2 Provide ONE possible reason for the business not reaching the profit mark-up of 60% 2 4.3.1 Average Debtors’ collection period 6 Copyright reserved Please turn over

Accounting/P1 7 NW/June 2024 Grade 11 – Answer book 4.3.2 Comment of the liquidity of the partnership. 2 4.3.3 Give advice to the owners on how the liquidity position can be improved. 2 4.4 Calculate the debt equity ratio in 2024. (Answer correct to one decimal place) 6 4.5 Comment on the debt equity ratio. 2 Copyright reserved Please turn over

Accounting/P1 8 NW/June 2024 Grade 11 – Answer book 4.6 Calculate the % return earned by Solly. (Round off to the nearest whole number) 6 4.7 Give a reason why Solly will be satisfied with his % return in the partnership? 2 TOTAL MARKS 35 TOTAL: 150 Copyright reserved Please turn over