Accounting Grade 11 P2 North West June 2024 Addendum (Eng)

PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING P2 JUNE 2024 ANSWER BOOK NAME OF LEARNER: ________________________________________________ QUESTION MARKS INITIAL MODERATOR 1 45 2 20 3 50 4 35 TOTAL 150 This answer book consists of 8 pages. Copyright reserved Please turn over

Accounting/P2 2 NW/June 2024 Grade 11 – Answer book QUESTION 1: BANK RECONCILIATION (45 marks; 30 minutes) 1.1 MULTIPLE CHOICE QUESTIONS 1.1.1 1.1.2 1.1.3 1.1.4 1.1.5 5 1.2 BANK RECONCILIATION 1.2.1 Calculate the totals in the cash journals on 31 May 2024. CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL 384 450 15 1.2.2 Calculate the correct balance of the bank account on 31 May 2024. 5 Copyright reserved Please turn over

Accounting/P2 3 NW/June 2024 Grade 11 – Answer book 1.2.3 Prepare the bank reconciliation statement on 31 May 2024. Debit Credit 10 OR 1.2.3 Prepare the bank reconciliation statement on 31 May 2024. 10 1.2.4 The owner noticed problems depositing cash. Explain THREE measures he could use to solve these problems. 6 Copyright reserved Please turn over

Accounting/P2 4 NW/June 2024 Grade 11 – Answer book 1.2.5 The charge on credit card sales is 5% of the relevant amount. Calculate the total credit card sales for the month. 3 1.2.6 Name ONE advantage of using electronic funds transfers (EFT). 1 TOTAL MARKS 45 Copyright reserved Please turn over

Accounting/P2 5 NW/June 2024 Grade 11 – Answer book QUESTION 2: CREDITOR RECONCILIATION (20 marks; 15 minutes) 2.1 EVA TRADERS 2.1.1 Use the table provided to indicate the changes. CREDITORS' LEDGER ACCOUNT STATEMENT EVA TRADERS YOKI TRADERS Difference 193 140 186 000 1 2 3 4 5 6 7 Balance 14 2.1.2 Explain TWO points about how preparing a creditors reconciliation as an internal control measure can assist the business to manage their creditors more effectively. 4 2.1.3 Identify the type of rebate granted to Traders on 24 March 2024. 2 TOTAL MARKS 20 Copyright reserved Please turn over

Accounting/P2 6 NW/June 2024 Grade 11 – Answer book QUESTION 3: FIXED ASSETS (50 marks; 40 minutes) 3.1 MATCHING ITEMS 3.1.1 3.1.2 3.1.3 3.1.4 3.1.5 5 3.2 FIXED ASSETS 3.2.1 Calculate depreciation on equipment and vehicles. Equipment Old equipment New equipment Vehicles Old vehicles New vehicles 17 3.2.2 Complete the Asset disposal account to record the sale of equipment. ASSET DISPOSAL 01 01 Sep Sep 6 Copyright reserved Please turn over

Accounting/P2 7 NW/June 2024 Grade 11 – Answer book 3.2.3 Complete the Fixed asset note on 29 February 2024. Equipment Vehicles Cost price 400 000 300 000 Accumulated depreciation (350 000) Carrying value at the beginning of the year 50 000 Movements Additions at cost price Asset disposal at carrying value Depreciation for the year Carrying value at the end of the year Cost price Accumulated depreciation 14 3.3 INTERNAL CONTROL OF FIXED ASSETS 3.3.1 Mention TWO points of advice on how to exercise better control over the use of business vehicles. 4 3.3.2 Explain why it is important to keep an updated asset register. Provide TWO points. 2 3.3.3 Give ONE reason why a company may decide to sell fixed assets. 2 TOTAL MARKS 50 Copyright reserved Please turn over

Accounting/Q2 8 NW/June 2024 Grade 11 – Answer book QUESTION 4: ACCOUNTING EQUATION (35 marks; 30 minutes) 4.1 AMELIA TRADERS Effect on the ACCOUNT ACCOUNT accounting equation AMOUNT DEBITED CREDITED A OE L 4.1.1 Sales 25 000 + Cost of sales - 4.1.2 Trading stock 4.1.3 900 0 4.1.4 20 000 4.1.5 4.1.6 4.1.7 160 000 35 TOTAL MARKS 35 TOTAL: 150 Copyright reserved