# Accounting Grade 11 P1 North West June 2024 Memo (English) > Grade 11 Accounting Paper 1 memorandum from the North West June Exam 2024 (English), 7 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/grade-11-accounting-2024-north-west-june-exam-question-paper-paper-1-english/597b0c9c-b5b2-4b20-8890-ddb40e426ed9 - Updated: 2026-10-29 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2024 - Exam period: North West June Exam - Paper: 1 - Curriculum: CAPS - Pages: 7 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 P1 North West June 2024 Memo (English)](https://www.hlayiso.com/library/grade-11-accounting-2024-north-west-june-exam-question-paper-paper-1-english/597b0c9c-b5b2-4b20-8890-ddb40e426ed9) ## About this document Accounting · Grade 11 · North West June Exam · 2024 · English. Memorandum. 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 PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING P1 JUNE 2024 MARKING GUIDELINES MARKS: 150 MARKING PRINCIPLES: 1. Unless otherwise stated in the marking guideline, 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 item). No double penalty 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 answer incorrect, mark the workings. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark as a working for that figure (not the method mark for the answer). Note: if figures are stipulated in memo for components of workings, these do not carry the method mark for final answer as well. 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. Operation means 'check operation'. 'One part correct' means operation and one part correct. Note: check operation must be +, -, x, ÷, or per memo. 9. 'One part correct' means ‘operation and one part correct’. Where method marks are awarded for one part correct, the marker must inspect the reasonableness of the answer and at least one part must be correct before awarding the mark. If a figure has earned a method-mark, this will be regarded as ‘one part correct’. 10. In calculations, do not award marks for workings if numerator and denominator are swapped – this also applies to ratios. 11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. Indicate with a . 12. Be aware of candidates who provide valid alternatives beyond the marking guideline. 13. Codes: f = foreign item; p = placement/presentation. These marking guidelines consist of 7 pages. Copyright reserved Pease turn over ### Page 2 Accounting/P1 2 NW/June 2024 Grade 11 – Marking guidelines QUESTION 1 1.1 1.1.1 F  1.1.2 E  1.1.3 D 1.1.4 A 1.1.5 B 5 1.2 ACCOUNTING EQUATION No. ACCOUNT DR ACCOUNT CR AMOUNT A O L Accumulated 1.2.1 Depreciation Depreciation on 950 - - 0 Equipment Provision for bad Provision for bad 1.2.2 300 - - 0 debts adjustment  debts  + 1.2.3 Vehicles Creditors control 450 000 0 + Accrued Expenses/ 1.2.4 Telephone 500 0 - + Expenses payable 1.2.5 Equipment Capital: Piet 30 000 + + 0 1.2.6 Trading Stock Bank 600 0 0 ± 30 TOTAL MARKS 35 QUESTION 2 2.1 2.1.1 Net working capital 2.1.2 Statement of financial position  2.1.3 Risk  2.1.4 Statement of comprehensive income  2.1.5 Liquidity  5 Copyright reserved Pease turn over ### Page 3 Accounting/P1 3 NW/June 2024 Grade 11 – Marking guidelines 2.2.1 KG TRADERS: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 29 FEBRUARY 2024 Sales (1480 000 + 6000 - 20 000) 1 466 000  Cost of Sales (912 250 + 4 000) (916 250)  GROSS PROFIT 549 750  OTHER OPERATION INCOME 883 800  Rent income (94 900 – 14 300) 80 600  Commission income 800 000  Provision for bad debts recovered 3 200  GROSS OPERATING INCOME 1 433 550  OPERATING EXPENSES (935 500)  Bad Debts (5 000 + 600 ) 5 600  Salaries & Wages 650 000 Insurance (25 000 + 1500 ) 26 500  Consumables stores 63 000  Bank charges (1800 + 400) 2 200  Sundry expenses (32 300 – 500 ) 31 800  Depreciation (51 250  + 42 000 +1 750 ) 95 000  Trading Stock deficit 61 000  (350 000- 4000 - 285 000 ) Provision for bad debts adjustment 400  OPERATING PROFIT 498 050  Interest income (4 000 + 800  + 1 500 + 100 ) 6 400  PROFIT BEFORE INTEREST EXPENSE 504 450  Interest expense (400 000)  NET PROFIT FOR THE YEAR 104 450  40 Copyright reserved Pease turn over ### Page 4 Accounting/P1 4 NW/June 2024 Grade 11 – Marking guidelines 2.2.2 Trade and other receivables Trade debtors (90 000 + 6000 – 600 +100 ) 95 500  Provision for bad debts (4 775)  Net Trade debtors 90 725 Prepaid expense 500  Accrued Income 800  92 025 5 TOTAL MARKS 50 Copyright reserved Pease turn over ### Page 5 Accounting/P1 5 NW/June 2024 Grade 11 – Marking guidelines QUESTION 3 3.1.1 CAPITAL B BRAND S VILJOEN TOTAL Balance at beginging of the year 180 000 180 000 360 000 Contributions during the - financial year 20 000 20 000 Withdrawals during the financial year - (30 000)  (30 000) Balance at end of the year 6 200 000 150 000 350 000 3.1.2 CURRENT ACCOUNT B BRAND S VILJOEN TOTAL Profit per the Income Statement 234 750 165 250 400 000 96 000 Salaries 144 000 240 000 Bonus 20 000 - 20 000 Interest on Capital 19 000 17 500 36 500 Primary distribution of profits 183 000 113 500 296 500 Final distribution of profits 51 750 51 750 103 500 Drawings (130 000)  (140 000)  (270 000) Retained income for the year 104 750 25 250 130 000 Retained income at beginning of year 4 000 (3 500)  500 Retained income at end of the year 108 750 21 750 130 500 22 3.2 Explain two disadvantages of a partnership business. A partnership is not a legal entity. Unlimited liability. Share in the profit. Continuity is lacking because the partnership must dissolve in the event of the death or retirement of a partner. Any acceptable answer 2 TOTAL MARKS 30 Copyright reserved Pease turn over ### Page 6 Accounting/P1 6 NW/June 2024 Grade 11 – Marking guidelines QUESTION 4 4.1 Calculate the mark-up percentage achieved by the business in 2024. (calculate answers to the nearest whole number) 4 800 000 - 3 200 000 x 100 3 200 000 1 1 600 000 x 100 3 200 000 1 50% 5 4.2.1 Should the owners be happy with the mark-up received? Motivate your answer. No The business maintains a mark-up of 60%, which was not achieved.  2 4.2.2 Provide ONE possible reason for the business not reaching the profit mark-up of 60% Too much trade discount Seasonal discount Wrong calculations Any relevant answer 2 4.3.1 Average Debtors’ collection period ½ (420 000 + 500 000) x 365 (4800000 x 80%) 1 460 000 x 365 3 840 000 1 = 43,7 days Acept 44 day 6 Copyright reserved Pease turn over ### Page 7 Accounting/P1 7 NW/June 2024 Grade 11 – Marking guidelines 4.3.2 Comment of the liquidity of the partnership. The business may experience liquidity problems, as their Debtors take longer to pay them, than they take to pay their creditors. (38 days for creditors and 44 days for debtors) 2 4.3.3 Give advice to the owners on how the liquidity position can be improved. Encourage debtors to pay sooner by offering early payment discounts. Add interest on over due accounts. Send out regular statements to remind debtors of their crediet.  Any relevant answer 2 4.4 Calculate the debt equity ratio in 2024. (Answer correct to one decimal place) 500 000 : (220 000 + 280 000 + 189 500 + 170 000) 500 000 : 859 500 0,6 : 1 6 4.5 Comment on the debt equity ratio. The partnership is positively geared, only 60c of debt against R1 of own Capital is used.   The company makes more use of own Capital. Any relevant answer 2 4.6 Calculate the % return earned by Solly. (Round off to the nearest whole number) 227 500 x 100 ½(220 000 + 240 000 + 189 500 - 10 000) 1 =71% 6 4.7 Give a reason why Solly will be satisfied with his % return in the partnership? His return earned in the business is much more than the interest of 12% that he would earn at any other financial institution.   Any relevant answer 2 TOTAL MARKS 35 TOTAL: 150 Copyright reserved ## Related documents - [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 - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2022 English](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2022-english/88d6eef7-a681-4de5-9666-b667a0f71a40) — Accounting · Memo · 2022 · 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 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 - [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 ## 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 - [ACCOUNTING P2 GR11 QP NOV2023 English](https://www.hlayiso.com/library/accounting-p2-gr11-qp-nov2023-english/f476ab04-a9d8-48f8-8d61-d147a95b251f) — QP · 2023 · 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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