# Accounting Grade 11 P1 North West June 2024 QP (Eng) > Grade 11 Accounting Paper 1 question paper from the North West June Exam 2024 (English), 10 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/5fabd4f4-534b-4ed6-b5a8-26f14885e70c - Updated: 2026-09-28 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Question paper - Year: 2024 - Exam period: North West June Exam - Paper: 1 - Curriculum: CAPS - Pages: 10 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 QP (Eng)](https://www.hlayiso.com/library/grade-11-accounting-2024-north-west-june-exam-question-paper-paper-1-english/5fabd4f4-534b-4ed6-b5a8-26f14885e70c) ## About this document Accounting · Grade 11 · North West June Exam · 2024 · English. Question paper, 10 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 PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING P1 JUNE 2024 MARKS: 150 TIME: 2 hours This question paper consists of 9 pages, a formula sheet and an 8 page answer book. Copyright reserved Please turn over ### Page 2 Accounting/P1 2 NW/June 2024 Grade 11 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. A Financial Indicator Formula Sheet is attached at the back of this question paper. 4. Show ALL workings to earn part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil or blue/black ink to answer questions. 7. Where applicable, show ALL calculations to ONE decimal point. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS MINUTES 1 Accounting Equation 35 25 2 Statement of Comprehensive income 50 45 3 Notes to the Financial Statements 30 25 4 Financial Indicators 35 25 TOTAL 150 120 Copyright reserved Please turn over ### Page 3 Accounting/P1 3 NW/June 2024 Grade 11 QUESTION 1: GAAP; ACCOUNTING EQUATION (35 marks; 25 minutes) 1.1 GAAP PRINCIPALS Choose an explanation from COLUMN B to match the GAAP principle in COLUMN A. Only write the letter (A–F) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. COLUMN A COLUMN B 1.1.1 Historical-cost concept A Interest on overdraft is shown as a separate amount in the note to the 1.1.2 Prudence Statement of Comprehensive Income. 1.1.3 Matching B The business transactions are to be 1.1.4 Concept of Materiality treated separately from the owner's personal transactions. 1.1.5 Business entity rule C The assumption is that the business is financially strong enough to continue for the foreseeable future. D Income and expenses must be recorded in the correct financial period. E Financial results are reported in a conservative manner. F Land and buildings have been shown in the Statement of Financial position at R20 000 for the past 50 years, even though they are now worth R1 million. (5) Copyright reserved Please turn over ### Page 4 Accounting/P1 4 NW/June 2024 Grade 11 1.2 ANALYSIS OF TRANSACTIONS REQUIRED: Analyse the transactions as provided per example. Indicate and increase with a +, a decrease with a – and no change with a 0. Assume that the bank account balance is always favourable. Example: Paid Wages per EFT, R5 000. No. ACCOUNT DR ACCOUNT CR AMOUNT A O L Eg. Wages Bank 5 000 - – 0 1.2.1 Depreciation on Equipment of R950 is to be written off. 1.2.2 Provision for Bad debts is to be increased by R300. 1.2.3 The business purchase a vehicle on credit for R450 000. 1.2.4 The telephone bill for R500 is not yet paid. 1.2.5 Piet, one of the partners give equipment of R30 000 to the business as part of his capital contribution. 1.2.6 Purchase trading stock for cash, R600. (30) 35 QUESTION 2: CONCEPTS; FINANCIAL STATEMENTS (50 marks; 45 minutes) 2.1 Choose the correct word/term from the list provided to fit EACH description below. Write only the word/term next to the question numbers (2.1.1 to 2.1.5) in your ANSWER BOOK. (5) Statement of Comprehensive Income(Income Statement); Risk; Liquidity; Statement of Financial Position(Balance sheet) Net working Capital 2.1.1 The difference between current assets and current liabilities. 2.1.2 Reflects the financial position of the business for a specific period. 2.1.3 The business use external loans to finance its operations. 2.1.4 Reflect profit or loss for a financial period. 2.1.5 The ability of the partnership to pay short-term debts. Copyright reserved Please turn over ### Page 5 Accounting/P1 5 NW/June 2024 Grade 11 2.2 The information relates to KG Traders, with partners Kelly and Gunter. REQUIRED: 2.2.1 Prepare the Statement of Comprehensive Income for the year ended 29 February 2024. (40) 2.2.2 Prepare the Note for Trade and other receivables. (5) INFORMATION: Extract of the Pre-Adjustment Trail Balance on 29 February 2024: Balance sheet section Land and Buildings 2 000 000 Vehicles ? Equipment 520 000 Accumulated depreciation on Equipment (01/03/2023) 65 000 Trading Stock 350 000 Debtors control 90 000 Provision for bad debts 4 375 Savings account: Nerd Bank 15 000 Fixed Deposit: Nerd Bank 40 000 Mortgage Loan: HSBC Bank 1 200 000 Nominal section Sales 1 480 000 Cost of Sales 912 250 Debtors allowance 20 000 Bad debts 5 000 Rent income 94 900 Interest on loan ? Insurance 25 000 Salaries and wages 650 000 Bad debts recovered 3 200 Consumable stores 65 000 Bank charges 1 800 Sundry expenses 32 300 Commission income 800 000 Interest on Fixed deposit 4 000 Copyright reserved Please turn over ### Page 6 Accounting/P1 6 NW/June 2024 Grade 11 Adjustments and additional information: A. Provide for depreciation as follows:  On vehicles – R51 250 for the year  On equipment at 10% p.a. on the diminishing-balance method NOTE: New equipment costing R35 000 was purchased and recorded on 1 September 2023. B. Goods sold on credit to debtor, J Brooks, for R6 000 were not recorded. The mark-up is 50% on cost price. C. A physical stocktaking on 29 February 2023 reflected trading stock of R285 000 on hand. D. Consumable stores used during the financial year amounted to R63 000. E. Receive two months’ rent in advance from the tenant. Please note that the rent has increased with 10% per month from 1 November 2023. F. A Debtor, N Swart, who owed R600, is to be written off as irrecoverable. Another debtor, R de Vries, is to be charged interest of R100 on his overdue account. Thereafter the provision for bad debt is to be adjusted to 5% of book debts. G. Entries according to the February 2024 Bank Statement must still be recorded in the books of the business:  Bank charges, R400  Debit order payment for the monthly insurance premium, R1 500 H. Loan statement received reflected the following: Balance on 1 March 2023 1 300 000 Interest was capitalised ? Repayment during the financial year 500 000 Balance on 29 February 2024 1 200 000 I. An amount of R500 has already been paid for stationery (Sundry expense) which has not yet been delivered to KG Traders. J. The savings account statement shows that the balance on 29 February is R16 500. The difference is the interest for the year. K. Interest is still due on the fixed deposit at 12% per annum for two months. Interest is not capitalised. 50 Copyright reserved Please turn over ### Page 7 Accounting/P1 7 NW/June 2024 Grade 11 QUESTION 3: PARTNERSHIP NOTES (30 marks; 25 minutes) The information relates to Bravil Traders for the year ended on 29 February 2024. The business is owned by partners B Brand and S Viljoen. REQUIRED: 3.1 Prepare the following notes to the financial statements: 3.1.1 Capital (6) 3.1.2 Current account (22) 3.2 Explain two disadvantages of a partnership business. (2) Extract from the Trail balance on 29 February 2024 Debit Credit Capital: B Brand 200 000 Capital: S Viljoen (1/03/2023) 180 000 Current account: B Brand (1/03/2023) 4 000 Current account: S Viljoen (1/03/2024) 3 500 Drawings: B Brand 130 000 Drawings: S Viljoen 140 000 Profit and Loss account (Net profit) 400 000 Information: The partnership agreement stipulate the following: 1. Partners were entitled to the following monthly salaries: B Brand R12 000; S Viljoen R8 000 2. B Brand was granted an annual bonus of R20 000 for working during December holiday period 3. Partners are entitled to interest on capital at the rate of 10% per annum. Capital changes during the year. The details are as follows:  B Brand increased his capital by R20 000 on 31 Augustus 2023, this was recorded correctly.  S Viljoen decreased his capital by R30 000 on 1 January 2024, this was not recorded. 4. Remaining profits/losses are shared equally. 30 Copyright reserved Please turn over ### Page 8 Accounting/P1 8 NW/June 2024 Grade 11 QUESTION 4: FINANCIAL INDICATORS (35 marks; 25 minutes) SS TRADERS Solly and Sophia are partners in SS Traders, selling sport equipment to soccer clubs. Their mark-up is calculated at 60% on cost. Debtors are given 30 days to settle their accounts and the business has an agreement with their creditors to pay them in 45 days. SS Traders uses the perpetual inventory system. REQUIRED: Use the information presented to answer the questions. 4.1 Calculate the mark-up percentage achieved by the business in 2024. (Calculate answers to the nearest whole number) (5) 4.2 Answer the following questions: 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 Calculate the following in 2024: 4.3.1 Average Debtors’ collection period (6) 4.3.2 Comment on 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) 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) Copyright reserved Please turn over ### Page 9 Accounting/P1 9 NW/June 2024 Grade 11 INFORMATION The information was extracted from the financial statements of SS Traders for the financial year ended 29 February 2024: 2024 2023 Sales (80% sold on credit) 4 800 000 Cost of sales (90% on credit) 3 200 000 Inventories 840 000 800 000 Trade debtors 420 000 500 000 Cash and cash equivalents 92 000 108 000 Trade creditors 320 000 280 000 Non-Current liabilities 500 000 1 260 000 Capital: Solly 220 000 240 000 Capital: Sophia 280 000 200 000 Current account: Solly 189 500 (10 000) Current account: Sophia 170 000 20 000 Total earnings: Solly 227 500 Total earnings: Sophia 174 000 Interest on Fixed deposit 12% Interest on Loan 14% Creditors’ payment period 38 days 38 days 35 TOTAL: 150 Copyright reserved ### Page 10 Accounting/P1 NW/June 2024 Grade 11 GRADE 11 ACCOUNTING FINANCIAL INDICATOR FORMULA SHEET Gross profit x 100 Gross profit x 100 Net profit x 100 Sales 1 Cost of sales 1 Sales 1 Operating expenses x 100 Operating profit x 100 Sales 1 Sales 1 Total earnings by partner x 100 Net profit x 100 Partner’s average equity 1 Average owners ‘equity 1 (Current assets – Inventories) : Current Current assets : Current liabilities liabilities (Trade and other receivables + Cash and cash equivalents) : Current liabilities Average debtors x 365 Average creditors x 365 Credit sales 1 Credit purchases 1 Average inventories x 365 or 12 Cost of sales Cost of sales 1 1 Average inventories Non-current liabilities: Owners’ equity Total assets: Total liabilities Copyright reserved ## Related documents - [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 - [Gr 11 Accounting P1 (English) November 2022 Question Paper](https://www.hlayiso.com/library/gr-11-accounting-p1-english-november-2022-question-paper/ef4637d3-96a9-43e3-b8e8-b76b492e87f0) — Accounting · QP · 2022 · Eng - [ACCOUNTING P1 GR11 QP NOVEMBER 2020 English .docx](https://www.hlayiso.com/library/accounting-p1-gr11-qp-november-2020-english-docx/36f73aae-b2be-494f-b290-718a2c8f5958) — Accounting · QP · 2020 · Eng - [Gr11 Acc P1 (English) November 2019 Question Paper](https://www.hlayiso.com/library/gr11-acc-p1-english-november-2019-question-paper/bdf935ed-5668-4b8b-be13-5e4ebedf77ee) — Accounting · QP · 2019 · Eng - [ACCOUNTING P1 GR11 MEMO NOVEMBER 2023 English watermark](https://www.hlayiso.com/library/accounting-p1-gr11-memo-november-2023-english-watermark-1/49899c38-504c-42fb-972e-2181fa910731) — Accounting · Memo · 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 - [ACCOUNTING P2 MEMO GR11 NOV 2025 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-eng-watermark/7aa479bf-34d0-4240-934b-67a2f33e2597) — Memo · 2025 · Eng - [ACCOUNTING P2 MEMO GR11 NOV 2025 AFR watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2025-afr-watermark/a92dc10a-0d2e-42d6-9cd3-ff78b0e78afe) — Memo · 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 MEMO GR11 NOV 2024 ENG watermark](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov-2024-eng-watermark/c09eb350-5d2d-4070-8df4-25ece70dc7de) — Memo · 2024 · Eng - [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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