# Accounting Grade 11 P2 North West June 2024 QP (Eng) > Grade 11 Accounting Paper 2 question paper from the North West June Exam 2024 (English), 11 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-2-english/470440f5-d299-4c8f-8e22-96eeffa5aa0c - Updated: 2026-09-28 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Question paper - Year: 2024 - Exam period: North West 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 P2 North West June 2024 QP (Eng)](https://www.hlayiso.com/library/grade-11-accounting-2024-north-west-june-exam-question-paper-paper-2-english/470440f5-d299-4c8f-8e22-96eeffa5aa0c) ## About this document Accounting · Grade 11 · North West June Exam · 2024 · English. Question paper, 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 PROVINCIAL ASSESSMENT GRADE 11 ACCOUNTING P2 JUNE 2024 MARKS: 150 TIME: 2 hours This paper consists of 10 pages, a formula sheet and an 8-page answer book. Copyright reserved Please turn over ### Page 2 Accounting/P2 2 NW/June 2024 Grade 11 INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them carefully. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL questions. 3. A Financial Indicators Formula Sheet is attached at the end 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 Bank reconciliation 45 30 2 Creditor reconciliation 20 20 3 Fixed assets 50 40 4 Accounting equation 35 30 TOTAL 150 120 Copyright reserved Please turn over ### Page 3 Accounting/P2 3 NW/June 2024 Grade 11 QUESTION 1: BANK RECONCILIATION (45 marks; 30 minutes) 1.1 MULTIPLE CHOICE QUESTIONS Various options are provided as possible answers to the following questions. Analyse the Bank Reconciliation Statement below and choose the correct answer and write only the letter (A-D) next to the question numbers (1.1.1 to 1.1.5). (5) INFORMATION: Bank reconciliation statement as on 31 May 2024 Dt balance according to bank statement R15 500 Outstanding deposit R22 000 Outstanding EFTs: 450 R6 500 452 R500 Dt correction of error R4 820 Ct correction of error R840 Balance according to the bank account R? 1.1.1 The correct balance according to the bank account above is: A R4 480 (dt) B R4 480 (ct) C R5 160 (dt) D R5 160 (ct) 1.1.2 A possible reason for the entry for R4 820 is: A The bank statement shows an amount for another customer. B The bank statement shows an incorrect amount for interest earned. C The bank state's banking costs were too high. D The insurance's debit order went through twice. 1.1.3 A possible reason for the entry for R840 is: A The bank statement shows an amount for another customer. B The bank statement shows an incorrect amount for interest earned. C The bank state's banking costs were too high. D The insurance's debit order went through twice. Copyright reserved Please turn over ### Page 4 Accounting/P2 4 NW/June 2024 Grade 11 1.1.4 Which ONE of the following are examples of bank charges? A ATM charges, cash handling charge, interest on a debit balance B Interest on overdraft, ATM charges, debit order charges C Internet banking fee, debit order charges, ATM charges D Cash handling charge, interest charge, debit order charges 1.1.5 EFT 450 appears correctly on the bank reconciliation statement of May 2024 but was wrongly recorded as R5 600 in the Cash Payments Journal. What entry should be made to correct the error? A R900 in the Cash Payments Journal B R900 in the Cash Receipts Journal C R1 000 in the Cash Payment Journal D R1 000 in the Cash Receipts Journal 1.2 BANK RECONCILIATION The information below is taken from the books of Tadima Traders. REQUIRED: 1.2.1 Calculate the totals in the cash journals on 31 May 2024. (15) 1.2.2 Calculate the correct balance of the bank account on 31 May 2024. (5) 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 that he could use to solve these problems. (6) 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) INFORMATION: A. The preliminary totals in the cash journals, before receiving the bank statement for May 2024: Cash Receipts Journal: R405 600 Cash Payment Journal: R384 450 Copyright reserved Please turn over ### Page 5 Accounting/P2 5 NW/June 2024 Grade 11 B. Bank reconciliation statement on 30 April 2024 Favourable balance according to the bank statement R10 650 Outstanding deposit Dated 10 April 2024 R9 300 Dated 25 April 2024 R17 000 Outstanding EFT: 205 R12 800 206 R3 750 Favorable balance according to the bank account R20 400 NOTE: When comparing the May 2024 bank statement, received from TYME Bank, with the April 2024 Bank Reconciliation Statement, the following was noted:  The outstanding deposit of R17 000 did not appear on the May bank statement. An investigation revealed that the money was never deposited. The cashier cannot explain where the cash is.  EFT no. 205 is correct on the May bank statement as R18 200.  The other outstanding amounts from the previous month appeared on the May bank statement. C. The following transactions on the bank statement of May 2024 do not appear in the journals:  ATM fees, EFT charges and cash handling charges, R1 380.  Interest on current account, R350.  Credit card charge, R2 025.  A direct deposit from a debtor, T Colby after receiving a 5% discount on outstanding debt of R3 800.  A direct deposit of R7 500 by K Britz, a tenant.  A debit order of R3 700 for the monthly telephone bill appeared twice on the Bank Statement. The bank will correct the mistake next month.  A debit card payment of R1 500 for fuel for the company's vehicle. The owner failed to submit the source document to the bookkeeper. . D. The following entries were in the cash journals after the 25 May 2024:  Deposit dated 28 May 2024 R6 500  EFT 268 dated 29 May 2024 R2 700  EFT 269 dated 30 May 2024 R4 300  Debit card cash withdrawal R2 100 E. The bank statement balance on 31 May 2024 was? 45 Copyright reserved Please turn over ### Page 6 Accounting/P2 6 NW/June 2024 Grade 11 QUESTION 2: CREDITOR RECONCILIATION (20 marks; 20 minutes) 2.1 EVA TRADERS Eva Traders receives the statement from their creditor, Yoki Traders, on 25 March 2024. A comparison shows that the balance on the statement does not match that of the accounts payable ledger account. REQUIRED: 2.1.1 Use the table provided in the Answer Book to indicate the changes that need to be made in the Creditors Control Account and the Account Statement to account for the errors and omissions. Indicate an increase with a '+' and a decrease with a '–' with each amount. (14) 2.1.2 Explain TWO points how preparing a creditors' reconciliation as an internal control measure, can assist the business to manage their creditors more effectively. (4) 2.1.3 Refer to information C number 3. Identify the type of rebate granted to Eva Traders on 24 March 2024. (2) INFORMATION: A. Creditors ledger of Eva Traders: Yoki Traders Date Details Fol Debit Credit Balance March 1 Account rendered a/b 86 600 2024 Invoice 567 CJ 82 000 168 600 6 Debit note CAJ 4 500 164 100 10 EFT 446 CPJ 52 000 112 100 Discount CPJ 4 160 107 940 20 Invoice 995 CJ 18 500 126 440 22 EFT 467 CPJ 22 000 104 440 24 Invoice 584 CJ 40 000 144 440 28 EFT 471 CPJ 23 000 121 440 Discount CPJ 2 300 119 140 30 Invoice 591 CJ 74 000 193 140 Copyright reserved Please turn over ### Page 7 Accounting/P2 7 NW/June 2024 Grade 11 B. Statement received from Yoki Traders: YOKI TRADERS 145 Arend Street Debtor: Eva Traders 25 March 2024 Pigeon Street Date Details Debit Credit Balance Feb 26 Balance 111 600 28 Receipt 115 25 000 86 600 March 1 Invoice 567 82 000 168 600 6 Credit note 12 4 500 173 100 10 Receipt 121 52 000 121 100 Discount granted 2 600 118 500 18 Invoice 572 48 000 166 500 22 Receipt 135 22 000 144 500 24 Invoice 584 36 000 180 500 25 Delivery charges 5 500 186 000 C. An investigation revealed that: 1. Yoki Traders has only granted a 5% discount on the payment on the 10 March 2024. 2. Yoki Traders entered the credit note 12 in the wrong column in their records. 3. Eva Traders forgot to deduct the discount Yoki Traders gave on invoice 584. 4. Invoice 995 was for goods that Eva Traders bought from Koki Traders. 5. Invoice 572 was for goods sold by Yoki Traders to Vae Traders. 6. According to the contract, Yoki Traders charge a delivery fee to all their debtors. 7. The statement received from Yoki Traders does not contain any transaction entered into after 25 March 2024. All these transactions were correctly recorded in the books of Eva Traders. 20 Copyright reserved Please turn over ### Page 8 Accounting/P2 8 NW/June 2024 Grade 11 QUESTION 3: FIXED ASSETS (50 marks; 40 minutes) 3.1 MATCHING ITEMS Choose a description from COLUMN B that matches item in COLUMN A. Write only the letter (A–E) next to the question numbers (3.1.1 to 3.1.5) in the ANSWER BOOK, e.g. 3.1.6 F. COLUMN A COLUMN B 3.1.1 Caution A Method of writing off depreciation on the cost price. 3.1.2 Historical cost B Calculate amounts by subtracting 3.1.3 Fixed installment accumulated depreciation from the cost price. 3.1.4 Reduced balance C Assets must be determined at a 3.1.5 Book value realistic value. D Depreciation is calculated on book value. E Asset recorded at its purchase price less trade discount, plus any other accessories. (5 x 1) (5) 3.2 FIXED ASSETS The information provided relates to the Non-current assets of LM Traders. The financial year ends on 29 February 2024. REQUIRED: 3.2.1 Calculate depreciation on equipment and vehicles. (17) 3.2.2 Complete the Asset disposal account to record the sale of equipment. (6) 3.2.3 Complete the Fixed asset note on 29 February 2024. (14) INFORMATION: A. Fixed assets note (Note 3): Equipment Vehicles Carrying value (01/03/23) 50 000 ? Cost price 400 000 300 000 Accumulated depreciation (350 000) ? Copyright reserved Please turn over ### Page 9 Accounting/P2 9 NW/June 2024 Grade 11 B. Equipment:  LM Traders has two photocopy machines which were bought for R200 000 each. Accumulated depreciation on these photocopy machines on 1 March 2023 was R350 000. The business has had these photocopy machines for more than five years, and they are expected to be in productive use for another three years.  LM Traders bought a new photocopy machine on credit from Cannon for R250 000 on 1 December 2023.  Depreciation on equipment is calculated at 15% per annum on cost price. C. Vehicles:  Nissan MP 200 was bought on 1 March 2021 for R300 000, this van was sold for R220 000 cash on 1 September 2023.  Two Toyota vans were purchased on 31 May 2023 for R325 000 each, the funds were electronically transferred to the car dealer. Alarm systems of R8 000 was installed and license fees of R1 800 were paid.  Depreciation is calculated on carrying value at a rate of 20% per annum. 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 that must be up to date. Provide TWO points. (2) 3.3.3 Give ONE reason why a company may decide to sell fixed assets. (2) 50 Copyright reserved Please turn over ### Page 10 Accounting/P2 10 NW/June 2024 Grade 11 QUESTION 4: ACCOUNTING EQUATION (35 marks; 30 minutes) 4.1 AMELIA TRADERS The information relates to Amelia Traders. The business maintains a fixed mark-up of 25% on cost price and uses the perpetual inventory system. NOTE: Assume that the bank account shows a positive balance. REQUIRED: Analyse the following transactions according to the headings provided in your ANSWER BOOK. 4.1.1 Sell goods on credit, R25 000. (6) 4.1.2 Buy trade stock for R65 000 minus 5% trade discount. Make an EFT payment to the supplier. (4) 4.1.3 Pay per EFT to have the goods delivered to the business, R900. (4) 4.1.4 An electronic bank payment of R20 000 to a creditor was erroneously already booked on 13 February 2024, although the authorization date for the transfer of the funds by the bank is only 30 April 2024. (4) 4.1.5 An EFT for R534 appeared on the bank statement. The amount entered in the cash journal was R435. The bank statement amount is correct. The EFT had been paid to Mompati CC for trading stock. (6) 4.1.6 Another EFT was wrongly entered in the CPJ as R999 instead of R99. This EFT had been issued to East Pack for consumables. (6) 4.1.7 The shop premises were extended at a cost of R160 000. It was paid for and registered. However, the bookkeeper mistakenly debited the amount against Repairs. (5) 35 TOTAL: 150 Copyright reserved ### Page 11 Accounting/P2 NW/June 2024 Grade 11 GRADE 11 ACCOUNTING FORMULA SHEET WITH FINANCIAL INDICATORS Gross Profit 100 Gross Profit 100 Net Profit 100 x x x Sales 1 Cost of Sales 1 Sales 1 Operating Expenses 100 Operating Profit 100 x x Sales 1 Sales 1 Total earnings by Partner 100 Net Profit 100 x x Average Partner′ s Equity 1 Average Patner′ s Equity 1 Current Assets: Current Liabilities (Current Assets – Inventories): Current Liabillities Average Debtors 365 or 12 Average Creditors 365 or 12 x x Credit Sales 1 Credit Purchases or Cost of Sales 1 Average Inventories 365 or 12 Cost of Sales x Average Inventories Cost of Sales 1 Non-Current Liabillities: Partners’ Equity Total Assets: Total Liabilities Copyright reserved ## Related documents - [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 - [ACCOUNTING P2 GR11 QP NOV2022 English](https://www.hlayiso.com/library/accounting-p2-gr11-qp-nov2022-english/f43f0b46-185b-41cf-bed5-88654714f772) — Accounting · QP · 2022 · Eng - [ACCOUNTING P2 GR12 ANS BOOK NOV2022 English](https://www.hlayiso.com/library/accounting-p2-gr12-ans-book-nov2022-english/f4a4602d-bd68-471c-908e-7d2b30e5baa9) — Accounting · QP · 2022 · Eng - [Gr11 Acc P2 (English) November 2019 Question Paper](https://www.hlayiso.com/library/gr11-acc-p2-english-november-2019-question-paper/b6618943-9dc1-49c2-a1e9-55b45e559a00) — Accounting · QP · 2019 · Eng - [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 P2 (English) June 2023 Possible Answers](https://www.hlayiso.com/library/grade-11-acc-p2-english-june-2023-possible-answers/fa85abfa-9f3e-4e3a-ba88-499b2e0673a6) — Accounting · Memo · 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 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) — Memo · 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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