# Accounting Grade 11 P2 North West June 2024 Memo (English) > Grade 11 Accounting Paper 2 memorandum from the North West June Exam 2024 (English), 8 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/da3a4e92-d0f1-4c8e-b2f8-d6ebadadf359 - Updated: 2026-10-29 - Subject: Accounting - Grade: Grade 11 - Language: English - Document type: Memorandum - Year: 2024 - Exam period: North West June Exam - Paper: 2 - Curriculum: CAPS - Pages: 8 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 Memo (English)](https://www.hlayiso.com/library/grade-11-accounting-2024-north-west-june-exam-question-paper-paper-2-english/da3a4e92-d0f1-4c8e-b2f8-d6ebadadf359) ## 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 P2 JUNE 2024 MARKING GUIDELINES TOTAL: 150 MARKS 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 corrects’. 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 8 pages. Copyright reserved Please turn over ### Page 2 Accounting/P2 2 NW/June 2024 Grade 11 – Marking guidelines QUESTION 1: BANK RECONCILIATION 1.1 MULTIPLE CHOICE QUESTIONS 1.1.1 B 1.1.2 B 1.1.3 D 1.1.4 C 1.1.5 A 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 405 600 384 450 350 17 000 7 500 5 400 3 610 (3800 x 95/100) 1 380 2025 3 700 1 500 410 310 415 455 15 Must include total, one part correct Must include total, one part correct 1.2.2 Calculate the correct balance of the bank account on 31 May 2024. 20 400+ 410 310+ 415 455= 15 255 5 Copyright reserved Please turn over ### Page 3 Accounting/P2 3 NW/June 2024 Grade 11 – Marking guidelines 1.2.3 Prepare the bank reconciliation statement on 31 May 2024. Debit Credit Dt balance according to the bank 15 255 account Ct outstanding deposit 6 500 Dt outstanding EFTs: 268 2 700 269 4 300 Dtdebit card withdrawals 2 100 Ct incorrect debit order 3 700 Ct balance according to the bank 14 155 statement Both totals same, one part correct. 24 355 24 355 10 OR 1.2.3 Prepare the bank reconciliation statement on 31 May 2024. Dt balance according to the bank account 15 255 Ct outstanding deposit (6 500) Dt outstanding EFTs: 268 2 700 269 4 300 Dtdebit card withdrawals 2 100 Ct incorrect debit order (3 700) Ct balance according to the bank statement 14 155 10 1.2.4 The owner noticed problems depositing cash. Explain THREE measures he could use to solve these problems. Any THREE Implement a fixed deposit routine/policy for daily deposit  Appoint another person responsible for depositing cash (division of duties for one point).  Use cash transit services (security companies)/split large amounts into smaller deposit amounts.  Supervises the depositing of funds / conducts independent (unplanned) checks/authorize funds to be deposited / checks documentation (deposit slips) before and after depositing.  Encourage more customers to pay by EFT (less cash handling).  Enable bank notification services for all transactions (receive SMS).  Perform regular/unscheduled reconciliations to mini statements from the banking application as an interim control measure/reconcile cash and credit card transactions daily to prevent errors later. 6 Copyright reserved Please turn over ### Page 4 Accounting/P2 4 NW/June 2024 Grade 11 – Marking guidelines 1.2.5 The charge on credit card sales is 5% of the relevant amount of credit card sales. Calculate the total credit card sales for the month. 2025x 100/5= 40,500 One part correct 3 1.2.6 Name ONE advantage of using electronic funds transfers (EFT). Any ONE Safe / convenient / quick and easy / Can be done outside bank hours / takes less time (no queues) / lower costs / fast feedback 1 TOTAL MARKS 45 Copyright reserved Please turn over ### Page 5 Accounting/P2 5 NW/June 2024 Grade 11 – Marking guidelines QUESTION 2: CREDITOR RECONCILIATION 2.1 EVA TRADERS 2.1.1 Use the table provided in the to indicate the changes. CREDITORS' LEDGER ACCOUNT STATEMENT EVA TRADERS YOKI TRADERS Difference 193 140 186 000 1 1 560 2 (9 000) (- 4 500 – 4 500) 3 (4 000) 4 (18 500) 5 (48 000) 6 5 500 7 (23 000) (2 300) 74 000 Balance 177 700 177 700 14 Must include totals, one part correct Must include totals, one part correct 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. Any two valid reasons Partial marks for a partial/unclear/incomplete answer  Errors and omissions can be detected and corrected.  Fraud can be detected and reduced.  Correct payment can be calculated, and payments can be made on time to avoid interest. 4 2.1.3 Identify the type of rebate granted to Eva Handelaars on 24 March. Trade discount 2 TOTAL MARKS 20 Copyright reserved Please turn over ### Page 6 Accounting/P2 6 NW/June 2024 Grade 11 – Marking guidelines QUESTION 3: FIXED ASSETS 3.1 MATCHING ITEMS 3.1.1 C 3.1.2 E 3.1.3 A 3.1.4 D 3.1.5 B 5 3.2 FIXED ASSETS 3.2.1 Calculate depreciation on equipment and vehicles. Equipment Old equipment New equipment 50 000– (R1x 2) 250 000x 15% x 3/12 = 4 998 = 9 375 Vehicles Old vehicles New vehicles 300 000 x 20% = 60 000 240 000 (300 000 – 60 000) x 20% [(325 000 x 2) + 8 000] x 9/12x = 48 000 192 000 20% (300 000 – 60 000 – 48 000)x 20% = 98 700 one part correct x 6/12 = 19 200 17 3.2.2 Complete the Asset Sales account to record the sale of equipment. ASSET SALES 01 Vehicles 300 000 01 Accumulated 127 200 depreciation on Sep Sep vehicles Profit on asset 47 200 Bank 220 000 sales 347 200 Both total same 347 200 Entire line correct for points award.(60 000 + 48 000 + 19 200) = 127 200 6 Copyright reserved Please turn over ### Page 7 Accounting/P2 7 NW/June 2024 Grade 11 – Marking guidelines 3.2.3 Complete the Fixed asset note on 29 February 2024. Equipment Vehicles Cost price 400 000 300 000 Accumulated depreciation (350 000) (108 000) Carrying value at the beginning of the year 50 000 192 000 Movements Additions at cost price 250 000 658 000 Asset disposal at carrying value - (172 800) Depreciation for the year (14 373) (117 900) Carrying value at the end of the year 285 627 559 300 Cost price 650 000 658 000 Accumulated depreciation (364 373) (98 700) 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. Any TWO valid points   Install tracking devices in vehicles.  Use a log book to keep track of the kilometres.  Ensure that all vehicles are parked at work after working hours.  Assign vehicles to drivers on a daily basis. 4 3.3.2 Explain why it is important to keep an updated asset register. Provide TWO points. Any two valid points  To keep track of full details of all the assets in the business, e.g. cost price, date of purchase, method of depreciation etc.  It is a control measure that ensures that all the assets of the business are secured or protected.  It helps in the process of verification of assets by internal or external auditor. 2 3.3.3 Give ONE reason why a company may decide to sell fixed assets. Any ONE Assets are too old / Maintenance becomes too expensive / No longer effective for specific use / Better model is available / Better technology 2 TOTAL MARKS 50 Copyright reserved Please turn over ### Page 8 Accounting/P2 8 NW/June 2024 Grade 11 – Marking guidelines QUESTION 4: ACCOUNTING EQUATION 4.1 AMELIA TRADERS Effect on the ACCOUNT ACCOUNT accounting equation AMOUNT DEBITED CREDITED A OE L 4.1.1 Debtors Sales 25 000 + + 0 control Cost of sales Trading stock  20 000 - - 0 4.1.2 Trading Bank 61 750 +- 0 0 stock 4.1.3 Trading stock Bank 900 +- 0 0  4.1.4 Creditors Bank 20 000 + 0 + Control 4.1.5 Trading Bank R99 +-- 0 0 stock 4.1.6 Bank Consumables R900 + + 0 4.1.7 Land and Repairs 160 000 + + 0 35 Buildings  TOTAL MARKS 35 TOTAL: 150 Copyright reserved ## Related documents - [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 - [Gr 11 Accounting P2 (English) 2023 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-2023-possible-answers/53a6d2b9-6d3d-4b2e-baad-b064b8a631d6) — Accounting · Memo · 2023 · Eng - [ACCOUNTING P2 MEMO GR11 NOV2022 English](https://www.hlayiso.com/library/accounting-p2-memo-gr11-nov2022-english/4c0cad8a-f3d3-4318-bcbe-6354a4b81cf9) — Accounting · Memo · 2022 · Eng - [Gr 11 Accounting P2 (English) November 2022 Possible Answers](https://www.hlayiso.com/library/gr-11-accounting-p2-english-november-2022-possible-answers/f9181d83-1d51-4791-b6ff-7a96d108c1db) — Accounting · Memo · 2022 · Eng - [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 - [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) — Accounting · QP · 2026 · 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 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 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) — 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) — 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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