Accounting Grade 11-Answer book NW/June 2018
PROVINCIAL ASSESSMENT
GRADE 11
ACCOUNTING
JUNE 2018: ANSWER SHEET
MARKS: 300
LEARNER’S NAME......................................................................................................
NAME OF SCHOOL....................................................................................................
QUESTION MARKS INITIALS MODERATOR
TOTAL
This answer book consists of 15 pages
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Accounting Grade 11-Answer book NW/June 2018
QUESTION 1:
1.1 What is the purpose of bank reconciliation?
2
1.2
1.2.1
1.2.2
1.2.3
1.2.4
4
1.3
1.3.1
CASH RECEIPTS JOURNAL CASH PAYMENTS JOURNAL
Provisional totals 62 800 Provisional totals 109 600
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Accounting Grade 11-Answer book NW/June 2018
BANK BALANCE:
14
1.3.2
BANK RECONCILIATION STATEMENT ON 31 MARCH 2018
OR
BANK RECONCILIATION STATEMENT ON 31 MARCH 2018
30
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Accounting Grade 11-Answer book NW/June 2018
QUESTION 2:
2.1 Why must the balance of the Creditors’ Control Account in the General
Ledger be the same as the total of the Creditors List in the Creditors Ledger
2.2 & 2.3
No. Balance Creditors Control Creditors List
A
A
B
C
D
E
F
G
23
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Accounting Grade 11-Answer book NW/June 2018
2.4
2.4.1 Quick has asked you to comment on the internal control system he
has in place. Are they adequate? Give Two points
2.4.2
Is the salesman incompetent or guilty of fraud? What action could be taken
against him in either case?
30
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Accounting Grade 11-Answer book NW/June 2018
QUESTION 3:
3.1
3.1.1.
3.1.2.
3.1.3.
3.1.4.
3.1.5.
3.2.1 Asset Disposal
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Accounting Grade 11-Answer book NW/June 2018
3.2.2 FIXED ASSET NOTE
Land and Vehicles Equipment
buildings
Carrying value at the beginning 247 500
Cost (1 March 2017) 800 000 450 000
Accumulated depreciation(1 March 207) (70 000)
Movement
Additions on cost
Disposal at carrying value (0) (92 160)
Depreciation for the year
Carrying value at the end
Cost
Accumulated depreciation
22
35
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Accounting Grade 11-Answer book NW/June 2018
QUESTION 4:
4.1.1
Income Statement of Golden Poppy Traders for the ended 30 June 2017
Sales (1193000
Cost of Sales (668000
Gross profit
Other operating income
Rent income
Discount received
Provision for bad debts adjustments
Gross income
Operating expenses
Salaries and Wages
Insurance
Packing Material
Repairs and maintenance
Water and Electricity
Bad Debts
Sundry Expenditure
Depreciation
Trading Stock deficit
Operating profit before interest expenses
Interest Income
Operating Profit before interest expense
Interest expenditure
53
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Accounting Grade 11-Answer book NW/June 2018
4.1.2. Trade and other Payables
17
70
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Accounting Grade 11-Answer book NW/June 2018
QUESTION 5
5.1 GENERAL LEDGER OF BIG BROTHER TRADING ON 28 FEB 2018
Appropriation
2018 28 2018 28
Feb Feb
17
5.2
5.2.1.1 Acid test Ratio
4
5.2.1.2 Stock turnover Rate
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Accounting Grade 11-Answer book NW/June 2018
5.2.1.3 Debt/equity ratio
5.2.1.4 Percentage return earned by Aaron
5.2.2
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Accounting Grade 11-Answer book NW/June 2018
5.2.3
12
5.2.4
5
5.2.5
1
70
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Accounting Grade 11-Answer book NW/June 2018
Question 6
6.1 Statements of receipts and payments Mubs Football club for the year ended 31
December 2018
RECEIPTS
PAYMENTS
Cash Surplus
27
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Accounting Grade 11-Answer book NW/June 2018
6.2
6.2.1
a. Annual Dance
b. Refreshments
10
6.2.2
4
6.2.3
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Accounting Grade 11-Answer book NW/June 2018
6.2.4
a.
b.
c.
d.
9
6.2.5
60
[300]
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