Accounting P1 GR 11 Exemplar Nov 2019 Eng
Accounting P1 GR 11 Exemplar Nov 2019 Eng
Accounting P1 GR 11 Exemplar Nov 2019 Eng
SENIOR CERTIFICATE
GRADE 11
ACCOUNTING P1
MARKS: 150
TIME: 2 hours
6. You may use a dark pencil or blue/black ink to answer the questions.
9. Use the information in the table below as a guide when answering the question
paper. Try NOT to deviate from it.
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Accounting/P1 3 DBE/November 2019
NSC – Grade 11 Exemplar
1.1 GAAP
1.1.1 Service fees, cash deposit fees and ATM charges on the Bank
Statement are added together and disclosed as bank charges.
1.1.2 Defaulting debtors' accounts are written off as bad debts, even
though it may be recovered in the future.
1.1.3 Insurance includes R340, which relates to the next financial year.
1.1.4 The owner decides to purchase additional trading stock, which was
offered at a discounted rate, as he knows that these can be sold in
the following financial periods. (4 x 1) (4)
The information below relates to Masimanga Ltd for the financial year ended
on 28 February 2019.
REQUIRED:
1.2.2 Give ONE suggestion that the internal auditor can use to check
whether movable fixed assets have been stolen. (2)
1.2.3 Land and buildings were bought five years ago for R1 200 000.
Since property prices have increased by 20% since then,
Partner Piet suggested that the value of this asset be recorded at
a higher amount so that a profit of R500 000 can be reflected on the
Income Statement. Partner Naomi disagrees.
Provide ONE point why you would agree with Partner Naomi. (2)
INFORMATION:
A. FIXED ASSETS:
LAND AND
VEHICLES
BUILDINGS
Carrying value (01/03/2018) 126 000
Cost 4 000 000 576 000
Accumulated depreciation (450 000)
Movements:
Additions 570 000 (ii)
Disposals 0 (iii)
Depreciation (iv)
Carrying value (28/02/2019) (i)
Cost 564 000
Accumulated depreciation
Ford Fiesta
Date purchased: 1 March 2016
Date sold: 30 September 2018 Selling Price: R81 348
Depreciation rate: 10% p.a. on cost (fixed instalment method)
CARRYING
COST DEPRECIATION
VALUE
28 February 2017 R132 000 R13 200 R118 800
28 February 2018 ? ?
30 September 2018 ? ?
25
MASALA TRADERS
You are provided with information relating to the year ended 30 June 2019.
REQUIRED:
2.1 Prepare the Income Statement (Statement of Comprehensive Income) for the
year ended 30 June 2019. (40)
INFORMATION:
G. The loan statement received from Kim Bank reflected the following:
H. An employee was left out of the Salary Journal. His details are:
I. The monthly rent has remained unchanged during the financial year.
During May 2019, the tenant paid R9 000 for repairs to the premises.
As Masala Traders is responsible for all repairs, the tenant deducted this
amount from the rent that he paid for May 2019. Note that the rent for
June 2019 has not been received yet.
50
KGALAGADI TRADERS
You are provided with information for the financial year ended 28 February 2019.
The partners are V Vilander and L Louw.
REQUIRED:
3.2 Complete the Current Account Note for the financial year ended. (13)
3.3 Complete the Balance Sheet on 28 February 2019. Show your workings. (24)
INFORMATION:
B. Additional information:
Partners' salaries:
Interest on capital:
The net profit after the primary distribution was R90 000.
(d) Insurance includes an annual premium of R12 000 paid for the
period 1 October 2018 to 30 September 2019.
The information relates to Ron-Y Fashions with partners Ronel Henning and
Yvonne Twerefoo. The business opened on 1 March 2017 and sells ladies'
clothes and jewellery.
Ronel Henning has given up a part-time job in order to run this business. She
earned R102 000 p.a. in her previous job. Yvonne Twerefoo has decided to
keep her existing job, where she is earning R109 800 p.a. She has decided
not to work in Ron-Y Fashions for the first year (in other words she is a silent
partner for the first year). She will review her situation at a later stage.
REQUIRED:
Show ALL calculations. Where comments are required, refer to figures in the
statements provided or ratios/percentages calculated by you in order to
support your answer.
4.1.1 The business was started on 1 March 2017. The partners are
concerned about the financial results during the first year of
operation.
4.1.2 Ronel Henning is concerned about whether she has made the right
decision in resigning from her previous job.
What percentage of the total net income did she earn and what
percentage did her partner, Yvonne, earn? (5)
INFORMATION:
APPROPRIATION
2018 2018
28 Salary: Ronel 91 200 28 Profit and loss 152 000
Feb. Feb.
Interest on capital 36 000
Bonus: Ronel 3 200
Current account:
12 000
Ronel
Current account:
9 600
Yvonne
(c) Ronel was allowed a special bonus for her extra managerial effort.
Ronel Henning wants Yvonne Twerefoo to resign from her existing job and
work as an active partner in the business in order to increase the returns
earned by the partners.
If this is the case:
They will retrench one of the three shop assistants, in other words he/she
will lose his/her job.
They will reduce the accounting fee by 80% (as Yvonne will be able to do
most of the accounting).
Yvonne will provide an extra R50 000 capital, which will be used to pay off
part of the loan at the beginning of the financial year. Note that the loan
was received from Ronel's father at 15% p.a. interest, which is not
capitalised. It was also agreed that 50% of the loan must be settled at the
end of the second year of business.
The partners' salary allowance will increase to R104 880 p.a. each.
REQUIRED:
Assuming that profitability (and all income and expenses) remains the same
in the second year of business:
4.2.1 Calculate the change in net profit if Yvonne decides to work fulltime.
Show workings. (7)
4.2.2 Show the effect of this change to Yvonne's total earnings, if she
gives up her job. (4)
4.2.3 Briefly explain TWO other advantages for the business if Yvonne
works on a full-time basis in the business. (2)
ADDITIONAL INFORMATION:
The following is an extract from the Income Statement for Ron-Y Fashions for 2018:
35
TOTAL: 150
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Accounting/P1 DBE/November 2019
NSC – Grade 11 Exemplar
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
(Trade and other receivables + Cash and cash equivalents) : Current liabilities
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