Accounting Grade 11 1 March 2023

ACCOUNTING

GRADE 11

TASK 2

TEST

2023 TERM 1
MARKS: 100

TIME: 1 ½ hour

SCHOOL: __________________________

LEARNER: _________________________

EXAMINER: _____________________

MODERATOR: ___________________

This question paper consists of 8 pages and a 6 page answer book.

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Accounting Grade 11 2 March 2023

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. Show ALL workings to achieve part-marks.

4. You may use a non-programmable calculator.

5. You may use a dark pencil or blue/black ink to answer the questions.

6. Where applicable, show ALL calculations to ONE decimal point.

7. Write neatly and legibly.

8. Use the table below as a guide when answering the question paper. Try NOT
to deviate from it.

QUESTION TOPIC MARKS MINUTES

1 60 50
Reconciliations and internal control
2 30 30
Asset disposal and fixed asset note
3 10 10
Partnerships
TOTAL 100 90

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 Accounting Grade 11 3 March 2023

QUESTION 1: RECONCILIATION AND INTERNAL CONTROL (60 marks; 50 minutes)

1.1 Indicate whether the following information relating to Bank Reconciliation

Statements are TRUE or FALSE:

1.1.1 A credit balance on the Bank statement reflects a unfavourable

balance.

1.1.2 A debit balance on the Bank account reflects a favourable bank

balance.

1.1.3 The internal auditor must inspect the Bank Reconciliation Statement
at the end of each month. (3)

1.2 PARTUMA TRADERS

You are provided with information for Partuma Traders for February 2023.
The official bank statement from AAA Bank is send to the business on the 27th
of each month.

REQUIRED:

1.2.1 Use the given information to complete the Cash Receipts Journal and
Cash Payments Journal for February 2023. (29)

1.2.2 Calculate the bank balance on 28 February 2023. (4)

1.2.3 Prepare the Bank Reconciliation Statement on 28 February 2023. (7)

INFORMATION:

A The Bank Reconciliation Statement on 31 January 2023:

Debit Credit
Balance per bank statement
Outstanding deposit 28 900
Outstanding EFT: 123 8 640
135 6 574
Balance per bank account 43 700

B The provisional totals in the cash journals before comparing them

against the Bank Statement were:
CRJ – R127 250
CPJ – R144 760

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Accounting Grade 11 4 March 2023

C Items included in the February 2023 bank statement but not in the
journals:
• Outstanding deposit of R28 900 dated 29 January 2023.

• EFT 123 for R8 640

• Cash sales to customers who paid by credit card, R11 235
• Electronic payment to the municipality for R4 325 for water and
electricity.
• Service fees R337
• Credit card levies R964
• Interest on overdraft R284
• Interest on savings account R338
• Direct deposit by a tenant, D. Lakay for rent, R5 300
• Cash withdrawal using debit card for owners personal use for
R13 000
• EFT payment to DD Traders for R9 797 to settle the account.

D Items that appeared in the cash journals only:

• Deposit on 28 February 2023 for R29 421
• EFT No. 436 for R16 890

E The following differences were noted:

• EFT 135 dated 30 January 2023 for R5 674 appeared on the bank
statement but the CPJ incorrectly reflects R6 574. The EFT was
issued to Jonny Traders for stationery bought.

• A deposit for R7 500 wrongly appeared in the bank statement. The

bank will rectify this entry on 1 March 2023.

F The balance on the bank statement on 28 February 2023 was R?.

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 Accounting Grade 11 5 March 2023

1.3 CREDITORS’ RECONCILIATION

Trinity Stores buys goods on credit from BB Traders. The business received
a statement for June 2022 from the creditor.

REQUIRED:

1.3.1 Calculate the correct balance of BB Traders in the Creditors'

Ledger of Trinity Stores. (8)

1.3.2 Prepare a Creditors' Reconciliation Statement for BB Traders on

30 June 2022. (7)

1.3.3 State TWO consequences for the business if they do not pay the
amount due to creditors on time. (2)

INFORMATION:
A. Creditors’ Ledger of Trinity Stores
BB TRADERS (CL11)
Date Debit Credit Balance
2022 1 Account rendered 42 600
June 4 Invoice 246 11 866 54 466
7 Debit note 69 955 53 511
11 EFT 207 22 700 30 811
Discount 3 500 27 311
14 Invoice 212 6 915 34 226
16 EFT- 336 2 300 31 926
23 Invoice 381 9 250 41 176
24 Invoice 401 8 829 50 005
30 Invoice 407 11 535 61 540
B. Statement of account received on 30 June 2022:
BB TRADERS
Trinity Stores Date: 25 June 2022
10 Second Avenue Credit limit : R75 000
Koppies 1234 Payment terms: 60 days
DATE DETAILS DEBIT CREDIT BALANCE
2022 1 Balance 42 600
June 4 Invoice 246 9 296 51 896
7 Credit Note 109 955 52 851
11 Receipt 514 22 700 30 151
16 EFT- 336 2 300 27 851
23 Invoice 381 9 250 37 101
24 Invoice 401 9 810 46 911
25 Interest 85 46 996

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 Accounting Grade 11 6 March 2023

C. Additional Information:
1. Invoice 246 on 4 June 2022 was correct according to the
statement.
2. BB Traders made an error when recording goods returned on
7 June 2022.
3. Trinity Stores qualified for discount with the payment on 11 June
2022. BB Traders granted only R2 500 as discount. They will
show this on their statement next month.
4. Invoice 212 for R6 915 was recorded incorrectly in the Creditors'
Ledger Account of BB Traders. This purchase was from Dipsy
Suppliers.
5. A trade discount of 10% was deducted on Invoice 401.
BB Traders did not take this into account. This will be rectified on
the next statement.
6. The statement shows transactions up to 25 June 2022.

60

QUESTION 2: FIXED ASSETS (30 marks; 25 minutes)

MAKINKI TRADERS

The following information relates to Makinki Traders. The financial year ended on
28 February 2023. The business is owned by M. Mandy and K. Kinki.

REQUIRED:

2.1 Prepare the asset disposal account in the General Ledger of the business. (8)

2.2 Explain why the asset register is an important document for internal control.
Provide TWO reasons. (4)

2.3 Calculate the missing amounts denoted by (a) to (e) on the note provided. (18)

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 Accounting Grade 11 7 March 2023

INFORMATION:

A. Fixed assets:

LAND AND
VEHICLES EQUIPMENT
BUILDINGS
Carrying value (1/03/2022) 6 700 000 B 154 000
Cost 780 000 240 000
Accumulated depreciation (472 000) (86 000)
Movements:
Additions 440 000 120 000
Asset Disposals 1 900 000 0 E
Depreciation C
Carrying value (28/02/2023) A
Cost D 280 000
Accumulated depreciation

ADDITIONAL INFORMATION ON FIXED ASSETS

(i) LAND AND BUILDING

• A new storeroom was built during the year for R1 900 000.

(iii) VEHICLES

Extract from the vehicle register:

Vehicle 1 Vehicle 2 Vehicle 3
Purchase price R300 000 R480 000 R420 000
Accumulated depreciation
on 1/3/2022 R280 000 R192 000

• Vehicle 3 was purchased on 1 May 2022.

• Depreciation on vehicles is calculated at 20% p.a. on the cost price
method.

(ii) EQUIPMENT

• New equipment was purchased for R120 000 op 1 March 2022.

• Equipment was sold cash on 1 September 2022 for R41 500.
• Accumulated depreciation on the equipment sold on 1 March 2022
amounts to R42 000.
• Depreciation on equipment is calculated at 10% on the diminishing
cost method.

30

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