GDE JUNE 2022 P1
ACCOUNTING ANSWER BOOK 2
(PAPER 1) GRADE 11
QUESTION 1
1.1 1.1.1
1.1.2
1.1.3
4
1.1.4
1.2 STATEMENT OF COMPREHENSIVE INCOME/INCOME STATEMENT OF BEST
BUY SHOES FOR YEAR ENDED 28 FEBRUARY 2022
Sales
Cost of sales
Gross profit
Other operating income
Discount received 480
Gross operating income
Operating expenses
Consumable stores 13 000
Discount allowed 600
Operating profit
Interest income
Profit before interest expense
Interest expense
36
Net profit for the year
TOTAL
40
P.T.O.
ACCOUNTING ANSWER BOOK 3
(PAPER 1) GRADE 11
QUESTION 2
2.1
Calculations for interest on capital: Calculations for interest on capital:
Mac Adam
10
2.2
Calculate the drawings for the year for Mac.
P.T.O.
ACCOUNTING ANSWER BOOK 4
(PAPER 1) GRADE 11
2.3 MacAdam Stores
2.3.1 Capital Note
Mac Adam
Balance at the beginning of the year
Increase during the year
Decrease during the year
Balance at the end of the year
2.3.2 Current Account Note
Mac Adam Total
Net profit as per Income Statement 311 300
Primary distribution of profits
Final distribution of profits/(losses)
Drawings for the year (132 600)
Retained income for the year
Balance at beginning of year
Balance at end of year
19
TOTAL
40
P.T.O.
ACCOUNTING ANSWER BOOK 5
(PAPER 1) GRADE 11
QUESTION 3
3.1 3.1.1 TRADE AND OTHER RECEIVABLES
Net trade debtors
Trade debtors
3.1.2 TRADE AND OTHER PAYABLES
Trade creditors
12
P.T.O.
ACCOUNTING ANSWER BOOK 6
(PAPER 1) GRADE 11
3.2 BALANCE SHEET/STATEMENT OF FINANCIAL POSITION ON 28 FEBRUARY
2022
ASSETS
Non-current assets
Fixed/Tangible assets 1 840 000
Fixed deposit: FND Bank
Current assets
Cash and Cash Equivalents 68 000
Total assets
EQUITY AND LIABILITIES
Owners’ equity
Capital 600 000
Current Accounts
Non-current liabilities
Current liabilities
15
Total equity and liabilities
TOTAL
35
P.T.O.
ACCOUNTING ANSWER BOOK 7
(PAPER 1) GRADE 11
QUESTION 4
4.1 4.1.1
4.1.2
4.1.3
4.1.4 4
4.2
4.2.1 Percentage gross profit on cost of sales
4.2.2 Percentage operating expenses on turnover
4.2.3 Acid-test ratio
P.T.O.
ACCOUNTING ANSWER BOOK 8
(PAPER 1) GRADE 11
4.2.4 Debt-equity ratio
4.3 Comment on the liquidity position of the business for 2022. Quote TWO
financial indicators and figures to support your answer.
CONCLUSION:
4.4 The business changed their policy with regards to the profit mark-up from
2021 to 2022. What was the change in policy? What are the risks associated
with this and what effect did this change have on the business income?
CHANGE IN POLICY:
RISKS:
EFFECT ON BUSINESS:
P.T.O.
4.5 Does the business have good control over their expenses? Quote ONE
financial indicator and figures to support your answer.
YES/NO
4.6 The partners want to expand the business but they will need at least
R900 000 to do this. Discuss each option and your opinion about it. Do not
quote figures to support your answer. Draw a conclusion and advise the
partners on how they should finance the expansion.
Option 1:
Option 2:
Option 3:
Conclusion/Advice:
TOTAL
35
TOTAL: 150
END
GDE JUNE 2023 P1
Accounting/P1 Grade 11 JUNE 2023
QUESTION 1: ACCOUNTING EQUATION (15 MARKS; 10 MINUTES)
No. Account Account Effect on accounting equation
debited credited
A = OE + L
1.1.1
1.1.2
1.1.3
1.1.4
1.1.5
/1.6
24 /1.6 15
QUESTION 2: PARTNERSHIP LEDGER ACCOUNTS (25 MARKS; 17 MINUTES)
2.1. Calculate the Interest on Capital for Martin.
Page 2 of 9
Accounting/P1 Grade 11 JUNE 2023
2.2. CURRENT ACCOUNT NOTE: RONNIE
MARTIN RONNIE TOTAL
Salaries
Bonus
Interest on capital
Primary distribution
Secondary distribution
Net profit for the year 1 180 400
Drawings (442 800)
Retained income
Balance at the beginning of the year 21 600 (30 800)
Balance at the end of the year
20
Page 3 of 9
Accounting/P1 Grade 11 JUNE 2023
QUESTION 3: INCOME STATEMENT (45 Marks; 40 minutes)
AHMED TRADERS
STATEMENT OF COMPREHENSIVE INCOME for the year ended 28 February 2023
Turnover
Cost of sales (1 757 000)
Gross profit
Other operating income
Discount received 19 600
Gross operating income
Operating Expenses
Discount Allowed 13 350
Water and Electricity 68 950
Insurance 162 500
Operating profit
Interest income 780
Profit before interest expense
Interest expense
Net profit for the year
40
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Accounting/P1 Grade 11 JUNE 2023
3.2 Trade and other receivables Note:
Trade Debtors 178 400
Page 5 of 9
Accounting/P1 Grade 11 JUNE 2023
QUESTION 4: STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)
(40 Marks; 35 minutes)
4.1 Capital Note:
Mahlatse Dimpho Total
Balance at the beginning
Additional Capital Contributions 0 220 000 220 000
Withdrawal of Capital (500 000) 0 (500 000)
Balance at the end
Page 6 of 9
Accounting/P1 Grade 11 JUNE 2023
4.2 MacDee Traders
Statement of Financial Position as at 31 May 2023
NOTE
Non Current Assets
Tangible Asset
Fixed Deposit
Current Assets
Inventories
Trade and other receivables 959 000
Cash and Cash equivalents
TOTAL ASSETS
Equity and Liabilities
Partner's Equity
Capital
Current Accounts 400 000
Non-Current Liabilities
Mortgage loan
Current Liabilities
Trade and other payables
Total Equity and Liabilities
35
TOTAL 40
Page 7 of 9
Accounting/P1 Grade 11 JUNE 2023
QUESTION 5: FINANCIAL INDICATORS (25 Marks; 18 minutes)
5.1. TRUE/FALSE
5.1.1
5.1.2
5.1.3
5.1.4
5.2.1 (a) Calculate the Acid test ratio for 2023 (3)
(b) Calculate the Debt/Equity ratio (3)
(c) Calculate the percentage return on average equity (5)
Page 8 of 9
Accounting/P1 Grade 11 JUNE 2023
5.2.2 Comment on the Liquidity of the business. Motivate your answer by
quoting any ONE financial Indicator with figures. (3)
5.2.3 Should the partners be satisfied with their investment in the business?
Explain and quote figures to motivate your answer (3)
5.2.4 Thabo is suggesting they should expand the business. Do you agree (4)
with his decision of obtaining additional loan. Explain by citing ONE
financial indicator with figures.
TOTAL 35
Page 9 of 9
KZN JUNE 2022 P1
Accounting June 2022 Common Test
NSC
QUESTION 1 PARTNERSHIPS GENERAL LEDGER
1.1 Calculate the gross profit for the year ended 28 February 2022.
1.2.1 Asset Disposa
1.2.2 Profit and Loss
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Accoun June 2022 Common Test
NSC
QUESTION 2
APPROPRIATION STATEMENT AND STATEMENT OF FINANCIAL POSITION
21 A ppropna
. f ion St atemen t of MK Stores f or the 11ear en d ed 28 Fe b ruary 2022
M Michael K Kenneth Total
Profit per Income Statement
Partners' Salaries
Interest on Capital 14 600 15 000 29 600
Primary distribution of profits
Final distribution of profits
. Ip OSIitiion Of MK St ores as at 28 Fe b ruary 2022
2 2 St atemen t o f F"mancra
Assets
Non-current Assets
Current Assets
Total Assets
Equity and Liabilities
Partners Equity
Non-current Liabilities
Current Liabilities
Total Equity and Liabilities
_., 1~
~. ? 0
. ~1
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Accounting June 2022 Common Test
NSC
QUESTION 3 ANALYSIS AND INTERPRETATION
3.1.1 Acid test ratio
3.1.2 The total amount earned by P. Phungula.
3.1.3 Percentage return earned by Moodley
3.1.4 Debt/equity ratio for 2022
3.2 Is PM Traders liquid at the end of the April 2022? Discuss TWO financial
indicators, with figures for both years, to support your answer.
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A ccoun June 2022 Common Test
NSC
3.3 Did PM Traders make the correct decision to increase the long term loan?
Identify ONE financial indicator, with figures to support your answer.
3.4 Phungula is not happy with his return on investment for the current financial
year. Explain TWO reasons he may feel this way. Quote comparison figures
to su ort our answer.
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LIMPOPO JUNE 2023 P1
DoE/Limpopo/June Exam 2023
QUESTION 1
1.1 CONCEPTS
1.1.1
-
1.1.~¥ ?
1.1; ~ i
-
1.1.4
1.2 Complete the table provided to indicate the effect on the accounting
equation
NO Account debited Account credited A 0 L
e.g Bank Rent income + + 0
c 12
1.3 Calculate the missing figures in the fixed asset note
WORKINGS ANSWER
(i)
(ii)
(iii)
(iv)
TOTAL MARKS
~''
30
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DoE/Limpopo/June Exam 2023
QUESTION 2
2.1 CONCEPTS
Fill ·
I
i~e missingconcepts
2.1.2
2.1.3
2.1.4
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DoE/Limpopo/June Exam 2023
2.2 PARTNERSHIP: STATEMENT OF COMPREHENSIVE INCOME
Statement of Comprehensive income of Good Hope Traders for the year
ended 3~, ~e 2022 R
Sales t 1
Cost of salbs-
Gross profit
Other operating income
Rent income
Discount received 4 200
Gross operating income
Other operating expenses
Salaries and wages 163 700
Discount allowed 1 500
Sundry expenses 41 000
Water and electricity
Insurance
Packing material
Stationery
Bad debts
Operating profit
Profit before interest expense
Net profit for the year
TOTAL MARKS
45
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DoE/Limpopo/June Exam 2023
QUESTION 3
3.1 TT BROTHERS
3.1.1 CUR, i;ACCOUNT NOTE
THOMAS TITUS
I'n If
Partner•ffiraries
Interest on capital
Partner's bonuses
Primary distribution
Final distribution
Net profit for the year
Drawings (345 000) (375 000)
Retained income
Balance at the beginning ( 30 000) 10 500
Balance at the end
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3.1.2 BALANCE SHEET ON 30 SEPTEMBER 2022
EQUITY AND LIABILITIES
Owners' ecn,Al~
Capital ~I ID
Current 9 ~ab~.nt
Non-current liabilities
Loan
Current liabilities
Trade and other payables
Current portion of loan
Bank overdraft
TOTAL EQUITY AND LIABILITIES
TOTAL MARKS
35
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DoE/Limpopo/June Exam 2023
QUESTION 4
4.1 CONCEPTS
4.1.1 J~
4.1.2 f ~
4.1.3 g 1£ (
4.1.4 b-~
4.2 CALCULATION OF FINANCIAL INDICATORS FOR 2023
4.2.1 Acid -test ratio:
4.2.2 Debt -equity ratio:
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DoE/Limpopo/June Exam 2023
4.2.3 % return on average equity earned by the partnership:
4.3
Should the partners be concerned about the liquidity of the business
for
2023? Quote TWO financial indicators.
4.4
Explain whether the business is managing its operating expenses
effectively. Quote TWO financial indicators
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DoE/Limpopo/June Exam 2023
4.5
4.5.1 Is it a good idea to borrow R 300 000? Quote ONE financial
indicator to support your answer.
4.5.2 Provide TWO other suggestions that the partners can consider
instead of increasing loan
4.6
Gold is concerned about the % return that he is earning. Is this a valid
concern? Quote ONE financial indicator to support your answer.
4.7
Gold is not happy with Brown's current contributions to the partnership.
He is deciding to have a meeting with her about this. List THREE points
he should discuss with her at this meetin .
TOTAL MARKS
40
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