GR 11 ENG QP
GR 11 ENG QP
GR 11 ENG QP
GRADE 11
ACCOUNTING P1
JUNE 2024
Please turnover
Grade 11 Accounting P1 June 2024
5. You may use a dark pencil or blue/black ink to answer your questions.
8. A Financial indicator Formula sheet is attached at the end of this question paper.
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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Grade 11 Accounting P1 June 2024
1.1 CONCEPTS
The information below is taken from the records of NJ Traders, with partners Nadia
and Jessica. The financial year ends 30 June each year. (5)
REQUIRED:
Match the concepts in COLUMN A with the explanation in COLUMN B. Write only the
letters (A – E) next to the question numbers (1.1.1 – 1.1.5) in the ANSWERBOOK.
COLUMN A COLUMN B
1.1.1 Going concern A Fixed assets are recorded in our books at cost
price.
1.1.2 Prudence B Business stationery is printed for three years in
advance and is recorded as stationery on
hand.
1.1.3 Business entity C Bank Chargers and interest on overdraft must
be shown separately in the Statement of
Comprehensive Income
1.1.4 Materiality D The cost of the family holiday of one of the
partners was not recorded in the books of the
business.
1.1.5 Historical cost E Stock got damaged in a thunderstorm. The
insurance is not sure if they are going to pay
out. We write off the entire value of the stock.
REQUIRED:
INFORMATION:
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Grade 11 Accounting P1 June 2024
B The following changes occurred in the capital accounts of the partners during the
year. It was properly recorded.
• C Leclerc has transferred his new vehicle, to the value of R350 000 to the
business on 30 November 2023, as an additional capital contribution.
C According to the partnership agreement, the nett profit should be divided as follows:
• Salaries of the Partners: C Leclerc earns R10 000 per month. M Verstappen
earns 15% more than C Leclerc.
• The remaining profit/ loss should be divided according to the partners’ capital
accounts at the end of the financial year.
[22]
You are provided with information regarding the financial records of Bonginkosi
Stores in Meyerton. The financial year ends on 28 February 2024. A markup of 40% is
maintained at all times.
REQUIRED:
2.1 Complete the Statement of Comprehensive Income for the year ended
28 February 2024. (51)
2.3 Identify TWO possible reasons why the rental income decreased by 8% on
1 January 2024. (4)
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Grade 11 Accounting P1 June 2024
INFORMATION:
A. A credit note for R1 680 issued to a debtor was accidentally omitted from the
relevant journal.
B. A debtor who owed R1 800 was declared insolvent. His estate is paying 30 cents
of every rand. The amount was received and recorded. The difference must be
written off as bad debt.
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Grade 11 Accounting P1 June 2024
D. Stock to the value of R18 000 was stolen during a burglary in February 2024. The
insurance company has agreed to pay out an amount of R16 000 in March 2024.
G. Advertising is part of Sundry expenses. An amount of R12 000 is paid for the
period 1 January 2024 to 31 March 2024.
H. Rent income was received for 13 months till 31 March 2024. On 1 January 2024
the rental amount was reduced by 8%
I. Outstanding interest on fixed deposit must be taken into account. A further fixed
deposit of R60 000 was invested on 1 Augustus 2023. It was properly recorded.
Interest on fixed deposit is not capitalised.
J. Depreciation for the year ending on 28 February 2024 amounted to R194 574.
[73]
3.1 PN TRADERS
The following information was taken from the books of PN Traders, with partners
B. Patel and R. Naidoo. The financial year ends on 28 February 2024.
REQUIRED:
3.1.1 Complete the following notes to the Statement of Financial Position (Balance Sheet)
on the financial year ended on 28 February 2024:
• Capital (8)
• Current accounts (12)
• Trade and other payables (11)
Note: Show all short term liabilities except bank overdraft and the current
portion of the loan (short term loan) in this note.
3.1.2 Complete the Equity and Liability section of the Statement of Financial
Position (Balance Sheet) on 28 February 2024. (14)
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Grade 11 Accounting P1 June 2024
INFORMATION:
R
Capital: B. Patel (26/2/2024) 540 000
Capital: R. Naidoo (28/2/2024) 270 000
Current account: B. Patel (1/3/2023) 20 250 Cr
Current account: R. Naidoo (1/3/2023) 51 840 Dr
Drawings: B. Patel 64 800
Drawings: R. Naidoo 86 400
Loan: Malini Bank 405 000
Creditorcontrol 57 690
SARS: PAYE 10 935
Bank 14 940 Cr
Accrued expenses 11 430
Income received in advance 4 140
Accrued income 15 300
Prepaid expenses 14 670
Salaries:
• Naidoo is entitled to R129 600 per annum.
• Patel’s monthly salary is R1 800 less than Naidoo’s.
Bonus:
• Patel is entitled to a yearly bonus of R13 500.
Remaining profit:
• The remaining profit of R14 400 must be divided in the ratio 3:2 between Patel
and Naidoo.
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Grade 11 Accounting P1 June 2024
D. The loan from Malini Bank was received on 1 May 2022. It is payable in equal
monthly instalments over a period of 6 years. Interest is not capitalised and all
payments (including the current financial year) are paid up to date.
Deductions Employers
Gross Contribution Nett
Salary Pension- UIF SARS: Total Pension- UIF salary
fund PAYE fund
[45]
REQUIRED:
Analyse the transactions according to the example provided. Show an increase with a +,
a decrease with a - and no entries with a 0.
Transactions:
4.1. Partner Zizo withdrew R2 400 cash from the company for his own use.
4.3 Provide interest on capital for partner Zizo, this amounts to R30 880 for the year.
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Grade 11 Accounting P1 June 2024
(Trade and other receivables + Cash and cash equivalents) : Current liabilities
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