PROVINCIAL ASSESSMENT GRADE 11 - North West

Accounting

Grade 11-Memorandum

NW/June 2019

PROVINCIAL ASSESSMENT

GRADE 11

ACCOUNTING: PAPER 1

MARKS: 150

JUNE 2019: MEMORANDUM

MARKING PRINCIPLES: 1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in

the question for that item (no penalty for misplaced item). No double penalty applied. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is

earning marks on the figures for that item. 3. Full marks for correct answer. If answer incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for

that figure (not the method mark for the answer). 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered

to award the mark. If no + or ? sign or bracket is provided, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of

answers from candidates. 7. Where penalties are applied, the marks for that section of the question cannot be a final

negative. 8. Where method marks are awarded for operation, the marker must inspect the

reasonableness of the answer and at least one part must be correct before awarding the mark. 9. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at least in part. 10. Be aware of candidates who provide valid alternatives beyond the marking guideline. 11. Codes: f = foreign item; p = placement/presentation.

Demo

This marking guideline consists of 08 pages.

NW/JUNE/ACCNG/ EMIS/6*******

Page 1 of 8

Accounting

Grade 11-Memorandum

NW/June 2019

QUESTION 1:

1.1 Choose an example from COLUMN B that matches a concept COLUMN A.

1.1.1

E

1.1.2

A

1.1.3

B

1.1.4

D

1.1.5

C

5

1.2 KELISH TRADERS

INCOME STATEMENT FOR THE YEAR ENDED ON 28 FEBRUARY 2019

Sales 996 100 ? 29 100 Cost of sales

967 000 (435 500)

Gross Profit Operating income

(Operation)5 (Operation)

531 500 52 880

Rent Income 55 080? 4 280 Provision for Bad debts adjustment 4 580 ? 4 510

50 800 * 70

Discount received

2 010

Gross Income Operating expenses

10 (Operation)

584 380 (310 558)

Salaries and wages 174 700 + 12 000+ 1 080

187 780 *

Advertising 19 150? 550

18 600 *

Bad Debts 8 520 + 1 400

9 920 *

Stationery 8 775? 555 ? 1 245

6 975 *

Insurance 12 680? 432

12 248 *

Telephone 15 540 + 990 Donations

16 530 * 555

Trading stock deficit 190 800 ? 3 750 ? 184 600

2 450 *

Depreciation 44 000 + 11 500

55 500

Operating profit

(Operation)30

273 822

Interest income 3 500 + 500 + 275

4 275 *

Profit before interest expense

(Operation)

278 097

Interest expense 176 000 + 84 000 ? 235 000

(25 000) *

Net Profit for the year

(Operation)10

253 097

* one part of calculation must be correct to earn (work-with) method mark Foreign items -1 (max -2)

55

60

Demo

NW/JUNE/ACCNG/ EMIS/6*******

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Accounting QUESTION 2: 2.1.1 CAPITAL

Grade 11-Memorandum

NW/June 2019

RUTH SEGOMOTSI TOTAL

Balance at the beginning of the year Additional capital contributed Withdrawal of capital

Balance at the end of the year check operation

480 000 120 000

320 000 80 000

800 000 200 000

600 000

400 000 1 000 000

8

2.1.2 CURRENT ACCOUNT Salaries Interest on capital Bonus Primary distribution Final distribution Nett profit for the year Drawings during the year

Balance at the beginning of the year Balance at the end of the year check operation

RUTH SEGOMOTSI TOTAL

192 000 180 000 372 000

64 800 43 200 108 000

15 000

15 000 30 000

271 800 238 200 510 000

10 000

10 000

20 000

281 800 248 200 530 000

(240 800) (147 500) (388 300)

41 000 8 000 49 000

100 700 (7 500) 93 200

141 700 500

142 200

30 OR

Demo

NW/JUNE/ACCNG/ EMIS/6*******

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Accounting

Grade 11-Memorandum

NW/June 2019

2.1.2 CURRENT ACCOUNT

Nett profit for the year Salaries Interest on capital Bonus Primary distribution Final distribution Drawings during the year Retained income for the year Balance at the beginning of the year Balance at the end of the year check operation

RUTH

SEGOMOTSI TOTAL

281 800 192 000 64 800

15 000 271 800

10 000 (240 800)

248 200

530 000

180 000 372 000 43 200 108 000 15 000 30 000

238 200 10 000

510 000 20 000

(147 500) (388 300)

41 000 8 000 49 000

100 700 (7 500) 93 200

141 700 500

142 200

30

OR

Demo

NW/JUNE/ACCNG/ EMIS/6*******

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Accounting

Grade 11-Memorandum

NW/June 2019

( MOST POPULAR APPROACH)

2.1.2 CURRENT ACCOUNT Balance at the beginning Net profit as per Income Statement Bonus to partners Partners salaries

Interest on capital Primary distribution of profit Secondary/Final distribution of profit Drawings for the year Undrawn profit/retained income Balance at the end of the year check operation

RUTH

SEGOMOTSI

8 000 (7 500)

TOTAL 500

281 800

248 200

530 000

15 000 192 000

64 800

15 000

30 000

180 000 372 000

43 200

108 000

271 800

238 200

510 000

10 000

10 000

20 000

240 800 (147 500) (388 300)

41 000

100 700

141 700

49 000

93 200

142 200

2.2 Accounting equation

Assets E.g

? 500

2.2.1

? 4800

2.2.2

+ 12 000

2.2.2

?7 500

2.2.3

?17 000

Equity

? 500 ? 4 800 + 12 000 ?7 500 ?17 000

Liabilities

0 0 0 0 0

12 50

Demo

NW/JUNE/ACCNG/ EMIS/6*******

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