Grade 11 Accounting (ACC) November Test Paper 2 and Memo - 2024
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Course
Accounting
Institution
11th Grade
Grade 11 Accounting November Paper 2 and Memo:
Total: 150 Marks. Time: 120min
Contents of the exam paper contains the following details:
Question 1: Reconciliations
Question 2: Cost Accounting
Question 3: VAT and Inventory Systems
Question 4: Cash Budget and Projecte...
INSTRUCTIONS AND INFORMATION:
1. Answer ALL the questions.
2. A special ANSWER BOOK is provided in which to answer ALL the questions.
3. A FORMULA SHEET for financial indicators is provided at the back of this
question paper. You may use it if necessary.
4. Show all workings to earn part marks.
5. Where applicable, round all calculations to the nearest rand. All other
calculations must be rounded off to one decimal place.
6. Read the instructions for each question carefully and follow them precisely
7. Learners will forfeit marks for:
a. The use of non-standardised abbreviations
b. Overwriting of figures or words
c. Superfluous/foreign items
8. You may use a non-programmable calculator.
9. You may use blue ink to answer the questions.
10. Use the information in the table below as a guide when answering the question
paper.
QUESTION TOPIC MINUTES MARKS
1 Reconciliations 32 40
2 Cost Accounting 32 40
3 VAT and Inventory Systems 24 30
4 32 40
Cash Budget and Projected
Income Statement
Total 120 150
Good luck with your exam!
QUESTION 1: RECONCILIATIONS
Pg 1/ www.summariessa.co.za Author: DAN SMI
12
Grade: 11 Subject: ACCOUNTING P2 Date: NOV 2024
, 1.1 Match the terms in Column A with the description in Column B. Only
write down the number and the letter. For example: 1.1.6: G
COLUMN A COLUMN B
1.1.1 Bank A Deposits made by the business but not yet
Reconciliation reflected on the bank statement
1.1.2 Outstanding B A negative balance shown in the business’s
Deposits bank account or cashbook.
1.1.3 Bank Charges C Fees deducted by the bank for services
provided to the business
1.1.4 Debit Entries on D The process of ensuring that the business’s
Bank Statement cash records match the bank statement.
1.1.5 Unfavorable Bank E Payments made or amounts deducted from
Balance the bank account, reducing the balance.
1.2 Use the following information taken from the accounting records of
Woodworks Pty Ltd
REQUIRED:
1.2.1 Calculate the correct totals for the Cash Receipts Journal (10)
and the Cash Payment Journal.
1.2.2 Prepare the Bank Reconciliation Statement as at 31 (8)
October 2023.
INFORMATION:
A. Extract from the Bank Reconciliation Statement on 30 September 2023.
DR CR
Balance as per Bank Account 15 600
Outstanding deposits 8 800
Outstanding EFT’s No 178 5 900
No 201 1 750
No 220 7 350
No 225 5 500
Balance as per bank statement 27 300
B. The balance on the Bank Statement on 31 October 2023 was R11,892
(favourable).
C. The Cash Journals had the following totals on 31 October 2023, before
the Bank Reconciliation had been completed.
Pg 2/ www.summariessa.co.za Author: DAN SMI
12
Grade: 11 Subject: ACCOUNTING P2 Date: NOV 2024
, Cash Receipts 20 420
Cash Payments 29 070
D. The following items appeared on the Bank Statement for October 2023,
but not in the Cash Journal for October 2023:
EFT numbers 201 and 220
Deposit of R8,800
A direct deposit of R3,500 was made by a tenant for her November
2023 rent
Bank charges of R260
A debit card payment of R250 to purchase new windscreen wipers
for the vehicle
Interest on credit balance of R52
E. The following items appeared in the Cash Journals for October 2023 but
not on the Bank Statement:
EFT number 250 for stationery bought and EFT number 251 for
petrol bought for the owner's personal use, worth R2,300 and
R1,700 respectively
An outstanding deposit of R750 from a customer.
F. The following errors were noted when preparing the Bank
Reconciliation for October:
EFT number 178 was incorrectly recorded in the Cash Payments
Journal for September 2023. The correct amount of R2,300
appears on the Bank Statement for October 2023.
EFT number 225 was incorrectly recorded in the Cash Payments
Journal for September 2023. The correct amount of R10,450
appears on the Bank Statement for October 2023.
1.3 Use the following information taken from the accounting records of
Big Blue Traders.
1.3.1 Use the table provided in your ANSWER BOOK to (13)
reconcile the Creditors’ Ledger of Big Blue Traders with
the statement received from BBC Wholesales at the end
of January 2023. Write only the amounts in the
appropriate column with a plus (+) or minus (-) sign to
indicate an increase or decrease in the balance.
Calculate the correct balance/total at the end of the
month.
1.3.2 The bookkeeper at BBC Wholesales advised the owner to (4)
stop accepting cash payments from the businesses they
supply. Instead, they recommended that all payments be
Pg 3/ www.summariessa.co.za Author: DAN SMI
12
Grade: 11 Subject: ACCOUNTING P2 Date: NOV 2024
, made electronically using customer numbers as
references. Discuss TWO advantages of using this
method of payment.
INFORMATION:
A. The balance on 31 December 2022 before the completion of the
Creditor’s Reconciliation was as follows:
Big Blue Traders Creditor’s Ledger R56 500
Statement of account from BBC R67 500
Wholesales
B. Errors and omissions discovered during the reconciliation
process:
a. The opening balance on 1 January 2023 in the Creditor’s
Ledger of Big Blue Traders was recorded as R76,000 instead
of R67,000.
b. Stock amounting to R2,500 returned by Big Blue Traders was
not recorded in the statement of account from BBC
Wholesales.
c. An invoice of R11,000 issued by BBC Wholesales had not
been recorded in the Creditor’s Ledger account of Big Blue
Traders.
d. Stock worth R6,000 returned by Bamjee Foods was
incorrectly recorded as being returned by Big Blue Traders
on the statement of account from BBC Wholesales.
e. A cash payment of R5,000 from Big Blue Traders was not
reflected on the statement from BBC Wholesales. Upon
investigation, it was discovered that BBC Wholesales did not
have a receipt book on the day the money was received,
therefore no source document was issued. It was assumed
that Big Blue Traders was correct.
f. Interest of R500 charged by BBC Wholesales on the overdue
account of Big Blue Traders needs to be cancelled as the
account was paid on time.
Pg 4/ www.summariessa.co.za Author: DAN SMI
12
Grade: 11 Subject: ACCOUNTING P2 Date: NOV 2024
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