100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Grade 11 Accounting Summary CA$14.74   Add to cart
Quickly navigate to
Preview
  2.  
  3. 11th Grade
  4.  
  5. Accounting

Summary

Grade 11 Accounting Summary
 88 views  4 purchases
  • Course
  • Accounting
  • Institution
  • 11th Grade

The Grade 11 Accounting Notepad is a comprehensive and colorful guide to accounting principles. It includes clear explanations of general ledger accounts and double-entry principles, as well as specific guidance on inventory accounts, closing transfers and partnerships. Designed for students in Gra...

[Show more]
Last document update: 1 year ago

Preview 4 out of 65  pages

Document information

  • June 19, 2022
  • November 11, 2023
  • 65
  • 2021/2022
  • Summary

Subjects

  • accounting
  • grade 11
  • ledgers
  • journals
  • income statemen t
  • income statement
  • balance sheet
  • partnerships
  • ethics
  • production statement
  • production calculations
  • adjustments
  • accounting calculations
  • accou
  • summary

Written for

  • 11th Grade
  • Accounting
  • 200
All documents for this subject (51)

Seller

avatar-seller
notedx19

Reviews received

Content preview

Accounting

, BASIC PRINCIPLES
9( EQUATION:
THE [GENERAL] ACCOUNTING

ASSETS [B] = OWNER'S INTEREST [E] + LIABILITIES [L]
ASSETS OWNER'S INTEREST LIABILITIES

Dr. A Cr. Dr. E Cr. Dr. L Cr.
+ - - + - +




NON-OPERATING ASSETS Dr. Withdrawals Cr. NON-CURRENT LIABILITIES

Tangible / fixed assets
+ -
(to be paid back over 12
• Grounds and infrastructure months)
• Equipment
• Mortgage loan
• Vehicles Dr. Capital Cr.
• Loans
Financial assets + -
• Fixed deposit (longer than 12
months) CURRENT LIABILITIES
Dr. Expenses Cr. (will be paid back in less than
CURRENT ASSETS
+ - 12 months)
Inventory u Cost of sales
Interest expense
u
• Trade creditors
• Trading Inventory u Rental expense
Salaries and loans • Overdraft Bank (Cr.)
Consumables on hand
u
•
Stationery
Short term portion of
u
u Fuel
•
u Packaging material loan
u Repairwork
Trade and other receivables u Insurance
• Accrued expenses /
u Advertisements expenses payable
• Debtors control Discount granted
Income received in
u
•
• Accrued income / income u telephone
u Water and electricity advance
receivable u Loss on sale of asset
• Prepaid expenses u Bad debt
u Depreciation
u Trade inventory deficit
u Provision for bad debt
Cash and cash equivalents adjustment (+)

Dr. Income Cr.
• Bank (Dr.)
- +
• Petty Cash
u Sales
• Cash float u Current Income
• Fixed deposit (less than 12 u Interest income
u Rent income
months) u Discount received
u Recover bad debts
u Gain on sale of asset
u Trading Inventory surplus
u Provision for bad debt
adjustment




2© Noted Summaries [Grade 11 : Accounting] www.notedsummaries.co.za

, IMPORTANT TRADING CALCULATIONS:

100
1. Cost price Sale price x
100+%
100+%
2. Sales price [cost price + profit margin] Cost price x
100
Selling price - Cost price 100
3. Profit margin (margin) x =%
Cost price 1
100+%
4. Sales Cost of sales x
100
100
5. Cost of sales Sales x
100+%



EXAMPLE OF CALCULATIONS
[GENERAL ACCOUNTING EQUATION > GENERAL LEDGER]
[effect on the accounting equation]
1. Office equipment purchased.
>Equipment (A) 
>Bank (A)  [we bought the equipment in cash SO our bank is reducing]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Equipment Bank
[Increase [Assets REDUCE +
0 0
assets on the on the credit -
debit side] side]

2. Water bill paid.
>Water and electricity [Issue > OWNER'S INTEREST -] (E - ) DEBIT EXPENSES 
>Bank (A) [pay the bill with cash]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Water and Bank
- - 0
electricity


3. Rental income obtained [> OBTAINED].
>Rental income [Income > OWNER'S INTEREST +] (E + ) CREDIT INCOME 
>Bank (A)  [we MONEY GET IN > our bank INCREASES]
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Rent income


[Increase [Owner's
+ + 0
assets on the interest
debit side] INCREASED on
the credit side]



4. Stationery purchased.
>Writing needs = EXPENSE (E - ) 
>Bank (A) 
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Stationery Bank - - 0


3© Noted Summaries [Grade 11 : Accounting] www.notedsummaries.co.za

, 5. Trade inventory PURCHASED > cash
>Trade inventory = ASSET (A) 
>Bank (A) 
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Trading Bank
- - 0
inventory


6. Trade Stock SELL > cash
FIRST THINGS FIRST!


SALES = always 4 accounts NOT JUST 2!
4 Accounts:
1. Sales
2. Cost of sales
3. Trading inventory
4. Bank [If sold on debt = Debtors control]


Here we go!
>Sales [INCOME > OWNER'S INTEREST +] (E +) 
>Bank (A) 
[BANK and SALES are written together on 1 line, and trade inventory and cost of sales
are written together on 1 line]
>Trade Stock (A)  [Our trade inventory is REDUCING now because we sold]
>Cost of sales [EXPENSE > OWNER'S INTEREST -] (E -)
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Sales + + 0
Cost of sales Trading
- - 0
inventory


REMEMBER!
When we work with numbers in the equation > YOUR COST OF SALES IS WORKED OUT OF
THE PROFIT MARGIN and then your TRADE STOCK's amount (its "value" by which the
owner's equity is reduced) becomes the C.O.S's amount.
For example: If our sales were R 3 600 and we work on a 20% profit margin.
ACCOUNT Dr. ACCOUNT Cr. ASSETS OWNER'S INTEREST LIABILITIES
Bank Sales + R3500 + R3500 0
Cost of sales Trading
- R 3000 - R 3000 0
inventory


100
C.O.S [Trade Stock] =Sales x
100+%


100
C.O.S [Trade Stock] =3600 x
120
C.O.S = R. 3 000


7. PAYMENT ON SHORT TERM LOAN.
>PAYMENT = Bank (A) 




4© Noted Summaries [Grade 11 : Accounting] www.notedsummaries.co.za

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller notedx19. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$14.74. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75759 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$14.74  4x  sold
  • (0)
  Add to cart