Grade 11 Accounting June Paper and Memo:
Total: 150 Marks. Time: 120min
Contents of the exam paper contains the following details:
Question 1: GAAP Principles; Fixed assets and internal control measures (25 marks)
Question 2: Financial statements of partnerships (55 marks)...
Grade 11 Accounting
Term 2 - 2024
Question Paper
Total: 150 marks Time: 2 hours
Learner’s name: ____________________________________ Gr. 11: ___________.
Instructions and information:
1. Answer ALL the questions in the ANSWER BOOK provided.
2. Show ALL your workings to earn share points.
3. You may use a non-programmable calculator.
4. You may use a dark pencil OR blue/black ink to answer the questions.
5. Where applicable round answer down to ONE decimal number.
6. Write neatly and legibly.
Topics covered in this test:
QUESTION TOPICS MARKS MINUTES
1 GAAP PRINCIPLES ; FIXED ASSETS AND
25 25
INTERNAL CONTROL MEASURES
2 FINANCIAL STATEMENTS OF
55 55
PARTNERSHIP
3 STATEMENT OF FINANCIAL POSITION
30 30
AND NOTES
4 ANALYSIS AND INTERPRETATION OF
40 40
FINANCIAL STATEMENTS
TOTAL 150 150 MIN
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Grade 11 June Paper
, QUESTION 1: GAAP PRINCIPLES
1.1 Match the GAAP Principles in COLUMN A with the correct explanations in COLUMN
B. Write only the letter (A – F) next to the question number (1.1.1 – 1.1.5) in the
ANSWER BOOK.
Mr. Stembiso noticed that services fees, ATM charges and
1.1.1 matching A charges for instant payments on the Bank Statement are
added together and disclosed as bank charges.
Debtors who do not pay their accounts are recorded as bad
1.1.2 materiality B debts, although the possibility exist it may be recovered in
the future.
Water and electricity includes R8400, which relates to the
1.1.3 prudence C
next financial year
The purchasing manager decides to purchase additional
goods, which was offered at a discounted rate, as he
1.1.4 going concern D
knows that these can be sold in the following financial
periods.
1.2 FIXED ASSETS
The given information related to RAINBOW CLOUDS for the financial year ended on 28
February 2023.
REQUIRED:
1.2.1 Calculate the missing figures denoted by (a) to (d). (17)
1.2.2 Suggest one step that the internal auditor can use to determine whether
movable fixed assets have been stolen. (2)
1.2.3 A warehouse was bought ten years ago for R800 000. Since property prices have
increased by 25% since then, Marie suggested that the value of this asset can be
recoded at a higher amount so that a profit of R20 000 can be reflected in the
Income statement. Maggie disagrees.
Provide ONE point why you would agree with Maggie. (2)
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Grade 11 June Paper
, FIXED ASSETS
LAND AND BUILDINGS EQUIPMENT
Carrying Value ( / 2023) 126 000
Cost 4 000 000 576 000
Accumulated depreciation (450 000)
Movements
Additions 570 000 B
Disposals 0 C
Depreciation D
Carrying Value A
Cost 564 000
Accumulated depreciation
Depreciation on equipment is calculated at 10% p.a on cost.
A new machine was purchased on 1 December 2022.
Extract from the Fixed Asset Register in respect of a machine sold.
PACKAGING MACHING
Date Purchased: 1 March 2021
Date sold: 30 September 2023 Selling Price: R81 348
Depreciation rate: 10% p.a on cost (fixed instalment method)
Cost Depreciation Carrying Value
28 February 2022 R132 000 R13 200 R118 800
28 February 2023 ? ?
30 September 2023 ? ?
[25]
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Grade 11 June Paper
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