Grade 11 Accounting November Paper 1 and Memo:
Total: 150 Marks. Time: 120min
Contents of the exam paper contains the following details:
Question 1: Fixed Assets and Internal Control
Question 2: Statement of Comprehensive Income
Question 3: Partnerships
Question 4: F...
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. You may use it if
necessary.
4. Show all workings to earn part marks.
5. Where applicable, round off all calculations to the nearest rand. All other
calculations must be
rounded off to one decimal place.
6. Read the instructions of each question carefully and follow them precisely.
7. Learners will forfeit marks for, the use of non-standardised abbreviations,
overwriting of figures or words and foreign entries.
8. You may use a non-programmable calculator.
9. You may only use a blue pen to answer the questions.
POSSIBLE
QUESTION TOPIC MINUTES
MARKS
1 Fixed Assets and Internal Control 20 25
2 Statement of Comprehensive Income 45 50
3 Partnerships 30 40
4 25 35
Financial Indicators
TOTAL 120 150
Good luck with your exam!
Pg 1/ www.summariessa.co.za Author: DAN SMI
10
Grade: 11 Subject: ACCOUNTING P1 Date: NOV 2024
, QUESTION 1 : FIXED ASSETS AND INTERNAL CONTROL
THE HARDWARE HUB
You are provided with information relating to THE HARDWARE HUB on 30
June 2024, the end of the financial year.
REQUIRED:
1.1 Complete the table provided in your answer book. (10
)
1.2 Prepare the Tangible Asset Note. (Show all calculations to (10
earn part-marks.) )
1.3 Answer the following questions
1.3.1 The machinery was revalued in January 2024 and (2)
the market value is R300 000. However, the financial
records of XYZ Manufacturing are showing R200 000.
Which GAAP principle is being applied here?
1.3.2 The Hardware Hub are considering starting a (3)
construction business. The owner plans to purchase
heavy machinery by the end of December 2024 to
operate on various projects across South Africa. The
owner is worried about the potential high
maintenance costs of the equipment and seeks your
guidance regarding the maintenance expenses on
heavy machinery. State THREE points.
INFORMATION:
Balances on 1 July 2023
Cost Accumulate Carrying
d
Value
depreciatio
n
Land and 400 000 (0) 400 000
Buildings
Vehicles 300 000 (76 000) 224 000
Equipment 80 000 (20 000) 60 000
TRANSACTIONS
A LAND AND BUILDINGS
During June 2023, the owner made some extensions to
Pg 2/ www.summariessa.co.za Author: DAN SMI
10
Grade: 11 Subject: ACCOUNTING P1 Date: NOV 2024
, the building with a total cost of R120 000.
After heavy rains caused damage to some parts of the
building, the owner spent R25 000 to repair the
storeroom.
B VEHICLES
On 31 August 2023, the business traded in an old
vehicle which cost R100,000 at Buy Cars Dealer for R55
000.
The vehicle that was traded in was purchased on 1 July
2021.
The vehicle traded in had an accumulated depreciation
of R36 000 on 1 July 2023.
The cost of the new vehicle purchased was R150 000.
Depreciation on vehicles is calculated at 20% p.a. on the
diminished balance method.
C EQUIPMENT
The hardware Hub bought two new laptops at a cost of
R6 000 each on 30 November 2023.
Depreciation on equipment is calculated at 10% on the
cost price method.
[2
5]
Pg 3/ www.summariessa.co.za Author: DAN SMI
10
Grade: 11 Subject: ACCOUNTING P1 Date: NOV 2024
, QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME
SMIT WHOLESALERS
The following information was taken from the accounting records of Smit
Wholesalers, a business owned by Steve Smit. The last day of the
financial year is 28 February 2023.
REQUIRED:
2. Prepare the Statement of Comprehensive Income (Income (50
1 Statement) for the year ending 28 February 2023. )
INFORMATION
List of some of the balances and totals of Smit
Wholesalers on 28 February 2023
Trading stock 81 000
Debtors’ Control 53 000
Fixed deposit: SABC (8% p.a.) 12 500
Provision for bad debts (1 March 2022) 1 500
Sales 1 032 000
Cost of sales 427 000
Debtors allowances 32 000
Salaries and wages 125 000
Water and electricity 25 000
Rent income 47 250
Discount allowed 1 500
Insurance 6 400
Packing materials 4 200
Stationery 4 100
Bad debts 1 500
Medical contribution 3 000
Discount received 4 200
Interest on fixed deposit 500
Bad debts recovered 1 000
UIF contribution 1 250
Skills development levy 1 250
Bank charges 840
Interest on overdraft 360
Sundry Expenses 41 000
Pg 4/ www.summariessa.co.za Author: DAN SMI
10
Grade: 11 Subject: ACCOUNTING P1 Date: NOV 2024
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