ACCOUNTING GRADE 11 PAPER 1
QUESTION 1 GENERAL LEDGER (30 marks, 24 minutes)
1.1. Choose the correct answer from the alternative given. Only write the letter of the
correct answer in the space provided in your ANSWER BOOK.
1.1.1 This is a function of financial accounting.
A Provides accounting information for internal use.
B Uses accounting information for decision-making.
C Prepares a detailed set of financial statements annually.
D Forecasts future information based on past given information.
1.1.2 This is a DISADVANTAGE of partnership.
A If one partner cannot pay the debt, the other partner(s) must
bear the liability.
B Personal contact with customers and clients can still be
maintained.
C A partnership is easy to form.
D An existing sole trader can expand by forming a partnership.
1.1.3 The name of a partnership …
A Should end with the names of the partners.
B Mus indicate the nature of the business.
C Should not be the same as another business.
D Must end with the word “Partnership”.
1.1.4 A partnership is governed by …
A Tax Law
B Common Law
C Partnership agreement.
D A and C
1.1.5 Partners can contribute ________ ad part of their capital contribution.
A Cash
B Assets
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ACCOUNTING GRADE 11 PAPER 1
C Skills
D All of the above
1.2. You are provided with the incomplete information from the financial records of
Builders Construction. A partnership between Mr Landman and Mr Nkosi.
REQUIRED:
1.2.1 Fill in the missing details in the Ledger Accounts numbered A to E. (5)
1.2.2 Calculate the missing figures F to K. (20)
INFORMATION:
GENERAL LEDGER OF BUILDERS CONSTRUCTION.
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ACCOUNTING GRADE 11 PAPER 1
ADDITIONAL INFORMATION
1. Landman contributed a new vehicle with a cost price of R150 000 on 1 September
2018.
2. Nkosi made no changes to his capital during the financial year.
3. Interest on capital is calculated at 15% p.a. on the partners’ capital contribution at the
beginning of the financial year.
4. Nkosi receives an annual salary of R351 000. This includes a bonus equal to his
monthly salary.
5. The remaining profit and losses are shared between Landman and Nkosi in the ratio
3:4.
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ACCOUNTING GRADE 11 PAPER 1
QUESTION 2 INCOME STATEMENT (40 marks: 32 minutes)
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ACCOUNTING GRADE 11 PAPER 1
Adjustments and additional information
1. One of the debtors whose account had been written off a long time ago returned. He
paid the amount he owed, R2 800.
2. Discount on an unpaid EFT has not been cancelled, R300.
3. During the year, some stock, R24 500 and consumables, R2 200 were destroyed in a
fire. The insurance covered 75% of the loss on the trading stock. The money has
been received. The consumables are not covered in the insurance policy. No entries
had been made.
4. The gross salary of one of the employees was understated by R5 000. His pension
deduction is calculated at 7% of his gross salary. No adjustment is required in
respect of medical aid as all employees pay a fixed amount. The employer
contributes R2 for every R1 paid by the employee towards pension. The necessary
adjustment needs to be made.
5. Bank charges for February 2019, R4 100, have not been recorded.
6. A physical stock-take on 28 February 2019, revealed the following:
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ACCOUNTING GRADE 11 PAPER 1
Stock to the value of R2 400 could not be account for.
Consumables that were not used during the current period amounted to
R3 400.
Stationery used R62 700.
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ACCOUNTING GRADE 11 PAPER 1
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ACCOUNTING GRADE 11 PAPER 1
Additional information.
A. R75 000 of the fixed deposit will mature on 30 June 2019.
B. R60 000 of the Capital amount of the loan will be paid during the next financial year.
C. Brown took trading stock for personal use. The price on the goods reflected R6 900.
The mark-up is 50% on cost. No entry has been made in respect of this.
D. Brown increased his capital by R80 000 halfway during the financial year. This has
been recorded properly.
E. The partnership agreement provides for the following:
Gold receives a salary of R11 000 per month and an annual bonus of
R12 000.
Brown’s annual salary is R108 000.
Partners are entitled to 10% interest on their capital investment. See D.
Remaining profit and losses are shared are shared between Gold and Brown
in the ratio 3:2.
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ACCOUNTING GRADE 11 PAPER 1
F. The net profit for the year after all adjustments had been considered was R400 000.
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