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za

Name:

NATIONAL
SENIOR CERTIFICATE
w
w

GRADE 11
w
.m

NOVEMBER 2022
yc
ou

ACCOUNTING P1
rs

ANSWER BOOK
es
.c
o.

MARKS MODERATED
QUESTION MAX. MARKS
za

OBTAINED MARKS

1 20

2 45

3 55

4 30

150

*IACABE1*

This answer book consists of 8 pages.

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2 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022)

QUESTION 1

1.1 No. A O L

e.g. + + 0

1.2.1 Calculate the missing figures in the fixed asset note:

WORKINGS ANSWER
(i)
w
w
w
.m

(ii)
yc
ou

(iii)
rs
es
.c
o.

(iv)
za

14

TOTAL MARKS

20

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(EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 3

QUESTION 2
2.1 CONCEPTS

2.1.1
2.1.2
2.1.3
2.1.4 4

2.2.1 AMADIBA TRADERS

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2022

Sales

Cost of sales
w

Gross profit
w

Other income
w
.m
yc
ou
rs

Gross income
es

Operating expenses
.c

Salaries and Wages 192 200

o.

Advertising 46 600
za

Operating profit

Net profit for the year 346 840 37

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4 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022)

2.2.2 Provide TWO possible reasons why rent income decreased.

TOTAL MARKS

45
w
w
w
.m
yc
ou
rs
es
.c
o.
za

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(EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 5

QUESTION 3

3.1
TRADE AND OTHER RECEIVABLES

Trade debtors
w

7
w
w

3.2
.m

CURRENT ACCOUNTS B. Bolt C. Comma

yc

Partners’ salaries 480 000

ou
rs

Interest on capital 72 000

es

Primary distribution of profit

.c
o.

Final distribution of profit 261 600

za

Drawings for the year (1 200 400) (750 000)

Retained income for the year

Balance at the beginning of the year

Balance at the end of the year 16

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6 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022)

3.3 STATEMENT OF FINANCIAL POSITION ON 31 DECEMBER 2021

NON-CURRENT ASSETS
Fixed assets
Financial assets

CURRENT ASSETS

Inventories
w

TOTAL ASSETS
w
w

EQUITY AND LIABILITIES

.m

OWNERS’ EQUITY
yc
ou
rs
es

NON-CURRENT LIABILITIES
.c
o.

CURRENT LIABILITIES
za

TOTAL EQUITY AND LIABILITIES 32

TOTAL MARKS

55

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(EC/NOVEMBER 2022) ACCOUNTING P1 (ANSWER BOOK) 7

QUESTION 4

4.1 Calculate the following:

4.1.1 Acid-test ratio

WORKINGS ANSWER

4
w

4.1.2 Average stockholding period (in days)

w

WORKINGS ANSWER
w
.m
yc
ou
rs

5
es

4.1.3 Percentage return on average partner’s equity

.c

WORKINGS ANSWER
o.
za

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8 ACCOUNTING P1 (ANSWER BOOK) (EC/NOVEMBER 2022)

4.2 Comment on the liquidity position of the business. Quote and explain
THREE financial indicators (with figures) in your explanation.

4.3 The partners decided to decrease the loan during the financial year.
Explain how this decision has affected the risk of the business. Quote
w

and explain ONE financial indicator with figures.

w
w
.m
yc
ou
rs

4
es

4.4 Collar is satisfied with the % return he is earning in the partnership.

Provide TWO reasons with figures.
.c
o.
za

TOTAL
MARKS 30

TOTAL: 150

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