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    Accn GR 11 p2 November 2020 Ab Final Dej

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    mkharimbuyelo
    This document is an answer book for an Accounting exam consisting of 4 questions worth a total of 150 marks. It contains the student's answers and workings for various sub-questions testing knowledge of reconciliation, manufacturing and cost accounting, budgeting, and fixed assets and internal control. The document provides a concise summary of the student's responses to the exam questions.

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    © All Rights Reserved
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    Accn GR 11 p2 November 2020 Ab Final Dej

    Uploaded by

    mkharimbuyelo
    36 views9 pages
    This document is an answer book for an Accounting exam consisting of 4 questions worth a total of 150 marks. It contains the student's answers and workings for various sub-questions testing knowledge of reconciliation, manufacturing and cost accounting, budgeting, and fixed assets and internal control. The document provides a concise summary of the student's responses to the exam questions.

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    Accn Gr 11 p2 November 2020 Ab Final Dej

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    This document is an answer book for an Accounting exam consisting of 4 questions worth a total of 150 marks. It contains the student's answers and workings for various sub-questions testing knowledge of reconciliation, manufacturing and cost accounting, budgeting, and fixed assets and internal control. The document provides a concise summary of the student's responses to the exam questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    36 views9 pages

    Accn GR 11 p2 November 2020 Ab Final Dej

    Uploaded by

    mkharimbuyelo
    This document is an answer book for an Accounting exam consisting of 4 questions worth a total of 150 marks. It contains the student's answers and workings for various sub-questions testing knowledge of reconciliation, manufacturing and cost accounting, budgeting, and fixed assets and internal control. The document provides a concise summary of the student's responses to the exam questions.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 9

    NAME:

    NATIONAL
    SENIOR CERTIFICATE

    GRADE 11

    NOVEMBER 2020

    ACCOUNTING P2
    ANSWER BOOK
    (EXEMPLAR)
    MARKS: 150

    MARKS MODERATED
    QUESTION MAX. MARKS
    OBTAINED MARKS

    1 35

    2 53

    3 37

    4 25

    150

    This answer book consists of 9 pages.

    Copyright reserved
    2 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020)

    QUESTION 1: RECONCILIATION

    1.1 Indicate whether the following statements are TRUE or FALSE. Write
    only ‘True’ or ‘False’ next to the question number.
    1.1.1
    1.1.2 2

    1.2

    Bank Reconciliation Statement on 31 July 2020:


    Debit Credit

    1.3.1 Athough Bramley Traders offers credit terms of 60 days, Lavender


    Suppliers prefers to settle their account within 30 days during certain
    months. Provide TWO points to indicate that it is not a good decision.

    1.3.2
    CREDITORS’ LEDGER OF STATEMENT FROM LAVENDER
    BRAMLEY TRADERS SUPPLIERS
    21 130 32 600
    A
    B
    C
    D
    E

    10

    Copyright reserved Please turn over


    (EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 3

    1.4 VAT

    1.4.1 Calculate the VAT amount payable/receivable to/from SARS.

    1.4.2 The internal auditor discovered that two large credit sales transactions
    for R598 000 during August 2020 were not recorded in the relevant
    journal. The owner insists that these will be recorded during September,
    due to current cash flow problems.

    Give ONE reason why the auditor would not be satisfied with this
    explanation.

    TOTAL MARKS: 35

    Copyright reserved Please turn over


    4 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020)

    QUESTION 2: MANUFACTURING AND COST ACCOUNTING


    2.1 MANUFACTURING

    2.1.1 GENERAL LEDGER OF CHAMPION MANUFACTURERS


    RAW MATERIALS STOCK
    2019 2020
    01 29
    Mar Feb
    2020
    29
    Feb

    14

    WORK-IN-PROCESS
    2020
    2019
    01 Feb 29
    Mar
    2020
    29
    Feb

    12

    FINISHED GOODS STOCK


    2019 2020
    01 29
    Mar Feb
    2020
    29
    Feb

    2.1.2 Calculate the gross profit for the year.

    2.1.3 Calculate the mark-up percentage.

    Copyright reserved Please turn over


    (EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 5

    2.2 COST ACCOUNTING

    2.2.1 Three fixed costs

    2.2.2 Calculate the break-even value of Jellytot Manufacturers.

    2.2.3 In your opinion, should Jellytot Manufacturers change to a cheaper


    supplier? Give TWO reasons for your answer.

    TOTAL MARKS: 53

    Copyright reserved Please turn over


    6 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020)

    QUESTION 3: BUDGETING

    3.1 Explain the importance of comparing budgeted figures with actual


    figures achieved for the same period.

    3.2 Calculate the missing amounts (indicated by a, b and c) in the Debtors'


    Collection Schedule for the budgeted period March to May 2020.

    c 4

    Calculate the budgeted total sales for March 2020.


    3.3.1

    3.3.2 Calculate the amount budgeted for payments to creditors during


    May 2020.

    3.3.3 Calculate the budgeted salaries of the shop assistants for April 2020.

    Copyright reserved Please turn over


    (EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 7

    3.3.4 Calculate the % increase in the salary of the manager expected in


    May 2020.

    3.3.5 Calculate the amount of the additional loan expected to be acquired on


    1 April 2020.

    3.4 An official of the local municipality has offered to recommend Peter Pan
    Stationers to supply stationery to the value of R500 000. However, he
    will only do this if Vuyo pays him R20 000 in cash. Give Vuyo advice in
    this regard. State TWO points.

    Copyright reserved Please turn over


    8 ACCOUNTING P2 (ANSWER BOOK) (EC/NOVEMBER 2020)

    3.5 Identify THREE over-payments in April 2020, apart from vehicle


    expenses. Provide figures to support your answer. Provide a valid
    reason for each over-payment to support Vuyo's decisions.

    Over-payment with figures Valid reason

    6
    Explain how this difference of opinion with his wife can be avoided in
    future.

    2
    State TWO other strategies that Vuyo and his wife could consider in
    future to improve the results of the business.

    TOTAL MARKS: 37

    Copyright reserved Please turn over


    (EC/NOVEMBER 2020) ACCOUNTING P2 (ANSWER BOOK) 9

    QUESTION 4: FIXED ASSETS AND INTERNAL CONTROL

    4.1 What is a Fixed Assets Register?

    4.2 Calculate the depreciation on equipment for the year.

    10

    4.3 Asset Disposal

    10

    4.4 The owner is concerned about the internal control over the fixed assets
    of the business. Suggest THREE internal control measures that could
    be implemented.

    TOTAL MARKS: 25

    TOTAL: 150

    Copyright reserved Please turn over

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