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    2023 Grade 11 Written Report QP

    Uploaded by

    fiercestallionofficial
    The document provides information for reconciling the creditors account of Phala Suppliers, who supply goods to Phiri Stores on credit. It includes: 1) The creditors ledger account and statement from Phala Suppliers for January-February 2023, which need reconciling due to errors by the bookkeeper. 2) Details of errors discovered, including an incorrect credit recorded. 3) Requirements for the reconciliation report to Mpho Phiri, the owner of Phiri Stores, including explaining why creditor balances should match and identifying issues in the books.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    2023 Grade 11 Written Report QP

    Uploaded by

    fiercestallionofficial
    1K views5 pages
    The document provides information for reconciling the creditors account of Phala Suppliers, who supply goods to Phiri Stores on credit. It includes: 1) The creditors ledger account and statement from Phala Suppliers for January-February 2023, which need reconciling due to errors by the bookkeeper. 2) Details of errors discovered, including an incorrect credit recorded. 3) Requirements for the reconciliation report to Mpho Phiri, the owner of Phiri Stores, including explaining why creditor balances should match and identifying issues in the books.

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    Accounting grade 11

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    The document provides information for reconciling the creditors account of Phala Suppliers, who supply goods to Phiri Stores on credit. It includes: 1) The creditors ledger account and statement from Phala Suppliers for January-February 2023, which need reconciling due to errors by the bookkeeper. 2) Details of errors discovered, including an incorrect credit recorded. 3) Requirements for the reconciliation report to Mpho Phiri, the owner of Phiri Stores, including explaining why creditor balances should match and identifying issues in the books.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1K views5 pages

    2023 Grade 11 Written Report QP

    Uploaded by

    fiercestallionofficial
    The document provides information for reconciling the creditors account of Phala Suppliers, who supply goods to Phiri Stores on credit. It includes: 1) The creditors ledger account and statement from Phala Suppliers for January-February 2023, which need reconciling due to errors by the bookkeeper. 2) Details of errors discovered, including an incorrect credit recorded. 3) Requirements for the reconciliation report to Mpho Phiri, the owner of Phiri Stores, including explaining why creditor balances should match and identifying issues in the books.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    ACCOUNTING GRADE 11

    SCHOOL BASED ASSESSMENT

    TERM 1

    WRITTEN REPORT

    2023

    QUESTION TOPIC MARKS TIME


    ALLOCATED
    1 Bank reconciliation and Internal control 30 36 minutes
    2 Creditors reconciliation 20 24 minutes

    Total 50 60 minutes

    NOTE:
     The written report should be administered in class and under the supervision of the
    educator.

     Learners should not refer to the notes during the administration process.

    This question paper consists of 5 pages.


    2

    QUESTION 1: BANK RECONCILIATION AND INTERNAL CONTROL


    (30 marks, 36 minutes)
    INFORMATION

    Tlhalefo Leche has been retrenched from work due to the financial strain caused by
    Covid-19 to the economy. She then decided to use her retrenchment package to open
    a business called Lefo Bags. The business sells bags for cash only and has a current
    account at Kopano Bank.
    Tlhalefo asked his cousin, Sbahle to assist with the bookkeeping in the business as
    she majored in Accounting and will be able to manage the businesses finances.

    Tlhalefo has appointed you to reconcile the financial records for March 2022, because
    she noted some mistakes that have been made by Sbahle.

    REQUIRED:

    1.1 Use the information provided to prepare a report that will be presented to Tlhalefo
    Leche. The report should include the following:
    1.1.1 The updated Cash Receipts Journal and Cash Payments Journal for
    March 2022. (14)
    1.1.2 Bank Account for 31 March 2022. (4)
    1.1.3 Bank Reconciliation Statement for March 2022. (7)
    1.1.4 A problem that is presented in the bank reconciliation statement for
    February. Provide TWO internal control measures that can be
    implemented by the business. (5)

    INFORMATION:
    A. Extract from the Bank Reconciliation Statement for February 2022:

    Outstanding deposits: 16 February 2022 R 12 500


    27 February 2022 R 40 000
    Outstanding EFT no.105 R 4 000
    Favourable balance as per bank account R 37 000

    2023 Accounting Report – Grade 11 Question Paper


    3

    REFER TO THE EXTRACT ABOVE


     EFT no. 105 appeared in the March 2022 bank statement.
     The outstanding deposit on 16 February for cash sales, correctly reflected on the
    bank statement as R10 000. The amount was incorrectly recorded in our books as
    R12 500.
     The outstanding deposit on 27 February 2022 was made after the bank statement
    was received and appeared on March bank statement as R40 000.

    B Provisional totals from the Cash journals on 31 March 2022:

     Cash Receipt Journal R70 000


     Cash Payment Journal R25 370

    C The following information extracted from March 2022 bank statement did not
    appear in the cash journals for March.
     A debit card transaction amounting to R3 500 for the monthly petrol, the slips
    were not submitted.
     An EFT received from Bowdy supplies for R2 380 as a refund for returned
    stock.
     An EFT for R2 100 to creditor SS Traders was omitted.
     Bank charges amounting to R1 280 and an interest on favourable balance
    amounting to R360, must be brought into account.

    D Items in the March 2022 cash journals that did not appear in the bank statement
    for March.
     A deposit of R11 500,on 23 March 2022
     EFT no. 230 for monthly insurance, R5 900.
    E. Errors and Omissions

     An EFT for R3 700 was reflected on the bank statement. This payment does not
    relate to Lefo Bags and the bank agreed to correct this next month.
     The bookkeeper incorrectly recorded payment of R930 to Ned-insurers for
    insurance on 28 March 2022, Lefo bags did not have insurance contract with Ned-
    insurers.

    F Bank statement balance on 31 March 2022 ?

    30

    2023 Accounting Report – Grade 11 Question Paper


    4

    QUESTION 2: CREDITORS RECONCILIATION (20 marks, 24 minutes)

    INFORMATION

    Phiri Stores is owned by Mpho Phiri, most of the goods they sell are bought
    from Phala Suppliers on credit.
    Mthetheleli Mabika the bookkeeper of Phiri Store contracted covid 19 and
    was hospitalised in January, he is now recovering from home. The owner,
    Mpho Phiri has requested you as a third -year Bcom (Accounting) student
    to reconcile the account of Phala Suppliers and the statement received.
    A financial report on reconciled figures will be presented to the Mpho Phiri.

    REQUIRED:
    2.1 The information extracted from the records of Phiri Stores will assist you in
    compiling the report, the following sections/calculations should be addressed in
    the report:

    2.1.1 Explain why the closing balance of the creditors statement and creditors
    ledger account should be the same. Provide TWO points. (4)

    2.1.2 Use information A,B and C to reconcile the following:


     The Creditor’s Ledger Account of Phala Suppliers
     Creditor’s statement for January 2023 received from Phala Suppliers (12)

    2.1.3 A problem was detected in the books of Phiri Stores when reconciling his
    ledger account and statement received from him. Identify the problem and
    provide a solution. Refer to Information C (IV) (4)

    INFORMATION:

    A. Creditors' Ledger of Phiri Stores


    Phala Suppliers
    DATE DETAILS FOL. DEBIT CREDIT BALANCE
    Fe
    01 Account Rendered
    b 7 550
    02 Invoice B13 CJ 2 280 9 830
    04 Debit Note 15 CAJ 330 9 500
    07 EFT 25 CPJ 3 000 6 500
    Discount received CPJ 300 6 200
    20 Invoice B28 CJ 1 960 8 160
    23 EFT 82 CPJ 1 000 7 160
    24 Invoice B55 CJ 1 550 8 710
    28 EFT 146 CPJ 1 500 7 210
    Discount received CPJ 150 7 060
    29 Invoice 580 CJ 1 720 8 780

    2023 Accounting Report – Grade 11 Question Paper


    5

    B. Statement of account received from Phala Suppliers


    PHALA SUPPLIERS No. 781E
    205 Kings Road
    Bisho 5232

    Debtor: Phiri Stores 25 February 2023


    DATE DETAILS DEBIT CREDIT BALANCE
    Jan 25 Balance 9 450
    28 Receipt 90 1 900 7 550
    Feb 02 Invoice B13 280 7 830
    04 Credit Note C14 330 8 160
    07 Receipt 145 3 000 5 160
    Discount allowed 150 5 010
    13 Invoice B20 1 250 6 260
    18 Invoice B30 1 960 8 220
    23 Receipt 65 1 000 7 220
    24 Invoice B55 1 705 8 925
    25 Delivery charges 420 9 345

    C. An investigation uncovered the following errors and omissions:


    (i) Invoice B13 was correctly entered in the account of Phala Suppliers.
    (ii) Credit note C14 was for the goods returned by Phiri Stores to Phala
    Suppliers on 4 February 2023.
    (iii) The discount allowed on 7 February 2023 is correct according to the
    statement of account from Phala Suppliers.
    (iv) Invoice B20 was for Thandi, an employee responsible for buying
    good and payments to suppliers. She bought goods for personal use,
    using the business ordering system. The order did not have the
    signature of authorisation.
    (v) Phala Suppliers forgot to deduct trade discount from invoice B55
    (vi) Invoice 580 was for goods that Phiri Stores bought from Phungo
    Suppliers.
    (vii) Phala Suppliers charges a delivery fee to all its customers.
    (viii) The statement of account includes transactions up to 25 February
    2023.

    20

    TOTAL MARKS : 50

    2023 Accounting Report – Grade 11 Question Paper

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