Accounting GR 11 June 2022 Marking Guideline

NATIONAL
SENIOR CERTIFICATE
GRADE 11
GRADE 10
ACCOUNTING
MARKING GUIDELINE
JUNE 2022
COMMON TEST
MARKS : 100
MARKING PRINCIPLES:
1. Penalties for foreign items are applied only if the candidate is not losing marks elsewhere in the question for that
item. No double penalty applied.
2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the
figures for that item.
3. Full marks for correct answer. If answer incorrect, mark the workings provided.
4. If a pre-adjustment figure is shown as the final figure, award one mark. Not the method mark for the answer. Note:
if figures are stipulated in memo for components of workings, these do not carry the method for final answer.
5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If
no + or – sign or bracket is provided, assume that the figure is positive.
6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from
candidates.
7. Where penalties are applied, the marks for that section of the question cannot be a final negative.
8. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer
before awarding the mark.
9. Operation’ means ‘Check operation’. ‘One part correct’ means ‘Operation & one part correct’. Note: check
operation must be +,-,x,÷, or per candidates operation.
10. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect, indicate with
a . Note: do not award marks for workings if numerator and denominator are swapped-this also applies to ratios.
11. Be aware of candidates who provide valid alternatives beyond the marking guideline.
12. Codes: f=foreign item; p=placement.
This marking guideline consists of 5 pages.

Accounting (Grade 11) 2 June 2022 Common Test
NSC
QUESTION 1 PARTNERSHIPS GENERAL LEDGER
1.1 Calculate the gross profit for the year ended 28 February 2022.
2 360 000 – 26 300 – 1 815 000 + 3 000 – 2 560 – 160
= 518 980 One part correct 7
1.2.1 Asset Disposal

2022 28 Vehicles 235 000 2022 28 Accumulated 92 000
Feb  Feb Depreciation: Vehicles 
Accrued Income/ 135 000
Creditors Control 
Loss on disposal of 8 000
asset
235 000  Both totals 235 000
8
1.2.2 Profit and Loss

2022 28 2022 28 Trading Account 518 980
Feb Salaries and Wages 72 000 Feb
See 1.1
Water and Electricity 26 500 Discount Received 4 090
(3 850 + 240)
Advertising 6 800 Rent Income 44 000
(49 500– 5 500)
Interest on Loan 14 700 Bad Debts 850
(12 250 + 2 450) Recovered
Sundry Expenses 27 500
(31 800 – 4 300)
Loss on disposal of 8 000
asset
Depreciation 47 000
Appropriation 365 420

567 920 567 920
20
35
NSC
QUESTION 2
APPROPRIATION STATEMENT AND STATEMENT OF FINANCIAL POSITION
2.1 Appropriation Statement of MK Stores for the year ended 28 February 2022.
M Michael K Kenneth Total
Profit per Income Statement 340 600 483 400 824 000
Partners’ Salaries 216 000 248 400 464 400
Interest on Capital 14 600 15 000 29 600
Primary distribution of profits 230 600 263 400 494 000
Final distribution of profits (0.5: 1) 110 000 220 000 330 000 12
2.2 Statement of Financial Position of MK Stores as at 28 February 2022

Assets
Non-current Assets TA - CA 3 743 500

Current Assets (CL X 2.5) 587 500
Inventories (COS  1 920 000/ 7.5) 256 000

Trade and other Receivables (345 000 – 17 250) one part correct 327 750
Cash and Cash Equivalents Balancing figure 3 750
Total Assets TL = TA 4 331 000
Equity and Liabilities
Partners Equity 824 000 X 100/25 3 296 000
Capital Accounts missing amount 2 512 000

Current Accounts (290 600 + 493 400) See 2.1 (784 000)
Non-current Liabilities 800 000
Mortgage Loan: BBC Bank 800 000
Current Liabilities 235 000
Trade and other Payables 220 000

Bank overdraft 15 000
Total Equity and Liabilities Partners Equity + NCL + CL 4 331 000 21
33
NSC
QUESTION 3 ANALYSIS AND INTERPRETATION
3.1.1 Acid test ratio

598 080 – 273 400 : 427 200
324 680 : 427 200
0.76 : 1
0.8 : 1One part correct 4
3.1.2 The total amount earned by P. Phungula.

205 720 + 198 095 – 22 300
= 381 515One part correct
OR
(855 720 One mark + 557 300 One mark)/2
= 706 510 X 54% One mark
= R318 515.40
= R318 515 Method mark 4
3.1.3 Percentage return earned by Moodley

379 570 + 59 010 . x 100
(384 580 + 419 000)/2 1
438 580 . x 100

401 790 1
= 109.15
= 109.2%One part correct 5
3.1.4 Debt/equity ratio for 2022
742 380 : 855 720 + 384 580

742 380 : 1 240 300
0.6:1One part correct 4
3.2 Is PM Traders liquid at the end of the April 2022? Discuss TWO financial
indicators, with figures for both years, to support your answer.
Financial indicators with trends Explanation 
The current ratio improved from 1.2 : 1 to 1.4 : 1

The acid test ratio improved from 0.7: 1 to 0.8: 1
PM traders is currently liquid, but may experience problems in the future as there are
not enough current assets when compared to current liabilities/short term debts.
There is also currently too much stock on hand which can become absolute.
6
NSC
3.3 Did PM Traders make the correct decision to increase the long term loan?
Identify ONE financial indicator, with figures to support your answer.
Explanation with financial indicator 
Yes, although the debt equity ratio increase from 0.1 : 1 to 0.6 : 1, the business is still at
a relatively low risk. 3
3.4 Phungula is not happy with his return on investment for the current financial
year. Explain TWO reasons he may feel this way. Quote comparison figures
to support your answer.
Comparison of figures with explanation 
 P Phungula’s return on equity has increased by 8% (from 46% to 54%) compared to
M Moodley’s return increased by 28.2% (from 81% to 109.2%)
 Phungula is the partner that has contributed more capital (R650 000 vs R325 000)
 Phungula also has a larger balance on his current account
6
(R205 720 vs R59 580)
32

Accounting GR 11 June 2022 Marking Guideline

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NATIONAL

This marking guideline consists of 5 pages.

QUESTION 1 PARTNERSHIPS GENERAL LEDGER

1.2.1 Asset Disposal

1.2.2 Profit and Loss

Partners’ Salaries 216 000 248 400 464 400

Interest on Capital 14 600 15 000 29 600

Primary distribution of profits 230 600 263 400 494 000

2.2 Statement of Financial Position of MK Stores as at 28 February 2022

Non-current Assets TA - CA 3 743 500

Inventories (COS  1 920 000/ 7.5) 256 000

Total Assets TL = TA 4 331 000

Equity and Liabilities

Partners Equity 824 000 X 100/25 3 296 000

Capital Accounts missing amount 2 512 000

Non-current Liabilities 800 000

Mortgage Loan: BBC Bank 800 000

Current Liabilities 235 000

Trade and other Payables 220 000

Total Equity and Liabilities Partners Equity + NCL + CL 4 331 000 21

3.1.1 Acid test ratio

3.1.2 The total amount earned by P. Phungula.

3.1.3 Percentage return earned by Moodley

438 580 . x 100

3.1.4 Debt/equity ratio for 2022

742 380 : 855 720 + 384 580

The current ratio improved from 1.2 : 1 to 1.4 : 1

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