ACCOUNTING

GRADE 11

FIRST TERM CONTROL TEST

2023

QUESTION PAPER

SUBJECT : ACCOUNTING

TIME : 1 HOUR 30 mins

MARKS : 100

THIS PAPER CONSISTS OF 6 PAGES

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INSTRUCTIONS AND INFORMATION:

Read the following instructions carefully and follow them precisely:

1 Answer ALL the questions.

2 A special ANSWER BOOK is provided in which to answer ALL the questions.
3 Workings must be shown in order to achieve part-marks.
4 Non-programmable calculators may be used.

5 You may use a dark pencil or blue/black ink to answer the questions.
6 Use the information in the table below as a guide when answering the question
paper. Try NOT to deviate from it.

QUESTION TOPIC MARKS TIME IN

MINUTES

1 BANK RECONCILIATION 33 30 MINUTES

2 CREDITORS RECONCILIATION 31 28 MINUTES

3 ASSET DISPOSAL 36 32 MINUTES

TOTAL 100 90 MINUTES

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QUESTION 1 - BANK RECONCILIATION STATEMENT

The following information relates to Saloojee Traders

REQUIRED:

1.1.Calculate the correct totals for the Cash Receipts Journal and the Cash Payments
Journal for May 2023. Details are not required. (11)
1.2.Prepare the Bank Account for May 2023. (6)
1.3.Prepare the Bank Reconciliation Statement for the 31 May 2023. (11)
1.4.Explain how EFT Payment no 904 would be treated when preparing the financial
statements on 31 May 2023. (3)
1.5.Explain the importance of preparing a bank reconciliation statement. (2)

INFORMATION

1. Extract of the Bank Reconciliation Statement as at 30 April 2023.

Cr Balance as per Bank Statement 28 400

Cr Outstanding deposit 9 520
Dr Outstanding payments
EFT No 898 (dated 23 April 2023) 1 000
EFT No 903 (dated 29 April 2023) 6 320
EFT No 904 (dated 15 June 2023) 2 500
….Balance as per Bank Account

2. The Cash Journals showed the following provisional bank totals:

CRJ R 89 660
CPJ R 84 130

3. The Bank Statement on 31 May 2023 received from ABSA bank reflected a favourable
balance of R ?

4. A comparison of the bank statement for May 2023 with the bank reconciliation statement
for April 2023 and the Cash Journals for May 2023 revealed the following:

4.1. The outstanding deposit of R9 520 and EFT payment 898 and 903 appeared on the
bank statement.

4.2. The following items were reflected on the bank statement only:
 Service fees R 550
 Cash Handling Fees R 300
 Credit Card Commission R 40
 Interest earned on Credit Balance R 280
 A deposit of R 10 680 on 28 May 2023 from the tenant for June and July 2023.
 A debit order for R 6 200 in favour of the monthly loan repayment.

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  An unpaid EFT for R 1 860. This amount was originally received from a debtor to
settle his account of R 1 960.
 An unknown debit order for R 530 in favour of Telkom Cellular. A query with the
bank revealed that it was a fraudulent transaction processed through the bank
account by an employee.
 EFT no 922 for R 6 550 was entered in the CPJ as R 2 450. The bank statement is
correct.
4.3. The following entries appeared in the Cash Journals only:
 A deposit of R 10 730 made on 31 May 2023.
 EFT No 932 for R 955
 EFT No 934 for R 3 375.
 EFT No 935 for R3 200

QUESTION TWO - Creditors Reconciliation Statement

You are provided with extracts from the Creditors Ledger of Saiga Traders for March 2023.
He buys stock from Vally Suppliers. On 31 March 2023 Tshepo received the following
statement from Vally Suppliers reflecting the transactions for the month of May 2023 but finds
that the two balances do not agree.

REQUIRED:

2.1. Prepare the corrected creditors ledger. Commence with the last balance given (8)
2.2. Prepare the Creditors Reconciliation Statement for March 2023. (14)
2.3. State two reasons why the creditors ledger balance and the creditors statement
balance should agree? (4)
2.4. What benefits can be enjoyed by paying creditors on time? Give three benefits. (3)
2.5. Should businesses accept bribes from suppliers in order to buy from them? (2)

INFORMATION

CREDITORS LEDGER OF SIAGA TRADERS

NAME OF CREDITOR: VALLY SUPPLIERS CL1

DATE DETAILS FOL DEBIT CREDIT BALANCE

2023
March 1 Balance b/d 24 000
10 Invoice No 101 15 600 39 600
15 EFT No 256 8 000 31 600
Discount Received 150 31 450
18 Debit Note No 56 1 200 32 650
26 EFT No 316 4 400 28 250
Discount Received 440 27 812
30 Invoice No 152 2 900 30 710

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STATEMENT OF ACCOUNT RECEIVED FROM VALLY SUPPLIERS

DATE DETAILS FOL DEBIT CREDIT BALANCE

2023
March 1 Balance b/d 24 000
10 Invoice No 101 14 040 38 040
15 Receipt No 120 8 000 30 040
18 Debit Note No 56 1 200 28 840
24 Invoice No 148 2 600 31 440

ADDITIONAL INFORMATION

1. Vally Suppliers allowed a trade discount of 10% on Invoice No 101.

2. Vally Suppliers did not make an entry for the discount allowed on the 15th.

3. Debit Note No 56 is correct but has been treated incorrectly by one of the parties.

4. Invoice No 148 was for goods that Vally suppliers sold to another debtor – Morar.

QUESTION THREE – ASSET DISPOSAL

The following information was extracted from the accounting records of BB Couriers. The
financial year ends on 28 February 2023.

REQUIRED:

3.1. Complete the relevant columns of the asset register by calculating the depreciation and
the accumulated depreciation on Vehicle YTV 868 GP for the year ended. (6)

3.2. Prepare the following ledger accounts:

Vehicles (7)

Accumulated depreciation on Vehicles (11)

(N.B. These accounts must be balanced as at 28 February 2023)

Asset Disposal Account on 31 May 2022. (10)

3.3. One of the drivers has been using a vehicle for his private use. Suggest two internal
control measures a business can use to avoid this. (2)

N.B. CROSS REFERENCE FOLIOS ARE NOT REQUIRED

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INFORMATION

ACCUMULATED
VEHICLE COST DEPRECIATION
DATE PURCHASED DATE SOLD
REG NO PRICE AS AT
1 MARCH 2022
HLN 298 GP 1 JANUARY 2019 90 000 45 450

YTV 868 GP 30 SEPTEMBER 2020 31 MAY 2022 180 000 48 000

RGB390 GP 1 JUNE 2022 240 000 ?

ADDITIONAL INFORMATION

1. Show all calculations as part marks can be obtained if the final answer is incorrect.

2. Depreciation is calculated at 20 % p.a. on the diminishing balance method.

3. Vehicle YTV 868 GP was sold on credit to S. Bawa for R 130 000.

4. Vehicle RGB 390 was bought on credit from Mazansu Motors.

TOTAL MARKS = 100

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