MINISTRY OF EDUCATION, ARTS AND CULTURE

KHOMAS REGIONAL COUNCIL

DIRECTORATE OF EDUCATION, ARTS & CULTURE
NAMIBIA SENIOR SECONDARY CERTIFICATE

ACCOUNTING ORDINARY LEVEL 4345/1

PAPER 1 GRADE 11

MARKING SCHEME APRIL 2020

Additional materials: Non-programmable calculator

This document consists of nine printed pages.

Question 1

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 1 of 9

(a) Creditors, income received in advance, accrued expense, bank overdraft [1]

(b) Properties, Possessions, Resources, Belongings of a business [1]

(c) Double entry principle/Duality [1]

(d) A person/ business to whom money is owed for goods or services [1]

(e) Assets or Expenses or drawings (Any two) [2]

(f) - Cash Book

- Petty Cash Book (Any one) [1]

(g) - Bulk purchases

- Customer is in the same trade
- Regular customer (Any one) [1]

(h) Deduction from the amount owed for prompt payment [1]

(i) Discount allowed account [1]

(j) - Correction of errors

- Writing off bad debts
- Purchases/ sales of fixed assets on credit
- Donation of goods
- Drawings of goods
- Expenses on credit (Any two) [2]

(k) - A= OE + L
- OE=A-L
- L=A-OE (Any one) [1]

(l) Net loss [1]

(m)

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 2 of 9

 Item Subsidiary book

Discount allowed (i) Cash Book

Bad debts (ii) General Journal

Goods returned by debtors (iii) Debtors Returns Journal

[3]

(n) The petty cashier is refunded for the amount spent, so that he/she starts with the
fixed/same amount each month. [2]

(o) 13 500 – 3 600 – 1 500 = 8 400(c/f) [3]

(p) - Sale of a non-current/fixed asset

- Borrowings such as loans
- Disinvestments (maturity of fixed deposits)
- Additional capital introduced

(Any two) [2]

[24]

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 3 of 9

Question 2

(a)
 Fewer transactions in sales account
 Gives the total of credit sales
 Source of information for Debtor’s Control account
(Any two) [2]
(b)

Tsumkwe Stationers
(i) Creditors Journal as at 31 July 2019
Doc. No. Date Details Fol Amount (N$)
1 Grootfontein Wholesalers CL 260 
5 Minolta Dealers CL 171 
17 Minolta Dealers CL 100 
531 ()O/F
[5]
Tsumkwe Stationers
(ii) Creditors Returns Journal as at 31 July 2019
Doc. No. Date Details Fol Amount (N$)
9 Grootfontein Wholesalers CL 65 
23 Minolta Dealers CL 57 
122 ()O/F
[4]
(c)

(i) Minolta Dealers account

DR CR
DATE DAY DETAILS FOL N$ DATE DAY DETAILS FOL N$
2019 23 Purchases 57() 2019 July 5 Purchases 171
July Returns O/F ()
O/F
17 Purchases 100


OR

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 4 of 9

 Minolta Dealers
DATE DAY DETAILS FOL DEBIT CREDIT BALANCE
2019 5 Purchases 171 () O/F 171
July
17 Purchases 100  271

23 Purchases 57() O/F 214

Returns

[3]

(ii)
DR Purchases account CR
DATE DAY DETAILS FOL N$ DATE DAY DETAILS FOL N$
2019 31 creditors 531()
July O/F

[1]

(iii)
DR Purchases Returns account CR
DATE DAY DETAILS FOL N$ DATE DAY DETAILS FOL N$
2019 31 creditors 122()
July O/F

[1]
[16]

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 5 of 9

Question 3

(a)
1. Error of principle 
2. Error of commission 
3. Error of omission 
4. Error of complete reversal of entry 
5. Compensating error 
[5]
(b)

Angula Traders
Trial Balance as at 31 August 2019
Debit (N$) Credit (N$)
Balance Sheet accounts section
Capital 36 080 
Drawings 9 000 
Equipment (48 000 + 550) 48 550 
Provision for depreciation of equipment 12 000 
Debtors 7 000
Inventory (01/09/2018) 13 000 
Cash in hand (390 – 110) 280 
Creditors (2 500 – 400) 2 100 
Bank overdraft (810 + 400) 1 210 
Nominal accounts section
Sales (100 000 + 1 000) 101 000
Purchases (50 000 – 550 + 1000) 50 450 
Salaries and Wages ( 21 000 + 110) 21 110 
General expenses 3 000 
152 390 152 390
[14]

[19]
Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 6 of 9
Question 4

(a) (i) The process of reconciling the balance as per Cash Book with the bank balance
as per Bank Statement. [1]
(ii)
 Ascertain/make sure that the correct bank balance is reflected on the
bank statement and the cash book at a certain date.
 Discover if there are any errors or omissions in the Cash Book/bank
statement.
 Demonstrate that any differences between the balance in the CB and
those on bank statements are due to genuine reasons.
(Any two) [2]
(b)
- Bank charges
- EFTs/Debit card payments not reflected
- Bank interests (Interest on overdraft/current account)
- Direct deposits/credit transfers into the bank account
(Any three) [3]
(c) Bank Reconciliation Statement as at 30 June 2019
DEBIT CREDIT
Debit Balance as per Cash Book  3 500 
Debit EFTs not reflected: H Ham  400 
Credit outstanding deposits  420 
Credit Balance as per Bank Statement  3 480
3 900 3 900
Other method acceptable:
Bank Reconciliation Statement as at 30 June 2019
N$
Debit Balance as per Cash Book  3 500 
Add: EFTs not reflected: H Ham  400 
3 900
Less: Credit outstanding deposits  420 
Credit Balance as per Bank Statement  3 480
[8]

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 7 of 9

Learners’ answers with abbreviations of DR/CR (minus 1 mark) except when DEBIT and
CREDIT indicated!
(d) (i) N$3 500 [1]

(ii) Current assets [1]

[16]
Question 5

a) 1. Additional finance is available

2. Each partner’s knowledge, skill and experience can be used to the best
advantage.
3. Management responsibilities are shared.
4. “Cover” is available at times of sickness or holidays.
5. Matters can be discussed before a decision is taken.
6. Joint decision-making
7. Risks/losses involved are shared.
(Any four) [4]
b) Profit and Loss Appropriation Account of Bean and Bag for the year ended
30 September 2019.
Net Profit 244 000 
Add Interest on drawings : Bean 2 640
Bag 1 360  4 000
248 000
Less Interest on capital: Bean (12500+28125)* 40 625 
Bag 12 500  (53 125)

Salary: Bag (90 000) 

104 875

Profit shares : Bean 83 900 

Bag 20 975 
104 875
[11]
* Interest on capital: Bean (750 000 x 5/100 x 9/12) = 28 125 (Before capital increment)
(1000 000 x 5/100 x 3/12) = 12 500 (After capital increment)

Khomas Regional Examination: 4345/01 Marking Scheme April 2020 Page 8 of 9

 Page 9 of 9

c) Prepare the partners’ current accounts for the year ended 30 September 2019.
Current accounts
Bean Bag Bean Bag
2018 2018
Oct Oct
1 Balance b/d 2 450 1 Balance b/d 1 500 

2019 2019
Sep Sep Interest on 40 625
30 Drawings 26 400 13 600 30 capital () O/F 12 500

Interest on 2 640 1 360
drawings () O/F Salary 90 000

Appropriation 83 900 20 975
Balance c/d 93 035 110 015 () O/F () O/F
124 525 124 975 124 525 124 975
2019 1 Balance b/d 93 035 110 015
Oct ()O/F () O/F
[10]

[25]

[TOTAL: 100]

Khomas Regional Examination: Accounting Ordinary Level Paper 1 Marking Scheme April 2020