Professional Documents
Culture Documents
Accn p2 Memo Gr11nov2020 Eng D
Accn p2 Memo Gr11nov2020 Eng D
SENIOR CERTIFICATE
GRADE 11
NOVEMBER 2020
ACCOUNTING P2
MARKING GUIDELINE
(EXEMPLAR)
MARKS: 150
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 foreign item penalty for misplaced items). 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 the answer is incorrect, mark the workings provided.
4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the working for that
figure (not the method mark for the 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. This memorandum is not for public distribution; as certain items might imply incorrect treatment. The
adjustments made are due to nuances in certain questions
8. Where penalties are applied, the marks for that section of the question cannot be a final negative.
9. Where method marks are awarded for operation, the marker must inspect the reasonableness of the
answer before awarding the mark.
10. 'Operation' means 'Check operation'. 'One part correct' means 'Operation and one part correct'.
11. In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect
at least in part. In such cases, do not award the method mark. Indicate by way of _
12. Be aware that some candidates provide valid alternatives beyond the memorandum.
13. Codes: f = foreign item; p = placement/presentation.
Copyright reserved
2 ACCOUNTING P2 (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 False 9
1.1.2 True 9 2
1.2
; for
18 800 both 18 800
totals
-1 Foreign item: Max. 2
8
1.3.2
CREDITORS’ LEDGER ACCOUNT STATEMENT FROM
OF BRAMLEY TRADERS BRAMLEY TRADERS
21 130 32 600
A 13 300 – 11 200 + 2 100 99
B + 300 99
C - 500 9
D (3 035 + 3 035) + 6 070 99
E - 7 000 one mark; -700 one mark- 7 700 99
27 000 ;* 27 000
10
* Operation one part correct. Both figures
1.4 VAT
1.4.2 The internal auditor discovered that two large credit sales
transactions for R598 000 during August 2020 were not recorded in
the respective 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
WORK-IN-PROCESS
2019 2020 Finished Goods 800 000 9 5
Mar
01 Balance 25 800 9 Feb
29
Stock 9 Balancing figure
2020 Direct Labour
Feb
29
Cost 9
214 749 9 Balance 86 414 9
Direct Materials Cost
/Raw material stock 428 900 5
9
Factory 9
Overhead Cost 216 965 9
886 414 886 414
2020 Balance 86 414 9 12
01
Mar
Salary foreman 9
Factory Rent 9
Salary of the Accountant 9 3
R945 000 9
R45 9 9
= 21 000 units ; 4
Reason 9 9 9 9
No
x Lose goodwill
x Poor quality of material
x Customers will go elsewhere – less profit
x Eventually cheaper quality and cheaper price
Yes
x Emphasis is on profit
x A demand can be created; then the business should be able to supply it.
5
TOTAL MARKS 53
QUESTION 3: BUDGETING
a 6 048 33
b 5 320 3
c 15 750 3
4
3.3.3 Calculate the budgeted salaries of the shop assistants for April 2020.
3 200 (1 mark)
(19 200 – 16 000) 3/16 000 3 = 20% 5 any one part correct
3
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.
As they are jointly running the business, they should have specific meetings
to determine the budget jointly. Vuyo should consult his wife before
spending on unbudgeted items. 33
2
State TWO other strategies that Vuyo and his wife could consider in
future to improve the results of the business.
x Advertise monthly
x Reduce the number of shop assistants
x Reinstate deliveries to customers
x Negotiate longer credit terms with creditors 2
TOTAL MARKS: 37
A Fixed Asset Register is a book in which all the assets owned by a business
is recorded. 2
Old equipment: 555 000 9 – 138 000 9 = 417 000 x 20% R83 400 ;
66 700 66 700
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.
Three valid suggestions 9 9 9
TOTAL MARKS: 25
TOTAL: 150