Grade 11 Accounting June Paper 2 and Memo:
Total: 150 Marks. Time: 150min
Contents of the exam paper contains the following details:
Question 1: Bank Reconciliation (55 marks)
Question 2: Asset Disposal (50 marks)
Question 3: Creditors Reconciliation (45 marks)
This ...
Learner’s name: ____________________________________ Gr. 11: ___________.
Instructions and information:
1. Answer ALL the questions in the ANSWER BOOK provided.
2. Show ALL your workings to earn share points.
3. You may use a non-programmable calculator.
4. You may use a dark pencil OR blue/black ink to answer the questions.
5. Where applicable round answer down to ONE decimal number.
6. Write neatly and legibly.
Topics covered in this test:
QUESTION TOPICS MARKS MINUTES
1 BANK RECONCILIATION 55 55
3 ASSET DISPOSAL 50 50
2 CREDITORS RECONCILIATION 45 45
TOTAL 150 150 MIN
1|Page www.summariessa.co.za A c c o u n ti n g
Grade 11 June Paper 2
,QUESTION 1: BANK RECONCILIATION AND CREDITORS RECONCILIATION
1.1 BANK RECONCILIATION
1.1.1 Give one reason why a business would compile a bank reconciliation statement? (2)
1.1.2 The given information relates to Trade Logic Enterprises.
REQUIRED:
i. Calculate the bank balance in the books of Trade Logic Enterprises on 31 December 2023.
ii. Calculate the correct totals for the Cash Receipt Journal and the Cash Payment Journal for
January 2024.
iii. Prepare the bank reconciliation statement for 31 January 2024.
iv. Refer to EFT no. 288 in the Bank Reconciliation Statement of December 2023. How will
this transaction be recorded in the financial statements for the year ending February 2024.
Elaborate on your answer.
INFORMATION:
A. Bank Reconciliation Statement on 31 December 2023.
Credit balance as per bank statement 3 055
Credit outstanding deposit 9 990
Debit outstanding EFT’s
No. 119 (Dated 20 June 2023) 2 800
No. 126 1 600
No. 138 (dates 5 March 2024) 1 938
EFT 1 772
Balance as per bank account ???
B. Provisional totals for January 2024
CASH RECEIPTS 22 100
CASH PAYMENTS 17 300
2|Page www.summariessa.co.za A c c o u n ti n g
Grade 11 June Paper 2
, C. Comparison of the Bank Reconciliation on 31 December 2023 and the Bank
Statement for January 2024 from Capitec Bank showed the following:
a. EFT number 183 for a donation to the SPCA did not appear on the Bank Statement for
January.
b. The following items appeared on the January 2024 Bank Statement:
Outstanding deposit, R9 990
EFT, R1 772
c. An EFT, with reference number 191 on 25 October 2023 in favour of Smart
Stationary was erroneously processed for the wrong amount. Consequently, the
transaction was stopped, and a corrected instruction was issued with a new
reference number, 302, for the correct amount of R2,000. Currently, no entries have
been recorded, and the corrected EFT instruction has not yet been processed for
payment.
D. A comparison of the Bank Statement for January 2024 with the Cash Journals for
January 2018 showed the following differences:
1. A deposit of R2 000 made on 31 January 2024 does not appear on the Bank Statement.
2. A EFT for R460 drawn by debtor, S. Dempsy in settlement of her account of R490, was
declined by the bank due to insufficient funds.
3. The following entries appeared on the Bank Statement only:
Bank charges, R630
Interest on credit balance, R145
4. Outstanding EFTs:
EFT for R1 627
EFT for R1 545
EFT, R1 380
5. A tenant, J. Alquisi, deposited of R2 500, via EFT, into the account of Trade Logic
Enterprises.
6. EFT 269 issued to Tswene Municipality in payment for water and electricity, was
entered as R1 727 in the Cash Payments Journal. The EFT is correctly recorded in the
Bank Statement as R1 227.
3|Page www.summariessa.co.za A c c o u n ti n g
Grade 11 June Paper 2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller SummariesSA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
