Grade 11 Accounting (ACC) June Paper 2 and Memo - 2024

Grade 11 Accounting

Term 2 - 2024

Paper 2

Total: 150 marks Time: 2 hours



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




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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




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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.


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Grade 11 June Paper 2