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2022 Grade 11 Written Report - Mg

The document outlines the marking guidelines for a Grade 11 accounting report for Term One of 2022, detailing two main questions on bank reconciliation and creditors reconciliation with a total of 50 marks. It provides specific instructions for calculating bank balances, explaining cash handling practices, and internal control measures. Additionally, it addresses discrepancies in creditor accounts and suggests methods for recovering stolen funds.

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amukelanihlongwane
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3 views7 pages

2022 Grade 11 Written Report - Mg

The document outlines the marking guidelines for a Grade 11 accounting report for Term One of 2022, detailing two main questions on bank reconciliation and creditors reconciliation with a total of 50 marks. It provides specific instructions for calculating bank balances, explaining cash handling practices, and internal control measures. Additionally, it addresses discrepancies in creditor accounts and suggests methods for recovering stolen funds.

Uploaded by

amukelanihlongwane
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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ACCOUNTING

GRADE 11 WRITTEN REPORT

TERM ONE - 2022


MARKING GUIDELINES

QUESTION TOPIC MARKS


One Bank reconciliation 30
Two Creditors Reconciliation 20

TOTAL MARKS 50

These marking guidelines consist of 7 pages.


2

QUESTION 1

1.1. SUPPLEMENTARY ENTRIES IN THE CASH JOURNALS

(A) Cash Receipt Journal – 30 November 2021


Day Details Bank Sundry accounts
Amount Details
30 Total 459 150 459 150

Shaun Combs 29 700 29 700 Debtors Control

Allocate a mark for similar totals,  488 850 488 850


they should include 459 150
Details and amount must correspond

(B) Cash Payments Journal - 30 November 2021

Day Details Bank Sundry accounts


Amount Details
30 Total 466 800 466 800

Fourways Mutual 1 155 1 155 *Insurance

Dino Bank  2 445 1 385

1 060 Interest on
overdraft
M-web 6 750 6 750 Computer
expenses
Allocate a mark for similar totals, they  477 150 477 150
should include 466 800.
Details and amount must correspond

Grade 11 Written Report: 2022 February Marking Guidelines


3

1. Calculate the correct bank balance on 30 November 2021.


2

124 200 + 488 850 - 477 150 = R135 900

1. Bank Reconciliation Statement of on 30 November 2021


3
Debit Credit
Balance as per Bank Statement  10 950
Outstanding deposit  141 600
Outstanding deposit  12 600
Debit order duplicate error  6 750
Outstanding EFT 1958  14 100
Balance as per Bank Account  135 900
Allocate one mark for totals  160 950 160 950

1.4.1 In your report explain “the rolling of cash”.


.
One mark for a valid point 
 Stealing of cash and replacing it later with cash received from debtors or subsequent
cash sales.
 The method involves taking a subsequent receivables payment from a transaction
(for example, a sale) and using that to cover the theft.
Grade 11 Written Report: 2022 February Marking Guidelines
4

1.4.2 Guide the owner on action that must be taken against Ursula. Provide TWO
. points.

Allocate one mark for each point  


 The owner must conduct an investigation.
 Suspend the employee until investigation is completed.
 Report the incident to the police or take legal action against Ursula.
 She must be dismissed from work.
 She must be instructed to repay the money she stole from the business.

1.4.3 Suggest control measures that should be implemented to prevent this from
happening again. Provide TWO points.
Any two valid points  
 Division of duties to discourage fraudulent activities; one person should be responsible
for cash and the other be responsible for deposits.
 There must be evidence of all cash deposited, cash deposited must be accompanied by
a deposit slip.
 Audit cash transactions on regular basis
 Assign cash in transit firm to collect money from the premises of the business.
 Encourage customers to pay by debit cards/credit cards or EFT.

TOTAL MARKS

30

QUESTION 2: CREDITORS RECONCILIATION AND INTERNAL CONTROL

2.1.1 In your report explain why the balance of the Creditors’ Ledger account in the
General Ledger is different from the balance of statement of account.

Grade 11 Written Report: 2022 February Marking Guidelines


5

Any two valid points  


 There might be errors or omissions in the records of the business or suppliers
statement.
 Outstanding invoices in the business records or statement from supplier
 Payments that have not been recorded
 Discounts not recorded
 Outstanding credit notes

2.1.2 CREDITORS RECONCILIATION


Creditor ledger Account of Statement of Account from
Mahloko Suppliers in Books of Mahloko Suppliers
Legend Traders
Balance 140 640 195 600

(a) ˗ 58 920 

(b 12 360 – 9 000
- 3 360
no part marks
(c) + 15 000 

(d) ˗ 7 680

(e) - 11 640– 11 640


˗ 23 280 
no part marks
(f) ˗ 111 120

For both totals 73 440  73 440

Grade 11 Written Report: 2022 February Marking Guidelines


6

2.2.1 Which internal control system is lacking in Thando’s business?


One mark for valid answer 

 Division of duties is lacking


 Accept: Thando is responsible for placing orders, receiving and safe-keeping of
goods. 1

2.2.2 What are your suspicions regarding low stock level? Provide ONE point.

Two marks for each valid point  One mark for a partial response
 Stock is poorly controlled, it is stolen from the warehouse by employees or at the
store by customers.
 The owner might be paying for goods that were not delivered to the business
premises.
 No proper authorization for goods that are dispatched from the store room or
warehouse 2

2.2.3 In your opinion ,what is the best way to handle the following:

Two marks for each valid point   One mark for a partial response
Stock delivered by the suppliers (ONE Point)
 The stock received should be physically checked against the invoice and delivery
note.
 The invoice should be checked against the purchase order just to verify if the
transaction was authorized.
Stock kept in the business premises or storeroom (ONE Point)
 Count stock regularly/randomly and check against stock records
 Order smaller quantities, but more frequently
 Improve physical security e.g. controls at entrance/security cameras
 Limit exit points for the movement of goods from the store room. 4
 Proper authorization of stock dispatched from the storeroom

Grade 11 Written Report: 2022 February Marking Guidelines


7

2.2.4 How can the business recover all the money that has been stolen,
mention two methods?
One mark for each valid point  

 It can be deducted from the salary of the employee 2


 Deduct from the pension fund of the employee.
Do not accept “dismiss the employee”.

TOTAL MARKS

20

Grade 11 Written Report: 2022 February Marking Guidelines

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