Accounting Grade 11: March 2026 QP and Memo
The information below was extracted from the financial records of School and All,
on 28 February 2026. This business, owned by Mrs Naidoo, sells school uniforms
and other school supplies.
REQUIRED
| 1.1 |
After considering the information provided below, calculate the correct final totals for both the Cash Receipts Journal and Cash Payments Journal on 28 February 2026. |
(14) |
| 1.2 |
Complete the Bank Reconciliation Statement on 28 February 2026. |
(8) |
| 1.3 |
In South Africa, businesses are charged a merchant processing fee when a customer uses their debit or credit card to make a payment. |
|
| 1.3.1 |
Assume that the card levy is calculated at 4% of School and All’s debit and credit card sales. Calculate the total card sales for the month of February 2026. |
(2) |
| 1.3.2 |
Mrs Naidoo would like to charge customers that pay by debit or with credit cards the extra 4% on their total purchase to cover the card levies. Is it ethical for her to transfer this card levy to the customers? Provide a reason for your answer. |
(3) |
INFORMATION
A. Extract from the Bank Reconciliation Statement on 31 January 2026.
| Debit | Credit | |
|---|---|---|
| Deposits not yet recorded: | ||
| 27 January 2026 | 28 000 | |
| 31 January 2026 | 25 520 | |
| Outstanding EFT’S: | ||
| No. 408 (dated 12 January 2026) | 38 300 | |
| No. 414 (dated 30 January 2026) | 15 760 | |
B. The provisional totals in the Cash Journals, before comparison with the Bank Statement were as follows:
| R | |
|---|---|
| Cash Receipts Journal | 512 000 |
| Cash Payments Journal | 315 000 |
C. The Bank Statement, from Benbank, had a favourable bank balance of
R22 450 on 28 February 2026.
D. The following items appeared in the February 2026 Bank Statement, but not in the Cash Journals for February 2026:
- Deposit, R25 520
- EFT No. 414 for R15 760
- Cash deposit of R12 600 from Eastlands Primary School, a Debtor.
-
Bank Charges:
- Service Fees, R358
- Card Levies, R6 025
- Interest on debit Bank Statement balance, R182
- Cash withdrawal for cash float, R2 500
- Interest earned on business investment account, R1 780
- A direct payment of R19 800 as loan repayment.
- Debit orders to service providers, R24 600.
“`
“`
E. The following appeared only in the Cash Journals for February 2026, and not on the Bank Statement:
- EFT 392, dated 27 February 2026, for R11 900, paid to the manager for her salary.
- A cash deposit, dated 28 February 2026, for R48 600.
- EFT 394, dated 28 February, for R3 850 for the owner’s personal water and electricity account.
“`
“`
F. The following errors were noted when comparing the Cash Journals for February 2026 to the Bank Statement:
- Benbank informed School and All that a deposit of R5 900 had been made to them in error. Benbank will rectify this error on the March Bank Statement.
- EFT No. 408, dated 12 January 2026, for R30 800 appeared correctly on the Bank Statement. The amount was incorrect in the Cash Journal.
“`
“`
G.
The outstanding deposit of R28 000, on 27 January 2026, did not appear on the February Bank Statement. An investigation revealed that this money was never deposited by the cashier, who the business cannot contact as she has emigrated. This outstanding amount must be written off.
Sipho’s Service Centre repairs and maintains vehicles. As part of their service
to their customers, they offer free transport home (or to work) for their
customers on the day that their vehicles are booked in to the service centre.
This business currently owns two vehicles; a Toyota Corolla sedan that is used
to transport customers as well as a single cab Isuzu Bakkie that is used to
transport the parts needed to complete the repairs.
The financial year ends annually on 28 February.
REQUIRED
“`
“`
| 2.1 |
Complete the following accounts in the General Ledger, correctly balanced / closed off on 28 February 2026. Show calculations in brackets so part marks can be awarded. |
|
| 2.1.1 Depreciation | (9) | |
| 2.1.2 Asset Disposal | (14) | |
| 2.2 |
Complete the extract from the Fixed / Tangible Assets Note to the Statement of Financial Position to show the carrying value of fixed assets on 28 February 2026. |
(4) |
| 2.3 |
Sipho was not able to offer the transport service to his customers from 1 February 2026 due to the loss of the business vehicle. When arranging insurance for the new vehicle, Sipho was given the option of paying R150 extra per month to cover the cost of hiring a car, for 30 days, if his insured vehicle is involved in an accident. Would you advise Sipho to make this extra monthly payment for car hire? Provide a reason for your answer. |
(3) |
INFORMATION
A. Details of the vehicles owned by Sipho’s Service Centre, as at 1 March 2025:
“`
“`
| Toyota Corolla | Isuzu Bakkie | |
|---|---|---|
| Cost Price | 424 800 | 379 200 |
| Accumulated Depreciation | (194 700) | (339 700) |
B.
On 1 February 2026, the driver had an accident in the Toyota Corolla while on
his way back from dropping off a customer.
The vehicle was written off by the insurance company, who has paid Sipho’s
Service Centre 90% of the book value of this vehicle on the date of the accident.
An amount of R? was received from the insurance company on 18 February 2026.
Sipho purchased a new sedan, costing R510 000 on 28 February 2026.
C.
Vehicles are depreciated at 25% per annum on cost.
The following information appeared in the financial records of BC Security,
with partners, Bonnie and Clyde on 28 February 2026, the end of the current
financial year.
REQUIRED
| 3.1 |
Choose ONE term, from the terms provided below, for each of the following descriptions. Write only the selected term next to the question number in your answer book. |
(3) |
| Primary Distribution | Secondary Distribution | Mutual Decision Document |
| Unlimited Liability | Partnership Agreement | Limited Liability |
| 3.1.1 |
A formal document outlining the rights, duties and profit-sharing ratio of partners. |
| 3.1.2 |
The sharing of the remaining profit to the partners, after salaries, interest on capital and bonuses have been taken into account. |
| 3.1.3 |
The partners are responsible for any debts incurred by the business. Their personal assets may be attached to settle these debts if the business does not have sufficient assets of its own. |
| 3.2 |
Draft the following accounts in the General Ledger on 28 February 2026: |
|
| 3.2.1 Current Account: Bonnie | (11) | |
| 3.2.2 Appropriation Account | (12) |
INFORMATION
A. Balances on 28 February 2026 (unless stated otherwise):
| R | |
|---|---|
| Capital: Bonnie | 340 000 |
| Capital: Clyde | 275 000 |
| Current Account: Bonnie (1 March 2025) | 6 250 DR |
| Current Account: Clyde (1 March 2025) | 2 360 CR |
| Drawings: Bonnie | 136 400 |
| Drawings: Clyde | 110 800 |
B.
BC Security’s net profit, for the financial year ended
28 February 2026, was R325 000.
C. The following still needs to be recorded at the end of the financial year:
- Bonnie earns a monthly salary of R8 200.
- Clyde earns a salary of R123 600 per annum.
-
Interest on capital is payable at a rate of 7.5% on the partners’
capital balances.
“`
“`
“`
On 1 December 2025, Bonnie increased her capital contribution by
R100 000; this was correctly recorded.
There was no change to Clyde’s capital contribution during the year.
“`
- Bonnie is entitled to a bonus of R30 000.
-
No entry was made for a cash withdrawal, for personal use, for Clyde
of R2 500. -
The remaining profits or losses are to be shared between Bonnie and
Clyde in the ratio of 1.5 : 1.
“`
“`
Summer Traders purchases goods on credit from Spring Suppliers.
REQUIRED
“`
“`
| 4.1 |
Preparing a monthly creditor’s reconciliation is an important part of a business’s internal control processes. Mention TWO ways in which completing a creditor’s |
(2) |
| 4.2 |
Explain how each of the following GAAP principles are applicable when completing a creditor’s reconciliation. |
(2) |
| 4.2.1 Matching Principle | (2) | |
| 4.2.2 Prudence Concept | (2) | |
| 4.3 |
Use the table provided in your answer book to reconcile the Creditor’s Ledger account of Spring Suppliers in the books of Summer Traders and the Statement of Account received from Spring Suppliers. Use a “+” or a “-” to indicate an increase or decrease of each |
(11) |
INFORMATION
A. Creditor’s Ledger account of Spring Suppliers in the books of Summer Traders:
“`
“`
| Date | Details | DR | CR | Balance |
|---|---|---|---|---|
| 2026 Jan 1 | Balance | 38 200 | ||
| 10 | Invoice 902 | 21 450 | 59 650 | |
| EFT | 40 000 | 19 650 | ||
| 16 | Invoice A2282 | 16 970 | 36 620 | |
| 17 | Debit note 357 | 6 820 | 29 800 | |
| 20 | Invoice 956 | 15 600 | 45 400 | |
| 23 | Invoice 989 | 12 250 | 57 650 | |
| 24 | Debit note 360 | 2 420 | 60 070 | |
| Journal Voucher 750 | 930 | 59 140 | ||
| 27 | EFT | 35 000 | 24 140 |
B. Statement of Account for Summer Traders, dated 25 January 2026, received from Spring Suppliers.
| Date | Details | DR | CR | Balance |
|---|---|---|---|---|
| 2026 Jan 1 | Balance | 38 200 | ||
| 10 | Invoice 902 | 21 450 | 59 650 | |
| Receipt 695 | 40 000 | 19 650 | ||
| 17 | Credit note 951 | 6 280 | 13 370 | |
| 20 | Invoice 956 | 15 600 | 28 970 | |
| 23 | Invoice 989 | 21 250 | 50 220 | |
| 24 | Credit note 962 | 2 420 | 47 800 |
C. The following differences were noted when comparing the Statement and the Creditor’s Ledger account:
(i)
Debit note 357 in the Creditor’s Ledger is related to credit note 951 on the
Statement of Account. Summer Traders recorded the amount that they returned correctly.
(ii)
Invoice A2282 was incorrectly recorded in the account of Spring Supplier’s
in the Creditor’s Ledger of Summer Traders. The goods were purchased from a
different supplier.
(iii)
Spring Suppliers recorded Invoice 989 amount incorrectly on the Statement of Account.
(iv)
Summer Traders processed an entry in their General Journal (Journal Voucher 750),
to offset the amount that Spring Suppliers owe them as per their account in the
Debtors Ledger. Spring Suppliers will ensure that the adjustment is made on the
March 2026 Statement of Account.
(v)
Items valued at R2 420 were returned by Summer Traders to Spring Suppliers on
24 January 2026.
(vi)
The Statement of Account from Spring Suppliers was printed at the end of the
business day on 24 January.
| TOTAL MARKS | 100 |
.ace-cover-page{
max-width:900px;
margin:0 auto;
padding:80px 30px;
text-align:center;
background:#fff;
}
.ace-cover-brand{
font-size:22px;
font-weight:700;
letter-spacing:4px;
margin-bottom:80px;
}
.ace-cover-subject{
font-size:38px;
font-weight:700;
margin-bottom:30px;
}
.ace-cover-grade{
font-size:72px;
font-weight:800;
margin-bottom:50px;
}
.ace-cover-title{
font-size:54px;
font-weight:700;
margin-bottom:30px;
}
.ace-cover-session{
font-size:24px;
font-weight:600;
margin-bottom:80px;
}
.ace-cover-details{
font-size:18px;
line-height:2.2;
margin-bottom:80px;
}
.ace-cover-note{
font-size:16px;
color:#666;
}
@media (max-width:768px){
.ace-cover-page{
padding:50px 20px;
}
.ace-cover-subject{
font-size:28px;
}
.ace-cover-grade{
font-size:52px;
}
.ace-cover-title{
font-size:36px;
}
}
1.1
| Cash Receipts Journal | Cash Payments Journal | |
|---|---|---|
| Provisional totals | 512 000 | 315 000 |
| Final totals |
14
1.2
Bank Reconciliation Statement on 28 February 2026
| Debit | Credit | |
|---|---|---|
8
1.3
In South Africa, businesses are charged a merchant processing fee when a
customer uses their debit or credit card to make a payment.
1.3.1
Assume that the card levy is calculated at 4% of School and All’s debit and
credit card sales. Calculate the total card sales for the month of
February 2026.
1.3.2
Mrs Naidoo would like to charge customers that pay by debit or with credit
cards the extra 4% on their total purchase to cover the card levies.
Is it ethical for her to transfer this card levy to the customers?
Provide a reason for your answer.
1.3
In South Africa, businesses are charged a merchant processing fee when a
customer uses their debit or credit card to make a payment.
1.3.1
Assume that the card levy is calculated at 4% of School and All’s debit and
credit card sales. Calculate the total card sales for the month of
February 2026.
1.3.2
Mrs Naidoo would like to charge customers that pay by debit or with credit
cards the extra 4% on their total purchase to cover the card levies.
Is it ethical for her to transfer this card levy to the customers?
Provide a reason for your answer.
2.1.1
2.1.2
2.2
Extract from the Fixed / Tangible assets note.
| Vehicles | |
|---|---|
| Carrying value on 28 February 2026 | |
2.3
Would you advise Sipho to make this extra monthly payment for car hire?
Provide a reason for your answer.
3.1
| 3.1.1 | |
| 3.1.2 | |
| 3.1.3 |
3.2.1
3.2.2
QUESTION 4 (17 MARKS; 15 MINUTES)
CREDITORS RECONCILIATION
4.1 Completing a monthly creditors reconciliation is an important part of a business’s
internal control processes.
Mention TWO ways in which completing a creditor’s reconciliation can positively impact
the business relationship that Summer Traders has with Spring Suppliers.
| 2 |
4.2 Explain how each of the following GAAP principles are applicable when completing a creditor’s reconciliation.
| 4.2.1 | |
| 4.2.2 |
| 4 |
4.3
| Creditors Ledger | Statement of Account |
|---|---|
| 24 140 | 47 800 |
| (i) | |
| (ii) | |
| (iii) | |
| (iv) | |
| (v) | |
| (vi) | |
| 11 |
| 17 |