REMOTE LEARNING ACTIVITY BOOK

(RELAB)
ACCOUNTING
GRADE: 11
TERM 1- 4
WORKSHEETS
A. TABLE OF CONTENTS

Term Week Topic Paper Page

1-2 Bank Reconciliation P2 4- 7

One 3 Creditors Reconciliation P2 8- 10

4-6 Tangible Assets P1/P2 11- 16

7 -10 Partnership : Ledger Accounts P1 17 - 21

11-15 Partnership : Financial Statements P1 22- 29

16-19 Partnership : Analysis and Interpretation of P1 30- 33

Two
Financial Statements
21- 24 Budgeting P2 34- 40

Three 25- 26 Inventory P1/P2 41- 43

27- 28 Cost Accounting P2 44- 55

Four 31- 33 Value Added Tax P2 56 - 58

2
B. INTRODUCTION AND PURPOSE OF THE RELAB
The pandemic has forced schools to resort to the implementation of rotational
timetables-where learners who are at home during normal schooling must continue
learning. Hence RELAB as a strategy towards the deployment of remote learning.
The RELAB is underpinned by the following Legislative demands:
a) Responding to GDE Strategic goal 2 promoting quality education across all
classrooms and schools
b) DBE Circular S13 of 2020 the requires the GDE to support the implementation
of the Recovery Annual Teaching Plan (RATP)
c) GDE Circular 11 of 2020 requiring districts to issue Learning Activity Packs to
support schools for lockdown learning. Understanding learning constraints at
home as majority of learners do not have access to devices or data to use for
online learning. Many households are depending on schools to provide them with
learning resources packs

RELAB is designed in a study guide format, where the content is briefly explained
with related concepts as revision, in the form of e.g. notes, mind-maps, concept
progression from the previous grade/s followed by exemplar exercises then practice
exercises/problems . The exercises are pitched at different cognitive levels to expose
learners at Grade 10 & 11 to these different cognitive levels of questioning. The NSC
diagnostic reports in different subjects have revealed that learners fail to analyse
questions and as a result fail to respond accordingly.

The RELAB is intended to ensure that learners work on exercises as per topics
taught while at school. These exercises must be completed at home, fully and
learners will receive feedback as groups or individually at school. It is therefore of
paramount importance that teachers mark the work with learners in class, as a way
of providing feedback. Educators must diagnose learner responses, remediate
where necessary and plan further intervention.

Educators are encouraged to create WhatsApp groups to remind learners on what is

expected of them in a particular week/ day(s). There shouldn’t be a backlog on
curriculum coverage as content will be covered simultaneously. Feedback from
learners at home will confirm usage of the RELAB material.

RELAB further prepares learners for formal assessment.

3
1. BANK RECONCILIATION

ACTIVITY 1
1.1 CASH RECEIPT JOURNAL - JANUARY 2021 CRJ 1
Doc Day Details Bank Amount Details

CASH PAYMENT JOURNAL - JANUARY 2021 CPJ 1

Doc Day Details Bank Amount Details

1.2 GENERAL LEDGER OF CHLOE TRADERS

Bank

1.3 Prepare a Bank Reconciliation Statement for JANUARY 2021.

Debit Credit

4
ACTIVITY 2

2.1 CONCEPTS

2.1.1
2.1.2
2.1.3 3

2.2.1 Calculate the correct Bank Account balance on 31 July 2020.

2.2.2 Bank Reconciliation Statement on 31 July 2020.

Debit Credit

2.2.3 Provide ONE reason why the internal auditor expressed concern about Lucky’s
job description.

2.2.4 Explain to Lucky why it was necessary to prepare a bank reconciliation statement
each month. Provide TWO points

5
ACTIVITY 3
3.1 CASH RECEIPT JOURNAL - JUNE 2020 CRJ 3
Do Day Details Bank Amount Details
c
30 Total 56 200 56 200

10

CASH PAYMENT JOURNAL - JUNE 2020 CPJ 3

Do Day Details Bank Amount Details
c
30 Total 67 400 67 400

21

3.2 GENERAL LEDGER OF HILTON TRADERS

Bank

3.3 Prepare a Bank Reconciliation Statement for June 2020.

Debit Credit

6
3.4 Name TWO ways the business can prevente the cancellation of the deposit on 26 `
May 2020 in the future. 4

3.5 Identify the problem that is revealed by the previous reconciliation, and list TWO
internal control measures to solve this problem.
PROBLEM:

TWO CONTROL MEASURES

3.6 Refer to the debit order for R2 244. Explain a possible reason how this may
have occured, and provide advise on how this can be rectified.

POSSIBLE EXPLANATION:

POINT OF ADVICE

7
2. CREDITORS RECONCILIATION

ACTIVITY 1

RECONCILIATION STATEMENT: BOGATSU SUPPLIERS

Debit Credit Balance

CREDITORS’ LEDGER ACCOUNT: BOGATSU SUPPLIERS

Debit Credit Balance

ACTIVITY 2

RECONCILIATION AND INTERNAL CONTROLS

2.1 CREDITORS’ RECONCILIATION

Adjustment to the creditors Creditors

ledger account of KHUMALO reconciliation
Suppliers (adjustment to the
statement)
Balance 19 353 16 502
(i)

(ii)
(iii)
(iv)
(v) 16
(vi)
(vii)

8
 What advice would you offer him about this transaction? Quote a relevant
2.2 GAAP principle in response.

2.3 The internal auditor wants to improve the internal control of stock and
creditors. Provide Two control measures that he may consider.

ACTIVITY
The3 bookkeeper, Walker, says it is not necessary for her to prepare a Creditors'
Reconciliation Statement because the creditors send monthly statements at the end of
3.1 each month. What would you say to her? State TWO points.

9
 No. Creditors' Ledger of Statement of account received
3.2 Amber Traders from Mongi Suppliers
Balance 110 170 111 600

16

3. TANGIBLE ASSETS

ACTIVITY 3

1 CALCULATION OF DEPRECIATION

10
 2 ASSET REGISTER

Accumulated
Date Cost Depreciation depreciation Book value
1 Jan 2019 90 000 0 0 90 000
31 Dec 2019 9 000 9 000 81 000
31 Dec 2020

GENERAL LEDGER

VEHICLES

ACCUMULATED DEPRECIATION ON VEHICLES

ACTIVITY 4

Calculate the depreciation on 31 December 2020

GENERAL LEDGER

VEHICLES

ACCUMULATED DEPRECIATION ON VEHICLES

11
 DEPRECIATION

Income Statement –31 December 2020

Operating expenses
Depreciation

Note on Tangible Assets –31 December 2020

Cost
Accumulated Depreciation
Carrying Value
Movements
Depreciation
Carrying Value
Cost
Accumulated Depreciation

DEPRECIATION

4 NOTE TO FINANCIAL STATEMENTS

NOTE 3 – TANGIBLE / FIXED ASSETS

VEHICLES
Cost
Accumulated depreciation
Carrying value end of last year
MOVEMENTS
Additions at cost
Disposals at carrying value
Depreciation for the year

12
Carrying value end of current year
Cost
Accumulated depreciation

BALANCE SHEET : 31 DECEMBER 2020

ASSETS
CURRENT ASSETS
Fixed assets

ACTIVITY 5

GENERAL LEDGER OF NORWAY TRADERS: 28 FEBRUARY 2021

VEHICLES

Asset disposal

Accumulated depreciation on Equipment

13
WORKINGS :

Depreciation on Sold Asset Depreciation on old assets

Depreciation on new asset

14
ACTIVITY 6

6.1.1 CALCULATE DEPRECIATION FOR VEHICLES

OLD

NEW

CALCULATE DEPRECIATION FOR EQUIPMENT

OLD

SOLD

NEW

11

6.1.2 GENERAL LEDGER OF TUMI TRADERS

Dr ASSET DISPOSAL ACCOUNT N6 Cr

15
 Land and
6.1.3 Tangible Assets [Note 3] Vehicles Equipment
Buildings
Carrying value on 28
1 000 000 30 000 255 000
February 2019
Cost 600 000

Accumulated Depreciation (570 000) (65 000)

Movements

Additions at cost 180 000

Disposals at carrying value

Depreciation
Carrying value on 29
February 2020
Cost 1 200 000

Accumulated Depreciation

6.1.4 Provide a suitable reason for the equipment being disposed (sold).

4. PARTNERSHIP : LEDGER ACCOUNTS

ACTIVITY 1

16
 GENERAL LEDGER OF REXEL STORES: 29 FEBRUARY 2020

BALANCE SHEET ACCOUNTS SECTION

FINAL ACCOUNTS SECTION

Dr CURRENT ACCOUNT: ALEX B5 Cr

Dr CURRENT ACCOUNT: REX B6 Cr

17
Dr APPROPRIATION ACCOUNT F3 Cr

NOTES TO THE BALANCE SHEET ON 29 FEBRUARY 2020

R R R
7.Capital Accounts Alex Rex Total

8.Current Accounts Alex Rex Total

18
ACTIVITY 2

GENERAL LEDGER OF SG TRADERS :28 FEBRUARY 2021

Dr CURRENT ACCOUNT: GREY B5 Cr

Dr CURRENT ACCOUNT: SIMON B6 Cr

FINAL ACCOUNTS SECTION

Dr APPROPRIATION ACCOUNT F3 Cr

Calculation of the correct net profit

ACTIVITY 3

Indicate the GAAP concepts applicable to the following statements

STATEMENTS CONCEPT
A. Interest on overdraft is shown as a separate amount in the
Income Statement.

B. The lotto ticket of partner Mr.Manzini wins R100 000.This is not

reflected in the Income Statement.

C. The damages payable to a client will be finalised next year, an

estimated amount of R10 000is recorded this year.

19
D. E. The trading stock is shown in the Balance sheet at R20 000,
even though the business will get R17 000 if the business was to
sell the stock at the flea market the following day.

E. Land and buildings are shown in the Balance sheet as R300 000
even though the estate agent say they could be sold for
R750 000.

F. Whenever the debtor settles an account the discounts should be

recorded at the same time.

20
ACTIVITY 4

Notes to the Balance Sheet on 29 February 2020

R R R
CAPITAL ACCOUNT Neo Rocks Total
Balance on 01 March 2019
Contribution of capital during the financial year
Withdrawal of capital during the year
Balance at 29 February 2020

CURRENT ACCOUNTS Neo Rocks Total

Appropriation of net profit
Salaries
Interest on capital
Primary division of profits
Final division of profits
Profit per income statement
Drawings during the year
Retained income /loss for the year
Balance on 01 March 2019
Balance at 29 February 2020

Dr APPROPRIATION ACCOUNT F3 Cr

21
5. PARTNERSHIP :FINANCIAL STATEMENTS AND NOTES
ACTIVITY 1
JOZI TILES
INCOME STATEMENT FOR 28 FEBRUARY 2021
Note

Gross Profit
Other Operating Income

Gross Operating income

Operating Expenses

Operating Profit

Profit Before Interest Expense

2
Net Profit for the year 8

22
Note 3:Tangible Assets

Vehicles Equipment Total

Movements

Carrying Value (end of the year)

Cost
Accumulated Depreciation

23
7.Capital Accounts Mogashoa Mokotedi
Balance at the beginning of the year
Contribution of capital during the financial year
Withdrawal of capital during the year
Balance at the end of the year

8.Current Accounts Mogashoa Mokotedi

Appropriation of net profit
Salaries
Interest on capital
Bonus
Primary division of profits
Final division of profits
Profit per income statement
Drawings during the year
Retained income /loss for the year
Balance at the beginning of the year
Balance at the end of the year

24
MAGIX TRADERS
BALANCE SHEET ON 28 FEBRUARY 2021
Note
ASSETS
Non-current assets
Tangible/Fixed assets 3
Financial Assets

Current assets
Inventories 4
Trade and other receivables 5
Cash and cash equivalents 6

Total assets

EQUITY AND LIABILITIES

Capital and Reserves /Owners’ Equity 7

Capital 8
Current Accounts

Non-current liabilities
Loan

Current liabilities 9
Trade and other payables
Bank overdraft
Total Equity and Liabilities

ACTIVITY 2

NOTE 3

TANGIBLE ASSETS Vehicles Equipment Total

Carrying Value ( beginning of the year)
Cost
?
Movements
Additions at Cost 20 000 20 000
Disposal at Carrying Value

25
 ?
Carrying Value (end of the year)
Cost
Accumulated Depreciation

5 Trade and other receivables

6 Cash and cash equivalents

7.Capital Accounts Naidoo Williams Total

8.Current Accounts Naidoo Williams Total

26
ACTIVITY 3 : CONCEPTS AND INCOME STATEMENT

3.1 CONCEPTS
Describe the difference between the sole trader and partnership in terms of their unique accounts.
Description Sole Trader Partnership

Equity accounts

Net Profit

Appropriation of
profit

3.2 Calculate the correct Net Profit for the year ended 28 February 2021
Net Profit before the adjustments 852 765

18

27
27

28
ACTIVITY 4: BALANCE SHEET, INTERNAL CONTROL AND ETHICS

4.1. BALANCE SHEET ON 28 FEBRUARY 2021 - JV TELEVISIONS

1

ASSETS Note
NON-CURRENT ASSETS

FINANCIAL ASSETS

CURRENT ASSETS

TOTAL ASSETS

EQUITY AND LIABILITIES

NON-CURRENT LIABILITIES

CURRENT LIABILITIES

TOTAL EQUITY AND LIABILITIES

38

29
4.1.2 CURRENT ACCOUNTS JELE VUYI TOTAL
Profit as per Statement of financial position
242 000

Balance at end of year 130 500 (17 500)

22

ALTERNATIVE PRESENTATION
CURRENT ACCOUNTS JELE VUYI TOTAL

Profit as per Statement of financial position 242 000

130 500 (17 500)

22

30
4.2 INTERNAL CONTROL AND ETHICS
Read the following statements and respond to the questions provided.

Jele feels that the partners have not been controlling their cash resources well. Support your
explanation by quoting relevant figures from the information provided in 4.1. Provide TWO
points. 6

Jele feels that he is bearing an unfair financial burden in this business. In TWO points explain
why do you agree with him and provide figures to support your answers.
4

Do you think Vuyi's decision of buying the television sets at the reduced price was a fair?
Explain in ONE POINT how best this transaction could have been handled to benefit both
partners. 3

13

73

31
6. ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS

ACTIVITY 1

32
1.1 Calculate the following:
1.1.1 The total current liabilities

1.1.2 Percentage return earned by David

1.1.3 Debt equity ratio

1.1.4 Acid-test ratio

1.2 Comment on the liquidity of the business.Quote TWO financial indicators (with figures) in
your answer.

1.3 Do you think that David is satisfied with his return on investment? Explain.
Quote TWO relevant financial indicators (with figures) to support your answer,

33
ACTIVITY 2: ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS

2.1 Calculate the Acid Test Ratio for February 2020

2.2 Calculate the debtors collection period for the year ended 29 February 2020

2.3 Calculate the Debt-Equity ratio for the year ended 29 February 2020

34
 4

2.4 Comment on the liquidity position of the business. Quote at least TWO financial indicators and
figures in your answer.

2.5 Based on your calculations in 3.2, should the business be happy with payments received from
debtors?

35
YES/NO

TWO Points supporting the answer

Advice (ONE Point )

2.6 The partners are considering to take an additional loan of R300 000 in the next financial year at
the same interest rate .Do you think this is a wise decision? Explain and quote ONE financial
indicator to support your answer.

36
 TOTAL

30

7. BUDGETS

ACTIVITY 1

Debtors Collection Schedule

Collection period
Month Credit sales Terms January February March
Nov 36 000 × 20 % (Jan) 7 200

37
38
ACTIVITY 2

DEBTORS’ COLLECTION SCHEDULE – PHAKISO TRADERS

Credit sales Debtors collection
January February

November

December

January

February

Expected receipts

CASH BUDGET OF PHAKISO TRADERS – 01 JANUARY - 28 FEBRUARY 2021

RECEIPTS January February

Cash sales
Receipts from debtors

PAYMENTS
Cash purchases

39
 ACTIVITY 3
BALOYI TRADERS
DEBTORS COLLECTION SCHEDULE FROM 1 APRIL 2021 TO 30 MAY 2021
MONTH CREDIT OCTOBER NOVEMBER
SALES

Cash from debtors

BALOYI TRADRES

CASH BUDGETS FOR THE MONTH 1 APRILTO 30 MAY 2021

APRIL MAY
CASH RECEIPTS

TOTAL RECEIPTS
CASH PAYMENTS

TOTAL PAYMENTS

Cash surplus ( Shortfall)

Bank - opening balance
Bank – closing balance

40
ACTIVITY 4: BUDGETS

4.1 4.1.1
4.1.2
4.1.3
4.1.4
4.1.5 5

4.2 THUMAMINA TRADERS

4.2.1 DEBTORS COLLECTION SCHEDULE

Credit sales Calculations September October
July 8 568
August 36 960
September
October
14

4.2.2 CASH BUDGET

September October
CASH RECEIPTS
Cash sales 28 000
Fixed deposit 80 000

TOTAL RECEIPTS
CASH PAYMENTS
Cash purchases of stock 40 000
Payments to creditors 30 400
Sundry expenses 8 600

TOTAL PAYMENTS
Cash surplus / shortfall

Bank (closing balance) 26

41
 4.2.3 Name TWO items from the cash budget in question 4.2.2 that will not
appear in the projected income statement.

4.2.4 Give TWO reasons why it is important to compare actual figures with
budgeted figures.

4.2.5 You have noticed that the actual motor vehicle expense for August 2019
was R5 000 more than the budgeted amount. Suggest TWO possible
explanations for this overspending.

TOTAL MARKS

55

ACTIVITY 5

42
5.1 Debtors Collection Schedule

Credit Sales November December

September 144 000 14 400
October 149 760
November 161 280 96 786
December 187 200 46 800

8
5.2 Cash budget for two months ending December 2019

RECEIPTS November December

Cash sales 241 920
Collection from debtors
Interest on fixed deposit
Rent income 5000
TOTAL RECEIPTS
PAYMENTS
Cash purchases of trading stock 78 000
Payments to creditors 138 320
Loan repayment
Interest on loan 3 000
Salary including bonus (store manager) 20 000
Sales assistants salaries 62 400
Drawings 30 000
Equipment
Other operating expenses 145 866
TOTAL PAYMENTS
Cash surplus (shortfall)
Balance at the beginning of the month 138 400
Balance at the end of the month

21

43
ACTIVITY 6

Projected Income statement of Thuthuka Traders for July, August 2021

July August
Sales
Cost of sales
Gross profit
Other operating income

Gross operating income

Operating expenses

Operating profit

Profit before interest Expense

Net profit for the year

44
8. INVENTORY

ACTIVITY 1
Business A Business B Business C
A B C

D E F

G H I

J K L

ACTIVITY 2
Calculations for cost of sales and gross profit

Opening stock

Net Purchases

Carriage on purchases

45
ACTIVITY 3

1.Cost of sales

2.Calculate gross profit

3. Calculate the actual mark-up percentage achieved.

4. Supply two reasons why the business did not achieve the intended mark-up.

5. The owner is concerned about the high transport costs on purchases. Is there a way to solve
this problem? Explain.

6. The business regularly donates cash and trading stock to several charity organizations. How
does the business benefit from making donations? Explain two ways.

7. The owner is considering changing to the perpetual system the following year.What should he consider
before taking this action?

ACTIVITY 5

46
 CALCULATIONS: Answers
5.1. Cost of Sales

5.2 Gross Profit

5.3 % Mark-up achieved

47
ACTIVITY 6

6.1 Perpetual inventory system Periodic inventory system

Account debited Account credited Account debited Account credited
(i) Bank Bank

(ii) Creditors control

(iii) Sales

Trading stock

(iv) Creditors control Creditors control

48
6.2 Calculate the cost of sales

R
Opening stock

49
7. COST ACCOUNTING

ACTIVITY 1

GENERAL LEDGER OF JELE MANUFACTURERS

BALANCE SHEET ACCOUNTS SECTION

Dr Raw Material Stock Cr

2020 1 2021 28
Mar Feb

Dr Factory overheads Cr
2021 2 2021 28
Feb 8 Feb

Dr Work in process Cr
2020 1 2021 28
Mar Feb

50
Dr Finished goods stock Cr

Dr Indirect material account (consumables) Cr

Final accounts section

Dr Trading account Cr

51
ACTIVITY 2
Total Fixed Cost:

Variable cost per soccer ball:

Contribution per unit :

Break-even point:

52
ACTIVITY 3
3.1.1 Calculate the following:

Direct material costs

Direct labour costs

GENERAL LEDGER OF JELE MANUFACTURERS

3.1.2 WORK IN PROGRESS STOCK

2020
1 Balance
Mar

10

53
 FINSIHED GOODS
2020
1 Balance
Mar

3.1.3 The owner is concerned about the control of workers in production. Provide
TWO points that justify his concern. Quote relevant figures.

Point 1: Figures:

Point 2: Figures:

3.2.1 Break- even point

54
 Comparison of units produced to BEPand a comment

3.2.2 Did the business achieve the targeted gross profit on sales? Provide a
calculation to support your opinion.

TOTAL MARKS

50

55
ACTIVITY 2

4.1 Calculate the following:

4.1.1 Direct material costs

R62 100

4.1.2 Direct labour costs

4.2.1 GENERAL LEDGER OF C & A CLOTHING

FACTORY OVERHEADS
2020
30 Indirect material
Jun 53 595
48 585
Depreciation

12

56
4.2.2
WORK IN PROGRESS STOCK
2019
Jul
1 Balance b/d

4.3.1 Calculate the following:

 Variable costs per unit

2
 Break-even point

4.3.2 Comment on the break-even point. Quote figures.

57
4.3.3 Calculate the percentage increase of the selling price.

TOTAL MARKS

40

58
ACTIVITY 5

5.1.1 Calculate the raw materials used for production.

5.1.2 GENERAL LEDGER OF MONGEZI MANUFACTURERS

FACTORY OVERHEADS COST ACCOUNT

14

59
 WORK-IN-PROCESS STOCK ACCOUNT

10

FINISHED GOODS STOCK ACCOUNT

5.1.1 Explain to Katlego why it is necessary to calculate the Break-even point

60
5.1.2 Calculate the Break-even point achieved by Katlego

5.2.3 Comment on the level of production achieved by Katlego.

TOTAL MARKS

45

61
9. VALUE ADDED TAX

ACTIVITY 1

Complete the table provided below:

No Exclusive selling price VAT @ 15% Inclusive selling price

1 400 60 460
2 700
4 966
5 1 265
9 225

ACTIVITY 2

Complete the following table by calculating the amounts indicated by A – G.

No VAT exclusive VAT VAT inclusive

1 R3 000 R3 450
2 R22 500 R3 375
3 R3 750 R28 750
4 R1 260
5 R10 000

ACTIVITY 3 : VAT ETHICS

RAKGETSI TRADERS

3.1.1 Is it ethical for Rakgetsi Traders to charge VAT on zero-rated items? Explain the
consequences/results of his action in ONE point.

62
3.2.1 Calculate the VAT that the business must either pay or receive.

3.2.2 You discovered that the VAT amount was not being submitted on due
dates. On enquiry, it was discovered that the manager was using the
VAT money to pay for business expenses. Give ONE point of advice to
the manager and explain why you offer this advice.

ADVICE REASON

3.2.3 Mpumi, the owner, suggested to the bookkeeper that they charge VAT on all
goods sold (including the zero rated goods) but keep a separate journal for the
VAT payable to SARS.

Comment on this suggestion. Provide ONE point.

TOTAL MARKS
15

63
ACTIVITY 4

Complete the following calculations :

Cost price % mark-up Selling price Selling price

(VAT exclusive) (VAT inclusive)
Example
R460 15% R460 x 115/100 = R529 R529 x 115/100 = R608,35

R1 800 20% ? ?

R1 250 40% ? ?

ACTIVITY 5

Cost price Selling MARKED

( VAT) mark-up Price VAT PRICE
Number (VAT excl) (VAT incl)
R % R R R
1 120 50%

2 40% 402.50

3 380 364

4 25% 200

ACTIVITY 6
Date Subsidiary book Vat Amount Input Vat Ouput Vat

15

16

20

23

25

27

64