Moderate the test set by your colleague

When moderating the test, provide your colleague with constructive feedback on the test he set. Point out some positive aspects of the test as well as some corrections you had to make to the test before the grade 11's could write it, e.g., spelling errors, incorrect accounting terminology used, layout, mark allocation,

Grade 11 Accounting Test 4.06:

Time: 30 minutes

Marks:

The following balances/totals amongst others appeared in the books of ABStores (with Parner A and Partner B) on 30 June 2018 the end of the financial year.

Required:

1. Complete the following notes to the Balance sheet:

i. Capital

ii. Current accounts

IMFORMATION:

Balances/Total on 30 June 2018: Partner A PartnerB

Capital accounts: (1 July 2017) 320 000 180 000

Current accounts: (1 July 2017) 5 540 (dr) 6 330 (cr)

Drawings 63 800 58 000

Profit and Loss account (net profit) 195 350

Loans 190 000

Additional Information:

1. No entries were made for the following transactions:

Partner B registered his personal van worth R60 000 in the name of the business on 1 Desember 2017 and requested that this be regarded as an additional capital contribution.

A salary cheque of R3 500 for December 20177 issued to Partner B was erroneously posed to the Drawings account of Partner A.

2. The Partnership deed makes provision for the following:

The partners were entitled to the following salaries: Partner A: R4 500 per month; Partner B: R3 500 per month. However, Partner A's salary was increased by R5 400 per year as from 1 April 2018.

3. Interest on Capital must be provided at 7,5% p.a. on capital balances as reflected on 30 June 2018.

4. The balance of the profit/loss must be shared in proportion to the capital balances on 30 June 2018