# Accounting Grade 12 P1 Eastern Cape Mock 2023 QP (Eng) > Grade 12 Accounting Paper 1 question paper from the Eastern Cape Mock Exam 2023 (English), 11 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accounting-p1-gr12-ab-september-2023-english/211cd997-cc7d-4c7c-80c5-440eac9aafdb - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Language: English - Document type: Question paper - Year: 2023 - Exam period: Eastern Cape Mock Exam - Paper: 1 - Curriculum: CAPS - Pages: 11 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 12](https://www.hlayiso.com/library/grade-12) › [Accounting](https://www.hlayiso.com/library/grade-12/accounting) › [Accounting Grade 12 P1 Eastern Cape Mock 2023 QP (Eng)](https://www.hlayiso.com/library/accounting-p1-gr12-ab-september-2023-english/211cd997-cc7d-4c7c-80c5-440eac9aafdb) ## About this document Accounting · Grade 12 · Eastern Cape Mock Exam · 2023 · English. Question paper, 11 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Name: NATIONAL SENIOR CERTIFICATE GRADE 12 SEPTEMBER 2023 ACCOUNTING P1 ANSWER BOOK MAX. MARKS MODERATED MARKS QUESTION MARKS OBTAINED School District Province 1 60 2 40 3 35 4 15 150 This answer book consists of 11 pages. ### Page 2 2 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 1 1.1 1.1.1 1.1.2 1.1.3 3 1.2.1 Calculate: The value of the closing stock WORKINGS ANSWER 4 1.2.2 Calculate the correct net profit after tax for the year ended 30 June 2023. Indicate ‘+’ for increase and ‘–’ for decrease at each adjusted amount. WORKINGS ANSWER ` Incorrect Net Profit before tax 3 551 841 Profit/loss on sale of equipment Provision for bad debts adjustment Insurance Rent income Interest on loan Income tax Correct Net Profit after tax 21 Copyright reserved Please turn over ### Page 3 (EC/SEPTEMBER 2023) ACCOUNTING P1 (ANSWER BOOK) 3 1.2.3 STATEMENT OF FINANCIAL POSITION ON 30 JUNE 2023 ASSETS NON-CURRENT ASSETS Fixed assets Financial assets CURRENT ASSETS Inventories Trade and other receivables 942 460 Cash and cash equivalents TOTAL ASSETS EQUITY AND LIABILITIES SHAREHOLDERS' EQUITY Ordinary share capital Retained income 895 000 NON-CURRENT LIABILITIES Mortgage loan CURRENT LIABILITIES Trade and other payables 1 962 260 TOTAL EQUITY AND LIABILITIES 32 TOTAL MARKS 60 Copyright reserved Please turn over ### Page 4 4 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 2 2.1 2.1.1 2.1.2 2.1.3 3 2.2 TUMBA LTD 2.2.1 ORDINARY SHARE CAPITAL NOTE Shares in issue at the beginning of the year 4 704 000 300 000 Shares issued during the year Shares in issue at the end of the year 5 852 000 6 2.2.2 Calculate: Income tax paid WORKINGS ANSWER 5 Calculate: Dividends paid WORKINGS ANSWER 3 Copyright reserved Please turn over ### Page 5 (EC/SEPTEMBER 2023) ACCOUNTING P1 (ANSWER BOOK) 5 2.2.3 Complete the following sections of the Cash Flow Statement. CASH EFFECTS FROM INVESTING ACTIVITIES Purchase of fixed assets Proceeds from the sale of fixed assets Change in financial assets 190 000 7 NET CHANGE IN CASH AND CASH EQUIVALENTS Cash (balance at the beginning of the year) Cash (balance at the end of the year) 4 2.2.4 Calculate: Acid-test ratio WORKINGS ANSWER 4 Calculate: % return on average shareholders’ equity (ROSHE) WORKINGS ANSWER 4 Copyright reserved Please turn over ### Page 6 6 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2023) Calculate: Interim dividends per share WORKINGS ANSWER 4 TOTAL MARKS 40 Copyright reserved Please turn over ### Page 7 (EC/SEPTEMBER 2023) ACCOUNTING P1 (ANSWER BOOK) 7 QUESTION 3 3.1 The company’s total sales increased from 2022 to 2023 and the operating activities have been better controlled in 2023. Quote and explain TWO financial indicators, which indicate better control over operating activities. 4 Quote and explain ONE relevant indicator, which directly contributed to the increase in sales. 2 3.2 Identify TWO financial indicators, which indicate an improvement in the liquidity of the company. 2 3.3 The directors decided to increase the loan at the beginning of 2023. Explain why you agree with their decision. Quote TWO financial indicators with trends. 8 Copyright reserved Please turn over ### Page 8 8 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2023) 3.4 Shareholders buy shares in companies as a short-term investment while others do it as a long-term investment. Explain how the change in the dividend pay-out policy affects the investment choices of each type of shareholder. Provide comparative figures. Short-term shareholders Long-term shareholders 6 3.5 Shareholders are divided on the price paid for the re-purchase of shares. Provide ONE point in support of and ONE point against the price paid for shares. Quote ONE financial indicator with figures for each point. In support of the price paid  Against the price paid  4 Copyright reserved Please turn over ### Page 9 (EC/SEPTEMBER 2023) ACCOUNTING P1 (ANSWER BOOK) 9 3.6 The directors of the company decided to issue an additional 50 000 shares in the new financial year. Calculate the minimum number of shares S. Lucus must buy to become a majority shareholder. WORKINGS ANSWER 5 Mention TWO points why S. Lucus wants to become a majority shareholder. 4 TOTAL MARKS 35 Copyright reserved Please turn over ### Page 10 10 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2023) QUESTION 4 4.1 Audit reports Which type of audit report will discourage shareholders to buy shares in a company? 1 Provide TWO reasons why shareholders will not be interested to buy shares in such a company. 4 4.2 Explain why a company’s financial statements have to be audited by independent auditors. Provide TWO points. 4 Copyright reserved Please turn over ### Page 11 (EC/SEPTEMBER 2023) ACCOUNTING P1 (ANSWER BOOK) 11 4.3 Concern over the kind of relationship between a director, Chief Financial Officer (CFO) and the independent auditor. As a shareholder, why would you be concerned by this kind of relationship? Explain THREE points (one for each person involved). Director Chief Financial Officer Independent auditor 6 TOTAL MARKS 15 TOTAL: 150 Copyright reserved Please turn over ## Related documents - [ACCOUNTING P1 GR12 QP SEPT 2023 English](https://www.hlayiso.com/library/accounting-p1-gr12-qp-sept-2023-english/86b103e1-05b3-4ddd-9077-02c461ae7d17) — Accounting · QP · 2023 · Eng - [ACCOUNTING P2 QP GR12 SEPT 2023 English](https://www.hlayiso.com/library/accounting-p2-qp-gr12-sept-2023-english/eb464289-6949-44e1-9c80-4e527d6a3926) — Accounting · QP · 2023 · Eng - [ACCOUNTING P1 GR12 AB JUNE 2023 English](https://www.hlayiso.com/library/accounting-p1-gr12-ab-june-2023-english/bd3063b8-4a97-4989-8498-a76ffb82e60a) — Accounting · QP · 2023 · Eng - [ACCOUNTING P1 GR12 QP SEPT 2021 English D REV](https://www.hlayiso.com/library/accounting-p1-gr12-qp-sept-2021-english-d-rev/bd359bc3-aaa6-4466-a680-12cf6f56610f) — Accounting · QP · 2021 · Eng - [ACCOUNTING P1 GR12 MEMO JUNE 2023 English](https://www.hlayiso.com/library/accounting-p1-gr12-memo-june-2023-english/b15a4456-2317-4298-9022-fc735fdc6214) — Accounting · Memo · 2023 · Eng - [ACCOUNTING P2 GR12 QP SEPT2020 English](https://www.hlayiso.com/library/accounting-p2-gr12-qp-sept2020-english/f03e0db8-e54a-430c-a3c1-424aaa129fde) — Accounting · QP · 2020 · Eng ## More from Grade 12 Accounting - [Accounting](https://www.hlayiso.com/library/accounting/8f42a6a4-9593-4d36-86b1-d890dd1bb1bf) — Guide - [ACCOUNTING P1 GR12 AB JCT ENG D watermark](https://www.hlayiso.com/library/accounting-p1-gr12-ab-jct-eng-d-watermark/77ae8297-53f7-47b3-8e29-57bd38f30483) — Addendum · 2025 · Eng - [Acc P2 Memo ENg watermark](https://www.hlayiso.com/library/acc-p2-memo-eng-watermark/5c899e95-f3c2-4bf6-b539-ed8b1bcec50d) — Memo · 2025 · Eng - [Accounting P1 (English) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p1-english-june-2025-answer-book/7e96e433-56f8-43a1-9a38-c68c465746dd) — Addendum · 2025 · Eng - [Accounting P2 (English ) June 2025 Answer Book](https://www.hlayiso.com/library/accounting-p2-english-june-2025-answer-book-1/73bffe7c-1c96-49bd-af78-abb8db8c6618) — Addendum · 2025 · Eng - [Accounting P1 (English) June 2025 Possible Answers](https://www.hlayiso.com/library/accounting-p1-english-june-2025-possible-answers/86671777-58f6-4c82-932c-4924bae022c0) — Memo · 2025 · Eng ## Collection - [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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