# Accounting Grade 12 P1 Eastern Cape Mock 2021 QP (Eng) > Grade 12 Accounting Paper 1 question paper from the Eastern Cape Mock Exam 2021 (English), 16 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/accounting-p1-gr12-ansbk-sept-2021-english-d/727290a9-042f-4d07-b537-f93a848cf42f - Updated: 2026-09-27 - Subject: Accounting - Grade: Grade 12 - Language: English - Document type: Question paper - Year: 2021 - Exam period: Eastern Cape Mock Exam - Paper: 1 - Curriculum: CAPS - Pages: 16 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 2021 QP (Eng)](https://www.hlayiso.com/library/accounting-p1-gr12-ansbk-sept-2021-english-d/727290a9-042f-4d07-b537-f93a848cf42f) ## About this document Accounting · Grade 12 · Eastern Cape Mock Exam · 2021 · English. Question paper, 16 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 Downloaded from hlayiso.com Name: NATIONAL SENIOR CERTIFICATE GRADE 12 SEPTEMBER 2021 ACCOUNTING P1 ANSWER BOOK MARKS MODERATED QUESTION MAX. MARKS OBTAINED MARKS 1 15 2 60 3 40 4 35 150 *Acabe1* This answer book consists of 9 pages. ### Page 2 Downloaded from hlayiso.com 2 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2021) QUESTION 1 1.1 1.1.1 1.1.2 1.1.3 3 1.2 AUDIT REPORT 1.2.1 Identify the type of report and explain why this type of report was issued by the auditor. 2 1.2.2 Explain TWO points why shareholders will be concerned about the company receiving such a report. 4 1.2.3 The CEO requested that the auditor classifies this donation as a ‘sundry expense’ and adjust the audit opinion accordingly. Provide TWO reasons why the auditor would not agree with this suggestion. 4 Copyright reserved Please turn over ### Page 3 Downloaded from hlayiso.com (EC/SEPTEMBER 2021) ACCOUNTING P1 (ANSWER BOOK) 3 1.2.4 Apart from the issues mentioned above, explain why the company would be accused of poor corporate governance. 2 TOTAL 15 Copyright reserved Please turn over ### Page 4 Downloaded from hlayiso.com 4 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2021) QUESTION 2 2.1 Statement of Comprehensive Income on 28 February 2021 Sales Cost of sales Gross profit Other income Discount received 14 000 Gross income Operating expenses Depreciation 86 010 Sundry expenses Operating profit Interest income 23 400 Profit before interest expense Net profit before income tax Income tax Net profit after tax 689 310 36 Copyright reserved Please turn over ### Page 5 Downloaded from hlayiso.com (EC/SEPTEMBER 2021) ACCOUNTING P1 (ANSWER BOOK) 5 2.2 RETAINED INCOME Balance on 1 March 2020 Net profit after tax 689 310 Ordinary share dividends Interim dividends 126 000 Balance on 28 February 2021 7 2.3 EQUITIES AND LIABILITIES SECTION *show significant items separately under Current liabilities SHAREHOLDERS EQUITY Ordinary share capital Retained income Non-current liabilities Current liabilities Trade and other payables TOTAL EQUITY AND LIABILITIES 17 TOTAL 60 Copyright reserved Please turn over ### Page 6 Downloaded from hlayiso.com 6 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2021) QUESTION 3 3.1 Calculate the following for the Cash Flow Statement on 31 August 2021: 3.1.1 Change in payables (indicate inflow or outflow of cash) WORKINGS ANSWER 4 3.1.2 Income tax paid WORKINGS ANSWER 4 3.1.3 Dividends paid WORKINGS ANSWER 4 3.1.4 Proceeds from shares issued WORKINGS ANSWER 5 3.1.5 Funds used to repurchase shares WORKINGS ANSWER 3 3.1.6 Increase in loan WORKINGS ANSWER 4 Copyright reserved Please turn over ### Page 7 Downloaded from hlayiso.com (EC/SEPTEMBER 2021) ACCOUNTING P1 (ANSWER BOOK) 7 3.2 NET CHANGE IN CASH AND CASH EQUIVALENTS Cash and cash equivalents (opening balance) Cash and cash equivalents (closing balance) 4 3.3 3.3.1 Calculate: Acid-test ratio WORKINGS ANSWER 3 3.3.2 Calculate: % return on average shareholders’ equity WORKINGS ANSWER 5 3.3.3 Calculate: Dividend pay-out rate (%) WORKINGS ANSWER 4 TOTAL 40 Copyright reserved Please turn over ### Page 8 Downloaded from hlayiso.com 8 ACCOUNTING P1 (ANSWER BOOK) (EC/SEPTEMBER 2021) QUESTION 4 4.1 4.1.1 4.1.2 4.1.3 3 4.2.1 Identify the company that has the most efficient liquidity position. Quote and explain THREE financial indicators to support your choice. COMPANY: FINANCIAL INDICATORS AND EXPLANATION: 6 4.2.2 A director of Green Ltd feels that the company should pay back the loan as soon as possible Explain what you would say to him. Quote TWO financial indicators (with figures) to motivate your opinion. 6 4.2.3 Comment on the dividend pay-out rates of Green Ltd and Plaza Ltd, and provide a reason for the directors of each company deciding on those pay-out rates. Quote figures. 6 Copyright reserved Please turn over ### Page 9 Downloaded from hlayiso.com (EC/SEPTEMBER 2021) ACCOUNTING P1 (ANSWER BOOK) 9 4.2.4 Shareholding of Sandi Charley: Sandi Charley is a shareholder in two of these companies. She has R800 000 and intends to invest in new shares. All three companies have decided to issue additional shares on 1 March 2021, at the existing market price on 28 February 2021. Calculate Sandi’s % shareholding in Green Ltd and comment on your findings. CALCULATION: COMMENT: 4 Calculate the minimum number of shares she should buy in Green Ltd and the amount she would have to spend. 6 What advice would you offer Sandi regarding her intentions to purchase shares in Plaza Ltd? Provide TWO points. Quote figures (financial indicators) to support your advice. 4 TOTAL 35 TOTAL: 150 Copyright reserved Please turn over ### Page 10 Downloaded from hlayiso.com ### Page 11 Downloaded from hlayiso.com ### Page 12 Downloaded from hlayiso.com ### Page 13 Downloaded from hlayiso.com ### Page 14 Downloaded from hlayiso.com ### Page 15 Downloaded from hlayiso.com ### Page 16 Downloaded from hlayiso.com ## Related documents - [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 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 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 - [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 P2 Nov 2020 Afr](https://www.hlayiso.com/library/accounting-p2-nov-2020-afr/11a416d1-5a4d-43f5-8e86-04e631d2a55d) — Accounting · QP · 2021 · Afr ## 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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