# Accounting Grade 12 Paper 1 NSC November 2023 Memo (English)

> Grade 12 Accounting Paper 1 memorandum from the NSC November Exam 2023 (English), 10 pages. Read online or download the free PDF.

- Page: https://www.hlayiso.com/library/accounting-p1-oct-nov-2023-eng-memo/d0e268eb-f327-4ea5-b6c4-1b44908779dd
- Updated: 2026-09-27
- Subject: Accounting
- Grade: Grade 12
- Document type: Memorandum
- Year: 2023
- Exam period: NSC November Exam
- Paper: 1
- Curriculum: CAPS
- Pages: 10

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Accounting · Grade 12 · NSC November Exam · 2023. Memorandum, 10 pages. Read online or download the PDF.

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basic education

Department:
Basic Education
REPUBLIC OF SOUTH AFRICA

NATIONAL SENIOR CERTIFICATE
GRADE 12

ACCOUNTING P1
NOVEMBER 2023
MARKING GUIDELINES

EDUCATION
PRIVATE BAG X595, PRETORIA 0001

5EPARTMENT OF BASIG

APPROVED MARKING GUIDELINE

Approved Approved Approved Approved

Mh Hu Cy. "Woedre ff flaceces

T HALL P GOVENDER D WOODROFFE ‘M VANNEER
DBE Internal moderator DBE Internal moderator Umalusi External moderator Umalusi External moderator
26 Nov 2023 26 Nov 2023 26 Nov 2023 26 Nov 2023

MARKS: 150

MARKING PRINCIPLES:
Unless otherwise stated in the marking guidelines, penalties for foreign items are applied only if the
candidate is not losing marks elsewhere in the question for that item (no penalty for misplaced item).
No double penalty applied.
Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning
marks on the figures for that item.
Unless otherwise stated, give full marks for a correct answer. If answer is incorrect, mark workings.
If a pre-adjustment figure is shown as a final figure, allocate the part-mark as a working mark for that
figure (not the method mark for the answer). Note: figures stipulated in the marking guidelines as
components of workings are marked together; these do not carry the method mark for parts thereof.
Unless otherwise indicated, the positive or negative effect of any figure must be considered to award
the mark. If no + or ~ sign or bracket is provided, assume that the figure is positive.
Where indicated, part-marks may be awarded to differentiate between differing qualities of answers
from candidates.
If candidates provide more than the required number of responses, inspect all responses to give benefit
to the candidate. Penalties may be applied for foreign entries if candidates earn full marks on a question
(max -2 per Q).
These marking guidelines are not for public distribution as certain items might imply incorrect treatment.
The adjustments made are due to nuances in certain questions.
Where penalties are applied, the marks for that section of the question cannot be a final negative.
Where method marks are awarded for operation, markers must inspect reasonableness of the answer.
‘Operation’ means check operation. 'One part correct’ means operation and one part correct. Note:
check operation must be +, -, x, + as per candidate's calculation (if valid) or per marking guidelines.
In calculations, do not award marks for workings if numerator & denominator are swapped — this also
applies to ratios.
In awarding method marks, ensure that candidates do not get full marks for any item that is incorrect at
least in part. Indicate with a &.
Be aware of candidates who provide valid alternatives beyond the marking guidelines. Note that one
comment could contain different aspects.
Codes: f = foreign item; p = placement/presentation.

These marking guidelines consist of 10 pages.

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Accounting/P1 2

NSC - Marking Guidelines

DBE/November 2023

QUESTION 1
1.1 Calculate the value of closing stock of bicycles using FIFO method.
WORKINGS ANSWER
740-40 1.009 - 700* / if both adds up to 1009
(700*vv xR2 100“) + 309M x R2 020 v
1 470 000 three marks 624 180 two marks Pe ea ee
6
1.2 Statement of Comprehensive Income for the year ended 28 February 2023
Sales 21 017 200
21 353 200 two marks
Cost of sales (21017 200 + 336000) x 100/220 v (9 706 000) 1*
Be alert to other alternative arrangements for calculations
Gross profit Sales-cos 5 11311 200M ;
Other income 942 900 O 1s wl,
Bad debts recovered @ fe aS
Commission income 277 000 + 41000 318 000 vv O15 . SIs
one mark __one mark KO Sow 2
Fee income (47 150-23 000) two marks (47 150 x 105/205) two marks 278 850M* Ce ze , $8
303 000V_— 24 150 vv zie = xis
Sundry income an 4 u
oO 2 & alg
Gross operating income 6 12 254 100 ge a ™~ = |
Operating expenses ; 12 254 100 — 4 150 300 (8 103 800) ¥ & $ = q
Accept without brackets as operation would be correct oO Ha a a
| ee Uy

Salaries and wages

Depreciation

Sundry expenses

— 1 foreign items (max — 2); misplaced items, award marks for workings only
Note Principle 11 when awarding method marks: Operation as per candidate’s operation

Copyright reserved

Do not accept 2 125 380 or 2 094 180 as a final answer 31 200 MM
Trading stock deficit 2 125 380 — 2 094 180 see 1.1 If subtracted from
Loss due to theft / stock loss 2 125 380
Rent expense — (1950 x 330) (350 x 330)
643 500 vv —- 115 500 vv
(900 x 330) (700 x 330) (1500 x 330) (100 x 330) 528 000 W*
OR 297 000 + 231000 OR 495 000 + 33 000
two marks two marks two marks two marks
Directors’ fees 85 000 three marks *
1610 000v + 75 000v v + 10000 v 1 695 000M
Operating profit 13 4 150 300
Interest income
Profit before interest expense
Interest expense
Net profit before tax 3.737 250
Income tax (1 152 000)
Net profit after tax 2 585 250 24
* 1 part correct

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Accounting/P1 3 DBE/November 2023
NSC = Marking Guidelines
1.3 Statement of Financial Position on 28 February 2023
ASSETS
NON-CURRENT ASSETS
Fixed assets
Investment: Fixed deposit 2
vey ONE mark for 1 500 000 as a final answer 1 000 000 vv"
CURRENT ASSETS accept any order of items under CA 3 860 090@*
Inventories seet.1 2094 180M
Trade and other receivables
see comminc transfer seerentexp [one mark only] 636 910 M*
483 110+ 41 000Y — 2 700 + 115 500 M or [350 x 330]
Cash and cash equivalents 629 000 v+ 500 000 v 1 129 000 *
TOTAL ASSETS 10
EQUITY AND LIABILITIES
ORDINARY SHAREHOLDERS' EQUITY 22 562 750V v
Ordinary share capital 20 000 000
- . 2 562 750M
Retained income SHE - OSC 3 Do not accept 0 as an
answer
NON-CURRENT LIABILITIES 4512 550
Loan 4512 550
CURRENT LIABILITIES operation 3 793 340 M*
Trade and other payables
see fee inc see dir.fees transfer 630 340 M*
523 890 v + 24 150 M+ 85 000M —2700v
Current portion of loan 420 000
SARS: Income tax 1152000” - 1049000 103 000M*
must be positive form.m. must be negative for m.m Must subtract prov tax
Shareholders for dividends 2 640 000”
TOTAL EQUITY AND LIABILITIES id 25
Inspect: SARS:IT and SFD may be included in TROP * 1 part correct
~ 1 foreign item (max -2); presentation -1 (max -1); misplaced items, award marks for workings only
Note Principte 11 when awarding method marks: Operation as per candidate's operation, unless specified.
TOTAL MARKS 55
DEPARTMENT OF BASIC |
EOUCATION
PRIVATE BAG KO9S, PRETORIA HOt
2023 -1i- 26
Copyright reserved APPROVED MARKING GUIDELINE Please turn over
PUBLIC EXAMINATION

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Accounting/P1 4 DBE/November 2023
NSC — Marking Guidelines

QUESTION 2
SHERBIZ LTD
2.1 ORDINARY SHARE CAPITAL NOTE ~1 poor presentation (max -1)

1200000 | Shares in issue on 1 March 2022 7 200 000
Shares issued on 30 June 2022

300 000 v Always treat this as the balancing figure. 2 700 vee 4
Ignore workings on this aspect. Balancing figure

(90 000)*v Shares repurchased (ASP: R6,60 © ) (594 000)* 4
9 306 000/1 410 000 | Do not accept 90 000 x 0,8

1410000 4
one part correct’ | Shares in issue on 28 February 2023 9 306 000 v
must include
1.200 000
“Ignore brackets, check correct operation for balancing figures.
2.2 -1 poor presentation (max -1)

CASH FLOW OF OPERATING ACTIVITIES

Cash generated from operations

Interest paid (117 600)
Dividends paid [1 200 000 x 0,24) [1 500 000 x 0,30]

288000VM + 450000vM (738 000) Z

if x by correct DPS if x by correct DPS must be in brackets

OR - 288 000 — 450 000 for the m.mark, at least one

(450 000 + 282 000) mark in one of components

OR (using total dividends) + 288 000 +732000 -282 000 must be eared
two marks one mark one mark

(267 200) 4

Income tax paid

must be in brackets

337 500 vv — 42 500 v —- 27 800 v

“OR — 337 500 + 42 500 + 27 800 for the m.mark, at least one

part must be correct

Be alert to alternative workings such as ledger account or use of brackets or signs reversed.
Ensure that only one option is marked consistenily.
If final answers are not in brackets, assume an inflow of cash — award marks for workings only.

'f a workings amount is shown as a final figure, award the mark/s allocated, ignore the brackets;

If the correct amount is provided without workings or the brackets, award all working marks only (not final mark).

CASH FLOW OF FINANGING ACTIVITIES 1878 600 4
One part correct
. 2 700 000 4
Proceeds from shares issued See 2.1
No brackets
Funds used to repurchase shares
(90 000 x 6,60) see 2.1 + (90 000 0,80) wy
594 000 see 2.1 + 72000 (666 000)"
one m.mark one mark
Change on loan *
273 000 — 117 600 OR 1 834 000-1 678 600 (Gr nd 55 400)"
OR -273 000 + 117600 OR-1 834 000 + 1 678 600 part of the workings must
Method mark only if figures above are part of a calculation; not as a final answer. be correct

Be alert to different permutations of calculations — check calculation to for validity.

* If final answers are not in brackets, do not award m.mark; one mark only.
| BEPARTMENT OF BASIC
EDUCATION

iT PRIVATE BAG X894, PRETORIA 0807 |
Copyright reserved

2023 -tt- 26
APPROVED MARKING |

PUIIG BMAMINATION |

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Accounting/P1 5 DBE/November 2023
NSC — Marking Guidelines
2.3 Calculate the following financia! indicators:
Net asset value per share
WORKINGS ANSWER
723,4 cents MJ
10.200 000 »" x 100 must be in cents, assume
1 410 000 see 2.1 1 cents if not specified:
accept R7,23 or 723c
Dividend payout rate
WORKINGS ANSWER
Choose ONE option only, mark consistently
OPTION 1:
Must use correct method of calculating interim DPS & final DPS
vv + v
20 a 20 x ‘00 75,5%
, OR
Accept 0,2 +0.3 x 100 80,2%
0,662 ‘one part correct
must be %;
assume % if not specified
OR_ OPTION 2: If total dividends and NPAT are used accept 75% 76% 80%
732 000 three marks
one mark two marks
450 000 + 282000 x 100
912 500 1
one mark
% return on average shareholders’ equity
WORKINGS ANSWER
912 500 v x 100 10,0% MI
q v v one part correct,
(10 200 000¥+ 7 985500) 1 Beye at
9 092 750 two marks plus m.mark on answer % sign not necessary
« For EACH calculation, the ‘x 100’ is not ‘one part correct’
*  Numerators and denominators must be marked as such.
¢ Do not award marks for any operations done to stand-alone figures e.g. no tick if anything else added to 912 500.
. Superfluous entries: award marks for correct figures, apply & to final answer.
TOTAL MARKS 35
| DEPARTMENT OF BASIC
EDUCATION
PRIVATE BAG X85, PRETORIA 0007
|
2023 -11- 26
Copyright reserved Please turn over
APPROVED MARKING GUIDELINE
PUBLIC EXAMINATION |

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Accounting/P1 6 DBE/November 2023
NSC — Marking Guidelines
QUESTION 3
3.1 13.44 Cy
3.1.2 Dv
3.1.3 By 3

3.2. Liquidity:

Identify the company that is managing its working capital well. Quote
TWO financial indicators with figures and trends.

Guardian Ltd ”

If incorrect company is identified, award marks for the correct financial indicators (max 2)
Further explanations (beyond figures and trends) are not required.

Trends may be implied in an explanation.

Candidates might motivate by showing the negatives of Navarra Ltd.

Financial indicators ¥ figures (showing trend) ¥  ¥

Current ratio: Increased (from 1,5:1) to 1,7:1 / by 0,2: 1.
Acid test ratio: Increased (from 1,0:1) to 1,2:1 / by 0,2: 1

Debtors collection period: Decreased (from 22 days) to 19 days / by 3 days

Creditors payment period: Increased (from 48 days) to 50 days / by 2 days 5

3.3. Financing strategies and gearing: Guardian Ltd

What were the causes of the change in the debt-equity ratio? Provide
TWO causes with figures.

v Increase in loan from W R3 600 000 to R5 000 000 / by R1 400 000 / by 38,8%

Y Increase in OSC from “ R12 000 000 to R20 960 000 / by R8 960 000 / by

74,6% / by issuing an additional 800 000 shares

4
Explain why it was wise for the company to make more use of loans. Quote and
explain ONE other financial indicator (with figures and trends) to support this
opinion. Do not accept Debt/Equity ratio here
Financial indicator “figures (accept final % figures) V
% Return on average capital employed (ROTCE): Increased (from 13,5%) to
16,6% / by 23% / by 3,1% points.
Comment on gearing must cover positive gearing with interest rate which can be
implied v W part marks for unclear / partial answer
¢ Company is positively geared as return (16,6%) is greater than rate of borrowing
(14%).
¢ The loan (which increased) was productively used (at a rate of 14%) to generate
more profits (at 16,6% ROTCE).
¢ The company was positively geared (at 13,5% when interest rate was 13%);
positive gearing improved in spite of the increase in interest rate (to 14%). 4

See Principle 7: -1 for foreign entries (per Q), if full marks earned and more than the required number of financial indicators quoted.

| GEPARTMENT OF BABIC |
EDUCATION |
PRIVATE BAG X896, PRETORIA 0001

Copyright reserved Please turn over

2023 <1 26 i
APPROVED MARKING GUIDELINE

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Accounting/P1 7 DBE/November 2023
NSC — Marking Guidelines
3.4 Dividends, earnings and returns: Navarra Ltd
Explain ONE financial indicator which indicates that a concerned shareholder should
not be satisfied with the change in the dividend policy of the company. Quote figures
and trends.

Financial indicator v Figures and trend v

e Dividend pay-out rate increased (from 34,8%) to 103,8% / by 198% / by 69% points.
e [DPS at 83c is 43c more than last year and EPS dropped from 115c to 80c / by 35c] (must
cover both EPS & DPS together)

Comment ~ Do not accept ‘shareholders are / are not satisfied’ as a comment for one mark;
must mention that they are not retaining funds (for future growth).

Expected responses: Funds of retained income were used for current year’s

dividends / directors are depleting reserves which could be used for future expansion
/ directors not concerned about future growth or sustainability of the company /

directors simply concerned about being re-elected or keeping shareholders happy.

Explain whether the shareholders should be satisfied with the earnings and returns of
the company. Quote TWO financial indicators with figures and trends.

NB: Do not accept DPS as a response. Please contact the DBE IM if candidates use
Earnings Yield or Dividend Yield (i.e. EPS/MP or DPS/MP) in this question.

Financial indicators v ~ Figures &trendY

« Earnings per share (EPS): Decreased (from 115 cents) to 80 cents / by 35

cents / by 30,4%.
e Return on average shareholders’ equity (ROSHE): Decreased (from 11%) to
6,4% / by 41,8% / by 4,6% points.

Comment v ¥ part marks for unclear / partial answer

Shareholders should be concerned as the return is now lower than the return on

outside investments (9%) / the decrease in profitability has contributed to the lower
returns. _ ONE MARK: Shareholders should not be satisfied. 6

3.5 Shareholding of Nathan Crewe in Navarra Ltd:
identify the effect that the repurchase of Nathan's shares had on his % shareholding.
Quote figures and trends. Figures with trend vv

Figures with trend ~~

% shareholding dropped (from 55,2%) to 40,2% / by 15% points / by 27,2%.
ONE MARK: He is no longer the majority shareholder / his shareholding is 40,2%.

Explain how the company was able to raise approximately R4,4 million to finance the
repurchase of shares and dividends earned by shareholders. Provide TWO points.
Quote figures. Trend can be implied in answer.

¢ Loan increased v by R3 500 000 “(from R3m to R6,5m)
¢ Bank balance Y moved to an overdraft of R3 200 000 / from a debit balance of

R380 000 to a credit balance of R3 200 000 / by R 3 580 000 ” 4

Give TWO reasons why the decision to repurchase Nathan's shares should be
considered as irresponsible. Figures not necessary. Do not accept loss of majority shareholding here.
Any TWO different reasons e.g. ethics / affordability VV ~~ part marks for unclear / partial answer

e Repurchase price (1150c) is high while market price dropped over the year (to 400c).

« Does not comply with law on funding of repurchased shares / contravention of Co.Act.

e Company did not comply with solvency and liquidity testing / compromises liquidity /
creates large overdraft or cash flow problem / places company in risky financial position.

« Company performance (profitability) has declined / buy-back unaffordable.

« Misused his majority status to gain from share repurchase / promoted his own (selfish)

interest at the expense of co. / element of corruption — may have used privileged info.
e Contributed to decline in some key financial indicators (candidate could specify).

4

See Principle 7: -1 for foreign entries (per Q), if full marks earned and more thanthe required number of financial indicators quoted.
Copyright reserved Please turn over

VERPARTMENT OF BAGIC
ARTMENT OF | i

RIVATE BAG AEBS, PRETORIA 0001 |
H i

|
i

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Accounting/P1 8 DBE/November 2023
NSC - Marking Guidelines
3.6 Directorship:

'The CFO (chief financial officer) has a significant influence on the success of a
company.’ Explain why you would agree with this statement.

ONE point vv part marks for unclear / partial answer

Expected responses:

¢ He must be an expert in Accounting and financial management tasked to
safeguard the investment by stakeholders.

e As head of finance, he is responsible for good financial management / expected
to advise the Board / lead by example / display good corporate governance
(ethics & professionalism).

e Should be aware of the performance / financial position / available financial
resources and create structure for sound checks and balances (controls)

e He should not place the business at risk / focus on the growth and sustainability

of the company / he must report regularly / transparent. 2

Explain whether the directors should be satisfied or not with the share prices of the
companies at the end of the financial year. Quote TWO financial indicators in EACH
case with figures and trends.
Financial indicators (with figures) Trends not compulsory.
vy NAVis 1230c  v MP is 1 350c

OR MP increased to 1 350c and NAV to 1 230c

GUARDIAN | Comment: ~ Must cover demand for shares or investor confidence or
LTD success of the company. Do not accept ‘satisfied’ as an explanation.

Expected responses: Shares are in demand or potential investors
willing to purchase shares or good image or investor confidence
/ company has performed well (or shows adequate internal
growth or upward trend) which has had a beneficial effect on MP.
Financial indicators (with figures) | Trends not compulsory.
vy NAVis 992c v MP is 400c

OR MP dropped to 400c whilst NAV dropped to 992c

NAVARRA Comment: “ Must cover lack of demand for shares or investor
LTD pessimism or lack of success of the company. Do not accept ‘not satisfied’
as an explanation.

Expected responses: Shares not in demand as they have a poor

image or lack of potential investors / drastic drop in MP indicates
serious issues in management which negatively affects MP. 6

The CEO (chief executive officer) of Guardian Ltd intends to offer the vacant position
of CFO to Nathan Crewe in March 2023. Explain ONE point of advice to the CEO.

ONE valid point ~~ part mark for unclear / partial answer Do not accept ‘qualifications’ as a response.

e Nathan takes selfish decisions at the expense of the company.
No good track record / he placed the company at financial risk / high debt/equity
e The company borrowed excessively; negatively geared / money not used to
increase productivity / profitability.
e There is limited demand for shares in the company he managed.
Guardian is a profitable company which must be maintained.
He does not appear to be a loyal person and may destroy that progress /
conflict of interest as he is still involved in the other company.

e

¢ Nepotism should not be allowed as it leads to corruption.
* Retain the services of Sheryl as she is a reliable and capable employee

whereas Nathan has destroyed Navarro Ltd.

TOTAL MARKS 45

; | SSPARTMENT OF BASIC
Copyright reserved ATION Please turn over

PRIVATE BAG X696, PRETORIA 0004

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Accounting/P1 9 DBE/November 2023
NSC = Marking Guidelines

QUESTION 4: CORPORATE GOVERNANCE

41 Auditing:

Explain ONE duty of an internal auditor.
Any valid explanation vv part marks for unclear / partial answer

¢ Set up / implement / advise on internal control processes in line with external
auditing requirement.
* Oversee the preparation / internal audit of financial statements before and

external audit.

¢ Chairperson of the internal auditing committee. 2

Give ONE reason why the accounting records of a listed company must
be audited by an external auditor.

Any valid explanation Vv ~ part marks for unclear / partial answer

e tis a requirement of the Companies Act / it confirms that the company
complies for standards / accounting principles / international reporting.

e Protect public investment / interest of shareholders for possible
mismanagement and /or fraud / an unbiased opinion is expected.

e¢ Comply with corporate governance / King Code requirements relating to

ethical conduct / transparency.
e Shareholders will be confident that the financial results are reliable and

credible / enhance confidence in financial statements.” 2

4.2 Whistle-blowers (Informants):

What would you say to Sally regarding her statement in the first
paragraph about whistle-blowers not being willing to take a stand
against corruption? Explain ONE point.

Any valid explanation v ~ part marks for unclear / partial answer

Expected responses: Responses must support whistle-blowing.

e tis understandable that she feels victimised (lost her job) / citizens
should be grateful to whistle-blowers / if whistle-blowers do not come
forward with information, crime will not be brought under control.

« Whistle-blowers help to expose / minimise corruptive actions of
managers / employees.

¢ She had no choice but to report on this behaviour as she was the
appointed internal auditor at the time / could have been accused over
negligence of not doing her job.

She could take the company to court or the CCMA.
Criminals will think twice if they realise that people are watching their

actions / behaviour / Promote ethical conduct in the corporate world.
e SA government has stated that whistle-blowers must be protected and

remain anonymous.

jE PARTMENT OF BABIC |
[ were EDUCATION Please turn over

Copyright reserved

| BRIVATE BAG X095, PRETORIA 2001

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Accounting/P1

4.3

10

DBE/November 2023

NSC — Marking Guidelines

Shareholders’ opinions and concerns:

NOTE TO MARKERS:
Be aware of alternative opinions from candidates.

Concerns and reasons could be marked independently.

Do not accept the same responses or points for concerns or reasons that are simply reworded in

a different way.

A concern could be viewed as a reason; but the reason must not be a simple repetition or

rewording of the concern.

As a shareholder, explain THREE points that would concern you about the actions of
the board of directors of Monaco Ltd. In EACH case, give a suitable reason for your

concern.

THREE valid & different concerns with reasons

CONCERN REASON
part marks for unclear / partial answer vv Vv
VV VY Vo

No protection of whistle-blowers
Their anonymity may not be
respected.

Investigation of whistle-blowers

They may not speak out on further
wrong doings

The law is expected to ensure that
their identity is not revealed.

Collusion with service providers /
management
Nepotism / Conflict of interest

Self-enrichment at the expense of
the company / Results in financial
losses for the company / financial
losses not a result of performance
Competence of appointees is
questioned.

Honesty / Loyalty to the company is
not recognised / Sally lost her job
unfairly / treated unfairly

Public investment is not being
considered / protected / advanced

Growth in company profits may be
compromised.

Shareholder interest in shares may
be negatively affected.

Corruption not detected over a long
period

Apathy of (honest) employees
Lack of transparency

Honest workers look the other way

Company policies can be easily
manipulated / no accountability / no
checks and balances in place
Corruption will continue / No
consequences of crime

Fear of victimisation/lose their jobs

Credibility & integrity of management
Labour law requirements & company
policy (e.g. procurement, recruitment
& performance bonus policies)
Consequences of this for the future
of the company — image, share price

Unfair dismissal may place the
company in a legal battle.

Share prices will take a tumble /
investors will not be interested /
shareholders may want to sell their
shares.

Copyright reserved

TOTAL MARKS

15

TOTAL:

EDUCATION

[ SECARTMENT OF BASIC

PRIVATE BAG X395, PRETORIA 0001

(023 “He 26 ws
APPROVED MARKING GUIDELINE

PUBLIC EXAMINATION

150

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- [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers)

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