Accounting Grade 10 P1 November Mock Exam 2 2026 Memo (Eng)

Mock hlayiso mock exams Practice Series: Grade 10 Exam Preparation WWW.HLAYISO.COM NATIONAL SENIOR CERTIFICATE GRADE 10 ACCOUNTING P1 NOVEMBER EXAMINATION 2026 (MOCK) MARKING GUIDELINES MARKS: 150 These marking guidelines consist of 9 pages. Copyright reserved Please turn over

Accounting/P1 2 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock MARKING PRINCIPLES: 1. 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 items). No double penalty for incorrect calculations. 2. Penalties for placement or poor presentation (e.g. details) are applied only if the candidate is earning marks on the figures for that item. 3. Unless otherwise stated, give full marks for the correct answer. If the answer is incorrect, mark the workings provided. 4. If a pre-adjustment figure is shown as a final figure, allocate the part-mark for the workings for that figure (not the method mark for the answer). 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. If no sign or bracket is given, assume that the figure is positive. 6. Where indicated, part-marks may be awarded to differentiate between differing qualities of answers from candidates. 7. If candidates provide more than the required number of responses, mark only the required number in the order presented. 8. Where method marks are awarded for operation, the marker must inspect the reasonableness of the answer. 9. In calculations, do not award marks for workings if the numerator and denominator are swapped. This also applies to ratios. 10. ✓ = 1 mark. ⊡ = one part correct (operation and one part correct; method mark for an answer that is not a stand-alone figure). 11. Codes: f = foreign item; p = placement/presentation. Copyright reserved Please turn over

Accounting/P1 3 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock QUESTION 1 1.1.1 D✓ 1.1.2 B✓ 1.1 1.1.3 F✓ 5 1.1.4 C✓ 1.1.5 E✓ 1.2 No. Account debited Account credited Amount A OE L e.g. Insurance Bank 1 600 − − 0 1.2.1 Bank Sales ✓ 13 500 ✓ +✓ +✓ 0 Cost of sales Trading stock 9 000 ✓✓ −✓ −✓ 0 1.2.2 Debtors’ allowances Debtors’ control ✓ 2 400 ✓ −✓ −✓ 0 Trading stock Cost of sales 1 600 ✓✓ +✓ +✓ 0 1.2.3 Drawings ✓ Trading stock ✓ 7 800 ✓ −✓ −✓ 0 1.2.4 Accrued income ✓ Interest on fixed 950 ✓ +✓ +✓ 0 deposit 25 Cost of sales: 13 500 × 100/150 = 9 000. Returns at cost: 2 400 × 100/150 = 1 600. Zero (0) effects are not marked, but if a candidate shows an effect where there should be none, do not award the mark for the related effect in that row. 1.2.4: accept “Receivables (accrued income)” as the account debited. TOTAL MARKS 30 Copyright reserved Please turn over

Accounting/P1 4 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock QUESTION 2 2.1 MASINGITA HARDWARE STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2026 Sales (2 380 000 – 26 600 ✓ – 3 500 ✓) 2 349 900 ⊡ Cost of sales (1 360 000 – 2 000 ✓✓) 3 500 × 100/175 (1 358 000) ⊡ Gross profit check operation 991 900 ✓ Other operating income check operation 94 480 ✓ Rent income (81 550 – 11 900 ✓✓) 5 950 × 2 months 69 650 ⊡ OR: (5 600 × 5) + (5 950 × 7) = 28 000 + 41 650 = 69 650 Delivery fee income (18 400 + 1 450) 19 850 ✓✓ Discount received 4 260 Bad debts recovered 720 ✓ Gross operating income check operation 1 086 380 ✓ Operating expenses check operation (674 580) ✓ Salaries and wages 386 000 Employer’s contributions 34 740 Insurance 26 400 Advertising (31 800 – 1 100 ✓✓) 550 × 2 months 30 700 ⊡ Packing material (14 760 – 1 180) 13 580 ✓ Water and electricity 41 300 Telephone (15 840 + 1 290) 17 130 ✓ Bank charges (5 380 + 460) 5 840 ✓ Bad debts (4 950 + 1 560 ✓✓) 2 400 × 65% 6 510 ⊡ Repairs and maintenance 12 600 Sundry expenses 8 930 Donations 2 800 × 100/175 1 600 ✓✓ Trading stock deficit (212 900 ✓✓ – 209 150) 3 750 ⊡ Expected stock: 212 500 + 2 000 (returns) – 1 600 (donation) = 212 900 Depreciation (39 600 ✓✓ + 18 000 ✓✓ + 27 900 ✓) 85 500 ⊡ Old vehicles: (540 000 – 180 000 – 162 000) × 20%; new vehicle: 180 000 × 20% × 6/12; equipment: 186 000 × 15% Operating profit check operation 411 800 ✓ Interest income (6 000 + 3 000 ✓✓) 9 000 ⊡ 160 000 × 7,5% × 9/12 = 9 000 for 9 months; 9 000 – 6 000 = 3 000 outstanding (3 months) Profit before interest expense check operation 420 800 ✓ Interest expense (48 400 ✓✓ + 215 ✓) 372 400 – 420 000 + 96 000 (48 615) ⊡ Net profit for the year check operation 372 185 ✓ 46 ⊡ one part correct. Where a total is marked “check operation”, award the mark if the operation is correct and at least one figure is correct. Do not penalise for brackets in the operating expenses section. –1 foreign items (max –2). Items given in the ANSWER BOOK (Salaries and wages, Employer’s contributions, Insurance, Water and electricity, Repairs and maintenance, Sundry expenses, Discount received) earn no marks. Bad debts recovered: accept it shown as a reduction of Bad debts (Bad debts 5 790) if clearly indicated – award the marks for both items. Interest on overdraft (R215) may be shown as a separate line under interest expense. If the deficit (3 750) is added to Cost of sales (1 361 750), award the deficit marks there and CA for Gross profit (988 150); do not then also award the line under operating expenses. Copyright reserved Please turn over

Accounting/P1 5 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock 2.2 Matching (principle) ✓ Explanation ✓: Expenses must be recorded in the same financial period as the income they help to earn; only the four months (March–June 2026) 2 belong to this year, so R1 100 for July and August is a prepaid expense (asset) for the next year. 2.3 Any ONE valid measure ✓✓: check the credit record/credit-worthiness of customers before granting credit; set credit limits; send monthly statements and follow up overdue accounts promptly; charge interest 2 on overdue accounts; offer discount for early payment; hand over long-outstanding accounts to debt collectors. TOTAL MARKS 50 Copyright reserved Please turn over

Accounting/P1 6 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock QUESTION 3 3.1.1 TRADE AND OTHER RECEIVABLES Trade debtors (72 600 + 1 850) 74 450 ✓✓ Prepaid expenses 1 650 ✓ Accrued income 4 800 ✓ 80 900 ⊡ 5 Trade debtors: award ✓ for 74 450 if 72 600 is used with the credit balance shown under trade and other payables only. Total: one part correct. 3.1.2 TRADE AND OTHER PAYABLES Trade creditors (61 450 + 1 850 ✓) 63 300 ✓ Accrued expenses 2 140 ✓ Creditors for salaries (16 000 – 2 080 – 1 200 – 160) 12 560 ✓✓ SARS: PAYE (5 120 + 2 080) 7 200 ✓ Pension fund (3 360 + 1 200 + 1 800 ✓) 6 360 ✓ UIF (540 + 160 + 160) 860 ✓ 92 420 ⊡ 10 Pension: employee 16 000 × 7,5% = 1 200; employer 1 200 × 1,5 = 1 800. UIF: 16 000 × 1% = 160 each. SARS, pension fund and UIF may be combined as “Creditors for deductions” 14 420 (award ✓✓✓ if correct). Accept Salaries payable / Accrued salaries for Creditors for salaries. Accept Accrued expenses 14 700 (2 140 + 12 560) as one line: award the marks for both items. Total: one part correct. Copyright reserved Please turn over

Accounting/P1 7 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock 3.2 LERATO’S BAKING SUPPLIES: STATEMENT OF FINANCIAL POSITION ON 28 FEBRUARY 2026 ASSETS Non-current assets check operation 774 400 ✓ Fixed assets at carrying value (712 400 – 18 000 ✓) 694 400 ✓ Fixed deposit: Thuthuka Bank (120 000 – 40 000) 80 000 ✓ Current assets check operation 296 520 ✓ Inventories (148 900 – 2 600 ✓ + 980 ✓) 147 280 ⊡ Trade and other receivables see 3.1.1 80 900 ✓ Cash and cash equivalents (26 340 + 1 200 + 800 ✓ + 40 000 ✓) 68 340 ⊡ TOTAL ASSETS check operation 1 070 920 ✓ EQUITY AND LIABILITIES Owner’s equity (669 760 ✓ + 128 340 ✓✓ – 86 600 ✓) 711 500 ⊡ Net profit: 164 300 – 18 000 – 17 960 (16 000 + 1 800 + 160) = 128 340; drawings: 84 000 + 2 600 = 86 600 Non-current liabilities Loan: Phakama Bank (267 000 – 33 000 ✓✓) 234 000 ⊡ Interest: 267 000 – 300 000 + 66 000 (5 500 × 12) = 33 000; capital portion: 66 000 – 33 000 = 33 000 Current liabilities check operation 125 420 ✓ Trade and other payables see 3.1.2 92 420 ✓ Current portion of loan 33 000 ✓ TOTAL EQUITY AND LIABILITIES check operation 1 070 920 ✓ 25 Accept the short-term fixed deposit (R40 000) shown as a separate current asset. Net profit: award ✓ for –18 000 and ✓ for –17 960 (accept –16 000 for one mark if contributions are ignored). If the candidate uses 66 000 as the current portion (instead of the capital portion), award no marks for the current portion but CA on the non-current loan. –1 foreign items, –1 misplaced items (max –2). TOTAL MARKS 40 Copyright reserved Please turn over

Accounting/P1 8 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock QUESTION 4 4.1.1 False ✓ 4.1 4.1.2 True ✓ 3 4.1.3 True ✓ 4.2.1 % operating expenses on sales WORKINGS ANSWER 327 600 ✓ / 1 260 000 ✓ × 100 26,0% ⊡ 3 4.2.2 % mark-up achieved WORKINGS ANSWER (1 260 000 – 840 000) = 420 000 ✓ / 840 000 ✓ × 100 50,0% ⊡ 3 4.2.3 Current ratio WORKINGS ANSWER 286 000 ✓ : 165 000 ✓ 1,7 : 1 ⊡ 3 4.2.4 Acid-test ratio WORKINGS ANSWER (286 000 ✓ – 168 000 ✓) : 165 000 ✓ 0,7 : 1 ⊡ (OR: 82 000 + 36 000 : 165 000) 118 000 : 165 000 4 Accept 0,72 : 1. Answer must be expressed as x : 1. 4.2.5 % return on average owner’s equity WORKINGS ANSWER 94 000 ✓ / ½ (612 000 + 563 000) ✓✓ × 100 16,0% ⊡ 4 94 000 / 587 500 × 100 Copyright reserved Please turn over

Accounting/P1 9 Hlayiso/Mock 2026 NSC – Marking Guidelines Mock 4.3.1 Indicators and figures ✓✓ ✓✓: – Current ratio decreased from 2,2 : 1 to 1,7 : 1 (see 4.2.3). – Acid-test ratio decreased from 1,1 : 1 to 0,7 : 1 (see 4.2.4). Comment: liquidity has deteriorated. The business now has only R0,70 of quick assets for every R1 of current liabilities and depends on selling its 4 stock to pay its short-term debts. (Inventories increased from R142 000 to R168 000 while cash and cash equivalents fell from R63 000 to R36 000; current liabilities increased from R140 000 to R165 000.) (Max 2 marks per indicator: indicator with figures ✓, trend/comment ✓.) 4.3.2 Any TWO valid reasons ✓✓: – Prices were reduced/specials or discounts were offered to attract customers or to compete with other suppliers. – Cost prices from suppliers increased but selling prices were not increased. 2 – Old, damaged or out-of-fashion stock was sold at reduced prices. – Theft of stock or poor control over stock (stock losses). – Errors in pricing goods. 4.3.3 Figures ✓✓: – ROE decreased from 19,8% to 16,0% (see 4.2.5). – The return is still almost double the interest rate on fixed deposits of 8,25% (alternative investment); it is also higher than the interest rate on loans of 11,0%. 4 Opinion and explanation ✓✓: Yes, she should be satisfied, because the return on her investment is higher than what she would earn on a fixed deposit, although it has decreased (by 3,8 percentage points). (Accept “not satisfied” if clearly supported by the decrease in ROE.) TOTAL MARKS 30 Copyright reserved