# Accounting Grade 10 P1 November Mock Exam 2 2026 QP (Eng) > Grade 10 Accounting Paper 1 question paper from the November Mock Exam 2 2026 (English), 10 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-2-question-paper-paper-1/d6336bd1-d97f-47f9-a775-3ab696725da7 - Updated: 2026-10-29 - Subject: Accounting - Grade: Grade 10 - Language: English - Document type: Question paper - Year: 2026 - Exam period: November Mock Exam 2 - Paper: 1 - Publisher: Hlayiso - Curriculum: CAPS - Pages: 10 Breadcrumbs: [Home](https://www.hlayiso.com/) › [Library](https://www.hlayiso.com/library) › [Grade 10](https://www.hlayiso.com/library/grade-10) › [Accounting](https://www.hlayiso.com/library/grade-10/accounting) › [Accounting Grade 10 P1 November Mock Exam 2 2026 QP (Eng)](https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-2-question-paper-paper-1/d6336bd1-d97f-47f9-a775-3ab696725da7) ## About this document Accounting · Grade 10 · November Mock Exam 2 · 2026 · English. Question paper, 10 pages. Read online or download the PDF. Read it free online on the page above; download the PDF from there. ## Matching paper and memo - [Grade 10 Accounting P1 November 2026 Mock 2 Answer Book](https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-2-answer-book-paper-1/3312807c-6e7e-4245-94b1-2ab99c2d85b9) — Addendum · 2026 · Eng ## Document text Text extracted from the PDF. Layout, diagrams and tables may not survive extraction. ### Page 1 Mock hlayiso mock exams Practice Series: Grade 10 Exam Preparation WWW.HLAYISO.COM NATIONAL SENIOR CERTIFICATE GRADE 10 ACCOUNTING P1 NOVEMBER EXAMINATION 2026 (MOCK) MARKS: 150 TIME: 2 hours This question paper consists of 9 pages, a formula sheet and a special answer book. Copyright reserved Please turn over ### Page 2 Accounting/P1 2 Hlayiso/Mock 2026 NSC Mock INSTRUCTIONS AND INFORMATION Read the following instructions carefully and follow them precisely. 1. Answer ALL the questions. 2. A special ANSWER BOOK is provided in which to answer ALL the questions. 3. A Financial Indicator Formula Sheet is attached at the end of this question paper. 4. Show ALL workings to earn part-marks. 5. You may use a non-programmable calculator. 6. You may use a dark pencil or blue/black ink to answer the questions. 7. Where applicable, show ALL calculations to ONE decimal point. 8. Write neatly and legibly. 9. Use the information in the table below as a guide when answering the question paper. Try NOT to deviate from it. QUESTION TOPIC MARKS MINUTES 1 GAAP Concepts and the Accounting Equation 30 25 2 Statement of Comprehensive Income 50 40 3 Notes and Statement of Financial Position 40 30 4 Analysis and Interpretation of Financial Statements 30 25 TOTAL 150 120 Copyright reserved Please turn over ### Page 3 Accounting/P1 3 Hlayiso/Mock 2026 NSC Mock QUESTION 1: GAAP CONCEPTS AND THE ACCOUNTING EQUATION (30 marks; 25 minutes) 1.1 GAAP CONCEPTS Choose the GAAP principle from COLUMN B that is illustrated by EACH example in COLUMN A. Write only the letter (A–F) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. COLUMN A COLUMN B 1.1.1 Trading stock bought in March for R60 000 is recorded at A Going concern R60 000, although the supplier has since increased its prices by 8%. 1.1.2 The water and electricity used in June is recorded as an B Matching expense for the financial year ended 30 June, although the account will only be paid in July. 1.1.3 All amounts in the financial statements are rounded off to the C Business entity nearest rand; cents are not shown. 1.1.4 Siphesihle’s personal car loan is not shown as a liability of the D Historical cost business, although he sometimes uses the car for deliveries. 1.1.5 Stock damaged by a burst pipe, which cost R2 000, is valued E Prudence at R1 200, the amount for which it can still be sold. F Materiality (5) 1.2 THE ACCOUNTING EQUATION The transactions below were taken from the records of Siphesihle Electronics, owned by Siphesihle Cele, for June 2026, the last month of the financial year. The business uses a mark-up of 50% on cost price. REQUIRED: Analyse EACH transaction in the table provided in the ANSWER BOOK. Indicate the accounts debited and credited, the amount, and the effect on the accounting equation. Use + for an increase, − for a decrease and 0 for no effect. Example: Paid the insurance premium for June, R1 600, by EFT. No. Account debited Account credited Amount A OE L e.g. Insurance Bank 1 600 − − 0 TRANSACTIONS: 1.2.1 Sold goods for cash, R13 500. 1.2.2 Issued a credit note to a debtor, T Nkosi, for goods returned by him. The selling price of the goods was R2 400. 1.2.3 Siphesihle took a laptop from the trading stock as a gift for his son. The cost price of the laptop was R7 800. 1.2.4 Interest of R950 earned on the fixed deposit for June 2026 has not yet been received. Make the year-end adjustment on 30 June 2026. (25) [30] Copyright reserved Please turn over ### Page 4 Accounting/P1 4 Hlayiso/Mock 2026 NSC Mock QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME (50 marks; 40 minutes) MASINGITA HARDWARE Masingita Hardware is owned by Masingita Baloyi. The business sells building materials and hardware and uses a mark-up of 75% on cost. The financial year ended on 30 June 2026. REQUIRED: 2.1 Prepare the Statement of Comprehensive Income (Income Statement) for the year ended 30 June 2026. (46) 2.2 Refer to adjustment (f). Name the GAAP principle that requires part of the advertising contract to be carried over to the next financial year. Briefly explain this principle. (2) 2.3 Refer to adjustment (d). Masingita is worried about the bad debts of the business. Suggest ONE credit-control measure that she can use to reduce bad debts. (2) INFORMATION: A. Balances and totals extracted from the books on 30 June 2026: BALANCE SHEET ACCOUNTS SECTION NOMINAL ACCOUNTS SECTION R R Capital 1 080 000 Sales 2 380 000 Drawings 156 000 Cost of sales 1 360 000 Land and buildings 950 000 Debtors’ allowances 26 600 Vehicles 540 000 Rent income 81 550 Equipment 186 000 Delivery fee income 18 400 Accumulated depreciation on vehicles (1 162 000 Discount received 4 260 July 2025) Interest on fixed deposit 6 000 Accumulated depreciation on equipment 74 400 Salaries and wages 386 000 (1 July 2025) Employer’s contributions 34 740 Fixed deposit: Imbali Bank (7,5% p.a.) 160 000 Insurance 26 400 Loan: Kopano Bank 324 000 Advertising 31 800 Trading stock 212 500 Packing material 14 760 Debtors’ control 94 800 Water and electricity 41 300 Creditors’ control 88 300 Telephone 15 840 Bank (overdraft) 23 450 Bank charges 5 380 Cash float 2 500 Bad debts 4 950 Repairs and maintenance 12 600 Sundry expenses 8 930 Copyright reserved Please turn over ### Page 5 Accounting/P1 5 Hlayiso/Mock 2026 NSC Mock B. Adjustments and additional information: (a) A debtor, K Shabalala, returned goods that had been sold to him for R3 500. A credit note was issued on 25 June 2026, but it has not yet been recorded. (b) Goods with a selling price of R2 800 were donated to a community food-garden project. No entry has been made. (c) A physical stock count on 30 June 2026 showed the following on hand: • Trading stock, R209 150 • Packing material, R1 180 (d) A debtor, M Ndlovu, who owed R2 400, was declared insolvent. His estate paid 35 cents in the rand. The amount received was correctly recorded. Write off the rest of his account as irrecoverable. (e) R720 was received from P Zulu, a debtor whose account had been written off as irrecoverable in the previous financial year. The bookkeeper debited Bank and credited Debtors’ control. Correct the error. (f) Advertising includes R3 300 paid on 1 March 2026 for a radio advertising contract of R550 per month. The contract runs from 1 March 2026 to 31 August 2026. (g) The building is partly let to a tenant. The rent was R5 600 per month until 30 November 2025. From 1 December 2025 the rent was increased by R350 per month. The tenant has paid the rent up to 31 August 2026. (h) Delivery fees of R1 450 for June 2026 are still owed to the business by customers. (i) The telephone account of R1 290 for June 2026 has not yet been recorded or paid. (j) The bank statement for June 2026 showed the following entries that have not yet been recorded: • Bank charges, R460 • Interest on the overdraft, R215 (k) The fixed deposit was invested on 1 October 2025. Interest has been received and recorded up to 31 March 2026 only. Interest is not capitalised. Provide for the outstanding interest. (l) Depreciation must be provided for as follows: • On vehicles at 20% p.a. on the diminishing-balance method. A new delivery vehicle costing R180 000 was bought on 1 January 2026. This purchase was correctly recorded. • On equipment at 15% p.a. on cost. No equipment was bought or sold during the year. (m) The loan statement received from Kopano Bank showed the following: Balance on 1 July 2025 R420 000 Repayments during the year (including interest) R96 000 Interest capitalised ? Balance on 30 June 2026 R372 400 The interest on the loan has not yet been recorded. [50] Copyright reserved Please turn over ### Page 6 Accounting/P1 6 Hlayiso/Mock 2026 NSC Mock QUESTION 3: NOTES AND STATEMENT OF FINANCIAL POSITION (40 marks; 30 minutes) LERATO’S BAKING SUPPLIES Lerato Mashaba owns Lerato’s Baking Supplies, a business that sells baking ingredients and equipment to home bakers and small bakeries. The financial year ended on 28 February 2026. REQUIRED: 3.1 Prepare the following notes to the Statement of Financial Position on 28 February 2026: 3.1.1 Trade and other receivables (5) 3.1.2 Trade and other payables (10) 3.2 Complete the Statement of Financial Position (Balance Sheet) on 28 February 2026. NOTE: Show ALL workings in brackets. Certain figures are provided in the ANSWER BOOK. (25) INFORMATION: A. Balances extracted from the books on 28 February 2026: R Capital (1 March 2025) 669 760 Drawings 84 000 Fixed assets at carrying value 712 400 Fixed deposit: Thuthuka Bank 120 000 Loan: Phakama Bank ? Trading stock 148 900 Debtors’ control 72 600 Creditors’ control 61 450 Packing material on hand 980 Prepaid expenses (insurance) 1 650 Accrued income (rent) 4 800 Accrued expenses (water and electricity) 2 140 SARS: PAYE 5 120 Pension fund 3 360 UIF 540 Bank (favourable) 26 340 Cash float 1 200 Petty cash 800 B. The net profit for the year, before taking Information C and F into account, was R164 300. C. R18 000 paid for repairs to the roof of the shop was debited to the Land and buildings account (part of fixed assets). Correct the error. D. A debtor, S Mahlangu, has a credit balance of R1 850 in the Debtors’ Ledger. This balance must be transferred to the Creditors’ Ledger. E. Lerato took trading stock with a cost price of R2 600 for her own use. This has not yet been recorded. Copyright reserved Please turn over ### Page 7 Accounting/P1 7 Hlayiso/Mock 2026 NSC Mock F. B Radebe, a part-time delivery driver, has worked for the business since 1 December 2025. Her salary for February 2026 was omitted from the books and she has not yet been paid for February. Her salary details are as follows: Gross salary R16 000 Deductions: PAYE R2 080 Pension fund 7,5% of gross salary UIF 1% of gross salary Net salary ? The business contributes R1,50 for every R1,00 that the employee contributes to the pension fund, and contributes to UIF on a rand-for-rand basis. G. R40 000 of the fixed deposit will mature on 31 January 2027. H. The loan statement from Phakama Bank showed the following: Balance on 1 March 2025 R300 000 Monthly repayments (including interest) R5 500 Interest capitalised for the year ? Balance on 28 February 2026 R267 000 The capital portion of the loan repayments will remain the same in the next financial year. The interest capitalised has been correctly recorded and is included in the net profit in Information B. [40] Copyright reserved Please turn over ### Page 8 Accounting/P1 8 Hlayiso/Mock 2026 NSC Mock QUESTION 4: ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS (30 marks; 25 minutes) 4.1 Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (4.1.1 to 4.1.3) in the ANSWER BOOK. 4.1.1 A current ratio of 0,7 : 1 means that the business has more current assets than current liabilities. 4.1.2 A fixed deposit that matures within the next 12 months is shown as a current asset. 4.1.3 Trading stock is left out of the acid-test ratio because it cannot be turned into cash as quickly as debtors or cash. (3) 4.2 KHANYISA BEAUTY SUPPLIES Khanyisa Mthembu owns Khanyisa Beauty Supplies, a business that sells hair and beauty products to salons. The information relates to the financial year ended 31 December 2025. REQUIRED: Calculate the following financial indicators for 2025: 4.2.1 % operating expenses on sales (3) 4.2.2 % mark-up achieved (3) 4.2.3 Current ratio (3) 4.2.4 Acid-test ratio (4) 4.2.5 % return on average owner’s equity (4) 4.3 In ALL the questions below, quote financial indicators, figures and trends. 4.3.1 Comment on the liquidity of the business. Quote TWO financial indicators. (4) 4.3.2 Khanyisa planned to use a mark-up of 60% on cost. Give TWO possible reasons why the mark-up achieved in 2025 was lower than planned. (2) 4.3.3 Should Khanyisa be satisfied with the return on her investment in the business? Quote TWO figures to support your answer. (4) Copyright reserved Please turn over ### Page 9 Accounting/P1 9 Hlayiso/Mock 2026 NSC Mock INFORMATION: A. Extract from the Statement of Comprehensive Income for the year ended 31 December 2025: R Sales 1 260 000 Cost of sales 840 000 Other operating income 18 900 Operating expenses 327 600 Interest income 4 200 Interest expense 21 500 Net profit for the year 94 000 B. Extract from the Statement of Financial Position on 31 December: 2025 2024 R R Total assets 957 000 903 000 Current assets 286 000 301 000 Inventories 168 000 142 000 Trade and other receivables 82 000 96 000 Cash and cash equivalents 36 000 63 000 Owner’s equity 612 000 563 000 Non-current liabilities (loan) 180 000 200 000 Current liabilities 165 000 140 000 C. Financial indicators: 2025 2024 % operating expenses on sales ? 22,5% % mark-up achieved ? 58,0% Current ratio ? 2,2 : 1 Acid-test ratio ? 1,1 : 1 % return on average owner’s equity ? 19,8% Interest rate on fixed deposits 8,25% 8,0% Interest rate on loans 11,0% 11,5% [30] TOTAL: 150 Copyright reserved Please turn over ### Page 10 Accounting/P1 10 Hlayiso/Mock 2026 NSC Mock GRADE 10 ACCOUNTING: FINANCIAL INDICATOR FORMULA SHEET Gross profit 100 Gross profit 100 × × Sales 1 Cost of sales 1 Net profit 100 Operating expenses 100 × × Sales 1 Sales 1 Operating profit 100 Net profit 100 × × Sales 1 Average owner’s equity 1 Current assets : Current liabilities (Current assets – Inventories) : Current liabilities (Trade and other receivables + Cash and cash equivalents) : Current liabilities Total assets : Total liabilities Non-current liabilities : Owner’s equity Copyright reserved ## Related documents - [Grade 10 Accounting P2 November 2026 Mock 2 Answer Book](https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-2-answer-book-paper-2/5e4e6d3c-6636-4866-91a5-260e70a7da2d) — Accounting · Addendum · 2026 · Eng - [Grade 10 Accounting P2 November 2026 Mock 2 Memo](https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-2-memorandum-paper-2/3383a451-2987-495f-a231-c33f8e26ed72) — Accounting · Memo · 2026 · Eng - [Gr10 Acc P1 (English) 2020 Exemplars Question Paper](https://www.hlayiso.com/library/gr10-acc-p1-english-2020-exemplars-question-paper/3c876c9f-693e-46de-b0df-00c49b32550f) — Accounting · QP · 2020 · Eng - [ACCOUNTING P1 GR10 QP NOV2020 English](https://www.hlayiso.com/library/accounting-p1-gr10-qp-nov2020-english/c91ada0d-f2a4-479b-b18e-1be1c639550b) — Accounting · QP · 2020 · Eng - [ACCOUNTING P1 GR10 MEMO NOV2020 English](https://www.hlayiso.com/library/accounting-p1-gr10-memo-nov2020-english/14ff8a28-8eea-4f95-b524-f229415222c1) — Accounting · Memo · 2020 · Eng - [Gr10 Acc P1 (English) 2020 Exemplars Answer Book](https://www.hlayiso.com/library/gr10-acc-p1-english-2020-exemplars-answer-book/376d43f9-6485-4bd6-940f-c32d5e30b3f8) — Accounting · Addendum · 2020 · Eng ## More from Grade 10 Accounting - [LP Accounting Grade 10 March 2026 QP and Memo](https://www.hlayiso.com/library/grade-10-accounting-2026-limpopo-march-test-question-paper-and-memorandum/08ddf17c-cec8-4317-8aef-1c25d7f47080) — QP + Memo · 2026 - [LP Accounting Grade 10 June 2025 QP and Memo](https://www.hlayiso.com/library/lp-accounting-grade-10-june-2025-qp-and-memo/e7fdbb08-60cb-461e-b58e-c89720c8a1fa) — QP + Memo · 2025 - [LP Accounting Grade 10 March 2025 QP and Memo](https://www.hlayiso.com/library/lp-accounting-grade-10-march-2025-qp-and-memo/04cd29d1-6a95-4547-9cc2-b15b16b78b36) — QP + Memo · 2025 - [KZN Accounting Grade 10 March 2024 QP and Memo](https://www.hlayiso.com/library/kzn-accounting-grade-10-march-2024-qp-and-memo/f12135cb-fc97-4466-81b4-7e0b838a3092) — QP + Memo · 2024 - [Accounting AB P2 ENG](https://www.hlayiso.com/library/accounting-ab-p2-eng/d1f25e80-535b-4911-ad43-6287b4613d5b) — Addendum · 2024 · Eng - [Gr 10 ACC (English) June 2023 Answer Book](https://www.hlayiso.com/library/gr-10-acc-english-june-2023-answer-book/5e1afc04-8570-497e-bb28-6517200ce02c) — Addendum · 2023 · Eng ## Collection - [Grade 10 past papers](https://www.hlayiso.com/grade-10/past-papers) --- Hlayiso: free CAPS and IEB past papers, memos, notes and study guides for South African learners. 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