# Accounting Grade 10 P1 November Mock 2026 QP (Eng) > Grade 10 Accounting Paper 1 question paper from the November Mock Exam 2026 (English), 11 pages. Read online or download the free PDF. - Page: https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-question-paper-paper-1/98bc88c1-ec26-4a71-90a1-98d22250be24 - Updated: 2026-10-29 - Subject: Accounting - Grade: Grade 10 - Language: English - Document type: Question paper - Year: 2026 - Exam period: November Mock Exam - Paper: 1 - Publisher: Hlayiso - Curriculum: CAPS - Pages: 11 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 2026 QP (Eng)](https://www.hlayiso.com/library/grade-10-accounting-2026-november-mock-exam-question-paper-paper-1/98bc88c1-ec26-4a71-90a1-98d22250be24) ## About this document Accounting · Grade 10 · November Mock Exam · 2026 · 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 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 10 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 a description from COLUMN B that matches the GAAP principle in COLUMN A. Write only the letter (A–G) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK. COLUMN A COLUMN B 1.1.1 Business entity A An insurance premium paid for the next financial year is not shown as an expense in the current year. 1.1.2 Historical cost B Land bought for R800 000 is shown at R800 000, although its market value is now R1 100 000. 1.1.3 Prudence C The owner’s private electricity account paid by the business is debited to the Drawings account. 1.1.4 Matching D A stapler bought for R85 is recorded as an expense and not as equipment. 1.1.5 Materiality E Possible losses are recorded as soon as they are expected, but possible gains are only recorded when they are certain. F The financial statements are prepared on the assumption that the business will continue to operate. G Every transaction affects at least two accounts. (5) Copyright reserved Please turn over ### Page 4 Accounting/P1 4 Hlayiso/Mock 2026 NSC Mock 1.2 THE ACCOUNTING EQUATION The transactions below were taken from the records of Mokoena Motor Spares, owned by Pule Mokoena, for February 2026, the last month of the financial year. The business uses a mark-up of 60% 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 telephone account, R1 250, by EFT. No. Account debited Account credited Amount A OE L e.g. Telephone Bank 1 250 − − 0 TRANSACTIONS: 1.2.1 Pule Mokoena increased his capital contribution by transferring his private bakkie, valued at R180 000, to the business. 1.2.2 Sold goods on credit to T Mabaso for R8 000. 1.2.3 Paid Zeta Wholesalers R3 400 by EFT in full settlement of an account of R3 600. 1.2.4 The tenant paid the rent for March and April 2026 in February 2026. The monthly rent is R4 500. The amount was correctly recorded as rent income. Make the year-end adjustment on 28 February 2026. (25) [30] Copyright reserved Please turn over ### Page 5 Accounting/P1 5 Hlayiso/Mock 2026 NSC Mock QUESTION 2: STATEMENT OF COMPREHENSIVE INCOME (50 marks; 40 minutes) LETHABO TRADERS Lethabo Traders is owned by Lethabo Nkuna. The business sells kitchenware and uses a mark-up of 80% on cost. The financial year ended on 28 February 2026. REQUIRED: 2.1 Prepare the Statement of Comprehensive Income (Income Statement) for the year ended 28 February 2026. (46) 2.2 Refer to adjustment (b). Name the GAAP principle that requires the stock taken by the owner to be recorded as drawings. Briefly explain this principle. (2) 2.3 Refer to adjustment (b). Lethabo is concerned about the stock deficit. Suggest ONE internal control measure that she can use to prevent stock losses. (2) INFORMATION: A. Balances and totals extracted from the books on 28 February 2026: BALANCE SHEET ACCOUNTS SECTION NOMINAL ACCOUNTS SECTION R R Capital 1 250 000 Sales 2 016 000 Drawings 180 000 Cost of sales 1 120 000 Land and buildings 900 000 Debtors’ allowances 18 900 Vehicles 420 000 Rent income 56 160 Equipment 164 000 Commission income 21 300 Accumulated depreciation on vehicles (1 168 000 Discount received 3 150 March 2025) Interest on fixed deposit 7 200 Accumulated depreciation on equipment 56 000 Salaries and wages 312 000 (1 March 2025) Employer’s contributions 28 080 Fixed deposit: Ubuntu Bank (8% p.a.) 120 000 Insurance 22 800 Trading stock 148 600 Water and electricity 34 560 Debtors’ control 86 400 Stationery 11 240 Creditors’ control 74 200 Advertising 26 500 Bank (favourable) 38 950 Bank charges 4 860 Cash float 2 000 Telephone 12 900 Bad debts 3 600 Discount allowed 2 340 Sundry expenses 9 870 Copyright reserved Please turn over ### Page 6 Accounting/P1 6 Hlayiso/Mock 2026 NSC Mock B. Adjustments and additional information: (a) Goods sold on credit to N Dube for R4 500 on 27 February 2026 were not recorded. (b) The following transactions were not recorded: • Trading stock with a cost price of R1 600 was donated to Thuthuka Primary School. • The owner, Lethabo, took trading stock with a cost price of R2 650 for her own use. A physical stock count on 28 February 2026 showed trading stock of R139 700. (c) A debtor, S Malatji, has been declared insolvent. His account of R1 450 must be written off as irrecoverable. (d) Stationery on hand on 28 February 2026 amounted to R980. (e) The insurance amount includes an annual premium of R8 400 that was paid on 1 November 2025 for the period 1 November 2025 to 31 October 2026. (f) Part of the building is let to a tenant. The rent was R5 400 per month until 31 August 2025. It was increased by 10% from 1 September 2025. The tenant has paid the rent up to 31 December 2025 only. (g) Commission income includes R1 800 received for March 2026. (h) The water and electricity account of R3 160 for February 2026 has not yet been recorded or paid. (i) A new sales assistant was employed on 1 February 2026, but her salary for February was not recorded. Her gross salary is R14 500. The business contributes R1 450 towards her UIF and pension fund. (j) The bank statement for February 2026 showed the following entries that have not yet been recorded: • Bank charges, R385 • Interest on the favourable bank balance, R180 (k) The fixed deposit was invested for the whole financial year. Interest for nine months was received and recorded. Provide for the outstanding interest. (l) Depreciation must be provided for as follows: • On vehicles at 20% p.a. on cost. No vehicles were bought or sold during the year. • On equipment at 10% p.a. on the diminishing-balance method. New equipment of R24 000 was bought on 1 November 2025. This purchase was correctly recorded. (m) The loan statement received from Ubuntu Bank showed the following: Balance on 1 March 2025 R360 000 Monthly repayments (including interest) R7 500 Balance on 28 February 2026 R309 400 The interest on the loan is capitalised and has not yet been recorded. [50] Copyright reserved Please turn over ### Page 7 Accounting/P1 7 Hlayiso/Mock 2026 NSC Mock QUESTION 3: NOTES AND STATEMENT OF FINANCIAL POSITION (40 marks; 30 minutes) ZINHLE’S DÉCOR Zinhle Dube owns Zinhle’s Décor, a business that sells curtains and home furnishings. The financial year ended on 30 June 2026. REQUIRED: 3.1 Prepare the following notes to the Statement of Financial Position on 30 June 2026: 3.1.1 Owner’s equity (7) 3.1.2 Trade and other payables (8) 3.2 Complete the Statement of Financial Position (Balance Sheet) on 30 June 2026. NOTE: Show ALL workings in brackets. Certain figures are provided in the ANSWER BOOK. (25) INFORMATION: A. Balances extracted from the books on 30 June 2026: R Capital (1 July 2025) 780 000 Drawings 96 000 Fixed assets at carrying value 834 800 Fixed deposit: Lwazi Bank 150 000 Trading stock 186 300 Debtors’ control 64 800 Creditors’ control 72 450 Consumable stores on hand 1 250 Prepaid expenses (insurance) 2 100 Accrued income (interest on fixed deposit) 1 125 Accrued expenses (telephone) 1 380 Income received in advance (rent) 6 500 SARS: PAYE 4 860 UIF 620 Pension fund 2 940 Bank (favourable) 18 675 Cash float 1 500 B. Zinhle made an additional capital contribution of R60 000 on 1 February 2026. This amount was deposited into the business bank account but has not yet been recorded in the Capital account. C. The net profit for the year, before taking Information D into account, was R188 600. D. The water and electricity account of R2 750 for June 2026 has not yet been recorded or paid. Copyright reserved Please turn over ### Page 8 Accounting/P1 8 Hlayiso/Mock 2026 NSC Mock E. The following transactions have not yet been recorded: • Zinhle took trading stock with a cost price of R3 200 for her own use. • Damaged goods of R1 650 were returned to a creditor, Fab Fabrics. F. R50 000 of the fixed deposit will mature on 31 March 2027. G. The loan statement from Mzansi Bank showed the following: Balance on 1 July 2025 R280 000 Monthly repayments (including interest) R6 000 Interest capitalised for the year R31 200 Balance on 30 June 2026 ? R48 000 of the loan will be paid back in the next financial year. [40] Copyright reserved Please turn over ### Page 9 Accounting/P1 9 Hlayiso/Mock 2026 NSC Mock QUESTION 4: ANALYSIS AND INTERPRETATION OF FINANCIAL STATEMENTS (30 marks; 25 minutes) 4.1 Choose a concept from the list below that matches EACH description. Write only the concept next to the question numbers (4.1.1 to 4.1.3) in the ANSWER BOOK. liquidity; solvency; profitability; operating efficiency 4.1.1 The ability of a business to pay its short-term debts when they become due 4.1.2 The ability of a business to pay all its debts out of its total assets 4.1.3 The ability of a business to make a profit (3) 4.2 ITHUBA CYCLES Sibusiso Khoza owns Ithuba Cycles, a shop that sells and repairs bicycles. The information relates to the financial year ended 31 August 2026. REQUIRED: Calculate the following financial indicators for 2026: 4.2.1 % mark-up achieved (3) 4.2.2 % net profit on sales (3) 4.2.3 Acid-test ratio (4) 4.2.4 Solvency ratio (3) 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 Sibusiso feels that the expenses are not well controlled. Quote ONE financial indicator to support his opinion. (3) 4.3.2 Comment on the liquidity of the business. Quote TWO financial indicators. (4) 4.3.3 Should Sibusiso be satisfied with the return on his investment in the business? Quote TWO figures to support your answer. (3) INFORMATION: A. Extract from the Statement of Comprehensive Income for the year ended 31 August 2026: R Sales 1 450 000 Cost of sales 1 000 000 Other operating income 22 000 Operating expenses 362 500 Interest expense 18 000 Net profit for the year 91 500 Copyright reserved Please turn over ### Page 10 Accounting/P1 10 Hlayiso/Mock 2026 NSC Mock B. Extract from the Statement of Financial Position on 31 August: 2026 2025 R R Total assets 980 000 905 000 Current assets 330 000 357 000 Inventories 205 000 187 000 Trade and other receivables 98 000 104 000 Cash and cash equivalents 27 000 66 000 Owner’s equity 560 000 540 000 Non-current liabilities (loan) 240 000 195 000 Current liabilities 180 000 170 000 C. Financial indicators: 2026 2025 % mark-up achieved ? 50,0% % net profit on sales ? 9,8% % operating expenses on sales 25,0% 21,0% Current ratio 1,8 : 1 2,1 : 1 Acid-test ratio ? 1,0 : 1 Solvency ratio ? 2,5 : 1 % return on average owner’s equity ? 21,4% Interest rate on fixed deposits 8,5% 8,0% [30] TOTAL: 150 Copyright reserved Please turn over ### Page 11 Accounting/P1 11 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 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) — Accounting · Addendum · 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 - [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 - [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 ## 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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