Accounting Grade 11 P1 November Mock Exam 2 2026 Memo (Eng)

hlayiso mock exams Practice Series: Grade 11 Exam Preparation WWW.HLAYISO.COM NATIONAL SENIOR CERTIFICATE GRADE 11 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 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 QUESTION 1 1.1.1 B (business entity) ✓ 1.1.2 D (historical cost) ✓ 1.1 1.1.3 E (materiality) ✓ 4 1.1.4 C (prudence) ✓ 1.2.1 Profit or loss on the sale of the vehicle WORKINGS ANSWER Carrying value on 1 July 2025: 180 000 – 64 800 = 115 (8 680) ⊡ 200 Depreciation for the current year: 115 200 × 20% × 6/12 = 11 520 ✓✓ Carrying value on date of sale: 115 200 – 11 520 ✓ = 103 680 ✓ Loss: 95 000 – 103 680 5 Answer must be shown as a loss (or as a profit if it follows from the candidate’s carrying value); accept 8 680 loss without brackets. One part correct. If 12/12 used for depreciation (23 040; carrying value 92 160; profit 2 840), award the carrying-value and answer marks only (the answer mark is method-marked on the candidate’s carrying value). 1.2.2 Total depreciation on vehicles WORKINGS ANSWER Sold: 11 520 ✓ see 1.2.1 70 080 ⊡ Old vehicles kept: [(960 000 – 280 000 – 180 000) ✓ – (342 000 – 64 800) ✓] × 20% 6 = (500 000 – 277 200) × 20% = 44 560 ✓ New vehicle: 280 000 × 20% × 3/12 ✓ = 14 000 Copyright reserved Please turn over

Accounting/P1 4 Hlayiso/Mock 2026 NSC – Marking Guidelines 1.3 ITHEMBA PAINT SUPPLIES STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2026 Sales (3 864 500 + 7 200 ✓ – 28 400) 3 843 300 ✓ Cost of sales (2 415 300 + 4 500 ✓✓) 7 200 × 100/160 (2 419 800) ✓ Gross profit check operation 1 423 500 ✓ Other operating income check operation 109 290 ✓ Rent income (90 500 + 8 500 ✓✓) 99 000 ✓ Bad debts recovered (2 600 + 1 850 ✓) 4 450 ✓ Discount received 5 840 Gross operating income check operation 1 532 790 ✓ Operating expenses check operation (982 700) ✓ Salaries and wages (612 000 + 17 000 ✓) 14 280 × 100/84 629 000 ✓ Employer’s contributions (55 080 + 1 530) 56 610 ✓ Insurance (46 200 – 4 500 ✓) 18 000 × 3/12 41 700 ✓ Advertising (38 400 – 6 400 ✓) 9 600 × 4/6 32 000 ✓ Packing material (27 900 – 3 650) 24 250 ✓ Bank charges (6 180 + 1 140) 7 320 ✓ Bad debts (5 400 + 2 700) 4 500 × 60% 8 100 ✓ Water and electricity (41 700 + 3 860) 45 560 ✓ Sundry expenses 28 650 Depreciation (70 080 see 1.2.2 ✓ + 24 000 ✓) 240 000 × 10% 94 080 Loss on sale of asset see 1.2.1 8 680 ✓ Loss due to theft (16 000 × 25%) or (16 000 – 12 000) 4 000 ✓✓ Trading stock deficit (412 600 – 4 500 – 16 000 – 390 450) 1 650 ✓✓ Provision for bad debts adjustment (9 000 – 7 900) 1 100 ✓✓ 9 000 = 5% × (175 450 + 7 200 + 1 850 – 1 800 – 2 700) = 5% × 180 000 Operating profit check operation 550 090 ✓ Interest income (7 200 + 1 300 ✓ + 290 ✓) 8 790 Outstanding interest: (90 000 × 8,5%) + (30 000 × 8,5% × 4/12) – 7 200 = 7 650 + 850 – 7 200 = 1 300 Profit before interest expense check operation 558 880 Interest expense (566 900 – 620 000 + 138 000) (84 900) ✓✓ Net profit for the year check operation 473 980 ✓ 40 ⊡ Where a total is marked “check operation”, award the mark if the operation is correct and at least one figure is correct. Loss on sale and loss due to theft may be shown under other operating income as negatives. PBD adjustment may be shown as a negative income. If the candidate shows the full loss of R16 000 as an expense and the insurance claim of R12 000 as other operating income, award the marks only if the net effect is R4 000 (–1 for placement). Do not penalise for brackets in the operating expenses section. –1 foreign items (max –2). TOTAL MARKS 55 Copyright reserved Please turn over

Accounting/P1 5 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 2 2.1 TRADE AND OTHER RECEIVABLES Trade debtors (148 600 + 3 400 ✓) 152 000 Provision for bad debts (4% × 152 000) (6 080) ✓✓ Net trade debtors 145 920 ⊡ Prepaid expenses 2 900 ✓ Accrued income (rent) 1 650 ✓ 150 470 6 2.2 PARTNERS’ CURRENT ACCOUNTS MOLOI GOVENDER Salaries 264 000 ✓ 248 000 ✓✓ (20 000 × 8) + (22 000 × 4) Bonus 16 500 ✓ – Interest on capital 84 000 ✓✓ 65 400 ✓✓ 39 000 + 45 000 50 400 + 15 000 Primary distribution 364 500 313 400 ⊡ Secondary distribution (760 000 – 677 49 260 32 840 ✓ 900 = 82 100) ✓ 3 : 2 Share of net profit 413 760 346 240 ⊡ Drawings (298 000) ✓ (294 300) ✓✓ 286 500 + 7 800 Retained income 115 760 51 940 ⊡ Balance on 1 April 2025 14 300 (9 600) ✓ Balance on 31 March 2026 130 060 42 340 ⊡ 18 Interest on capital: Moloi 650 000 × 12% × 6/12 + 750 000 × 12% × 6/12; Govender 560 000 × 12% × 9/12 + 500 000 × 12% × 3/12. Secondary ratio: 750 000 : 500 000 = 3 : 2 (award the secondary-distribution mark for 82 100 shared 3 : 2 or CA on the candidate’s primary total; if the unadjusted capital ratio 750 : 560 is used, no mark for the ratio). ⊡ one part correct per column total (inspect both columns; award the mark if at least one column is correct). Accept negative signs or brackets for debits. Copyright reserved Please turn over

Accounting/P1 6 Hlayiso/Mock 2026 NSC – Marking Guidelines 2.3 STATEMENT OF FINANCIAL POSITION ON 31 MARCH 2026 ASSETS Non-current assets (TA – CA) check operation 1 578 920 ✓ Fixed assets at carrying value (balancing figure) 1 443 920 ✓✓ 2 047 550 – 468 630 – 135 000 Fixed deposit: Nqaba Bank (180 000 – 45 000 ✓) 135 000 ✓ Current assets (1,8 × 260 350) 468 630 ✓✓ Inventories (468 630 – 150 470 – 81 300) 236 860 ✓✓ Trade and other receivables see 2.1 150 470 ✓ Cash and cash equivalents (32 800 ✓✓ + 3 500 + 45 000 ✓) 81 300 ✓ Bank: 96 200 – 60 000 – 3 400 = 32 800 TOTAL ASSETS (must equal TE&L) 2 047 550 ✓ EQUITY AND LIABILITIES Owners’ equity check operation 1 422 400 ✓ Capital (750 000 + 500 000 ✓) 560 000 – 60 000 1 250 000 ✓ Current accounts (130 060 + 42 340) see 2.2 172 400 ✓ Non-current liabilities check operation 364 800 ✓ Loan: Thuthuka Bank (480 000 – 108 000 ✓ + 52 800 – 60 000 ✓) 364 800 ✓ Current liabilities check operation 260 350 ✓ Trade and other payables (given in the ANSWER BOOK) 200 350 Current portion of loan (5 000 × 12) 60 000 ✓ TOTAL EQUITY AND LIABILITIES check operation 2 047 550 ✓ 26 Current assets must be 1,8 × the candidate’s current liabilities (CA). Inventories and fixed assets are balancing figures: one part correct, CA on the candidate’s own figures. Accept the fixed deposit (R45 000) shown as a separate current asset. –1 foreign items, –1 misplaced items (max –2). TOTAL MARKS 50 Copyright reserved Please turn over

Accounting/P1 7 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 3 3.1.1 % operating expenses on sales WORKINGS ANSWER 798 000 ✓ / 3 150 000 ✓ × 100 25,3% ⊡ 3 3.1.2 Acid-test ratio WORKINGS ANSWER (168 000 ✓ + 42 000 ✓) : 300 000 ✓ 0,7 : 1 ⊡ (OR: 530 000 – 320 000 : 300 000) 4 Answer must be expressed as x : 1. 3.1.3 Debt-equity ratio WORKINGS ANSWER 256 000 ✓ : 1 280 000 ✓ 0,2 : 1 ⊡ 3 3.1.4 % return on average owners’ equity WORKINGS ANSWER 264 000 ✓ / [½ ✓ (1 280 000 + 1 120 000) ✓✓] × 100 22,0% ⊡ 5 = 264 000 / 1 200 000 × 100 3.2.1 Indicators/figures ✓✓ (any TWO, with figures and trend): – % operating expenses on sales increased from 22,0% to 25,3% (see 3.1.1). – Operating expenses increased by R204 000 (34,3%), while sales increased by only R450 000 (16,7%). – % net profit on sales decreased from 10,3% to 8,4%; net profit fell from R278 800 to R264 000. Explanation ✓✓: No, expenses were not well controlled; they grew much 6 faster than sales, so the higher gross profit (mark-up unchanged at 50%) did not result in a higher net profit. Suggestions ✓✓ (any TWO): compare prices/obtain quotations from suppliers of services; monitor electricity and telephone use; reduce overtime/review staffing; budget and compare actual expenses with the budget monthly; cut unnecessary advertising. 3.2.2 Indicators ✓✓✓ (any THREE, with figures and trend): – Current ratio decreased from 2,0 : 1 to 1,8 : 1. – Acid-test ratio decreased from 1,0 : 1 to 0,7 : 1. – Stock holding period increased from 40 days to 46 days. – Average debtors’ collection period increased from 27 days to 38 days (longer than the 30-day credit terms). – Average creditors’ payment period decreased from 60 days to 45 days (paying sooner than the 60 days allowed). 6 Explanation ✓✓✓: Yes, she is justified. Liquidity has deteriorated: the business cannot pay its current liabilities from its quick assets (acid-test below 1 : 1), cash and cash equivalents fell from R96 000 to R42 000, too much money is tied up in stock and debtors, and creditors are paid before cash is received from debtors. (Part-marks for incomplete explanations.) Copyright reserved Please turn over

Accounting/P1 8 Hlayiso/Mock 2026 NSC – Marking Guidelines 3.2.3 Indicators ✓✓: – Debt-equity ratio decreased from 0,5 : 1 to 0,2 : 1 (lower risk; less reliance on borrowed funds). – Return on average owners’ equity of 22,0% is higher than the interest rate on loans of 12,0% (positive gearing). Explanation ✓✓: Good decision in terms of risk: the business is now very 4 lowly geared and interest expense fell from R67 200 to R36 000. However, because the return earned (22,0%) is higher than the cost of the loan (12,0%), the partners gave up some of the benefit of positive gearing, and using cash to repay the loan contributed to the weak liquidity. (Accept a reasoned opinion either way.) 3.2.4 Mark’s return decreased from 24,5% to 19,2% ✓; it is also lower than Lindiwe’s return of 24,6% ✓. Comment ✓✓: He has reason to be concerned about the decline, but his return is still much higher than the interest rate on fixed deposits of 8,0% 4 (alternative investment), so he should remain in the partnership. (Accept: the lower return may be due to his lower salary/smaller share of the profit or higher equity.) TOTAL MARKS 35 Copyright reserved Please turn over

Accounting/P1 9 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 4 4.1 Fuel cost per kilometre of Vehicle 2 WORKINGS ANSWER 19 320 ✓ / 6 900 R2,80 ✓ 2 (4.1 One part correct: award the answer mark if 19 320 is divided by kilometres.) 4.2 Problem ✓ with figures ✓ (any ONE): – Vehicle 2 travelled 6 900 km, but made only 120 deliveries (57,5 km per delivery), while Vehicle 1 travelled 4 200 km for 168 deliveries (25 km per delivery). – Fuel cost per km of Vehicle 2 (R2,80) is higher than that of Vehicle 1 2 (R2,30); total fuel cost is double (R19 320 v R9 660). The vehicle is probably being used for private purposes / fuel is being misused. 4.3 Any TWO ✓✓: Keep a logbook for each vehicle (kilometres, destination, driver, delivery note numbers); install tracking devices; vehicles must be parked and locked on the business premises after hours; use fuel cards with limits 2 and compare fuel slips with kilometres; compare kilometres travelled with deliveries made each month; rotate drivers. 4.4 Any valid explanation ✓✓: Ravi has a conflict of interest: he benefits personally (as a shareholder in Mzansi) instead of acting in the best interest of the business; no quotations 2 were obtained and the business pays R8 more per bag (R92 v R84); he did not disclose his interest to his partner (not transparent/honest). 4.5 Any TWO ✓✓: Draw up a written purchasing policy requiring at least three quotations for major purchases/contracts; both partners must approve and sign orders and contracts above a set amount; partners must declare any business 2 or family interests in suppliers (declaration of interests); keep a register of quotations/tenders received and the reasons for each choice; amend the partnership agreement to set out these approval limits. TOTAL MARKS 10 Copyright reserved