Accounting Grade 12 P2 NSC November Mock 2026 Memo (English)

hlayiso mock exams Practice Series: Grade 12 NSC Preparation WWW.HLAYISO.COM NATIONAL SENIOR CERTIFICATE GRADE 12 ACCOUNTING P2 MOCK EXAMINATION 2026 MARKING GUIDELINES MARKS: 150 These marking guidelines consist of 10 pages. Copyright reserved Please turn over

Accounting/P2 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 double penalty for incorrect calculations. 2. Penalties for placement or poor presentation are applied only if the candidate is earning marks on the figures for that item. 3. If the candidate provides more than the required number of responses, mark only the required number in the order presented. 4. Full marks for the correct answer. If the answer is incorrect, mark the workings provided. 5. Unless otherwise indicated, the positive or negative effect of any figure must be considered to award the mark. 6. ✓ = 1 mark. ⊡ = one part correct (method mark for an answer that is not a stand-alone figure). Copyright reserved Please turn over

Accounting/P2 3 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 1 1.1.1 Correct balance of the Bank account on 28 February 2026 DETAILS AMOUNT Balance according to the Bank account 18 450 Stale cheque no. 389 cancelled 2 100 ✓ Post-dated cheque no. 418 reversed 7 250 ✓ Error on cheque no. 405 (3 650 – 3 560) 90 ✓ EFT from debtor, N Dube 3 400 ✓ Bank charges (645) ✓ Debit order: insurance (1 850) ✓ R/D cheque: T Botha (2 200) ✓ Correct balance of the Bank account (favourable) 26 595 ✓⊡ 9 Signs must be correct. Accept the correct items presented in any order or as CRJ/CPJ totals. 1.1.2 BANK RECONCILIATION STATEMENT ON 28 FEBRUARY 2026 DEBIT CREDIT Credit balance as per bank statement (balancing 18 795 ✓⊡ figure) Credit outstanding deposit 12 600 ✓ Debit outstanding cheque no. 412 4 800 ✓ Debit balance as per Bank account see 1.1.1 26 595 ✓ 31 395 31 395 ✓ 6 Do NOT accept cheques no. 389 or 418 as outstanding cheques. Accept the alternative layout (bank statement balance adjusted to the Bank account). 1.1.3 The cheque is older than six months (stale) and the bank will not honour it ✓; the amount must be added back to the bank account and the liability reinstated. Control measure ✓✓ (any ONE): follow up on outstanding cheques 3 monthly; pay creditors by EFT instead of cheques; contact the payee if a cheque is not presented within a month. Copyright reserved Please turn over

Accounting/P2 4 Hlayiso/Mock 2026 NSC – Marking Guidelines 1.2.1 No. CREDITORS’ LEDGER CREDITOR’S STATEMENT Balance 18 640 25 985 (a) + 4 200 ✓✓ (b) − 3 500 ✓✓ (c) − 180 ✓ (d) − 270 ✓✓ (e) + 95 ✓ 22 485 ⊡ 22 485 ⊡ 10 Award marks for amounts in the correct column with the correct sign. Totals: one part correct; both totals must be equal. 1.2.2 Any ONE ✓✓: check credit notes against the returns record before recording; a second person (internal checker) verifies the Creditors’ 2 Allowances Journal; reconcile creditors’ statements monthly. 1.3.1 WORKINGS ANSWER 186 300 ✓ + 450 ✓ – 2 850 ✓ – 124 650 ✓ – 1 260 ✓ 57 990 ⊡ 6 Answer payable to SARS. Signs must be correct. 1.3.2 Unethical ✓✓: input VAT may only be claimed on goods and services used for business purposes (to produce taxable supplies); claiming VAT on private purchases is tax fraud/dishonest. Consequence ✓✓ (any ONE): SARS may audit the business and charge 4 penalties and interest; the owner could face criminal prosecution; the business’s reputation will be damaged. TOTAL MARKS 40 Copyright reserved Please turn over

Accounting/P2 5 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 2 2.1.1 FIFO ✓ 2.1 2.1.2 Specific identification ✓ 3 2.1.3 Weighted average ✓ 2.2.1 WORKINGS ANSWER 78 000 + 508 600 ✓ − 7 200 ✓ + 8 600 ✓ 588 000 = = R700 98 000 ⊡ 120 + 730 − 10 ✓ 840 5 R700 × 140 2.2.2 WORKINGS ANSWER Available: 120 + 730 – 10 = 840 ✓ 10 pairs ⊡ Should be on hand: 840 – 690 ✓ = 150 ✓ 4 Missing: 150 – 140 2.2.3 WORKINGS ANSWER Sales: 690 × R1 100 = 759 000 ✓ 276 000 ⊡ Cost of sales: 690 × R700 = 483 000 ✓✓ 4 (OR: 588 000 – 98 000 – 7 000 stock loss) 2.2.4 WORKINGS ANSWER 2 (78 000 + 98 000) ✓✓ 1 365 4 × 66,5 days ⊡ 483 000 ✓ 1 2.2.5 Any TWO ✓✓ ✓✓: install security cameras/CCTV; electronic tags and alarms at the exit; regular surprise stock counts by a responsible person; restrict access to the storeroom; division of duties between staff 4 who receive, store and sell stock; check staff bags when leaving. Copyright reserved Please turn over

Accounting/P2 6 Hlayiso/Mock 2026 NSC – Marking Guidelines 2.3.1 WORKINGS ANSWER 100 × R1 000 ✓✓ = 100 000 129 400 ⊡ 5 30 × R980 ✓✓ = 29 400 2.3.2 Under FIFO the closing stock consists of the most recent (more expensive) purchases, while the weighted-average method mixes in the 2 older, cheaper purchases ✓✓. 2.4 Any TWO points with figures ✓✓ ✓✓: – Court Classic achieves a lower mark-up of 36,6% compared to 57% for Runner X. – Court Classic’s stock holding period of 92,6 days is longer than Runner X’s 66,5 days (slow-moving stock). – Purchase prices increased from R900 to R1 000 per pair, but the selling 4 price of R1 300 was not increased. Advice: reduce orders/consider discontinuing or renegotiate prices; or increase the selling price and market the product better. (Accept a reasoned answer either way.) TOTAL MARKS 35 Copyright reserved Please turn over

Accounting/P2 7 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 3 3.1.1 Indirect cost (factory overhead) ✓ 3.1 3.1.2 Direct cost ✓ 3 3.1.3 Selling and distribution cost ✓ 3.2 WORKINGS ANSWER 84 000 + 1 260 000 ✓ + 36 000 ✓ – 18 000 ✓ – 102 000 1 260 000 ⊡ 5 ✓ 3.3 WORKINGS ANSWER 900 000 ✓ + 36 000 ✓ + 81 000 ✓✓ 1 017 000 4 (9% × 900 000 = 81 000) 3.4 FACTORY OVERHEAD COST NOTE Indirect materials 48 000 ✓ Rent (240 000 × 750/1 000) 180 000 ✓✓ Depreciation on factory equipment 62 000 ✓ Water and electricity (150 000 × 80%) 120 000 ✓ Salary of factory foreman 216 000 ✓ Insurance (60 000 × 60%) 36 000 ✓ TOTAL 662 000 ⊡ 8 Copyright reserved Please turn over

Accounting/P2 8 Hlayiso/Mock 2026 NSC – Marking Guidelines 3.5 PRODUCTION COST STATEMENT FOR THE YEAR ENDED 28 FEBRUARY 2026 Direct material cost see 3.2 1 260 000 ✓ Direct labour cost see 3.3 1 017 000 ✓ Factory overhead cost see 3.4 662 000 ✓ Total cost of production 2 939 000 ⊡ Work-in-process (beginning of year) 45 000 ✓ Work-in-process (end of year) (38 000) Cost of production of finished goods 2 946 000 ⊡ 6 WIP: one mark for both figures with correct signs. 3.6 WORKINGS ANSWER 2 946 000 / 4 910 ✓ R600 ⊡ 2 3.7.1 WORKINGS ANSWER 950 000 ✓ 950 000 = = 2 065,2 2 066 desks ⊡ 4 950 ✓ − 490 ✓ 460 3.7.2 The business produced 4 910 and sold 4 850 desks, which is far above the break-even point of 2 066 desks ✓✓. It sold 2 784 desks more than required to break even, so it made a good profit (high margin of safety) 3 ✓. TOTAL MARKS 35 Copyright reserved Please turn over

Accounting/P2 9 Hlayiso/Mock 2026 NSC – Marking Guidelines QUESTION 4 4.1.1 PI ✓ 4.1 4.1.2 BOTH ✓ 3 4.1.3 CB ✓ 4.2 DEBTORS’ COLLECTION SCHEDULE MONTH CREDIT SALES MARCH APRIL MAY January 360 000 43 200 February 384 000 134 400 ✓ 46 080 ✓ March 420 000 210 000 ✓ 147 000 ✓ 50 400 ✓ April 396 000 198 000 ✓ 138 600 ✓ May 432 000 216 000 ✓ TOTAL 387 600 391 080 405 000 8 4.3.1 WORKINGS ANSWER March: 700 000 × 100/160 = 437 500 × 50% = 218 750 425 000 ⊡ ✓ 4 April: 660 000 × 100/160 ✓ = 412 500 × 50% = 206 250 ✓ 4.3.2 WORKINGS ANSWER 18 000 × 106/100 × 3 ✓✓ 57 240 ⊡ 3 4.3.3 WORKINGS ANSWER 45 000 × 108/100 ✓✓ 48 600 ⊡ 3 Copyright reserved Please turn over

Accounting/P2 10 Hlayiso/Mock 2026 NSC – Marking Guidelines 4.4.1 WORKINGS ANSWER 280 000 − 238 000 ✓ 100 × 15% ⊡ 3 280 000 ✓ 1 4.4.2 Not effective ✓. Advertising was R24 000 (133,3%) more than budgeted ✓, yet cash sales were R42 000 (15%) below the budget ✓. 3 4.4.3 Receipts from debtors were R35 600 lower than budgeted ✓. Reason ✓ (any ONE): debtors are not paying on time/poor credit control; credit sales were lower than expected; economic conditions. Suggestion ✓✓ (any ONE): offer a discount for early payment; stricter 4 credit checks on new customers; send monthly statements and follow up on overdue accounts; charge interest on overdue accounts. 4.5.1 WORKINGS ANSWER Receipts: 405 000 + 288 000 = 693 000 ✓ 146 410 ⊡ Payments: 431 250 + 57 240 + 48 600 + 25 500 + 96 000 4 = 658 590 ✓✓ 112 000 + 693 000 – 658 590 4.5.2 Mpho should NOT pay cash ✓. The bank balance would become an overdraft of R273 590 (146 410 – 420 000) ✓✓, which is far more than the overdraft limit of R50 000 ✓. Alternative ✓ (any ONE): take a loan or instalment-sale agreement; lease 5 the vehicle; postpone the purchase and save; buy a cheaper second-hand vehicle. TOTAL MARKS 40 TOTAL: 150 Copyright reserved