# Accounting Grade 12 P2 NSC November Prediction 2026 QP (Eng)

> Grade 12 Accounting Paper 2 question paper from the NSC November Prediction Exam 2026 (English), 13 pages. Read online or download the free PDF.

- Page: https://www.hlayiso.com/library/grade-12-accounting-2026-nsc-november-prediction-exam-question-paper-paper-2/fed0a9c4-97ea-4c28-8aaf-918509796c97
- Updated: 2026-10-29
- Subject: Accounting
- Grade: Grade 12
- Language: English
- Document type: Question paper
- Year: 2026
- Exam period: NSC November Prediction Exam
- Paper: 2
- Publisher: Hlayiso
- Curriculum: CAPS
- Pages: 13

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## About this document

Accounting · Grade 12 · NSC November Prediction Exam · 2026 · English. Question paper, 13 pages. Read online or download the PDF.

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## Document text

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### Page 1

Prediction

                           hlayiso mock exams
                           Practice Series:
                           Grade 12 NSC Preparation
                           WWW.HLAYISO.COM

                                 NATIONAL
                            SENIOR CERTIFICATE

                                   GRADE 12

                                ACCOUNTING P2
                        PREDICTION EXAMINATION 2026

MARKS: 150

TIME: 2 hours

This question paper consists of 12 pages, a formula sheet and a special answer book.

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### Page 2

Accounting/P2                                2                          Hlayiso/Prediction 2026
                                        NSC Prediction

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         Reconciliations and VAT                                  40          32
      2         Inventory Valuation                                      35          28
      3         Cost Accounting                                          35          28
      4         Budgeting                                                40          32
 TOTAL                                                                  150         120

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Accounting/P2                                 3                          Hlayiso/Prediction 2026
                                         NSC Prediction

QUESTION 1: RECONCILIATIONS AND VAT                                   (40 marks; 32 minutes)

1.1      Indicate whether the following statements are TRUE or FALSE. Write only
         ‘true’ or ‘false’ next to the question numbers (1.1.1 to 1.1.3) in the ANSWER
         BOOK.
         1.1.1       Bank charges that appear only on the Bank Statement must be
                     recorded in the Cash Receipts Journal.
         1.1.2       A Debtors’ Age Analysis helps a business to identify debtors who do
                     not keep to the credit terms.
         1.1.3       Input VAT is the VAT that a vendor pays on goods and services
                     bought for the business.               (3 x 1)                          (3)
1.2      BANK RECONCILIATION
         The information relates to Lethabo Hardware for August 2026. The business
         is owned by Lethabo Mokoena. The Bank Statement is received on the last
         day of each month.
         REQUIRED:
         1.2.1       Use the table provided in the ANSWER BOOK to calculate the
                     correct totals of the Cash Receipts Journal and the Cash Payments
                     Journal on 31 August 2026.                                              (8)
         1.2.2       Calculate the correct balance of the Bank account in the General
                     Ledger on 31 August 2026.                                               (3)
         1.2.3       Prepare the Bank Reconciliation Statement on 31 August 2026.            (6)
         1.2.4       Lethabo is concerned about the way in which the cash of the
                     business is managed. Identify TWO different problems (with figures)
                     in the information below. Provide ONE solution for EACH problem.        (4)
INFORMATION:
A. Extract from the Bank Reconciliation Statement on 31 July 2026:
                                                          DEBIT    CREDIT
      Credit balance according to the Bank                          33 430
      Statement
      Credit outstanding deposit (31 July 2026)                     18 900
      Debit outstanding EFTs: EFT 214                      6 250
                         EFT 219                           3 700
      Debit balance according to the Bank account         42 380
                                                          52 330    52 330
      NOTE:

        • The outstanding deposit and EFT 219 appeared correctly on the August 2026 Bank
          Statement.
        • EFT 214 (to Nyathi Plumbing Supplies) appeared on the August 2026 Bank
          Statement as R6 520. The Bank Statement is correct. The amount was recorded
          incorrectly in the July 2026 Cash Payments Journal.

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Accounting/P2                              4                          Hlayiso/Prediction 2026
                                      NSC Prediction

B. Provisional totals in the Cash Journals on 31 August 2026, before the Bank Statement
   was received: Cash Receipts Journal R184 300; Cash Payments Journal R157 640.
C. Entries on the August 2026 Bank Statement that do not appear in the Cash Journals:
    Details                                                        Amount (R)
    Service fees                                                             815
    Interest on the favourable bank balance                                  140
    Debit order: Safeguard Insurance (business insurance)                  2 450
    Debit order: Peak Fitness Club (Lethabo’s personal gym                 1 980
    membership)
    Direct deposit (EFT) by a debtor, P Ndlovu                             8 600
    Credit transfer by tenant, T Moloi: rent for September 2026            4 000
    Deposit: Lethabo Hair Salon (see the note below)                       5 600
   NOTE: Lethabo Hair Salon is another client of the bank. The bank credited this deposit
   to the account of Lethabo Hardware in error. The bank will correct the error in September
   2026.
D. EFT 233 (to Max Builders’ Supplies) was recorded in the Cash Payments Journal as
   R4 300. The Bank Statement shows the correct amount of R3 400.
E. Entries in the August 2026 Cash Journals that do not appear on the August 2026 Bank
   Statement:

        • Deposit dated 31 August 2026, R21 750
        • EFT 236 dated 31 August 2026, R9 480
F.   The Bank Statement on 31 August 2026 reflected a favourable balance of R70 495.

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Accounting/P2                                  5                               Hlayiso/Prediction 2026
                                          NSC Prediction

1.3         DEBTORS’ AGE ANALYSIS
            Lethabo Hardware sells goods on credit to registered building contractors.
            The credit terms are 30 days. Lethabo expects at least 85% of the total amount
            owed by debtors to be within the credit terms (current month and 30 days).
            REQUIRED:
            1.3.1    Calculate the percentage of the total debtors’ balances that does
                     NOT keep to the credit terms.                                                 (3)
            1.3.2    Identify TWO different problems in the Debtors’ Age Analysis. In
                     EACH case, name the debtor and quote figures.                                 (4)
INFORMATION:
Debtors’ Age Analysis on 31 August 2026:
 DEBTOR        CREDIT LIMIT     TOTAL     CURRENT      30 DAYS      60 DAYS     90+ DAYS
 A Botha               25 000    18 600      10 200         8 400         –              –
 N Cele                20 000    26 750        6 000        4 950      7 300         8 500
 F Davids              30 000    14 300      14 300            –          –              –
 T Mabuza              15 000    12 900            –           –       4 100         8 800
 S Pillay              35 000    32 450      21 450        11 000         –              –
 TOTAL                          105 000      51 950     24 350        11 400        17 300

1.4         VALUE-ADDED TAX (VAT)
            Lethabo Hardware is a registered VAT vendor. The standard VAT rate is 15%.
            The business also sells illuminating paraffin, which is zero-rated.
            REQUIRED:
            1.4.1    Calculate the VAT amounts for transactions A to C in the table
                     provided in the ANSWER BOOK. Indicate the effect of EACH
                     amount on the VAT payable to SARS (increase or decrease). Refer
                     to the example provided.                                                      (7)
            1.4.2    Lethabo suggests that cash sales to customers who do not ask for
                     a tax invoice should not be recorded, so that the business pays less
                     VAT. Explain why this is unethical, and state ONE consequence that
                     the business could face.                                                      (2)
INFORMATION:
Example: Cash sales of R4 000 (excluding VAT).
A. Goods were sold on credit for R92 000 (excluding VAT). This amount includes zero-rated
   paraffin of R12 000.
B. The account of a debtor, R6 900 (including VAT), was written off as irrecoverable.
C. Goods bought on credit for R2 760 (including VAT) were returned to the supplier.
                                                                                                   40

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Accounting/P2                                  6                          Hlayiso/Prediction 2026
                                          NSC Prediction

QUESTION 2: INVENTORY VALUATION                                        (35 marks; 28 minutes)
KASI SOLAR SUPPLIES
Kasi Solar Supplies sells solar lanterns, solar panels and portable power stations. The
business is owned by Thabiso Dube. The financial year ended on 30 June 2026. The periodic
inventory system is used.
2.1        SOLAR LANTERNS (weighted-average method)
           REQUIRED:
           2.1.1     Calculate the value of the closing stock of solar lanterns on 30 June
                     2026, using the weighted-average method.                                 (5)
           2.1.2     Calculate the number of solar lanterns missing.                          (3)
           2.1.3     An investigation revealed that one storeroom assistant receives all
                     deliveries, issues the lanterns to the shop floor and also counts the
                     stock at the end of the year. Explain TWO internal control measures
                     that Thabiso should introduce.                                           (4)
INFORMATION:
 SOLAR LANTERNS                           UNITS    UNIT PRICE (R)      TOTAL (R)
 Stock on 1 July 2025                        400             180          72 000
 Purchases:                                4 200                         846 000
   15 September 2025                       1 200                190      228 000
   10 December 2025                        1 500                200      300 000
   20 March 2026                             900                210      189 000
   25 May 2026                               600                215      129 000
 Returns to supplier (25 May                  50                215       10 750
 purchase)
 Carriage on purchases                                                     25 500
 Stock on 30 June 2026 (physical             560                                ?
 count)

      • 3 900 solar lanterns were sold during the year at R320 each.

2.2        SOLAR PANELS (first-in-first-out method)
           REQUIRED:
           2.2.1     Calculate the value of the closing stock of solar panels on 30 June
                     2026, using the FIFO method.                                             (4)
           2.2.2     Calculate the stockholding period (in days) of solar panels for 2026.
                     Use the average stock.                                                   (4)
           2.2.3     The stockholding period for 2025 was 48 days. Comment on the
                     stockholding period for 2026 (ONE point, with figures) and give ONE
                     suggestion to Thabiso.                                                   (3)

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Accounting/P2                                      7                          Hlayiso/Prediction 2026
                                              NSC Prediction

INFORMATION:
 SOLAR PANELS                                 UNITS      UNIT PRICE (R)    TOTAL (R)
 Stock on 1 July 2025                           120               1 450      174 000
 Purchases: 10 August 2025                      300               1 500      450 000
           18 November 2025                     400               1 560      624 000
           12 February 2026                     250               1 600      400 000
           22 May 2026                          200               1 680      336 000

      • 1 030 solar panels were sold during the year at R2 400 each.
      • There were no stock losses or returns of solar panels.

2.3        PORTABLE POWER STATIONS (specific identification method)
           Each power station has a unique serial number. Kasi Solar Supplies sells
           three models.
           REQUIRED:
           2.3.1     Calculate the value of the closing stock of portable power stations
                     on 30 June 2026, using the specific identification method.                   (5)
           2.3.2     VoltMate 1200: Thabiso changed to a cheaper supplier of this model
                     in July 2025. Explain why this was NOT a good decision. Provide
                     TWO points, with figures.                                                    (4)
           2.3.3     PowerHub 2400: Thabiso increased the mark-up on this model from
                     30% to 40% in July 2025. Explain the effect of this decision on the
                     business (ONE point, with figures) and give ONE piece of advice.             (3)
INFORMATION:
A. Stock movements for the year ended 30 June 2026 (units):
       MODEL               OPENING      PURCHASES         RETURNS TO      UNITS   COST PRICE
                             STOCK                          SUPPLIER      SOLD    PER UNIT (R)
       VoltMate 600              12                 60             –         58          4 800
       VoltMate 1200              8                 45             6         39          8 600
       PowerHub 2400              5                 20             –          9        18 500
      NOTE: All the units on hand on 30 June 2026 were bought during the 2026 financial year
      at the cost prices shown above.
B. Comparison of two models over the last two years:
                                              VOLTMATE 1200       POWERHUB 2400
                                                2026     2025       2026     2025
       Cost price per unit                     R8 600   R9 400    R18 500  R18 500
       Selling price per unit                 R12 040  R13 160    R25 900  R24 050
       Units sold                                  39       44          9       21
       Units returned to supplier (faulty)          6        0          0        0
       Customer complaints received                17        2          1        1
       Gross profit                          R134 160 R165 440    R66 600 R116 550
                                                                                                  35

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Accounting/P2                                   8                         Hlayiso/Prediction 2026
                                           NSC Prediction

QUESTION 3: COST ACCOUNTING                                             (35 marks; 28 minutes)

3.1       NALA CABINETS
          Nala Cabinets manufactures kitchen cabinets. The business is owned by Nala
          Zungu. The financial year ended on 30 June 2026.
          REQUIRED:
          3.1.1      Calculate the direct material cost for the year.                         (4)
          3.1.2      Calculate the direct labour cost for the year.                           (5)
          3.1.3      Prepare the Factory Overhead Cost Note for the year ended 30 June
                     2026.                                                                    (9)
          3.1.4      Calculate the cost of production of finished goods for the year ended
                     30 June 2026.                                                            (4)
INFORMATION:
A. Stock balances:
                                                 30 June 2026      1 July 2025
       Raw materials stock                           R166 000         R184 000
       Work-in-process stock                         R116 500          R96 500
      Raw materials: Purchases R2 280 000; carriage on raw materials purchased R56 400;
      raw materials returned to suppliers R38 200.
B. Factory workers:

         • Eight production workers each work a normal week of 40 hours for 50 weeks of the
           year at a normal rate of R75 per hour.
         • The workers worked 1 600 overtime hours in total during the year. Overtime is paid
           at one-and-a-half times the normal rate.
         • The employer contributes 7,5% of the basic wages to the pension fund, and 1% of
           the total wages (basic wages and overtime) to the UIF.
C. Factory overhead information:

         • Indirect materials used in the factory: R46 800
         • Salary of the factory foreman: R312 000
         • Rent paid for the year: R429 000. This amount includes the rent for July 2026. Rent
           is allocated according to floor area: factory 1 500 m2 ; office 300 m2 ; showroom 200
           m2 .
         • Water and electricity: R264 000. 80% of this amount must be allocated to the factory.
         • Factory equipment: The cost on 1 July 2025 was R1 850 000. A new machine costing
           R240 000 was bought and installed on 1 March 2026. Depreciation is provided at
           10% p.a. on cost.

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Accounting/P2                                  9                          Hlayiso/Prediction 2026
                                          NSC Prediction

3.2        WARDROBES
           Nala Cabinets also manufactures wardrobes in a separate production line.
           NOTE: Where comments or explanations are required, you should quote
           figures and/or trends, and give a reason or an explanation in EACH case.
           REQUIRED:
           3.2.1     Calculate the break-even point for wardrobes for the year ended 30
                     June 2026.                                                               (4)
           3.2.2     Comment on the break-even point and the level of production over
                     the two years. Quote figures.                                            (2)
           3.2.3     Identify the variable cost per unit that was poorly controlled. Quote
                     figures. Provide TWO different ways in which Nala can control this
                     cost.                                                                    (4)
           3.2.4     Nala wants to increase the net profit on wardrobes by R138 000 in
                     the next financial year. Calculate the number of additional wardrobes
                     that must be produced and sold. Assume that the selling price and
                     the cost structure stay the same.                                        (3)
INFORMATION:
 WARDROBES                                               2026          2025
 Units produced and sold                                 1 500         1 380
 Break-even point (units)                                    ?         1 150
 Selling price per unit                                 R4 200        R3 950
 Total fixed costs                                  R1 656 000    R1 495 000
 Variable costs per unit:
   Direct material cost                                 R1 680        R1 540
   Direct labour cost                                    R820          R780
   Selling and distribution cost                         R320          R330
 Total variable cost per unit                           R2 820        R2 650

      • The inflation rate for the year was 5%. The factory workers received a wage increase of
        5% on 1 July 2025.

                                                                                              35

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Accounting/P2                                    10                       Hlayiso/Prediction 2026
                                            NSC Prediction

QUESTION 4: BUDGETING                                                   (40 marks; 32 minutes)

4.1       Indicate whether EACH of the following items will appear in the Cash Budget
          only (CB), in the Projected Statement of Comprehensive Income only (PSCI),
          or in BOTH. Write only the answer next to the question numbers (4.1.1 to
          4.1.3) in the ANSWER BOOK.
          4.1.1      Discount received from creditors
          4.1.2      Repayment of part of the loan
          4.1.3      Interest on the loan                     (3 x 1)                         (3)
4.2       KOPANO FURNITURE
          Kopano Furniture is owned by Palesa Kopano. The information relates to the
          budget for the two months ending 31 December 2026.
          REQUIRED:
          4.2.1      Calculate the credit purchases for October 2026.                         (3)
          4.2.2      Complete the Creditors’ Payment Schedule for November and
                     December 2026.                                                           (7)
4.3       Calculate the amounts indicated by (i) to (iv) in the Cash Budget (Information
          G):
          (i)        Salaries for December 2026                                               (4)
          (ii)       Rent for December 2026                                                   (3)
          (iii)      Interest on the loan for December 2026                                   (3)
          (iv)       Amount received from the fixed deposit in November 2026                  (3)
4.4       Refer to Information H (October 2026).
          4.4.1      Explain TWO different ways in which the new competitor affected
                     Kopano Furniture in October 2026. Quote figures.                         (4)
          4.4.2      Palesa reduced the amount spent on advertising in October 2026.
                     Explain why this was not a wise decision. Quote figures.                 (3)
          4.4.3      Comment on the control over delivery expenses in October 2026.
                     Quote figures or calculations.                                           (3)
4.5   Refer to Information I. Explain whether Palesa should go ahead with her plan
      to buy the delivery vehicle for cash. Quote figures. Suggest ONE alternative.           (4)
INFORMATION:
A. Sales:
                        SEPTEMBER           OCTOBER      NOVEMBER       DECEMBER
                               (actual)       (actual)    (budgeted)     (budgeted)
       Total sales (R)         480 000        520 000        560 000        720 000
      40% of all sales are for cash.

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Accounting/P2                               11                         Hlayiso/Prediction 2026
                                       NSC Prediction

B. Purchases of stock and payments to creditors:

        • Goods are sold at a mark-up of 60% on cost. Stock sold is replaced in the same
          month (a fixed base stock is maintained).
        • 25% of the purchases are for cash and the rest are on credit.
        • Creditors are paid as follows: 70% in the month after the month of purchase, to
          receive a 4% discount; the remaining 30% in the second month after the month of
          purchase.
C. Salaries:

        • Five sales employees each earn the same monthly salary. Total salaries for
          November 2026 are R130 000.
        • The employees will receive a salary increase of 6% from 1 December 2026. In
          December 2026, each employee will also receive a bonus equal to 50% of the new
          monthly salary.
        • A temporary packer will be employed for December 2026 only, at a salary of R9 500.
D. Rent: The business rents 600 m2 at R65 per m2 per month. From 1 December 2026, an
   additional 150 m2 will be rented for storage. The rate per m2 on ALL the floor space will
   increase by 8% from the same date.
E. Loan: The balance of the loan from Bay Bank on 1 November 2026 is R480 000. Interest
   is charged at 13,5% p.a. and is paid at the end of each month. Interest is not capitalised.
   A capital repayment of R96 000 will be made on 30 November 2026.
F.   Fixed deposit: R240 000 was invested at Bay Bank on 1 August 2026 for four months
     at 8,5% p.a. Interest is received at the end of each month and is not capitalised. On 30
     November 2026, the fixed deposit and the interest for November 2026 will be transferred
     into the current bank account.

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Accounting/P2                               12                         Hlayiso/Prediction 2026
                                       NSC Prediction

G. Extract from the Cash Budget:
                                               NOVEMBER 2026          DECEMBER 2026
                                                           R                      R
      RECEIPTS
      Cash sales                                          224 000               288 000
      Receipts from debtors                               312 600               330 000
      Fixed deposit and interest                               (iv)                   –
      PAYMENTS
      Cash purchases of stock                              87 500               112 500
      Payments to creditors                                     ?                       ?
      Salaries                                            130 000                      (i)
      Rent                                                 39 000                     (ii)
      Interest on loan                                      5 400                    (iii)
      Loan repayment                                       96 000                       –
      Advertising                                          16 800                21 600
      Delivery expenses                                    25 000                32 000
      Drawings                                             30 000                45 000
      Sundry expenses                                      41 000                44 000
H. Budgeted and actual figures for October 2026:
                                               BUDGETED       ACTUAL
      Number of customers                             400          325
      Total sales                                R600 000     R520 000
      Advertising                                 R18 000       R9 000
      Number of deliveries                            240          250
      Delivery expenses                           R24 000      R31 250

        • A new competitor, Mega Furniture Warehouse, opened in the same shopping centre
          on 1 October 2026. It offers free delivery on all purchases.
        • Palesa decided to cut the advertising budget by half in October 2026 to save cash.
I.   Purchase of a delivery vehicle:

        • Palesa plans to buy a delivery vehicle for R380 000 cash on 1 December 2026. This
          purchase is NOT included in the Cash Budget.
        • The projected bank balance on 31 December 2026 (before the purchase of the
          vehicle) is an overdraft of R101 995.
        • The bank has approved an overdraft limit of R150 000.
                                                                                             40
                                                                                TOTAL: 150

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Accounting/P2                                   13                              Hlayiso/Prediction 2026
                                           NSC Prediction

           GRADE 12 ACCOUNTING FINANCIAL INDICATOR FORMULA SHEET

 Gross profit 100                                   Gross profit      100
              ×                                                    ×
   Sales          1                                 Cost of sales      1
 Net profit before tax 100                          Net profit after tax 100
                      ×                                                  ×
        Sales           1                                 Sales             1
 Operating expenses 100                             Operating profit 100
                      ×                                               ×
        Sales           1                                Sales            1
 Total assets : Total liabilities                  Current assets : Current liabilities

 (Current assets – Inventories) : Current          Non-current liabilities : Shareholders’ equity
 liabilities

           (Trade and other receivables + Cash and cash equivalents) : Current liabilities
 Average trading stock 365                               Cost of sales
                        ×       (See Note 1)
      Cost of sales        1                         Average trading stock
 Average debtors 365                                 Average creditors 365
                   ×                                                    ×      (See Note 2)
   Credit sales       1                                Cost of sales        1
      Net income after tax        100                   Net income after tax      100
                                ×                                              ×       (See Note 3)
 Average shareholders’ equity      1                 Number of issued shares       1
                          Net income before tax + Interest on loans                100
                                                                                 ×
                Average shareholders’ equity + Average non-current liabilities      1
   Shareholders’ equity      100                      Dividends for the year      100
                           ×                                                   ×
 Number of issued shares       1                     Number of issued shares       1
     Interim dividends       100                          Final dividends         100
                           ×                                                   ×
 Number of issued shares       1                     Number of issued shares       1
 Dividends per share 100                             Dividends for the year 100
                      ×                                                      ×
 Earnings per share      1                            Net income after tax      1
                                          Total fixed costs
                           Selling price per unit − Variable costs per unit
NOTES:

   1. Trading stock at the end of a financial year may be used if required in a question. 365 days is
      applicable only if relevant to the whole year.
   2. Credit purchases may be used instead of cost of sales (figures will be the same if stock is
      constant).
   3. If there is a change in the number of issued shares during a financial year, the weighted-average
      number of shares is used in practice.

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## Collection

- [Grade 12 past papers](https://www.hlayiso.com/grade-12/past-papers)

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