Economic and Management Sciences Grade 8 P1 2026 QP (Eng)

Mock hlayiso mock exams Practice Series: Grade 8 Exam Preparation WWW.HLAYISO.COM SENIOR PHASE END-OF-YEAR EXAMINATION GRADE 8 ECONOMIC AND MANAGEMENT SCIENCES P1 FINANCIAL LITERACY NOVEMBER 2026 (MOCK) MARKS: 75 TIME: 1½ hours This question paper consists of 9 pages and a separate ANSWER BOOK. Copyright reserved Please turn over

EMS/P1 2 Hlayiso/Mock 2026 Senior Phase Mock INSTRUCTIONS AND INFORMATION Read the following instructions carefully before answering the questions. 1. This question paper consists of FOUR sections and covers the Grade 8 Financial Literacy work of the whole year. SECTION A: SHORT QUESTIONS QUESTION 1.1: Multiple-choice questions (5) QUESTION 1.2: Matching items (5) QUESTION 1.3: True or false (5) [15] SECTION B: CONCEPTS AND ACCOUNTING EQUATION QUESTION 2: Accounting cycle and classification of accounts (8) QUESTION 3: Accounting equation (10) [18] SECTION C: CASH JOURNALS QUESTION 4: Cash Receipts and Cash Payments Journals (22) [22] SECTION D: GENERAL LEDGER AND TRIAL BALANCE QUESTION 5: General Ledger (10) QUESTION 6: Trial Balance (10) [20] 2. ALL questions are compulsory. 3. Answer ALL the questions in the ANSWER BOOK provided. Write your name and class on the ANSWER BOOK. 4. All the businesses in this paper are SERVICE businesses. 5. Show ALL workings to earn part-marks. 6. You may use a non-programmable calculator. 7. Write neatly and legibly. Copyright reserved Please turn over

EMS/P1 3 Hlayiso/Mock 2026 Senior Phase Mock SECTION A: SHORT QUESTIONS QUESTION 1 1.1 MULTIPLE-CHOICE QUESTIONS Various options are provided as possible answers to the following questions. Choose the answer and write only the letter (A–D) next to the question numbers (1.1.1 to 1.1.5) in the ANSWER BOOK, e.g. 1.1.6 D. 1.1.1 Which source document will a business use to record a payment that it made electronically from its bank account to a supplier? A Duplicate receipt B Deposit slip (1) C Proof of EFT payment D Cash register roll 1.1.2 Which ONE of the following accounts is an OWNER’S EQUITY account? A Loan: Mzansi Bank B Capital (1) C Equipment D Bank 1.1.3 A hair salon received R4 500 in cash for services rendered and deposited it. The effect on the accounting equation is … A assets +4 500; owner’s equity +4 500; liabilities 0. B assets +4 500; owner’s equity 0; liabilities +4 500. C assets −4 500; owner’s equity −4 500; liabilities 0. D assets 0; owner’s equity +4 500; liabilities −4 500. (1) 1.1.4 The subsidiary journals are also called the … A books of final entry. B books of first entry. (1) C Trial Balance. D source documents. 1.1.5 Which ONE of the following accounts will have a CREDIT balance in the Trial Balance? A Wages B Drawings (1) C Current income D Equipment (5) Copyright reserved Please turn over

EMS/P1 4 Hlayiso/Mock 2026 Senior Phase Mock 1.2 MATCHING ITEMS Choose a term in COLUMN B that matches a description in COLUMN A. Write only the letter (A–G) next to the question numbers (1.2.1 to 1.2.5) in the ANSWER BOOK, e.g. 1.2.6 H. COLUMN A COLUMN B 1.2.1 Money or goods that the owner takes out of the A Liabilities business for his or her own use 1.2.2 Possessions of value that belong to the business, B Trial Balance e.g. vehicles and money in the bank 1.2.3 Debts that the business owes to outside persons C Consumable stores or institutions 1.2.4 The income that a service business earns from its D Drawings main activity 1.2.5 A list of the balances of all the accounts in the E Assets General Ledger, used to check that debits equal credits F Current income G Capital (5) 1.3 TRUE OR FALSE Indicate whether the following statements are TRUE or FALSE. Write only ‘true’ or ‘false’ next to the question numbers (1.3.1 to 1.3.5) in the ANSWER BOOK. 1.3.1 All the money that the business receives is recorded in the Cash Receipts Journal. (1) 1.3.2 A deposit slip is the source document used when cash is withdrawn from the bank to pay wages. (1) 1.3.3 In the Cash Payments Journal the total of the Bank column is equal to the sum of the totals of all the other money columns. (1) 1.3.4 Expense accounts are found in the Balance Sheet Accounts Section of the General Ledger. (1) 1.3.5 According to the double-entry principle, every transaction affects at least two accounts. (1) (5) [15] TOTAL SECTION A: 15 Copyright reserved Please turn over

EMS/P1 5 Hlayiso/Mock 2026 Senior Phase Mock SECTION B: CONCEPTS AND ACCOUNTING EQUATION QUESTION 2: ACCOUNTING CYCLE AND CLASSIFICATION OF ACCOUNTS 2.1 The diagram below shows the steps of the accounting cycle. Some steps are missing. Give the missing steps labelled A to D. Write only the answer next to the letter in the ANSWER BOOK. 1. Transactions 6. Financial statements 2. A 5. D 3. B 4. C (4) 2.2 Classify each of the following accounts as an ASSET, LIABILITY, OWNER’S EQUITY, INCOME or EXPENSE. Use the table in the ANSWER BOOK. 2.2.1 Vehicles 2.2.3 Advertising 2.2.2 Loan: Ubuntu Bank 2.2.4 Rent income (4) [8] Copyright reserved Please turn over

EMS/P1 6 Hlayiso/Mock 2026 Senior Phase Mock QUESTION 3: ACCOUNTING EQUATION The transactions below were taken from the books of Thandi’s Hair Studio, owned by Thandi Zulu, for March 2026. REQUIRED: Analyse each transaction. Show the account debited, the account credited and the effect (+, − or 0, with the amount) on the accounting equation. Use the table in the ANSWER BOOK. An example has been done for you. No. Transaction e.g. Received R3 200 for hair services rendered (cash register roll). 3.1 Thandi increased her capital contribution by depositing R20 000 from her personal savings into the business bank account. 3.2 Bought a new hair-dryer station (equipment) for R6 400 and paid by EFT. 3.3 Received a loan of R30 000 from Ubuntu Bank. The money was paid into the business bank account. 3.4 Paid the telephone account of R1 150 by EFT. 3.5 Thandi withdrew R2 000 from the business bank account for her own use. [10] TOTAL SECTION B: 18 Copyright reserved Please turn over

EMS/P1 7 Hlayiso/Mock 2026 Senior Phase Mock SECTION C: CASH JOURNALS QUESTION 4: CASH RECEIPTS AND CASH PAYMENTS JOURNALS Nomsa Khumalo started a mobile car-wash business called Sparkle Car Wash in Mamelodi on 1 August 2026. She washes cars at offices and homes, and rents out a small storeroom on her premises. The business pays its two workers in the middle of the month. REQUIRED: 4.1 Record the transactions for August 2026 in the Cash Receipts Journal (CRJ). Total (close off) the journal at the end of the month. (8) 4.2 Record the transactions for August 2026 in the Cash Payments Journal (CPJ). Total (close off) the journal at the end of the month. (12) 4.3 Nomsa says that her private cellphone bill (see 18 August) is an expense of the business, because it was paid from the business bank account. Do you agree? Explain your answer. (2) INFORMATION: The journals have the following money columns: CRJ: Analysis of receipts; Bank; Current income; Sundry accounts CPJ: Bank; Wages; Consumable stores; Sundry accounts TRANSACTIONS FOR AUGUST 2026 1 Nomsa deposited R45 000 into the business bank account as her capital contribution. Receipt 001 was issued. 3 Bought a high-pressure washing machine (equipment) from WashTech Suppliers for R12 800. Paid by EFT 01. 5 Bought car shampoo, wax and cloths from Klean Supplies for R1 640. Paid by EFT 02. 8 Cash received for car washes according to the cash register roll (CRR), R3 950. The money was deposited. 12 Received R2 500 from Lindiwe’s Hair Salon for the rent of the storeroom for August. Receipt 002 was issued. 15 Withdrew cash (withdrawal 01) to pay the wages of the two workers, R1 300 each. 18 Paid R1 000 to Telkom by EFT 03: business telephone account, R620 Nomsa’s private cellphone bill, R380 25 Paid Mamelodi Community News R450 by EFT 04 for an advertisement. 31 Cash received for car washes according to the CRR, R4 280. The money was deposited. [22] TOTAL SECTION C: 22 Copyright reserved Please turn over

EMS/P1 8 Hlayiso/Mock 2026 Senior Phase Mock SECTION D: GENERAL LEDGER AND TRIAL BALANCE QUESTION 5: GENERAL LEDGER The information below was taken from the books of Kgotso Plumbing Services, owned by Mpho Kgotso, for September 2026. REQUIRED: 5.1 Post to the Bank account in the General Ledger. Balance the account at the end of the month. (6) 5.2 Post to the Capital account in the General Ledger. Do NOT balance this account. (2) 5.3 Mpho says that the business made a profit of R8 200 in September, because the bank balance increased by R8 200. Is he correct? Explain, referring to ONE item in the information. (2) INFORMATION: Balances on 1 September 2026: Bank R18 600 (favourable) Capital R60 000 Totals of the cash journals on 30 September 2026: Cash Receipts Journal of Kgotso Plumbing Services – September 2026 CRJ9 Bank Current Sundry Sundry accounts made up of income accounts 41 350 26 850 14 500 Capital 10 000; Rent income 4 500 Cash Payments Journal of Kgotso Plumbing Services – September 2026 CPJ9 Bank Wages Consumable Sundry Sundry accounts made up of stores accounts 33 150 9 600 3 270 20 280 Equipment 15 800; Water and electricity 1 980; Drawings 2 500 [10] Copyright reserved Please turn over

EMS/P1 9 Hlayiso/Mock 2026 Senior Phase Mock QUESTION 6: TRIAL BALANCE The balances below were taken from the General Ledger of Lerato’s Tutoring Services on 31 October 2026. The bookkeeper did not record the balance of the Capital account. REQUIRED: 6.1 Complete the Trial Balance of Lerato’s Tutoring Services on 31 October 2026 in the ANSWER BOOK. Some items have already been entered for you. Calculate and show the balance of the Capital account. (8) 6.2 Lerato says: “My Trial Balance balances, so there cannot be any errors in my books.” Do you agree? Give a reason for your answer. (2) INFORMATION: Current income 68 400 Equipment 38 500 Telephone 2 340 Rent income 9 600 Bank (favourable) 12 760 Vehicles 95 000 Capital ? Wages 18 600 Drawings 4 800 Consumable stores 3 950 Loan: Ubuntu Bank 40 000 Advertising 1 450 Cash float 500 Water and electricity 3 120 [10] TOTAL SECTION D: 20 TOTAL: 75 Copyright reserved