This document contains FAC 1501 Assessment 1 expected questions & compulsory Quizzes 2024. using it correctly will help you understand and finish the assessment on time
Question 1 An entry on the debit side of a profit or an income account does not decrease the profit/income of an entity.
Answer saved
SCAR THE T
M arked out of True whatsapp +27
1.00 for FAC,MAC
False
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Question 2
Dineo Online, located in Mbombela, is not a registered VAT vendor. The business sells clothing online, including certain sales on behalf
Answer saved Online maintained a favourable bank balance.
M arked out of On 25 January 2024, Dineo Online received a cash deposit of R4 710 for online sales.
6.00
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REQUIRED:
Analyse the transaction of Dineo Online that took place on 25 January 2024, in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credite
Example: May 2 Dineo Online purchased inventory for the amount of R5 000 and paid cash. Dineo Online makes use of the
SCAR THE TUTOR
whatsapp +27737560989 R
for FAC,MAC,ECS,TAX,FIN,INV,QMI,BNU,MNB,MNG ,STA
tutoring May 2 Purchases 5 000 Expense Bank
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on t
assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element (income, expense, assets, equity and
instruction 3 and 4 for examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
, R
Jan 25 Bank Asset Sales
4710.00
Question 3 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT vendor and applies the principles of the per
Answer saved the owner of Raphulu Spaza, Mr Raphulu, decided to run his business cashless and opened a bank account with Savers Bank. During t
maintained a favourable bank balance.
M arked out of
6.00
Flag question On 28 January 2024, the owner of Raphulu Spaza contributed a softserve machine to Raphulu Spaza to use in the shop and earn additio
the softserve machine was R18 995.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credite
Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 and paid cash. Raphulu Spaza makes use of th
R
May 2 Purchases -5 000 Equity Bank
Complete the table below by selecting the account to be debited, the account to be credited and the element affe
of Financial position (assets, equity and liabilities) from the dropdown menu and filling in the applicable amount
Please indicate whether the transaction increases or decreases the affected element (assets, equity and liabilities) in the
examples)
SCAR
whats
Instructions for numeric responses: for FA
1. Use a full stop to indicate any decimals (eg: 1000.01) tutorin
2. Round off to the second decimal after the full stop (eg: 50.56)
, R
Jan 28 Equipment Asset Capital
18995.00
Question 4
John Miles started a business named Miles of Furniture during 2023. The business is not a registered VAT vendor and applies the princ
Answer saved January 2024, Miles of Furniture maintained a favourable bank balance.
M arked out of On 20 January 2024, Miles of Furniture acquired a small truck for R1 128 000 to deliver furniture to clients and paid cash.
6.00
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REQUIRED:
Analyse the transaction of Miles of Furniture that took place on 20 January 2024, in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credite
Example: May 2 The owner of Miles of Furniture withdrew R5 000 cash for own use.
R
SCAR THE TUTOR May 2 Drawings -5 000 Equity Bank
whatsapp +27737560989
for FAC,MAC,ECS,TAX,FIN,INV,QMI,BNU,MNB,MNG ,STA
tutoring
Complete the table below by selecting the account to be debited, the account to be credited and the element affe
of Financial position (assets, equity and liabilities) from the dropdown menu and filling in the applicable amount
Please indicate whether the transaction increases or decreases the affected element (assets, equity and liabilities) in the
examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
, Question 5
Mekgoe Florist is situated in the Western Cape. The business is not a registered VAT vendor and makes use of the perpetual inventory
Answer saved Mekgoe Florist maintained an unfavourable bank balance.
M arked out of
On 15 January 2024, Mekgoe Florist paid R6 280 to the local municipality for water and electricity through an electronic funds transfer
6.00
Flag question
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 15 January 2024, in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credite
Example: May 2 Mekgoe Florist purchased inventory for the amount of R5 000 and paid cash. Mekgoe Florist makes use of
R
May 2 Purchases 5 000 Expense Bank
Complete the table below by selecting the account to be debited, the account to be credited and the element affected on t
assets, equity and liabilities) from the dropdown menu and filling in the applicable amounts in the correct spaces.
Please indicate whether the transaction increases or decreases the affected element (income, expense, assets, equity and
instruction 3 and 4 for examples)
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element
Date Account to be debited Amount Account to be credit
debited
R
Jan 15 Water and electricity Expense Bank
6280.00
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