Exam (elaborations)
FAc1502 Assignment 1 semester 2 2023
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This document contains the solutions to FAC1502 assignment 1 semester 2 2023, using this document will ensure a distinction of 80% plus.
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8/4/23, 9:50 PM Assessment 1Question 1
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Debits Credits
R R
Vehicles 350 000 Capital 424 850
Plant and equipment 175 000 Sales 550 000
Stationery 1 610 Interest on bank account 350
Insurance 8 200 Loan: Nice Bank 65 000
Fixed deposit 30 000 Interest income 2 400
Interest expenses 5 200 Accumulated depreciation
Bank 11 600 (plant and equipment) 17 500
Trade receivables control 25 500 Rent income 15 400
Water and electricity 8 800 Trade payables control 34 320
Depreciation (Vehicles) 15 000 Accumulated depreciation
Salaries 110 360 (vehicles) 15 350
Drawings 21 900
Inventory 32 000
Cost of sales 330 000
1 125 170 1 125 170
The accounting equation (A = E + L) can be expressed as …
Instructions:
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. A decrease in an amount must be indicated by using a negative sign in front of the amount (eg: -1000.01)
4. An increase must be indicated by the amount without any sign (eg: 1000.01)
Please note: Only include the total amount for assets, equity and liabilities in the table provided.
Assets = Equity + Liabilities
R R R
580500 475980 104520
Question 2
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Marked out of 4.00
Use the information provided to analyse the given transaction and then choose the correct option for the analysis of the transaction:
The business bank account of BK Salon has a balance of -R5 000.
Transaction: BK Salon paid a creditor R2 000 via the business banking app.
The account to be debited in the given transaction. Trade payables
The effect of the given transaction on assets in the basic accounting equation. Assets will increase and decrease with R2 000.
The effect of the above transaction on liabilities in the basic accounting equation. Liabilities will increase and decrease with R2 000.
The account to be credited in the given transaction. Bank
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