Exam (elaborations)
FAc1502 Assignment 1 semester 2 2023
- Course
- Institution
This document contains the solutions to FAC1502 assignment 1 semester 2 2023, using this document will ensure a distinction of 80% plus.
[Show more]
3 reviews
By: thapelomokoena0101 • 3 months ago
By: jenellleroux • 8 months ago
By: victhabani • 1 year ago
Seller
Follow
Oustandingtutors
Reviews received
Content preview
8/4/23, 9:50 PM Assessment 1Question 1
Answer saved Time left 0:04:53
Marked out of 3.00
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
Answer saved
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
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php 1/15
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Oustandingtutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.84. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73918 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now