Exam (elaborations)
FAC1502 Assignment 1 semester 2 2023
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This document contains, multiple solutions to fac1502 assignment 1 semester 2 2023.
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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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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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Question 3
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Indicate whether the following statement is true or false:
According to current cost basis, liabilities are carried at the discounted amount of cash or cash equivalent that would be required to settle the obligation currently.
Select one:
True
False
Question 4
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On 31 December 20.1 an EFT of R2 500 was made to Best Municipality to pay the electricity deposit for Correcting Dentist. The bank account of Correcting Dentist
had a debit balance of R1 000.
The correct analysis of the effect of the given transaction on the general ledger and the accounting equation of Correcting Dentist is ...
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your spelling of the
words is correct.
4. If an option has been provided and it is not applicable to the specific question please put N/A in the columns.
CORRECTING DENTIST
General ledger Assets Equity Liabilities
Account to be debited Account to be
Debit Credit Debit Credit Debit Credit
credited
R R R R R R
Electricity Bank N/A 2500 2500 N/A N/A N/A
Please answer all parts of the question.
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Question 5
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The following rules are applicable to asset accounts in the general ledger:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the column.
+ -
Balance N/A
+ N/A - Balance
Question 6
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Indicate whether the following statement is true or false:
The VAT control account is used to determine the amount to be paid to or to be claimed from SARS.
Select one:
True
False
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, 8/4/23, 9:50 PM Assessment 1
Question 7
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The following balances were extracted from the subsidiary journals of General Spaza Shop as at 28 February 20.2.
R
Cash receipts journal
VAT input 3 516,24
Amounts for sales added in the Bank column 513 371,04
Cash payments journal
Amounts for purchases added in the Bank column 743 098,72
VAT output 4 892,16
Purchases journal
Purchases column 387 296,00
Sales journal
Sales column 738 920,00
Purchases returns journal
Trade payables column 50 399,44
Sales returns journal
Sales column 32 714,40
On 1 February 20.2, the VAT input account had an opening balance of R123 480 and the VAT output account had an opening balance of R185 220.
Calculate the closing balance of the VAT output account as at 28 February 20.2.
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. For embedded questions spelling is very important. If you spell the answer incorrect it will be marked incorrect. Please make sure that your
spelling of the words is correct.
4. Keep the ledger entries strictly according to the information given.
GENERAL SPAZA SHOP
GENERAL LEDGER
Dr VAT output Cr
20.2 R 20.2 R
SRJ b/d
Feb 28 Trade receivables control 32714 Feb 1 Balance 185220
GJ CRJ
VAT control 257294.87 Feb 28 Bank 3516
CPJ
Trade payables control 4892
SJ
Trade receivables control 96380.87
290008.87 290008.87
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