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FAC3703 Assignment 1 (Semester 2) 2024 - Due 7 September 2024
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FAC3703 Assignment 1 (Semester 2) 2024 - Due 7 September 2024
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FAC3703ASSIGNMENT 1 (SEMESTER 2)
DUE DATE: 7 September 2024
Written Assignment Submission Guidelines:
Please ensure that your assignment is submitted electronically through the myUnisa platform no
later than …September 2024. Kindly note that fax or email submissions will not be accepted.
NB: Assignment submitted to the lecturer(s) through email will not be considered.
QUESTION 1
(a) Prepare journal entries to account for transaction 1 in the accounting records of Woodworks
Ltd for the year ended 29 February 2024. Show dates for each journal. Ignore tax consequences.
Journal narrations are not required.
ANSWER:
Transaction 1: Journal Entries for Woodworks Ltd
1 March 2023
To record the recognition of the leased machinery and the associated lease liability:
• Machinery (Asset)
o Dr: Machinery R420,000
o Cr: Lease Liability R420,000
31 July 2023
To record the payment of the lease instalment:
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