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Summary Fac1502 -assASSIGNMENT 1 semester 2 2024
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Question 11. UNISA
2. 2024
3. FAC1502-24-S2
4. Welcome Message
5. Assessment 1
Quiz
Assessment 1
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Question text
You are given the following information for Thabo's Plumbers:
R
Services rendered for cash 30 000
Services rendered on credit 21 000
Wages 25 000
Water and electricity 3 000
Credit losses 2 000
Interest paid on bank overdraft 200
Credit losses recovered 300
Consumables 2 500
Bank charges 230
EFT for rent paid to WR Estate Agency 4 500
Interest earned on a 30 day fixed deposit 1 000
Total expenses for Thabo's Plumbers is ….
NB: Instructions
,1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. Show a total comprehensive loss with a “– sign”.
Answer:
P revi ous act i vi t yAdditional Resources
Question 2
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The following information was obtained from the records of Sparkling Clean for February
20.1:
Thulani saved R1 800 000 to start his own cleaning serices in Midrand. On 1 February 20.1, Thulani
opened a business bank account, Sparkling Clean, at ABC Bank and he deposited R1 200 000.
The following transactions took place during February 20.1:
Day Transaction
2 Sparkling Clean bought equipment for R1 020 000 on credit, which is
repayable within a year.
3 Sparkling Clean purchased a van from Cars-4-Africa for R960 000 cash.
14 Thulani used the business banking app to pay R30 000 for his golf clubs.
16 Thulani used the business debit card to pay R20 000 for the rental of the
business property.
27 Sparkling Clean obtained a loan of R1 350 000 from XYZ Bank. The
interest rate payable on the loan is 12,5% per annum. R300 000 is payable
within 12 months, and the remainder of the loan is repayable before 27
February 20.4. The loan amount was deposited into the business bank
account of Sparkling Clean on 28 February 20.1. Interest on the loan will
accrue from 1 March 20.1.
28 During the first month of trading, the business rendered services to clients
for R70 000 cash and for R45 000 on credit. The operating expenses for
February amounted to R53 000.
, Required:
After taking into account all the information provided in the scenario above, please fill in the total
equity and liabilities section of the statement of financial position as at 28 February
20.1 of Sparkling Clean.
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. If an option was given but is not applicable under the heading, please indicate it by choosing
N/A from the dropdown menu.
5. If an option is given to fill in an amount but is not applicable, please fill in a zero "0"
SPARKLING CLEAN
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
R
EQUITY AND LIABILITIES
Answer Answer
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NON CURRENT LIABILITY Answer
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CURRENT LIABILITY Answer
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