Exam (elaborations)
FAC1501 ASSESSMENT 1 SEMESTER 1, 2024
- Institution
- University Of South Africa (Unisa)
FAC1501 ASSESSMENT 1 SEMESTER 1, 2024
[Show more]
1 review
By: mmathibedi85 • 8 months ago
Content preview
BMZ ACADEMYBMZ Academy
CONTACT @ 061 262 1185/068 053 8213/0717513144
BMZ ACADEMY 0612621185/ 0717513144/ 068 053 8213
, 3/15/24, 2:57 PM Assessment 1 (page 1 of 2)
FAC1501-24-S1 Welcome Message Assessment 1
QUIZ
Time left 0:20:33
Question 1
Not yet answered
Marked out of 6.00
Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT
vendor and applies the principles of the periodic inventory system. After a recent robbery, the
owner of Raphulu Spaza decided to run his business cashless and opened a bank account
with Savers Bank. During the month of January 2024 Raphulu Spaza maintained an
unfavourable bank balance.
On 28 January 2024 Raphulu Spaza paid R1 235, via the banking app, to the local municipality
for rates and taxes.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format
as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited credited
Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 and
paid cash. Raphulu Spaza makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited
and the element affected on the financial statements (income, expense, assets, equity and
liabilities) from the dropdown menu and filling in the applicable amounts in the correct
spaces.
Please indicate whether the transaction increases or decreases the affected element (income,
expense, assets, equity and liabilities) in the amount column (see instruction 3 and 4 for
examples)
Instructions for numeric responses:
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element Eleme
Date Account to be debited Amount Account to be credited Amount
debited credite
R R
Jan
Rates and taxes 1235 Expense 1235 Asset
28
Bank
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15747978&cmid=842825 1/4
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 EFT, 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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now