Exam (elaborations)
FAC1501 Assignment 1 MEMO
MEMO FOR FAC1501 ALL ANSWERS CORRECT WERE REPLACED
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Started on Monday, 18 March 2024, 6:37 PMState Finished
Completed on Monday, 18 March 2024, 7:06 PM
Time taken 29 mins 30 secs
Marks 13.00/25.00
Grade 52.00 out of 100.00 I REPLACED ANSWERS WITH CORRECT ONES ONLY
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Question 1
Correct
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Question text
Mrs A Zulu, owns a small grocery store in her neighbourhood where she supports local
people by purchasing their produce to sell. On 1 April 2022, South Stores paid R5 000 on
its account with SA Comp with an electronic funds transfer. South Stores previously
purchased a laptop and printer from SA Comp on credit.
This transaction will not affect assets in the accounting records of South Stores.
False
Feedback
Refer to learning unit 2
The correct answer is 'False'.
Question 2
Incorrect
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Question text
Mekgoe Florist is situated in the Western Cape. The business is not a registered VAT
vendor and makes use of the perpetual inventory system. During the month of January
2024, Mekgoe Florist maintained an unfavourable bank balance.
On 30 January 2024, R2 380 was paid into the bank account of Mekgoe Florist regarding
interest received on a long-term investment account held at CDO Bank.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 30 January 2024, in tabular
format as follows:
Account to
Account to Element Element
Date Amount be Amount
be debited debited credited
credited
, Example: May 2 Mekgoe Florist purchased inventory for the amount of R5
000 and paid cash. Mekgoe Florist 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)
Account
Account to be
Date to be Amount Element debited Amount Element credited
credited
debited
R R
Jan 30 Answer Answer Answer Answer Answer Answer
Bank -2380 Liability Interest 2380 Income
received
Feedback
Refer to learning unit 2.8 (liabilities) and learning unit 3.2
Question 3
Partially correct
Mark 5.00 out of 6.00
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