Exam (elaborations)
FAC1502 Assignment 1 Semester 2 2024
- Institution
- University Of South Africa (Unisa)
FAC1502 Assignment 1 Semester 2 2024
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FAC1502-24-S2: Assessment 1 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=8469. Kindly note that you will be able to view your mark obtained for Assessment 1 and the overall feedback for Assessment 1
after you have submitted an attempt.
You will be able to view the questions you have received for the attempt, along with the answers and feedback, after the due
date of Assessment 1.
Kind regards
FAC1502 lecturers
Attempts allowed: 2
Time limit: 1 hour 15 mins
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
Attempt State 50.00 100.00 Review Feedback
1 Finished 48 43.6 891 8 43 49 5 8 2 38 8
Submitted Wednesday, permitted , 8 3 8 43
14 August 2024, 1:33
PM
2 Finished 43.6 891 8 43 49 5 8 2 38 8
Submitted Wednesday,
, 8 3 8 43
14 August 2024, 2:21
PM
052 / . 2 02 4 15
Overall feedback
Congratulations, you pass the assessment with a distinction.
No more attempts are allowed
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2 of 3 2024/08/14, 14
,FAC1502-24-S2: Assessment 1 https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=846
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This page is: General type: incourse. Context Quiz: Assessment 1 (context id 26465293). Page type mod-quiz-view.
3 of 3 2024/08/14, 14
,8/14/24, 9:47 PM Assessment 1 (page 1 of 12)
Question 1
Not yet answered
Marked out of 5.00
Peter a qualified electrical engineer was retrenched in January 20.2 and he received a
retrenchment package of R1 000 000. He decided to open his own business PG
Electricians on 1 February and deposited 50% of his retrenchment package into PG
Electricians business bank account. PG Electricians will use the periodic inventory
system.
The following transactions occurred in the books of PG Electricians during the month of
February 20.2:
Transaction Details
1 He decided to open his own business PG Electricians on 1 February
20.2 and deposited 50% of his retrenchment package into PG
Electricians business bank account.
2 PG Electricians will be renting a business premises at R3 800 per
month.
3 For the month of February 20.2, PG Electricians rendered services
for cash of R10 000.
4 PG Electricians bought a motor vehicle on credit from WR Cars on
10 February 20.2 for R50 000. Finance was obtained through a loan
from ABC Bank and carries interest at 11,5% interest per annum.
5 PG Electricians employed three staff members, one receptionist and
two electricians. The receptionist salary will be R12 000 a month and
the two electricians' wages will be R3 500 per week. The electricians
worked for four weeks and were paid in cash on 28 February 20.2.
6 PG Electricians sold 6 solar panels, one battery and 1 inverter on
credit for a total cost of R65 000. The items were delivered to Mr
Khumalo's home on 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. 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)
5. If an option has been provided and it is not applicable to the speci c
question, please put N/A in the column.
6. Only show the amount, do not show the "R" (eg: 1000)
The correct ledger and accounting analysis of TRANSACTION 4 in the books
of PG Electricians will be ...
General ledger
Assets Equity Liabilities
Account to be debited Account to be credited
R R R
Vehicles Loan: ABC Bank 50000 0 50000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20939093&cmid=846354 2/3
, 8/14/24, 9:49 PM Assessment 1 (page 2 of 12)
FAC1502-24-S2 Welcome Message Assessment 1
QUIZ
Time left 0:26:24
Question 2
Not yet answered
Marked out of 2.00
You are given the following information for Sibas Nail Bar: R
Equipment……………………………………………………………………….................................. 31 500
Manicure tables and chairs……………………………………………………........................ 4 200
Inventory……………………………............................................................................. 10 500
Clients owing Sibas Nail Bar…………………………............................................... 5 250
Sibas Nail Bar owes Salon Suppliers……………………………............................... 15 750
Bank overdraft……………………………………………………………..................................... 3 150
The total current liabilities of Sibas Nail Bar will be …
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
Answer: 18900
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20939093&cmid=846354&page=1 1/1
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