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FAC1501 ASSIGNMENT 1 FOR 2ND SEMESTER 2024 R50,00   Add to cart
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FAC1501 ASSIGNMENT 1 FOR 2ND SEMESTER 2024
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The document contians two different attempts with distinctions obatined on both. Kindly note that the questions may differ and therefore the document may be used as a guideline. For direct assistance kindly contact us 0/6/3/1/7/3/8/1/8/1/ but the fee differs.

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  • August 29, 2024
  • 15
  • 2024/2025
  • Other
  • Unknown

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FAC1501
ASSIGNMENT 1 FOR 2ND SEMESTER 2024




FEND TUTORIALS

, Summary of your previous attempts

Marks / Grade /
Attempt State 25.00 100.00 Review Feedback
1 FinishedSubmitted Thursday, 29 August 2024, 22.00 88.00 Congratulations,
9:49 AM the good work.
Highest grade: 88..00.

Overall feedback

Congratulations, you passed this assessment with a distinction. Keep up the good work.


Question 1
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Marked out of 6.00

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Question text
Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT vendor
and applies the principles of the perpetual 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 purchased new shelves for the shop for R9 830 and paid with an
electronic funds transfer.


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 Equity 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 statement of Financial position


Whatsapp Marlvin @ +2763 173 8181

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