Exam (elaborations)
Fac1501 Assignment 1 Semester 2 2024
- Institution
- University Of South Africa (Unisa)
Fac1501 Assignment 1 Semester 2024
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Assessment 1 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 1
QUIZ
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Question 1 WHATSAPP 064 516 7275
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Dineo Online, located in Mbombela, is not a registered VAT vendor. The business sells clothing online, including certain sales on behalf of third
parties. During January 2024, Dineo Online maintained an unfavourable bank balance.
On 25 January 2024, Dineo Online received a cash deposit of R800 from Mr Dube. The amount was previously written off as a credit loss.
REQUIRED:
Analyse the transaction of Dineo Online that took place on 25 January 2024, in tabular format as follows:
Account to be Account to be
Date Amount Element debited Amount Element credited
debited credited
Example: May 2 Dineo Online purchased inventory for the amount of R5 000 and paid cash. Dineo Online 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 �nancial statements
(income, expense, assets, equity and liabilities) from the dropdown menu and �lling 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 Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan
Bank 800 Asset 800 Income
25
Credit losses recovered
1 of 4 2024/08/29, 14
,Assessment 1 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21
Question 2
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Swift Construction, located in Gauteng, specializes in constructing tiny homes. The business is not a registered VAT vendor. In January 2024, Swift
Construction had a favourable bank balance.
On 20 January 2024, the owner of Swift Construction, Mr T Swift, paid R21 500 for the salary of his personal assistant, from his personal bank
account.
REQUIRED:
Analyse the transaction of Swift Construction that took place on 20 January 2024, in tabular format as follows:
Account to be Account to be
Date Amount Element debited Amount Element credited
debited credited
Example: May 2 The owner of Swift Construction withdrew R5 000 cash for own use.
R R
May 2 Drawings -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 (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 (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 Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan
Salaries 21500 Asset 2500 Equity
20
Capital
2 of 4 2024/08/29, 14
,Assessment 1 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21
Question 3
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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 a favourable bank balance.
On 28 January 2024 Raphulu Spaza paid R10 310, via the banking app, for training staff in the use of the newly installed accounting software
to be used in the shop.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:
Account to be Account to be
Date Amount Element debited Amount Element credited
debited 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 �nancial statements
(income, expense, assets, equity and liabilities) from the dropdown menu and �lling 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 Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan
Training 10310 Expense -10310 Asset
28
Bank
Question 4
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Marked out of 1.00
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 purchased a laptop and printer for the o�ce and paid R13 999 with the business debit card.
In the accounting records of South Stores for this transaction, assets will decrease on the credit side.
True
False
3 of 4 2024/08/29, 14
,Assessment 1 (page 1 of 2) https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21
Question 5
Not yet answered
Marked out of 6.00
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 a favourable bank balance.
On 15 January 2024, Mekgoe Florist purchased �owers for resale for R5 465 and paid cash.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 15 January 2024, in tabular format as follows:
Account to be Account to be
Date Amount Element debited Amount Element credited
debited credited
Example: May 2 The owner of Mekgoe Florist withdrew R5 000 cash for own use.
R R
May 2 Drawings -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 (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 (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 Element
Date Account to be debited Amount Account to be credited Amount
debited credited
R R
Jan
Inventory 5465 Asset -5465 Asset
15
Bank
4 of 4 2024/08/29, 14
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