FAC 1501
ASSIGNMENT 1 SEMESTER 2 2024
DUE DATE: 02 SEPTEMBER 2024
TIME: 07:00 PM
UNIQUE NO: 547195
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, Mekgoe Florist is situated in the Western Cape. The business is not a registered VAT vendor and makes use of the perpetual inventory
system. On 15 January 2024, Mekgoe Florist had a favourable bank balance.
On 15 January 2024, an entry of R728 for interest paid, appears on the bank statement of Mekgoe.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 15 January 2024, in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credited Amount Eleme
Example: May 2 Mekgoe Florist purchased inventory for the amount of R5 000 and paid cash. Mekgoe Florist makes use of
inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 A
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
Date Account to be debited Amount Account to be credited Amount
debited
R R
Jan Interest paid -728 Expense -728
15 Bank
Question 2
Financial accounting is a process that involves three activities, namely:
Answer saved
(a) Identification – selecting those events that are evidence of economic activity (transactions) relevant to the particular entity.
Marked out of
1.00 (b) Recording the monetary value of the economic events (transactions) so as to provide a permanent history of the financial activities of
Flag the entity.
question
(c) Reporting of the recorded information to the interested users.
True
False
Question 3 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT vendor and applies the principles of the
Answer saved perpetual inventory system. After a recent robbery, the owner of Raphulu Spaza, Mr Raphulu, decided to run his business cashless and
Marked out of opened a bank account with Savers Bank. During the month of January 2024 Raphulu Spaza maintained a favourable bank balance.
6.00
Flag
question On 28 January 2024, the owner of Raphulu Spaza made a contribution to the shop by paying R1 900 to ABC bank, as down payment on
the shop's mortgage loan from his personal bank account.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credited Amount Eleme
, Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 and paid cash. Raphulu Spaza makes use of
inventory system.
R R
May 2 Purchases -5 000 Equity Bank -5 000 A
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
Date Account to be debited Amount Account to be credited Amount
debited
R R
Jan Bank 1900 Asset 1900
28 Capital
Question 4 Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT vendor and applies the principles of the
Answer saved perpetual inventory system. After a recent robbery, the owner of Raphulu Spaza decided to run his business cashless and opened a bank
Marked out of account with Savers Bank. During the month of January 2024, Raphulu Spaza maintained a favourable bank balance.
6.00
Flag
question During December 2023, Raphulu Spaza purchased inventory on account from SA Stores for R10 240. On 28 January 2024, Raphulu
Spaza paid the full amount owing with an electronic funds transfer.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format as follows:
Date Account to be debited Amount Element debited Account to be credited Amount Eleme
Example: May 2 The owner of Raphula Spaza withdrew R5 000 cash for own use.
R R
May 2 Drawings -5 000 Equity Bank -5 000 A
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
Date Account to be debited Amount Account to be credited Amount
debited
