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FAC1501 ASSIGNMENT 5- DUE 29 OCTOBER 2024 SEMESTER 2
- Institution
- University Of South Africa (Unisa)
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10/24/24, 10:01 PM Assessment 5 (page 1 of 2)FAC1501-24-S2 ANNOUNCEMENTS AND ASSESSMENTS Assessment 5
QUIZ
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Question 1
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Africa Traders is a trading entity and makes use of the periodic inventory system. The entry in the accounting record to close of the water
and electricity account will be:
Debit: Water and electricity
Credit: Profit or loss account
True
False
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23339740&cmid=846349 1/15
, 10/24/24, 10:01 PM Assessment 5 (page 1 of 2)
Question 2
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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. During the month of January 2024, Mekgoe Florist maintained an unfavourable bank balance.
On 15 January 2024, Mekgoe Florist received R750 cash from Mr Mutafya. The amount was previously written off as a credit loss.
REQUIRED:
Analyse the transaction of Mekgoe Florist that took place on 15 January 2024, in tabular format as follows:
Account to be Element Account to be Element
Date Amount Amount
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)
Element Eleme
Date Account to be debited Amount Account to be credited Amount
debited credite
R R
Jan
Bank 750 Liability -750 Income
15
Credit losses recovered
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=23339740&cmid=846349 2/15
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