Exam (elaborations)
FAC1501 Assignment 5 Semester 2 2024 ( Answers 100%)
- Institution
- University Of South Africa (Unisa)
FAC1501 Assignment 5 2024
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FAC1501ASSIGNMENT 5 2024 MEMO
DUE: 28 OCTOBER 2024
SEMESTER 2 2024
,2024 FAC1501-24-S4 Welcome to FAC1501 Assessment 5
Opened: Thursday, 24 October 2024, 8:00 AM
Closes: Monday, 28 October 2024, 11:00 PM
547718
Started on Saturday, 26 October, 2024, 7:48 AM
State Finished
Completed on Saturday, 26 October, 2024 8:30 AM
Time taken 53 mins 57 secs
Grade 96.76 out of 100.00
Feedback Congratulations, you passed this
assessment with a distinction.
Keep up the good work.
Question 1
Partially correct
Please match the question in column A to the correct
option. Each option provided may be selected more
than once. You may assume that the entities
mentioned in the transactions are not a registered
VAT vendors unless explicitly mentioned otherwise.
Mr S Africa is the owner
of SA Landscapers. SA
Landscapers has a
favourable bank balance.
On 3 January 2021, SA
Landscapers paid SA
Expenses
Media to place an
advertisement in the
local newspaper. The
account debited for this
transaction in the books
of SA Landscapers will
be classi ed as ….
Mr S Africa is the owner
of SA Landscapers. SA
Landscapers has a
favourable bank balance.
On 3 January 2021, SA
Landscapers rendered
landscaping services to
Current assets
Mrs A Zulu. Mrs A Zulu
paid her account with an
electronic funds transfer.
The account debited for
this transaction in the
books of SA
Landscapers will be
classi ed as ….
Mr S Africa is the owner
of SA Landscapers. SA
Landscapers has a
favourable bank balance.
, Mr S Africa is the owner
of SA Landscapers. SA
Landscapers has a
favourable bank balance.
On 3 January 2021, SA
Landscapers received an
invoice from SA Media
Current liabilities
for the placement of an
advertisement in the
local newspaper of 20
December 2020. The
account credited for this
transaction in the books
of SA Landscapers will
be classi ed as ….
Mr S Africa is the owner
of SA Landscapers. SA
Landscapers has a
favourable bank balance.
On 3 January 2021, SA
Landscapers obtained a
loan from ZAR Bank. The
loan bears interest at
10% per annum and is
repayable in equal Current liabilities
monthly instalments
over 5 years. ZAR Bank
paid the full amount of
the loan into the bank
account of SA
Landscapers. The
account credited for this
transaction in the books
of SA Landscapers will
be classi ed as ….
Refer to learning unit 1 to 11
The correct answer is:
Mr S Africa is the owner of SA Landscapers. SA
Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers paid SA Media to
place an advertisement in the local newspaper. The
account debited for this transaction in the books of
SA Landscapers will be classi ed as …. → Expenses,
Mr S Africa is the owner of SA Landscapers. SA
Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers rendered landscaping
services to Mrs A Zulu. Mrs A Zulu paid her account
with an electronic funds transfer. The account debited
for this transaction in the books of SA Landscapers
will be classi ed as …. → Current assets,
Mr S Africa is the owner of SA Landscapers. SA
Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers rendered landscaping
services to Mrs A Zulu. Mrs A Zulu received her
invoice and has 30 days to pay the outstanding
amount. The account debited for this transaction in
the books of SA Landscapers will be classi ed as ….
→ Current assets,
Mr S Africa is the owner of SA Landscapers. SA
Landscapers has a favourable bank balance. On 3
January 2021, SA Landscapers received an invoice
from SA Media for the placement of an advertisement
in the local newspaper of 20 December 2020. The
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