FAC1503 2021
FAC 1503
Online Assignment Questions and Answers
ECP 2021
ASSIGNMENTS 1 – 5
Written by
Camecia Cass
BUY ME TO VIEW ALL OF THE ANSWERS
, FAC1503 2021
5.1 Assignment 5
Part 1 of 12 - Part 1 6.0 Points
In this part you will be required to complete the amounts of each transaction on the
accounting equation. Below is an example of how you should complete the table:
Example:
On 25 January 2021, SA Traders withdrew cash and paid wages to the amount of
R5 000.
What will the effect of this transaction be on the accounting equation?
Assets Equity Liabilities
+0 +0 +0
- 5000 - 5000 +0
Question 1 of 23
6.0 Points
Click to see additional instructions
SA Traders (registered VAT vendor) entered into the following transactions during August 2020.
Date Transactions
6 SA Traders sold goods to the amount of R11 500 for cash.
31 SA Traders settled their outstanding amount with SA Suppliers to the amount of
R7 600.
NB:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72)
2. Use a comma to indicate any decimals (eg: 1000,01)
3. You must enter cents even if it is 0 (eg ,00)
4. You must round to the nearest cent
5. You must enter an amount in each of the open spaces. If the transaction does not
have any effect on a certain aspect of the account equation, please indicate it with a
zero (eg: 0).
Solution:
Indicate the nett effect of the transactions under the accounting equation:
Assets Equity Liabilities
R R R
+ 11500 + 10000 + 1500
- 7600 - 0 - 7600
, FAC1503 2021
Answer Key:11500, 10000,00, 1500, 7600, 0, 7600,00
Part 2 of 12 - Part 2 2.0 Points
Question 2 of 23
2.0 Points
Click to see additional instructions
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa
Traders sold a dining room table for R5900. The mark-up percentage on cost is 20%.
What is the cost price of the product?
NB:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72)
2. Use a comma to indicate any decimals (eg: 1000,01)
3. You must enter cents even if it is 0 (eg ,00)
Solution:
R 4916,67
Answer Key:4916,67
Feedback:
Refer to learning unit 7, paragraph 7.9 of the study guide.
Part 3 of 12 - Part 3 3.0 Points
Question 3 of 23
3.0 Points
This question relates to bank reconciliations:
Where will direct deposits that customers made into the entity‟s bank account, and
that appear on the monthly bank statement received by the entity, be recorded by
the entity?
A.
Petty cash journal
, FAC1503 2021
B.
Cash payments journal
C.
Cash receipts journal
D.
Bank reconciliation statement
Answer Key:C
Feedback:Refer to learning unit 3.5.1 & example 3.10
Part 4 of 12 - Part 4 3.0 Points
Question 4 of 23
3.0 Points
Which for the following is false for the reducing balance method of depreciation?
A. Annual depreciation is calculated on the carrying amount of the asset
B. The carrying amount is obtained by deducting the accumulated
depreciation on the asset from the original cost of the asset
C. The depreciation needs to be apportioned for the months the asset was
in use during the financial year
D. Depreciation is calculated by dividing the cost of the asset through the
expected useful life thereof
FAC 1503
Online Assignment Questions and Answers
ECP 2021
ASSIGNMENTS 1 – 5
Written by
Camecia Cass
BUY ME TO VIEW ALL OF THE ANSWERS
, FAC1503 2021
5.1 Assignment 5
Part 1 of 12 - Part 1 6.0 Points
In this part you will be required to complete the amounts of each transaction on the
accounting equation. Below is an example of how you should complete the table:
Example:
On 25 January 2021, SA Traders withdrew cash and paid wages to the amount of
R5 000.
What will the effect of this transaction be on the accounting equation?
Assets Equity Liabilities
+0 +0 +0
- 5000 - 5000 +0
Question 1 of 23
6.0 Points
Click to see additional instructions
SA Traders (registered VAT vendor) entered into the following transactions during August 2020.
Date Transactions
6 SA Traders sold goods to the amount of R11 500 for cash.
31 SA Traders settled their outstanding amount with SA Suppliers to the amount of
R7 600.
NB:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72)
2. Use a comma to indicate any decimals (eg: 1000,01)
3. You must enter cents even if it is 0 (eg ,00)
4. You must round to the nearest cent
5. You must enter an amount in each of the open spaces. If the transaction does not
have any effect on a certain aspect of the account equation, please indicate it with a
zero (eg: 0).
Solution:
Indicate the nett effect of the transactions under the accounting equation:
Assets Equity Liabilities
R R R
+ 11500 + 10000 + 1500
- 7600 - 0 - 7600
, FAC1503 2021
Answer Key:11500, 10000,00, 1500, 7600, 0, 7600,00
Part 2 of 12 - Part 2 2.0 Points
Question 2 of 23
2.0 Points
Click to see additional instructions
Africa Traders is not a registered VAT vendor and buys and sells furniture. Africa
Traders sold a dining room table for R5900. The mark-up percentage on cost is 20%.
What is the cost price of the product?
NB:
1. Do not type the amount with any spaces as separators for thousands (eg: 12141,72)
2. Use a comma to indicate any decimals (eg: 1000,01)
3. You must enter cents even if it is 0 (eg ,00)
Solution:
R 4916,67
Answer Key:4916,67
Feedback:
Refer to learning unit 7, paragraph 7.9 of the study guide.
Part 3 of 12 - Part 3 3.0 Points
Question 3 of 23
3.0 Points
This question relates to bank reconciliations:
Where will direct deposits that customers made into the entity‟s bank account, and
that appear on the monthly bank statement received by the entity, be recorded by
the entity?
A.
Petty cash journal
, FAC1503 2021
B.
Cash payments journal
C.
Cash receipts journal
D.
Bank reconciliation statement
Answer Key:C
Feedback:Refer to learning unit 3.5.1 & example 3.10
Part 4 of 12 - Part 4 3.0 Points
Question 4 of 23
3.0 Points
Which for the following is false for the reducing balance method of depreciation?
A. Annual depreciation is calculated on the carrying amount of the asset
B. The carrying amount is obtained by deducting the accumulated
depreciation on the asset from the original cost of the asset
C. The depreciation needs to be apportioned for the months the asset was
in use during the financial year
D. Depreciation is calculated by dividing the cost of the asset through the
expected useful life thereof
