1. UNISA
2. 2024
3. FAC1501-24-Y
4. Welcome Message
5. Assessment 1
QUIZ
Assessment 1
Opened: Thursday, 14 March 2024, 8:00 AM
Closes: Monday, 18 March 2024, 9:00 PM
Started on Friday, 15 March 2024, 2:52 PM
State Finished
Completed on Friday, 15 March 2024, 3:28 PM
Time taken 35 mins 11 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The
trademark cost was R720 000 and the cost of the patent was R670 000. Calculate the deduction or allowance available to
Ngwenya (Pty) Ltd for the year of assessment ending 28 February 2023.
a. Trademark R0 Patent R33 500
b. Trademark R12 000 Patent R8 375
c. Trademark R0 Patent R8 375
d. Trademark R36 000 Patent R33 500
Question 2
Complete
Mark 1.00 out of 1.00
On 1 February 2023, Ubuntu (Pty) Ltd acquired a second-hand machine for R1 800 000. The machine was brought into use the
same day in a process of manufacture. Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for
the 2023 year of assessment ending 28 February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as fined
de in the
Act.
a. R900 000
b. R720 000
c. R1800 000
d. R75 000
, Question 1
Not yet answered
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 sold inventory for R3 200 on credit.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format
as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited 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 Eleme
Date Account to be debited Amount Account to be credited Amount
debited credite
R R
Jan
Trade and other receivables control 3200 Asset 3200 Income
28
Sales
2. 2024
3. FAC1501-24-Y
4. Welcome Message
5. Assessment 1
QUIZ
Assessment 1
Opened: Thursday, 14 March 2024, 8:00 AM
Closes: Monday, 18 March 2024, 9:00 PM
Started on Friday, 15 March 2024, 2:52 PM
State Finished
Completed on Friday, 15 March 2024, 3:28 PM
Time taken 35 mins 11 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Ngwenya (Pty) Ltd purchased a trademark called Nix on 1 November 2022 and a patent called Tix on 1 December 2022. The
trademark cost was R720 000 and the cost of the patent was R670 000. Calculate the deduction or allowance available to
Ngwenya (Pty) Ltd for the year of assessment ending 28 February 2023.
a. Trademark R0 Patent R33 500
b. Trademark R12 000 Patent R8 375
c. Trademark R0 Patent R8 375
d. Trademark R36 000 Patent R33 500
Question 2
Complete
Mark 1.00 out of 1.00
On 1 February 2023, Ubuntu (Pty) Ltd acquired a second-hand machine for R1 800 000. The machine was brought into use the
same day in a process of manufacture. Calculate the capital allowance to be claimed by Ubuntu (Pty) Ltd on this machine for
the 2023 year of assessment ending 28 February. Assume Ubuntu (Pty) Ltd is a Small Business Corporation, as fined
de in the
Act.
a. R900 000
b. R720 000
c. R1800 000
d. R75 000
, Question 1
Not yet answered
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 sold inventory for R3 200 on credit.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format
as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited 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 Eleme
Date Account to be debited Amount Account to be credited Amount
debited credite
R R
Jan
Trade and other receivables control 3200 Asset 3200 Income
28
Sales
