FAC1502
ASSIGNMENT 1 FOR 2ND SEMESTER 2024
FEND TUTORIALS
, Attempts allowed: 2
Time limit: 1 hour 15 mins
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
Attempt State 50.00 100.00 Review Feedback
1 FinishedSubmitted Wednesday, 33.04 66.07 Congratulations, you pass the assessme
14 August 2024, 10:58 AM sure you know the work because the ne
be more difficult.
Highest grade: 66..00.
Overall feedback
Congratulations, you pass the assessment. Please make sure you know the work because the next
assessment will be more difficult.
Question 1
Not yet answered
Marked out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false:
The most commonly adopted method to recognise and measure the elements of financial statements is the
historic cost method.
Select one:
True
False
Question 2
Not yet answered
Marked out of 17.00
Flag question
Question text
Whatsapp Marlvin @ +2763 173 8181
, The following information was obtained from the records of MG Electricians for the month of
February 20.1
Michael is a qualified electrician and he decided to open his electrician business in Durban in
Midrand. He had saved R780 000 in his personal bank account. On 1 February 20.1, Michael opened a
business bank account for his business named MG Electricians, at ABC Bank and he deposited R395
000.
The following transactions took place during February 20.1:
Day Transaction
2 MG Electricians bought equipment for R56 000 via the business banking
app.
3 MG Electricians purchased furniture on credit from Unique Furnishers for
R655 000, which is repayable within a year.
14 Michael used the business banking app to pay R10 000 for his mother's
medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property.
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
rate payable on the loan is 12% per annum. R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4. The loan amount was deposited into the business bank account of MG
Electricians on 28 February 20.1. Interest on the loan will accrue from 1
March 20.1.
28 During the first month of trading the business rendered services for R30 000
cash and for R20 000 on credit. The total operating expenses for the month
was R12 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total equity
and liabilities section of the statement of financial position as at 28 February 20.1 of MG
Electricians
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. If an option was given but is not applicable under the heading, please indicate it by choosing
N/A from the dropdown menu.
5. If an option is given to fill in an amount but is not applicable, please fill in a zero "0"
Whatsapp Marlvin @ +2763 173 8181
ASSIGNMENT 1 FOR 2ND SEMESTER 2024
FEND TUTORIALS
, Attempts allowed: 2
Time limit: 1 hour 15 mins
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Marks / Grade /
Attempt State 50.00 100.00 Review Feedback
1 FinishedSubmitted Wednesday, 33.04 66.07 Congratulations, you pass the assessme
14 August 2024, 10:58 AM sure you know the work because the ne
be more difficult.
Highest grade: 66..00.
Overall feedback
Congratulations, you pass the assessment. Please make sure you know the work because the next
assessment will be more difficult.
Question 1
Not yet answered
Marked out of 1.00
Flag question
Question text
Indicate whether the following statement is true or false:
The most commonly adopted method to recognise and measure the elements of financial statements is the
historic cost method.
Select one:
True
False
Question 2
Not yet answered
Marked out of 17.00
Flag question
Question text
Whatsapp Marlvin @ +2763 173 8181
, The following information was obtained from the records of MG Electricians for the month of
February 20.1
Michael is a qualified electrician and he decided to open his electrician business in Durban in
Midrand. He had saved R780 000 in his personal bank account. On 1 February 20.1, Michael opened a
business bank account for his business named MG Electricians, at ABC Bank and he deposited R395
000.
The following transactions took place during February 20.1:
Day Transaction
2 MG Electricians bought equipment for R56 000 via the business banking
app.
3 MG Electricians purchased furniture on credit from Unique Furnishers for
R655 000, which is repayable within a year.
14 Michael used the business banking app to pay R10 000 for his mother's
medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property.
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
rate payable on the loan is 12% per annum. R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4. The loan amount was deposited into the business bank account of MG
Electricians on 28 February 20.1. Interest on the loan will accrue from 1
March 20.1.
28 During the first month of trading the business rendered services for R30 000
cash and for R20 000 on credit. The total operating expenses for the month
was R12 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total equity
and liabilities section of the statement of financial position as at 28 February 20.1 of MG
Electricians
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. If an option was given but is not applicable under the heading, please indicate it by choosing
N/A from the dropdown menu.
5. If an option is given to fill in an amount but is not applicable, please fill in a zero "0"
Whatsapp Marlvin @ +2763 173 8181
