FAC1502
ASSIGNMENT 1
SECOND SEMESTER 2023
BY: MTHOMBENI: 0767297208
1
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
Example
Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
3. Do not convert is you are using a cellphone
4. If you come across questions that are not on this memo, send me a WhatsApp message
2
,VERSION 1
You were presented with the following statement of financial position of Fancy Hairdressers:
FANCY HAIRDRESSERS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.10
Notes R
ASSETS
Non-current assets 545 500
Property, plant and equipment 545 500
Current assets 93 925
Trade and other receivables 18 325
Cash and cash equivalent 75 600
Total assets 639 425
EQUITY AND LIABILITIES
Equity 456 840
Capital 456 840
Non-current liabilities ?
Long-term borrowings ?
Current liabilities 30 600
Trade and other payables 30 600
Total equity and liabilities 639 425
What is the correct amount for non-current liabilities?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
151985
Answer:
Question 2
3
, Answer saved
Marked out of 1.00
Flag question
Question text
An entity has the following balances:
Inventory R5 000
Machinery R3 000
Trade receivables R2 000
Bank (Cr) R1 250
The equity of the entity according to the basic accounting equation is …
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
8750
Answer:
Question 3
Answer saved
Marked out of 1.00
Flag question
Question text
If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20
amount to R38 111 and R7 691, respectively. Is the following statement true of false about the VAT control account
for the month ended 31 December 20.20.
The VAT control account will be debited by the amount of the VAT input account of R7 691 and credited by the
amount of the VAT output account of R38 111.
Select one:
True
False
Question 4
Answer saved
Marked out of 2.00
Flag question
Question text
Use the following information to calculate the total assets amount for the basic accounting equation:
R
Capital 680 000
4
ASSIGNMENT 1
SECOND SEMESTER 2023
BY: MTHOMBENI: 0767297208
1
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
Example
Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
3. Do not convert is you are using a cellphone
4. If you come across questions that are not on this memo, send me a WhatsApp message
2
,VERSION 1
You were presented with the following statement of financial position of Fancy Hairdressers:
FANCY HAIRDRESSERS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.10
Notes R
ASSETS
Non-current assets 545 500
Property, plant and equipment 545 500
Current assets 93 925
Trade and other receivables 18 325
Cash and cash equivalent 75 600
Total assets 639 425
EQUITY AND LIABILITIES
Equity 456 840
Capital 456 840
Non-current liabilities ?
Long-term borrowings ?
Current liabilities 30 600
Trade and other payables 30 600
Total equity and liabilities 639 425
What is the correct amount for non-current liabilities?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
151985
Answer:
Question 2
3
, Answer saved
Marked out of 1.00
Flag question
Question text
An entity has the following balances:
Inventory R5 000
Machinery R3 000
Trade receivables R2 000
Bank (Cr) R1 250
The equity of the entity according to the basic accounting equation is …
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
8750
Answer:
Question 3
Answer saved
Marked out of 1.00
Flag question
Question text
If the closing balance of the VAT input account and VAT output account for the month ended 31 December 20.20
amount to R38 111 and R7 691, respectively. Is the following statement true of false about the VAT control account
for the month ended 31 December 20.20.
The VAT control account will be debited by the amount of the VAT input account of R7 691 and credited by the
amount of the VAT output account of R38 111.
Select one:
True
False
Question 4
Answer saved
Marked out of 2.00
Flag question
Question text
Use the following information to calculate the total assets amount for the basic accounting equation:
R
Capital 680 000
4
