[TYPE THE COMPANY NAME]
FAC1502 Assignment 1
(100% COMPLETE ANSWERS
+ WORKINGS) Semester 1
2025 - DUE 25 March 2025
[Pick the date]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of
the document. Type the abstract of the document here. The abstract is typically a short summary of
the contents of the document.]
Opened: Friday, 21 March 2025, 8:00 AM
Closes: Tuesday, 25 March 2025, 9:00 PM
Question 1
Haga Traders provided services for a client, invoiced for R3,060, which
was paid directly into the business bank account of Haga Traders. Haga
Traders maintained a favorable bank balance.
, Prepare the BAE (Basic Accounting Equation) incorporating the
information from the transaction in the table below by indicating the net
effect (amount) and the account debited and credited.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (e.g., 1000.01).
2. Round off to the second decimal after the full stop (e.g., 50.56).
3. When an element decreases, use a negative sign in front of the
amount (e.g., -1000.01).
4. When an element increases, the amount will be without any sign
(e.g., 1000.01).
5. Only show the amount, do not show "R" (e.g., 1000).
6. If no amount should be recorded in any of the numeric spaces,
indicate it by filling in a zero ("0").
Accounting Equation Breakdown:
Assets = +3,060 (Bank account increase)
Equity = +3,060 (Service rendered credited)
Liabilities = 0 (No effect)
Assets Equity Liabilities
3,060 3,060 0
Question 2
On 18 December 20X4, Blocker Printers had a favorable bank balance
of R2,000. On 19 December 20X4, the bookkeeper of Blocker Printers
made an EFT to Telkom to pay R3,400 for telephone expenses for
November 20X4.
The correct net effect of the transaction on each element of the basic
accounting equation in the books of Blocker Printers is:
Equity = -3,400 (Expense recorded)
Assets = -2,000 (Reduction in bank balance)
FAC1502 Assignment 1
(100% COMPLETE ANSWERS
+ WORKINGS) Semester 1
2025 - DUE 25 March 2025
[Pick the date]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of
the document. Type the abstract of the document here. The abstract is typically a short summary of
the contents of the document.]
Opened: Friday, 21 March 2025, 8:00 AM
Closes: Tuesday, 25 March 2025, 9:00 PM
Question 1
Haga Traders provided services for a client, invoiced for R3,060, which
was paid directly into the business bank account of Haga Traders. Haga
Traders maintained a favorable bank balance.
, Prepare the BAE (Basic Accounting Equation) incorporating the
information from the transaction in the table below by indicating the net
effect (amount) and the account debited and credited.
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (e.g., 1000.01).
2. Round off to the second decimal after the full stop (e.g., 50.56).
3. When an element decreases, use a negative sign in front of the
amount (e.g., -1000.01).
4. When an element increases, the amount will be without any sign
(e.g., 1000.01).
5. Only show the amount, do not show "R" (e.g., 1000).
6. If no amount should be recorded in any of the numeric spaces,
indicate it by filling in a zero ("0").
Accounting Equation Breakdown:
Assets = +3,060 (Bank account increase)
Equity = +3,060 (Service rendered credited)
Liabilities = 0 (No effect)
Assets Equity Liabilities
3,060 3,060 0
Question 2
On 18 December 20X4, Blocker Printers had a favorable bank balance
of R2,000. On 19 December 20X4, the bookkeeper of Blocker Printers
made an EFT to Telkom to pay R3,400 for telephone expenses for
November 20X4.
The correct net effect of the transaction on each element of the basic
accounting equation in the books of Blocker Printers is:
Equity = -3,400 (Expense recorded)
Assets = -2,000 (Reduction in bank balance)
