FAC1601
Assignment 1 QUIZ Semester 2 2025
Unique Number:
Due Date: 26 August 2025
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
,8/23/25, 4:27 PM FAC1601-25-S2: Assessment 1
425 1 5 6 2 440
4 7 55 % %
4 9 6
https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=1258079 1/2
,INSTRUCTIONS
1. Please make sure to go through this memo before attempting your assignment. It contains step-
by-step workings and clear solutions.
2. The amounts in the information may differ. Students should look for details that correspond to
those in their assignment.
3. The accounts/amounts highlighted in yellow are different for each student.
4. For theory questions, simply copy the question text, paste it into the search bar, and click Enter.
It will take you directly to the question and its answer.
5. Kindly double-check the amounts and apply the formulas provided.
6. Feel free to contact me if you encounter any challenges.
2
, Question 1
Not yet answered
Marked out of 1.00
Question text
Decreases in a liability or income account is recorded on the debit side of the account.
True
False
Question 2
Not yet answered
Marked out of 3.00
Question text
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane
that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-
friendly materials, making their helmets not only durable but also safe and sustainable for the
environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green
business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety
industry.
The following information pertains to the business activities as of February 28, 2025:
Extract of given amounts as at 28 February 2025:
R
Land and buildings at cost 1,276,300
Machinery at cost 941,400
Accumulated depreciation: Machinery 354,900
Vehicles at cost 716,700
Accumulated depreciation: Vehicles 354,900
Inventory (1 March 2024) 214,400
Bank (positive balance) 994,900
Trade receivables control 548,000
Trade payables control 430,400
Long-term loan (Mbombela Bank) 1,338,600
Capital: Khanyisile 361,700
Capital: Tinyiko 368,400
Drawings: Khanyisile 95,700
Drawings: Tinyiko 94,300
Interest on loan ?
Depreciation 129,300
Delivery cost on sales 61,200
Water and electricity 103,200
Purchases 2,027,100
Security expenses 32,500
Salaries and wages 474,600
Delivery cost on purchases 27,900
Bank charges 16,800
3
Assignment 1 QUIZ Semester 2 2025
Unique Number:
Due Date: 26 August 2025
DISCLAIMER & TERMS OF USE
Educational Aid: These study notes are intended to be used as educational resources and should not be seen as a
replacement for individual research, critical analysis, or professional consultation. Students are encouraged to perform
their own research and seek advice from their instructors or academic advisors for specific assignment guidelines.
Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the information in
these study notes, the seller does not guarantee the completeness or correctness of all content. The buyer is
responsible for verifying the accuracy of the information and exercising their own judgment when applying it to their
assignments.
Academic Integrity: It is essential for students to maintain academic integrity and follow their institution's policies
regarding plagiarism, citation, and referencing. These study notes should be used as learning tools and sources of
inspiration. Any direct reproduction of the content without proper citation and acknowledgment may be considered
academic misconduct.
Limited Liability: The seller shall not be liable for any direct or indirect damages, losses, or consequences arising from
the use of these notes. This includes, but is not limited to, poor academic performance, penalties, or any other negative
consequences resulting from the application or misuse of the information provided.
,8/23/25, 4:27 PM FAC1601-25-S2: Assessment 1
425 1 5 6 2 440
4 7 55 % %
4 9 6
https://mymodules.dtls.unisa.ac.za/mod/quiz/view.php?id=1258079 1/2
,INSTRUCTIONS
1. Please make sure to go through this memo before attempting your assignment. It contains step-
by-step workings and clear solutions.
2. The amounts in the information may differ. Students should look for details that correspond to
those in their assignment.
3. The accounts/amounts highlighted in yellow are different for each student.
4. For theory questions, simply copy the question text, paste it into the search bar, and click Enter.
It will take you directly to the question and its answer.
5. Kindly double-check the amounts and apply the formulas provided.
6. Feel free to contact me if you encounter any challenges.
2
, Question 1
Not yet answered
Marked out of 1.00
Question text
Decreases in a liability or income account is recorded on the debit side of the account.
True
False
Question 2
Not yet answered
Marked out of 3.00
Question text
Khanyisile and Tinyiko are business partners in Ride4Yours, a partnership business based in Malelane
that manufactures specialised helmets for motorcycle riders. The business prides itself on using eco-
friendly materials, making their helmets not only durable but also safe and sustainable for the
environment.
Khanyisile is passionate about motorcycle riding, while Tinyiko is an advocate for sustainability and green
business solutions. Together, they aim to position Ride4Yours as a leading brand in the motorcycle safety
industry.
The following information pertains to the business activities as of February 28, 2025:
Extract of given amounts as at 28 February 2025:
R
Land and buildings at cost 1,276,300
Machinery at cost 941,400
Accumulated depreciation: Machinery 354,900
Vehicles at cost 716,700
Accumulated depreciation: Vehicles 354,900
Inventory (1 March 2024) 214,400
Bank (positive balance) 994,900
Trade receivables control 548,000
Trade payables control 430,400
Long-term loan (Mbombela Bank) 1,338,600
Capital: Khanyisile 361,700
Capital: Tinyiko 368,400
Drawings: Khanyisile 95,700
Drawings: Tinyiko 94,300
Interest on loan ?
Depreciation 129,300
Delivery cost on sales 61,200
Water and electricity 103,200
Purchases 2,027,100
Security expenses 32,500
Salaries and wages 474,600
Delivery cost on purchases 27,900
Bank charges 16,800
3
