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Fac1502 Assessment 3 - PREVIOUS ASSIGNMENT
SOLUTIONS
Financial Accounting Principles (University of South Africa)
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Question 1
Not yet
answered
The following information was extracted from the accounting records of Lele Plastics:
Marked out of Balances at 1 April 20.19 R
5.00
Equipment: Cost 80 000
Accumulated depreciation: Equipment (36 000)
Additional information
At the beginning of the financial year, 1 April 20.19, Lele Plastics replaced its plastic shredding equipment with new
glass recycling equipment that had a purchase price of R56 000. The replaced plastic shredding machine was sold
on credit for R39 800, it was the only piece of equipment in the books of Lele Plastics prior to the purchase of the
new glass recycling equipment. Depreciation is provided at 10% p.a. on the straight-line method.
Assuming the plastic shredding equipment was sold at a loss of R4 200, the effect of the transaction on the
accounting equation will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts
column and a 0 in the amounts column.
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Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10725146&cmid=592475#...
-80 000 Equipment -4 200 Loss on sale of asset 0 N/A
+36 000 Accumulated depreciation
+39 800 Trade receivables control
Trade payables control Trade receivables control Bank Loss on sale of asset
Accumulated depreciation Depreciation Equipment N/A
+8 000 -36 000 +80 000 +4 200 +39 800 -8 000 -39 800 -80 000 -4 200 0 +36 000
Fac1502 Assessment 3 - PREVIOUS ASSIGNMENT
SOLUTIONS
Financial Accounting Principles (University of South Africa)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by Mdue Mafu ()
, lOMoARcPSD|8271649
Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10725146&cmid=592475#...
…Time left 0:18:12
, lOMoARcPSD|8271649
Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10725146&cmid=592475#...
Question 1
Not yet
answered
The following information was extracted from the accounting records of Lele Plastics:
Marked out of Balances at 1 April 20.19 R
5.00
Equipment: Cost 80 000
Accumulated depreciation: Equipment (36 000)
Additional information
At the beginning of the financial year, 1 April 20.19, Lele Plastics replaced its plastic shredding equipment with new
glass recycling equipment that had a purchase price of R56 000. The replaced plastic shredding machine was sold
on credit for R39 800, it was the only piece of equipment in the books of Lele Plastics prior to the purchase of the
new glass recycling equipment. Depreciation is provided at 10% p.a. on the straight-line method.
Assuming the plastic shredding equipment was sold at a loss of R4 200, the effect of the transaction on the
accounting equation will be:
Instructions:
Drag the correct answer into the correct space.
An option can be used more than once.
If an options has been provided and it is not applicable to the specific questions please put N/A in the accounts
column and a 0 in the amounts column.
, lOMoARcPSD|8271649
Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=10725146&cmid=592475#...
-80 000 Equipment -4 200 Loss on sale of asset 0 N/A
+36 000 Accumulated depreciation
+39 800 Trade receivables control
Trade payables control Trade receivables control Bank Loss on sale of asset
Accumulated depreciation Depreciation Equipment N/A
+8 000 -36 000 +80 000 +4 200 +39 800 -8 000 -39 800 -80 000 -4 200 0 +36 000
