Fac1501 Assessment 1 Sem 2 2025 Expected Questions And Answers+(Quizzies For Unit 1-4)

Mr S Africa is the owner of SA Traders. On 31 March 2024, SA Traders owned land and buildings amounting to R1 450 000 and a vehicle, amounting to R
SA Traders owes R286 000 for consumables purchased on credit. SA Traders also has an unfavourable bank balance of R26 000.

Determine the net worth of SA Traders as at 31 March 2024 by making use of the basic accounting equation.


NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141.72) OSCAR THE TUTOR
2. Use a full stop to indicate any decimals (eg: 1000.01)
+27737560989
3. You must enter cents even if it is 0 (eg .00) for FAC MAC ECS DSC TAX
4. Only show the amount, do not show the R (eg: 12141.72)
5. If the net effect on the accounting equation is a decrease, please enter the amount as a negative (eg: -12141.72)
OSCAR THE TUTOR

+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials

Answer: 1683000.00 1450+200+345-286-26




Question 2 On 1 February 2025, B Botha a sole proprietor opened a computer shop, Botha Computing. The entity is registered as a VAT vendor and
Answer saved system and control accounts are in use. On 10 February 2025, Botha computing issued invoice number 0012 for services rendered for R1
a debit card payment.
M arked out of
7.00
Flag question Required:
Complete the source document provided below based on the information for the transaction provided. OSCAR THE TUTOR

+27737560989
for FAC MAC ECS DSC TAX QMI FIN
Instructions for numeric responses:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the second decimal after the full stop (eg: 50.56)
3. If any of the numerical responses should be zero, please enter "0" in the block provided

, Code Description Qty Total price



R


SR001 Repair of Laptop 2 hours
1517.39 1745-15/115*1745

VAT @ 15%
227.61 1745*15/115


Invoice total
1745.00

Amount tendered
1745.00

Change
0

VAT included @ 15%
227.61

E & OE




Question 3 On 1 February 2025, O Ramaoka a sole proprietor opened a computer shop, Big Ram Computing. The entity is registered as a VAT vendor
Answer saved On 15 February 2025, Big Ram Computing completed repairs on a server of a client and invoiced R14 440 (VAT exclusive) for the services
M arked out of and a receipt was issued.
5.00

Flag question Required:
Complete the amounts on the below source document relating to the provided transaction.


Instructions for numeric responses:
1. If any of the numerical responses should be zero, please enter "0" in the block provided
2. Round off to the second decimal after the full stop (eg: 50.56)

, For: Services rendered (Cash)


Signature: V van Wyk




Question 4 On 1 February 2025, B Botha a sole proprietor opened a computer shop, Botha Computing. The entity is registered as a VAT vendor and
Answer saved system and control accounts are in use. The entity had a favourable bank account. The amounts in the transactions include VAT where ap
M arked out of
15.00 Transaction 1:
Flag question
Duplicate receipt

No. 0003 Date: 1 February 2025
Received from: B Botha
R c

Amount:
Rand: Hundred and fourty thousand rand only

Cent: None
140 000 00


For: Capital contribution by the owner (Internet bank ing) Botha
Computing

Signature: V van Wyk




Transaction 2:
Original tax invoice


MEGA SUPPLIERS

, Code Description Qty Unit price Total price
(R) (R)
FLCT1550 Western Digital 3TB Green SATA6 64MB 3 2 010.99 6 032.97
Hard Drive
PLCT2556 Kingston DDR3-1600 8GB HyperX FURY 7 1 419.69 9 937.83
Memory Module - Red




Subtotal 15 970.80
VAT @ 15% 2 395.62
Total 23 074.68
Amount tendered 0.00
Amount due 23 074.68
E & OE




Transaction 3:
Duplicate cash sales invoice

BOTHA COMPUTING

399 Hope Drive P O Box 392
PRETORIA VAT registration number PRETORIA 0001
Tel 012 429 3111 8960225750




Date: 10 February 2025 TAX INVO ICE No: 0001

To: Cash Payment method
Internet banking/debit card
Cash
Credit card
Account