FAC1601
Assignment 1 QUIZ Semester 2 2025
Detailed Solutions, References & Explanations
Unique number:
Due Date: 26 August 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
,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
Detailed Solutions, References & Explanations
Unique number:
Due Date: 26 August 2025
Terms of use
By making use of this document you agree to:
Use this document as a guide for learning, comparison and reference purpose,
Terms of use
Not to duplicate, reproduce and/or misrepresent the contents of this document as your own work,
By making use of this document you agree to:
Use this document
Fully accept the consequences
solely as a guide forshould you plagiarise
learning, reference,or and
misuse this document.
comparison purposes,
Ensure originality of your own work, and fully accept the consequences should you plagiarise or misuse this document.
Comply with all relevant standards, guidelines, regulations, and legislation governing academic and written work.
Disclaimer
Great care has been taken in the preparation of this document; however, the contents are provided "as is" without any express or
implied representations or warranties. The author accepts no responsibility or liability for any actions taken based on the
information contained within this document. This document is intended solely for comparison, research, and reference purposes.
Reproduction, resale, or transmission of any part of this document, in any form or by any means, is strictly prohibited.
,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
