UNISA
2024
FAC1502-24-S2
Welcome Message
Assessment 1
Quiz
Assessment 1
Opened: Wednesday, 14 August 2024, 8:00 AM
Closes: Sunday, 18 August 2024, 11:00 PM
Unique number 666143
PLEASE TAKE NOTE OF THE FOLLOWING IMPORTANT INFORMATION:
1. You need to know the content of study units 1 to 5 to be able to complete Assessment 1.
Attempts allowed: 2
Time limit: 1 hour 15 mins
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Grade /
Attempt State 100.00 Review Feedback
1 Finished 9 Congratulations, you
Submitted Wednesday
14 August 2024, 16:40
PM
./ 96
Overall feedback
Congratulations, you pass the assessment
, ; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt =20933418&cmid= 846354
- e *
..C myAdmin
Question T
The following information was obtained from the records of MG Electricians for the month of February 20.1
Incomplete
Michael is a qualified electrician and he decided to open his electrician business in Durban in Midrand. He had saved R780 000 in his person�ime left 0:25
answer
321
Marked out of account. On 1 February 20.1, Michael opened a business bank account for his business named MG Electricians, at ABC Bank and he deposit« K3JD UUU
17.00
The following transactions took place during February 20.1:
F1Ag a
-
Jay ransaction
-
-
2 MG Electricians bought equipment for R56 000 via the business banking
app
3 MG Electricians purchased furniture on credit from Unique Furnishers for
R655 000, which is repayable within a year
14 Michael used the business banking app to pay R10 000 for his mother's
medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property.
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
ate payable on the loan is 12% per annum. R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4.The loan amount was deposited into the business bank account of
MG Electricians on 28 February 20.1 Interest on the loan will accrue from
1 March 20.1
-
28 During the first month of trading the business rendered services for R30
000 cash and for R20 000 on credit. The total operating expenses for the
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medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property ]Tue 0.2527]
left
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
rate payable on the loan is 12% per annum R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4. The loan amount was deposited into the business bank account of
MG Electricians on 28 February 20.1. Interest on the loan will accrue from
1 March 20.1.
28 During the first month of trading the business rendered services for R30
000 cash and for R20 000 on credit. The total operating expenses for the
month was R12 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total equity and liabilities section of the statement of financial
position as at 28 February 20.1 0f MG Electricians
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg· 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. If an option was given but is not applicable under the heading, please indicate it by choosing N/A from the dropdown menu
5. If an option is given to fill in an amount but is not applicable, please fill in a zero "O'
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
, ; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20933418&cmid= 846354
JNISA2. 15° .-..CE3 myAdmin
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
R
EQUITY AND LIABILITIES I Time left 0:25:2
EQUITY ·) 423000
l
Capital ·] 395000 l
NON CURRENT LIABILITY 0
l
r---
Long-term borrowings
-- ·/ 675000
l
CURRENT LIABILITY 0
I
Trade and other payables
·l 655000 l
Current portion of long-term borrowings � ] 75000
I
TOTAL EQUITY AND LIABILITIES 1828000
l
Please answer all parts of the question.
Assessment 1 (page 2 of 12) K #
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*
UNISA 2. 159 ••.CE3 myAdmin
4 o
) UNISA 2024 FAC1502-24-$2 Welcome Message Assessment l
Ill QUIZ
liil Assessment 1
Back
] Time left 0.25.17]
Question z
Indicate whether the following statement is true or false:
Answer saved
Assets may be exchanged for other assets.
Marked out of
1.00
Select one:
@ True
O False
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2024
FAC1502-24-S2
Welcome Message
Assessment 1
Quiz
Assessment 1
Opened: Wednesday, 14 August 2024, 8:00 AM
Closes: Sunday, 18 August 2024, 11:00 PM
Unique number 666143
PLEASE TAKE NOTE OF THE FOLLOWING IMPORTANT INFORMATION:
1. You need to know the content of study units 1 to 5 to be able to complete Assessment 1.
Attempts allowed: 2
Time limit: 1 hour 15 mins
Grading method: Highest grade
Grade to pass: 50.00 out of 100.00
Summary of your previous attempts
Grade /
Attempt State 100.00 Review Feedback
1 Finished 9 Congratulations, you
Submitted Wednesday
14 August 2024, 16:40
PM
./ 96
Overall feedback
Congratulations, you pass the assessment
, ; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt =20933418&cmid= 846354
- e *
..C myAdmin
Question T
The following information was obtained from the records of MG Electricians for the month of February 20.1
Incomplete
Michael is a qualified electrician and he decided to open his electrician business in Durban in Midrand. He had saved R780 000 in his person�ime left 0:25
answer
321
Marked out of account. On 1 February 20.1, Michael opened a business bank account for his business named MG Electricians, at ABC Bank and he deposit« K3JD UUU
17.00
The following transactions took place during February 20.1:
F1Ag a
-
Jay ransaction
-
-
2 MG Electricians bought equipment for R56 000 via the business banking
app
3 MG Electricians purchased furniture on credit from Unique Furnishers for
R655 000, which is repayable within a year
14 Michael used the business banking app to pay R10 000 for his mother's
medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property.
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
ate payable on the loan is 12% per annum. R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4.The loan amount was deposited into the business bank account of
MG Electricians on 28 February 20.1 Interest on the loan will accrue from
1 March 20.1
-
28 During the first month of trading the business rendered services for R30
000 cash and for R20 000 on credit. The total operating expenses for the
; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=209334188cmid-=846354
*
sA2. 15 •CE9 myAdmin 0 o
vnac
'" 40C44 4/40444000464404444444a444ti 4it 4int
medical expenses.
16 Michael used the business debit card to pay R15 000 for the rental of the
business property ]Tue 0.2527]
left
27 MG Electricians obtained a loan of R750 000 from XYZ Bank. The interest
rate payable on the loan is 12% per annum R75 000 is payable within 12
months and the remainder of the loan is repayable before 27 February
20.4. The loan amount was deposited into the business bank account of
MG Electricians on 28 February 20.1. Interest on the loan will accrue from
1 March 20.1.
28 During the first month of trading the business rendered services for R30
000 cash and for R20 000 on credit. The total operating expenses for the
month was R12 000.
Required:
After taking into account all the information provided in the scenario above, please fill in the total equity and liabilities section of the statement of financial
position as at 28 February 20.1 0f MG Electricians
NB: Instructions
1. Do not type the amount with any spaces as separators for thousands (eg: 12141)
2. Round off to the nearest Rand (eg· 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141)
4. If an option was given but is not applicable under the heading, please indicate it by choosing N/A from the dropdown menu
5. If an option is given to fill in an amount but is not applicable, please fill in a zero "O'
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
, ; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20933418&cmid= 846354
JNISA2. 15° .-..CE3 myAdmin
MG ELECTRICIANS
STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 20.1
R
EQUITY AND LIABILITIES I Time left 0:25:2
EQUITY ·) 423000
l
Capital ·] 395000 l
NON CURRENT LIABILITY 0
l
r---
Long-term borrowings
-- ·/ 675000
l
CURRENT LIABILITY 0
I
Trade and other payables
·l 655000 l
Current portion of long-term borrowings � ] 75000
I
TOTAL EQUITY AND LIABILITIES 1828000
l
Please answer all parts of the question.
Assessment 1 (page 2 of 12) K #
€ C ; mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt= 20933418&cmid= 8463548page= 1
*
UNISA 2. 159 ••.CE3 myAdmin
4 o
) UNISA 2024 FAC1502-24-$2 Welcome Message Assessment l
Ill QUIZ
liil Assessment 1
Back
] Time left 0.25.17]
Question z
Indicate whether the following statement is true or false:
Answer saved
Assets may be exchanged for other assets.
Marked out of
1.00
Select one:
@ True
O False
Previous page arr
