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FAC1502 Assignment 1 Solutions First Semester 2023
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This document contain answers for different versions of the first assessment 2023 first semester. A distinction is always guaranteed!!!
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FAC1502ASSIGNMENT 1
FIRST SEMESTER 2023
BY: MTHOMBENI: 0767297208
1
,Instructions
1. Convert this document into word from the ILOVEMYPDF website
2. Type any word from the question and paste on the search bar
Example
Betties Smith is the owner of Bettties Plumbing.
Copy the whole sentence and paste into the search bar
Once the information pops out , check if the amounts are the same
3. If you come across questions that are not on this memo, send me a WhatsApp message
4. Don’t forget to rate us 5 so we can continue to do best
2
,VERSION 1
FAC1502
Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties Plumbing
for the year ended 28 February 20.2:
R
Capital 250 000
Services rendered 450 000
Wages 70 000
Telephone expenses 10 000
Water and electricity 8 000
Insurance 1 500
Maintenance of vehicles 2 500
Rent expenses 32 500
Rent deposit paid 1 400
Interest income 3 000
Accrued income 1 600
Accrued expenses 2 300
What is the total comprehensive profit/loss of Betties Plumbing for the year ended
28 February 20.2?
NB: Instructions
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Only show the amount, do not show the R (eg: 12141.72)
3. If the net effect is a loss, please enter the amount as a negative (eg: -12141.72)
328500
Answer:
Question 2
Not yet answered
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Question text
Indicate whether the following statement is true or false:
Assets decrease on the debit side of a T-account.
Select one:
3
, True
False
Question 3
Not yet answered
Marked out of 1.00
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Question text
Indicate whether the following statement is true or false:
In the preparation of financial statements, information which is useless and old should only be presented
when it may be useful to identify and assess certain trends.
Select one:
True
False
Question 4
Not yet answered
Marked out of 2.00
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Question text
Betties Smith is the owner of Betties Plumbing. You are given the following information for Betties
Plumbing for the year ended 28 February 20.2:
R
Capital 250 000
Services rendered 450 000
Wages 70 000
Telephone expenses 10 000
Water and electricity 8 000
Water and electricity: Deposit 2 300
Insurance 1 500
Maintenance of vehicles 2 500
Rent deposit paid 4 300
Accrued expenses 5 300
Rent expenses 25 800
Interest income 24 000
What is the amount for the total expenditure for Betties Plumbing for the year ended
28 February 20.2?
4
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