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FAC1501 ASSESSMENT 1 SEMESTER 1, 2024
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FAC1501 ASSESSMENT 1 SEMESTER 1, 2024
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, 3/15/24, 2:57 PM Assessment 1 (page 1 of 2)
FAC1501-24-S1 Welcome Message Assessment 1
QUIZ
Time left 0:20:33
Question 1
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Raphulu Spaza is situated in the Limpopo province. The Spaza shop is not a registered VAT
vendor and applies the principles of the periodic inventory system. After a recent robbery, the
owner of Raphulu Spaza decided to run his business cashless and opened a bank account
with Savers Bank. During the month of January 2024 Raphulu Spaza maintained an
unfavourable bank balance.
On 28 January 2024 Raphulu Spaza paid R1 235, via the banking app, to the local municipality
for rates and taxes.
REQUIRED:
Analyse the transaction of Raphulu Spaza that took place on 28 January 2024 in tabular format
as follows:
Account to Element Account to Element
Date Amount Amount
be debited debited be credited credited
Example: May 2 Raphulu Spaza purchased inventory for the amount of R5 000 and
paid cash. Raphulu Spaza makes use of the periodic inventory system.
R R
May 2 Purchases 5 000 Expense Bank -5 000 Asset
Complete the table below by selecting the account to be debited, the account to be credited
and the element affected on the financial statements (income, expense, assets, equity and
liabilities) from the dropdown menu and filling in the applicable amounts in the correct
spaces.
Please indicate whether the transaction increases or decreases the affected element (income,
expense, assets, equity and liabilities) in the amount column (see instruction 3 and 4 for
examples)
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. When an element decreases, use a negative sign in front of the amount (eg: -1000.01)
4. When an element increases, the amount will be without any sign (eg: 1000.01)
5. Only show the amount, do not show the "R" (eg: 1000)
Element Eleme
Date Account to be debited Amount Account to be credited Amount
debited credite
R R
Jan
Rates and taxes 1235 Expense 1235 Asset
28
Bank
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=15747978&cmid=842825 1/4
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