FAC 1502 Tutorial Letter 101-2015 PDF

FAC1502/101/3/2015
Tutorial letter 101/3/2015
Financial accounting concepts, principles

and procedures
FAC1502
Semesters 1 & 2
Department of Financial Accounting
IMPORTANT INFORMATION:
This tutorial letter contains important information
about your module.
Open Rubric
CONTENTS
Page
1 INTRODUCTION .......................................................................................................................... 4
2. PURPOSE OF AND OUTCOMES FOR THE MODULE................................................................ 5
2.1 Purpose ........................................................................................................................................ 5
2.2 Outcomes .....................................................................................................................................5
3 LECTURERS AND CONTACT DETAILS ..................................................................................... 6
3.1 Lecturers....................................................................................................................................... 6
3.2 Department ................................................................................................................................... 7
3.2.1 E-mail ...........................................................................................................................................7
3.2.2 Student information hub ................................................................................................................ 7
3.2.3 Postal address .............................................................................................................................. 7
3.3 Unisa ............................................................................................................................................7
4 RESOURCES FOR FAC1502 ...................................................................................................... 7
4.1 Prescribed books .......................................................................................................................... 7
4.2 Recommended books ................................................................................................................... 8
4.3 Electronic reserves (e-reserves) ................................................................................................... 8
5 STUDENT SUPPORT SERVICES FOR FAC1502 ....................................................................... 8
6 STUDY PLAN FOR FAC1502 ...................................................................................................... 8
7 PRACTICAL WORK AND WORK-INTEGRATED LEARNING FOR FAC1502 ............................ 8
8 UNISA TUTORING SUPPORT SERVICE .................................................................................... 8
8.1 What is the Unisa online tuition programme? ................................................................................ 8
8.2 Where will I find my online tutoring group? .................................................................................... 8
8.3 Is it mandatory to participate in e-tutor groups? ............................................................................ 8
8.4 How do I post a discussion item on my group site? ....................................................................... 9
8.4.1 To start a new topic for discussion: ............................................................................................... 9
8.4.2 To reply to another student’s comments ....................................................................................... 9
8.5 Face-to-face tutors ........................................................................................................................ 9
9 ASSESSMENT ............................................................................................................................. 9
9.1 Assessment plan .......................................................................................................................... 9
9.2 General assignment numbers ..................................................................................................... 10
9.2.1 Unique assignment numbers ...................................................................................................... 10
9.2.2 Due dates for assignments ......................................................................................................... 10
9.3 Submission of assignments ........................................................................................................ 10
9.4 Assignments ............................................................................................................................... 11
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FAC1502/101
10 OTHER ASSESSMENT METHODS ........................................................................................... 11

11 EXAMINATION ........................................................................................................................... 11
11.1 Examination admission ............................................................................................................... 11
11.2 Examination period ..................................................................................................................... 11
11.3 Examination paper ...................................................................................................................... 11
11.4 Previous examination papers ...................................................................................................... 12
12 FREQUENTLY ASKED QUESTIONS ........................................................................................ 12
13 CONCLUSION............................................................................................................................ 15
14 ANNEXURE A: ASSUMED KNOWLEDGE ................................................................................ 16
15 ANNEXURE B: PROPOSED STUDY PROGRAMME FOR 2015 ............................................... 22
16 ANNEXURE C: ASSIGNMENT 01 (SEMESTER 01) .................................................................. 23
17 ANNEXURE D: ASSIGNMENT 02 (SEMESTER 01) ................................................................. 35
18 ANNEXURE E: ASSIGNMENT 01 (SEMESTER 2) .................................................................... 48
19 ANNEXURE F: ASSIGNMENT 02 (SEMESTER 02) .................................................................. 58
20 ANNEXURE G: SELF-ASSESSMENT ASSIGNMENT ............................................................... 69
3
1 INTRODUCTION
Dear Student
It is a pleasure to welcome you as a student to FAC1502. We hope that you will find your studies
particularly stimulating this semester and that you will achieve success.
The semester that you register for will be indicated on your registration documentation. Please ensure
that you are registered for the correct semester, as you are obliged to write the examination for that
semester. The examination for the first semester will be during May/June, and the examination for the
second semester will be during October/November.
Should you be faced with specific subject content problems in your studies, please do not hesitate to
consult us by letter, e-mail, telephone or personally (by appointment).
In this tutorial letter, we would like to draw your attention to a number of very important matters and we
request you pay careful attention to them.
We shall do our best to make your study of this module successful. You will be well on your way to
success if you start studying early in the semester and resolve to do the assignments properly.
You will receive a number of tutorial letters during the semester. A tutorial letter is our way of
communicating with you about teaching, learning and assessment.
Tutorial letter 101 contains important information about the scheme of work, resources and assignments
for this module. We urge you to read it carefully and to keep it at hand when working through the study
material, doing the assignments, preparing for the examination and addressing questions to your
lecturers.
In Tutorial letter 101, you will find the assignments and assessment criteria as well as instructions for the
preparation and submission of the assignments. This tutorial letter also provides all the information you
need with regard to the prescribed study material and other resources and how to obtain these. Please
study this information carefully and make sure that you obtain the prescribed material as soon as
possible.
We also include certain general and administrative information about this module. Please study this
section of the tutorial letter carefully.
Right from the start we would like to point out that you must read all the tutorial letters you receive
during the semester immediately and carefully, as they always contain important and, sometimes,
urgent information.
Some of the study material may not have been available when you registered and will be posted to you
as soon as possible. However, it is also available on myUnisa.
It is important to use myUnisa and the internet regularly. You must be registered on myUnisa to be able
to submit assignments online, gain access to the library functions and various learning resources and
download study material. You can also “chat” to your lecturers and fellow students about your studies
and the challenges you encounter, and participate in online discussion forums. Keep in mind that
myUnisa provides you with additional opportunities to take part in activities and discussions of relevance
to your module topics, assignments, marks and examinations.
We hope that you will enjoy this module and wish you all the best.
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FAC1502/101
2. PURPOSE OF AND OUTCOMES FOR THE MODULE

2.1 Purpose
The purpose of this module is to:
 apply the basic principles of accounting
 gather, process and record relevant information and compile basic statements of profit or loss and
other comprehensive income, statements of changes in equity and statements of financial position
 keep proper record of and be accountable for assets
 keep proper record of and be accountable for liabilities
 keep proper record for the different forms of entities and meaningful analyse their statements of
financial position
 prepare proper accounting records from incomplete records
2.2 Outcomes
Learning outcome 1
Explain what is meant by the nature of accounting theory and accounting principles, policy, practice and
procedures.
Learning outcome 2
Describe what the primary purpose of accounting is, explain what the double entry system is and
calculate the financial position of an entity and the elements of the basic accounting equation.
Learning outcome 3
Apply the concepts of income and expenditure to determine the gross profit and total comprehensive
income (or loss) and the effect thereof on equity.
Learning outcome 4
Analyse and record transactions in the accounting records of an entity and prepare a statement of
financial position using the basic accounting equation.
Learning outcome 5
Prepare all the journals (books of first entry), do postings to ledger accounts and prepare a trial balance.
Learning outcome 6
Adjust the accounting records of an entity at year-end.
Learning outcome 7
Complete the closing-off procedure, determine the profit or loss of an entity and prepare more advanced
financial statements.
Learning outcome 8
Know how to treat transactions related to cash and cash equivalents, apart from cash receipts and
payments.
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Learning outcome 9
Know how to treat all aspects of debtors in the accounting records of an entity.
Learning outcome 10
Understand the importance of inventory and how entries related to inventory are recorded in the
accounting records of an entity.
Learning outcome 11
Record transactions related to property, plant and equipment.
Learning outcome 12
Record transactions related to other non-current assets such as investments.
Learning outcome 13
Know how to treat of current liabilities in the accounting records of an entity.
Learning outcome 14
Describe non-current liabilities, record the necessary entries in the accounting records and disclose them
in the statement of financial position.
Learning outcome 15
Record all transactions related to a sole proprietor and prepare the financial statements.
Learning outcome 16
Record all transactions and prepare the financial statements related to organisations and societies not
for gain.
Learning outcome 17
Convert to a double-entry system from incomplete records.
3 LECTURERS AND CONTACT DETAILS

3.1 Lecturers
The lecturers responsible for this module are listed below. Remember to have your student number at
hand when you contact a lecturer. Lecturers are available for telephone enquiries from 8:00 to 16:00 on
weekdays.
Telephone number: 012 429 4245
Please note: This number is linked to all the module lecturers‘ telephone numbers.
Lecturer Building and office numbers

Ms MS du Rand AJH v/d Walt 2-07
Mr DO Khumalo AJH v/d Walt 2-06
Mr M Engelbrecht AJH v/d Walt 2-06
Mr C Modise AJH v/d Walt 2-20
Ms A du Plessis AJH v/d Walt 2-11
Direct all queries about the content of this module, that are not of an administrative nature to the
lecturers. Please have your study material at hand when you contact us.
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FAC1502/101
For personal visits, always make an appointment with a lecturer as they are not always readily
available.
3.2 Department
3.2.1 E-mail
You can also communicate with your lecturers via e-mail.
Use the following e-mail address:
● FAC1502@unisa.ac.za
We will respond promptly to e-mails forwarded to this e-mail address, in most cases within one working
day.
3.2.2 Student information hub
If you have any registration or administrative queries relating specifically to the College of Accounting
Sciences (CAS), you can direct your query via the following e-mail address or telephone numbers:
CAS specific enquiry e-mail for the College is:
● CASenquiries-Undergraduate@unisa.ac.za.
CAS specific enquiry telephone number for the College is:
● 012 429 4211
3.2.3 Postal address
Send letters to:
The Module leader (FAC1502)

Department of Financial Accounting
School of Accountancy
College of Accounting Sciences
P O Box 392
UNISA
0003
When communicating with Unisa in writing, always mention your student number, telephone number, the
module name and the module code at the top of the letter.
Please note: Do not enclose letters to lecturers with assignments.
3.3 Unisa
You will find general Unisa contact details in the my Studies @ Unisa brochure, which you received with
your study package. Remember to mention your student number when contacting Unisa.
4 RESOURCES FOR FAC1502

4.1 Prescribed books
Your prescribed book for this module is:

Berry, PR, Doussy, F, Ngcobo, RN, Rehwinkel, A, Scheepers, DE & Scott, D. About financial acounting,
volume 1, 5th edition, LexisNexis: Durban.
ISBN - Print: 978 0 409 05711 9
- E-Book 978 0 409 05712 6
7
For a list of the official booksellers and their addresses, please refer to the my Studies @ Unisa
brochure.
You can obtain your prescribed book from Unisa’s official booksellers. If you have difficulty in locating
your book at these booksellers, please contact the Prescribed Books Section by telephone at
012 429 4152 or by e-mail at vospresc@unisa.ac.za.
4.2 Recommended books
There are no recommended books for this module.
4.3 Electronic reserves (e-reserves)
There are no e-reserves for this module.
5 STUDENT SUPPORT SERVICES FOR FAC1502

Important information appears in the my Studies @ Unisa brochure.
6 STUDY PLAN FOR FAC1502

See your my Studies @ Unisa brochure for general time management and planning skills. A study plan
for FAC1502 is attached as Annexure B.
7 PRACTICAL WORK AND WORK-INTEGRATED LEARNING FOR FAC1502

There are no practicals for this module.
8 UNISA TUTORING SUPPORT SERVICE

8.1 What is the Unisa online tuition programme?
Unisa is an open distance learning institution and is providing online tutorial services as part of student
support. Previously, tutorials have been mainly offered face-to-face at the various regional centers.
Online tutorials allow a smaller group of students to interact with an academic instructor (tutor) on
myUnisa to facilitate the learning process. Due to the large student numbers at Unisa, it is not possible
for a lecturer to attend personally to all enquiries from students or manage the online discussion forums.
Online tutor groups offer personal attention and focused academic support from tutors.
8.2 Where will I find my online tutoring group?
Each group has its own separate site on myUnisa. These sites are numbered and you will receive your
group number via email and SMS. Don’t be confused. You will now have access to two sites for those
modules with online tutoring, namely the main module site and the group module site.
On the main module site, you will find the official study material files that you can download. You should
also submit your assignments here. From time to time, the primary lecturer of the module may
communicate with all the students through this site.
On the group module site, you can interact with your tutor and other group members. Here you can
participate in discussions; post academic-related queries and receive specific tutor support.
8.3 Is it mandatory to participate in e-tutor groups?
Participation in online discussions is not mandatory, and therefore no marks will be awarded for
participating. The e-tutor groups merely form part of the support structure designed to help you with and
guide you through your studies. We encourage you to make use of this service to get assistance with
any academic-related queries and to help you understand study material and study problems, acquire
learning skills, etc.
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FAC1502/101
8.4 How do I post a discussion item on my group site?
You have two options for participating in online discussions: you can either reply to an existing
discussion or start a new one.
Here are the step by step instructions for writing a comment and participating in an online discussion for
the first time:
8.4.1 To start a new topic for discussion:
- On your group site on myUnisa, go to the discussions by clicking the “Discussions” link in the left
menu. Once you have done this, you should see a list of the available forums.
- Click on the title of a forum to view the current discussion topics. If there are no previous topics,
this page will be empty.
- Click on the “New topic” link in the top horizontal menu.
- You can now write your comment. Enter the details for “Subject” and “Message”. (An important
tip: Don’t write your comment directly in the editor. First write it down somewhere else. Why? If you
lose your internet connection, at least you won’t have lost everything!).
- Remember to click “Save”.
8.4.2 To reply to another student’s comments
- On your group site on myUnisa, go to the discussions by clicking the “Discussions” link in the left
menu.
- Click on the title of a forum to view the ongoing discussion topics.
- Click on the title of the discussion topic you want to read or participate in.
- Once you’ve read the other students’ comments, you may want to reply to some of them. For each
comment, there is a link entitled “Reply”. Click this link to open the online editor and write your
reply.
- Remember to click “Save”.
8.5 Face-to-face tutors
Face-to-face tutors are tutors appointed to give class on Saturdays to students of Unisa. It is free, and
you only need to register at one of the regional centers nearest to you to attend these classes. (Refer to
pages 13 to 15 of this tutorial letter for a list of the centres.) Please contact these centres directly,
because they are run independently from Unisa. Please do not phone the lecturers to find out about the
classes, because we will not be able to assist you with any information concerning the activities of the
regional centres.
9 ASSESSMENT
9.1 Assessment plan
Toe enable you to fully benefit from our formative tuition and assessment, the management of Unisa
decided to introduce two compulsory assignments in all modules to be submitted by set due dates. We
provide feedback for the two compulsory assignments in two separate tutorial letters – on for each
compulsory assignment. There is also a self-assessment assignment which is a comprehensive exercise
consisting of questions with solutions. The questions are representative of the type of questions which
you can expect in the examination.
If you submit the first compulsory assignment by its due date, you will gain admission to the
examination in the specific module. The marks obtained in the two compulsory assignments contribute
equally towards your year mark, and your year mark contributes 20% towards the final mark. Your
examination mark contributes 80% towards your final mark. Should you fail the examination with less
than 40%, the year mark will not count. You require a final mark of 50% to pass a module.
9
Please note:
Although students may work together when preparing assignments, each student must write and submit
his or her own individual assignment. In other words, you must submit your own ideas in your own
words, sometimes interspersing relevant short quotations that you reference properly. It is unacceptable
for students to submit identical assignments on the basis that they worked together. That is copying (a
form of plagiarism) and none of these assignments will be marked. Furthermore, Unisa may penalise you
or subject you to disciplinary proceedings. Do not copy the assignment solutions of fellow students!
9.2 General assignment numbers
Assignments are numbered, starting from 01. We attach the assignments as annexures.
9.2.1 Unique assignment numbers
The unique assignment numbers allocated to the assignments are as follows:
Semester Assignment Unique number
First semester 01 577581
First semester 02 577644
Second semester 01 577665
Second semester 02 577691
9.2.2 Due dates for assignments
Semester Assignment Due date
First semester 01 6 March 2015
First semester 02 10 April 2015
Second semester 01 21 August 2015
Second semester 02 11 September 2015
9.3 Submission of assignments
You may submit assignments completed on mark-reading sheets either by post or electronically via the
Unisa’s Mobile MCQ Application or myUnisa. Do not submit assignments by fax or e-mail.
For detailed information on assignments, please refer to the my Studies @ Unisa brochure.
To submit an assignment via myUnisa:

• Go to myUnisa.
• Log in with your student number and password.
• Select the module.
• Click on “Assignments” in the menu on the left-hand side of the screen.
• Click on the number of the assignment you wish to submit.
• Follow the instructions.
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9.4 Assignments
You will find the assignments in the following annexures:
Annexure C: Assignment 01 for FIRST SEMESTER

Annexure D: Assignment 02 for FIRST SEMESTER
Annexure E: Assignment 01 for SECOND SEMESTER
Annexure F: Assignment 02 for SECOND SEMESTER
10 OTHER ASSESSMENT METHODS

There are no other assessment methods for this module.
11 EXAMINATION
11.1 Examination admission
When you submit Assignment 01 by its due date, you will be admitted to the examination.
However, it will be to your advantage to hand in both compulsory assignments and complete the self-
assessment assignment (which is a comprehensive exercise), as:
 the assignments provide practice which is essential for your studies of financial accounting
 the assignments contain valuable revision material and ensure that you work throughout the
semester
 the self-assessment assignment (the comprehensive exercise) and Tutorial letter 102 contain
questions similar to those you can expect in the examination
Also refer to the my Studies @ Unisa brochure for general examination and examination preparation
guidelines.
11.2 Examination period
This module is offered over a semester period of approximately fifteen weeks. Thus if you are registered
for the first semester, you will write the examination during May/June 2015 and may have to write the
supplementary examination during October/November 2015. If you are registered for the second
semester, you will write the examination during October/November 2015 and may have to write the
supplementary examination during May/June 2016.
About a month before the commencement of the examination, the Examination Section will provide you
with information regarding the examination in general as well as examination venues, dates and times.
You can also get the information on myUnisa if you do not receive it by post.
11.3 Examination paper
At the end of the semester (May/June for the first semester and October/November for the second
semester) you will be required to write a two hour examination for module FAC1502. The paper will
contain no multiple choice questions but will consist of long questions only.
You will be allowed to use a non-programmable pocket calculator. The official calculation policy of Unisa
is given below for your information:
11
Calculator policy
Canditates may only use silent, electronic, battery-driven calculators subject to the following conditions:
● Calculators must be cordless, and may not have print-out facilities or alpha keys.
● Any financial calculator will be allowed, as the following tables will not be provided:
▪ tables of present value factors for various discount rates for varying periods
▪ tables of future value factors for various interest rates for varying periods
● You may not use the calculator function on cell (mobile) phones or any electronic device (e.g.
laptops or any smart phone)
● You may not share a calculator with another candidate in the examination room.
The examination script consists of a book with 12 pages. Every page has three columns on the right
hand side (similar to cashbook paper). If you don’t want or cannot use the columns, please ignore them
and draw your own columns or T-accounts. You may open the book and use the left hand page for the
debit side and the right hand page for the credit side of an account (again ignoring the extra columns).
Start every question on a new (separate) page. Number each sub-question clearly.
When answering a question, always read the “REQUIRED” part before reading through all the
information. This will enable you to know immediately what information is needed to answer the
question. If you read through the question in its entirety without knowing what is required, you will have
to reread all the information and waste precious time in this manner.
If your final mark is between 40% and 49%, you may write a supplementary examination, which will
be written at the end of the follow supplementary examination will be written at the end of the following
semester. Thus if you qualify for a supplementary examination during the May/June examination, you will
write the FAC1502 second semester paper during October/November, and if you qualify for a
supplementary examination during the October/November examination, you will write the FAC1502
paper during May/June of the following year. To pass this supplementary examination, you must obtain
at least 50% in the examination. However, you may write only one supplementary examination for
every module that you are registered for.
If you qualify for a supplementary examination, no further study material will be supplied to you during
the following semester, and you must not submit any assignments for this module during the following
semester.
Please consult the examination time-table well in advance in order to plan your final revision programme.
Report any examination problems (e.g. clashes of dates) directly to the Examination Section. Please
start studying early to avoid cramming at the last moment.
Ensure that you have received all the assignment solutions at least two weeks before the examination.
11.4 Previous examination papers
Some previous examination papers are available on myUnisa. Suggested solutions to previous
examination papers will not be made available.
12 FREQUENTLY ASKED QUESTIONS

The my Studies @ Unisa brochure contains an A-Z guide of the most relevant study information.
“My assignment is late, will you please mark it?”
Answer: FAC1502 compulsory assignments are in a multiple choice questions format and are marked
by a computer. The marking date is determined by the computer section. The lecturing staff has no
influence on this marking process. If your assignment is thus late or not marked, it most probably did not
reach the Assignment Section on time. Please direct all queries in this regard to the Assignment Section.
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FAC1502/101
My assignment mark is incorrect.
Answer: The marking of the compulsory assignments is an automated process and marking is done
according to a preset marking scheme. Sometimes we only realize that a question of questions has/have
been ambiguous after students completed the assignments. In this case the applicable question will not
be marked, and students will not be penalised. You can e-mail assign@unisa.ac.za for any enquiries
regarding your assignment marks.
I am overseas and cannot submit my first assignment on time.
Answer: If you do not submit your first assignment on time, you will not be allowed to write the
forthcoming examination. You must e-mail the exams@unisa.ac.za timeously to make alternative
arrangements.
I received my study material too late to submit my first assignment on time.
Answer: You will have to prove that you indeed received your study material late. Submit the proof with
a motivated request to the examadmission@unisa.ac.za timeously.
I have already submitted my assignment and the word “resubmit” appears on the screen, must I
resubmit my assignment?
Answer: The assignment must only be resubmitted if you want to change some of the answers.
How do I get tutor assistance?
Answer: You can obtain the telephone numbers and details from the learning centres below:
As telephone numbers may change please refer to My studies @ Unisa to udate the list.
REGION: PHYSICAL ADDRESS CONTACT DETAILS: TUTORIAL SERVICES
NORTH-EASTERN
POLOKWANE
23A Landros Mare Street  (015) 290-3443
Polokwane, 0742 Also Giyani and Makhado
NELSPRUIT
Standard Bank Centre: 1st Floor  (013) 755-2476
31 Brown Street
Nelspruit, 1201
MIDDLEBURG
Cnr Church & Bhimy Damane Str  (013) 282-4115
Town Square Building
Ground Floor
Middleburg, 1050
GAUTENG
THUTONG (Sunnyside)
Cnr Walker & Joubert Streets  (012) 441-5792/5794/5796
Sunnyside, 0002
JOHANNESBURG
Tutorial Services Office  (011) 630-4512/4504/4514
29 Rissik Street
Bram-Fischer Building
Johannesburg, 2001
FLORIDA
Tutorial Services Office  (011) 471-2082
Cnr Christiaan de Wet/Pioneer Ave.  (011) 471-2298
F-Block Room 5-20
Florida
13
BENONI
Unisa Ekurhuleni Regional Service Centre  (011) 845-9306/00
Cor. R51 & Brazil Streets,
Daveyton
VAAL
Hangar Building 1st floor  016 455 6300
C/O Rhodes & Voortrekker streets
Vereeniging, 1939
KWA-ZULU NATAL
DURBAN
Tutorial Services Office (031) 335 8110/11/27/30/31
Rooms 305/505/605
Durban Learning Centre

221 Dr Pixley kaSeme (West) Street
Durban, 4001
Tutorial Services Office (031) 335 1749/50/51

Room1B5, Ground floor
230 Stalwart Simelane(Stanger) Street
Durban, 4001
RICHARDS BAY
Tutorial Services Office (035) 789 3501/8405
Lot 100637
Block C, Via Verbana
Veldenvlei
Richards Bay, 3900
WILD COAST (MBIZANA)
Tutorial Services Office (039) 305 6433
c/o Wild Coast Sun
Main Road
Mzamba Beach, Bizana
PIETERMARITZBURG
Reid Building (room 204/205/206)  (033) 355-1735
1 LangalibaleleStr
Pietermaritzburg, 3201
NEWCASTLE
Tutorial Services Office  (034) 326 3105
Cnr Sutherland and Harding Str  (034) 312 4015
Newcastle, 2940
CAPE COASTAL
PAROW
Tutorial Services Office  (021) 936-4190/4154
15 Jean Simonis Street
Parow, 7499
GEORGE
Joubert Plaza 1
100 Meade Street
George, 6530
MTHATHA
Tutorial Services Office  (047) 531-5002/3/6/7
32 Cnr Victoria & York Rd also
Economic Affairs Building Lusikisiki and Mt Frere
Umtata, 5100
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FAC1502/101

EAST LONDON
10 St Lukes Road also
Southernwood King Williams Town, Butterworth,
East London, 5201 Queenstown
PORT ELIZABETH
Corner of Greyville and Ring Roads
Green Acres
Port Elizabeth, 6045
MIDLANDS
MAFIKENG
29 Main Street
Opposite ABSA Bank, Mafikeng
Mafikeng, 2745
RUSTENBURG
Tutorial Services Office  (014) 594 8800/8856
Forum Building (1st Floor)
Cnr. OR Tambo & Steen Street
Rustenburg, 0300
POTCHEFSTROOM
20 Auret Street
Potchefstroom, 2531
KIMBERLEY
NIHE Main Campus
Cnr Chapel & Eureka Streets
Kimberley, 8301
BLOEMFONTEIN
NRE House
161 Zastron Street
Bloemfontein, 9301
KROONSTAD
NFS Building 1st floor
36 Brand Street
Kroonstad, 9499
13 CONCLUSION
In spite of the care taken to ensure that all the study material is correct you may still find errors,
omissions or other discrepancies. Should you come across such matters, or find that parts of the study
material are not clearly expressed, kindly let us know to enable us to make the necessary corrections.
We trust that you will enjoy this module and wish you success with your studies.
Kind regards
Ms MS du Rand
Ms A du Plessis
Mr DO Khumalo
Mr M Engelbrecht
Mr C Modise
LECTURERS: FINANCIAL ACCOUNTING 1: MODULE FAC1502
15
14 ANNEXURE A: ASSUMED KNOWLEDGE
We assume that you have the knowledge to do some elementary calculations. Some of these
calculations are discussed in the following sections to help those students who wish to acquaint
themselves with the relevant topics.
1 Basic calculations
Calculating a percentage of an amount or number
For example, what is. 13% of R3 900?
The 13% actually means 13 out of 100, or 13 ÷ 100; and the word "of" means "multiply by".
Therefore, 13% of R3 900 can be read as:
13 ÷ 100 x R3 900 = R507,00
or, when using a pocket calculator: R3 900 x ,13 = R507,00.
(By using the factor of ",13", you have already divided the 13 by 100. All percentages can be used
in this manner.)
Relating the price of a number of items to a single item
For example, if you paid R39,52 for 13 items, one item will cost R39,52 ÷ 13 = R3,04. You can
then use this amount to calculate the price of other quantities of the same item, for example,
27 items will cost 27 x R3,04 = R82,08.
2 Interest
Interest is in effect the payment for the use of somebody else's money and is therefore the "price"
of money, or a finance cost.
Interest can be receivable (e.g. interest on investments) or it can be payable (e.g. interest on loans,
bonds or debentures). To calculate interest, we need the following:
• the amount involved,
• the interest rate at which it is invested/borrowed
• the period for which it is invested/borrowed
Whenever a period is involved, you can consider using a time-line to help you with the calculation.
You can prepare a time-line as follows:
(a) Information
Amount invested (or borrowed): R12 000

Interest rate: 10,5%
Period: 1 May 20.1 to 31 December 20.1 = 8 months
1 May 20.1 31 December 20.1
Period: 8 months
Total period = 8 months (or 2/3 of a year = 0,6667 years).
16
FAC1502/101
(b) Information

Period: 1 May 20.0 to 31 December 20.1 = 1 year and 8 months (or
20 months)
1 May 20.0 31 December 20.0
1 January 20.1 31 December 20.1
Period: 8 months Period: 12 months

Interest rate: 10,5% (= 1 year)
Total period = 20 months (or 1 and 2/3 of a year = 1,6667 years).
Examples
1. Period shorter than one year

Period: 1 May 20.1 to 31 December 20.1 = 8 months
Calculating interest
[R12 000 x (10,5 ÷ 100) x (8 ÷ 12)] = R840,00

OR: [R12 000 x 0,105 x (8 ÷ 12)] = R840,00
OR: [R12 000 x 0,105 x (2 ÷ 3)] = R840,00
OR: [R12 000 x 0,105 x 0,6667] = R840,00
2. Period longer than one year

Period: 1 May 20.0 to 31 December 20.1 = 1 year and 8 months (or
20 months)
Calculating interest
[R12 000 x (10,5 ÷ 100) x (20 ÷ 12)] = R2 100,00

OR: [R12 000 x 0,105 x (20 ÷ 12)] = R2 100,00
OR: [R12 000 x 0,105 x (5 ÷ 3)] = R2 100,00
OR: [R12 000 x 0,105 x 1,6667] = R2 100,00
17
3 Profits and settlement discounts
When we calculate profits and settlement discounts, there is no period involved; and we therefore
do not need a time-line. In this case the amount and the percentage are the key factors.
Examples
3.1 Profits
3.1.1 Profit as a percentage of cost price
Cost price: R23 000

Profit as a percentage of cost price: 25%
Calculate: selling price

Calculation of selling price
{R23 000 + [R23 000 x (25 ÷ 100)]} = R23 000 + R5 750 = R28 750
OR:
[R23 000 + (R23 000 x 0,25)] = R23 000 + R5 750 = R28 750
OR:
R23 000 x 1,25 = R28 750
The rationale behind the last calculation is that if the cost price is R1,00, the profit will be R0,25
and the selling price will be R1,25.
Therefore, if the cost price is R23 000, the selling price will be R23 000 x 1,25.
3.1.2 Profit as a percentage of selling price
Selling price: R23 000

Profit as a percentage of selling price: 25%
Calculate: cost price

Calculation of cost price
{R23 000 – [R23 000 x (25 ÷ 100)]} = R23 000 - R5 750 = R17 250
OR:
[R23 000 - (R23 000 x 0,25)] = R23 000 - R5 750 = R17 250
OR:
R23 000 x 0,75 = R17 250
In this case, calculating the last amount is not as simple as in the previous case. One must reason
as follows: the selling price of R23 000 includes a profit of 25%; therefore, if the selling price is
R1,00 and the profit is R0,25, the cost price (which is less than the selling price) will be R0,75.
Thus, to calculate the cost price:
If the selling price is R23 000, the cost price will be R23 000 x 0,75.
18
FAC1502/101
3.1.3 Selling price is given, but the percentage profit is on cost price

Profit as a percentage of cost price: 25%
Calculate: cost price

Calculation of cost price
{R23 000 – [R23 000 x (25 ÷ 125)]} = R23 000 - R4 600 = R18 400
OR:
[R23 000 - (R23 000 x 0,20)] = R23 000 - R4 600 = R18 400
OR:
R23 000 ÷ 1,25 = R18 400
The calculation of the last amount is reasoned as follows: The selling price of R23 000 includes a
profit of 25% on cost price; therefore, if the selling price is R1,25, and the profit is R0,25, the cost
price (which is less than the selling price) will be R1,00. Thus, to calculate the cost price:
If the selling price is R23 000, the cost price will be R23 000 ÷ 1,25.
To sum up:
1,00
Cost price
Profit x 1,25 0,25 ÷ 1,25
Selling price 1,25
The cost price is given, and you have to calculate the selling price (which is more than the cost
price) – thus, multiply the cost price by 1,25 (if the profit percentage is 25%).
The selling price is given, and you must calculate the cost price (which is less than the selling
price) – thus, divide the selling price by 1,25 (if the profit percentage is 25%).
3.2 Discounts (settlement discount granted or received)

3.2.1 Cash or trading discount on sales

Discount on selling price: 5%
Calculate: net selling price

Calculation of net selling price
{R23 000 – [R23 000 x (5 ÷ 100)]} = R23 000 - R1 150 = R21 850
OR:
[R23 000 - (R23 000 x 0,05)] = R23 000 - R1 150 = R21 850
OR:
R23 000 x 0,95 = R21 850
The last calculation is reasoned as follows: The selling price of R23 000 must be reduced by 5%.
Therefore, if the selling price is R1,00, the discount will be R0,05, and the net selling price (which is
19
less than the original selling price) will be R0,95. Therefore, if the selling price is R23 000, the net
selling price will be R23 000 x 0,95.
3.2.2 Settlement discount on payment of accounts
Amount outstanding on account = R23 000

Settlement discount on payment made on or before a specified date = 5%
Calculate: net amount to be paid
Calculation of net amount to be paid:
{R23 000 – [R23 000 x (5 ÷ 100)]} = R23 000 - R1 150 = R21 850
OR:
[R23 000 - (R23 000 x 0,05)] = R23 000 - R1 150 = R21 850
OR:
R23 000 x 0,95 = R21 850
The last calculation is reasoned as follows: The amount of R23 000 must be reduced by 5%.
Therefore, if the full account is R1,00, the settlement discount will be R0,05, and the net amount to
be paid (which will be less than the original amount to be paid) will be R0,95. Therefore, if the
amount of the account is R23 000, the net amount to be paid will be R23 000 x 0,95.
4 Ratios
4.1 Percentage as a ratio
A percentage can also be regarded as a ratio: a ratio to 100. This means that a ratio of 15%
actually means 15 out of 100, or 15:100. If a student obtained 43 marks out of 60, his ratio will be
43 to 60 (indicated as 43:60), or
43 ÷ 60 x 100 = 71,7% (or 71,7 out of 100 or 71,7:100).
By dividing the values on both sides of the colon by 100, you get a ratio of 0,717:1 (refer to par 4.2
below).
Similarly, if the sales of an entity are R245 000, and the gross profit on these sales is R147 000,
the gross profit percentage is:
R147 000 ÷ R245 000 x 100 = 60%. Without doing a complicated calculation, one can immediately
say that the cost price is 40% (= 100% - 60%) of sales. This 40% can also be calculated as
follows:
R245 000 - R147 000 = R98 000 ÷ R245 000 x 100 = 40%.
4.2 Straight forward ratios
This type of ratio is often found in the apportionment of profits between partners. The numbers in
the ratio are added and the total is divided into the amount to be apportioned. Each partner will
then receive his part (portion) by multiplying his ratio with the portion thus calculated, for example:
If the partners receive an equal part of the profits, we merely divide the total amount of the profit
by the number of partners. For example, when a profit of R180 000 must be apportioned equally to
three partners, the ratio is 1:1:1, which means that each partner will receive the same amount:
R180 000 ÷ 3 = R60 000.
A more complicated example is when the profits of a partnership (e.g. R120 000) are apportioned
to partners A, B and C in the ratio 3:2:1. We add the numbers of the ratio (3 + 2 + 1 = 6) and then
divide the profit of R120 000 by 6, which equals R20 000. Partner A will then receive 3 portions
(R20 000 x 3 = R60 000), partner B will receive 2 portions (R20 000 x 2 = R40 000), and partner C
20
FAC1502/101
will receive 1 portion (R20 000 x 1 = R20 000). The total amount allocated to the three partners
should be the total profit (i.e. R60 000 + R40 000 + R20 000 = R120 000).
Quite often, profits should be apportioned in relation to the capital invested by each partner. If, for
example, partners X, Y and Z invested R200 000, R100 000 and R400 000 in the partnership, the
ratio will now be R200 000 + R100 000 + R400 000 = R700 000 = 2:1:4 = 7 (parts are equal to the
amounts of the capital portions as well as the total capital, divided by 100 000).
A profit of R280 000 will be apportioned as follows:
Partner X: (R280 000 ÷ 7 x 2) = R 80 000

Partner Y: (R280 000 ÷ 7 x 1) = R 40 000
Partner Z: (R280 000 ÷ 7 x 4) = R160 000
= R280 000
21
15 ANNEXURE B: PROPOSED STUDY PROGRAMME FOR 2015
Please note:
The due date is the date on which the Assignment must reach the Unisa campus in Pretoria. Therefore,
if you are using the postal services please provide sufficient time for any delays due to your distance
from Pretoria, or otherwise. You can also submit the assignments via the Unisa Mobile MCQ
Application or myUnisa.
First semester
Date Study material and assignments
± 13/01 to 22/02 Study: Study units 1 to 9

23/02 to 26/02 Do Assignment 01 (compulsory)
27/02 Mail Assignment 01
06/03 Due date: Assignment 01
27/02 to 22/03 Study: Study units 10 to 17
27/03 to 30/03 Do Self-assessment Assignment
(comprehensive exercise)
May/June examination (study units 1 to 17)
Second semester
Date Study material and assignments
± 13/07 to 09/08 Study: Study units 1 to 9

14/08 to 30/08 Study: Study units 10 to 17
04/09 to 07/09 Do Self-assessment Assignment
(comprehensive exercise)
October/November examination (study units 1 to 17)
22
FAC1502/101
16 ANNEXURE C: ASSIGNMENT 01 (SEMESTER 1)
THIS ASSIGNMENT IS COMPULSORY

AND IS NECESSARY FOR
EXAMINATION ADMISSION.
MARKS COUNT 50% TOWARDS YOUR

YEAR MARK.
FOR STUDENTS REGISTERED

FOR THE FIRST SEMESTER
Due date: 6 March 2015
Unique number: 577581
23
ANNEXURE C: ASSIGNMENT 01 FOR FIRST SEMESTER
Do NOT submit assignments by means of fax or e-mail.
1. Answer this assignment on a mark-reading sheet or submit it via the Unisa Mobile MCQ
Application or myUnisa. This assignment is marked electronically, hence the strict adherence to
the due date.
2. Before doing this assignment, please read paragraph 9 of this tutorial letter.
3. This assignment covers study units 1 to 9 and comprises of 25 multiple-choice questions.
4. We shall not move the due date of this assignment, allow you to submit it late, or enter into
correspondence or telephone conversations in this regard.
5. Important aspects regarding multiple-choice question (MCQ) assignments
 If you do not submit Assignment 01 electronically via the Unisa Mobile MCQ Application or
myUnisa, you will need a mark-reading sheet. Before completing the mark-reading sheet,
please see the instructions in this year’s issue of my Studies @ Unisa. Read these
instructions carefully and follow them exactly to avoid mistakes.
 Carefully work through the relevant tutorial matter before you tackle the assignment.
 Calculate your answer on a separate piece of paper before you complete the mark-reading
sheet.
REMEMBER
There is only one correct answer to each question.

All questions are equal in value.
If you use a mark-reading sheet:
• Use only the provided mark-reading sheet.
• Colour in the correct block with a HB pencil.
• Fill in your student number correctly.
• Fill in the assignment number correctly.
• Fill in the unique assignment number for the specific semester correctly. Every assignment
which is marked by the computer has a unique number. The number contains information on the
module code and assignment number. For example, when the computer reads the unique number
577581 on the mark-reading sheet, the computer identifies that it is Assignment 01 for that specific
module.
• Send only your mark-reading sheet to the Assignment Section in the appropriate envelope.
• Make sure that you have enough mark-reading sheets.
24
FAC1502/101
DO NOT
• colour more than one block per question

• tear or fold the mark-reading sheet
• staple the mark-reading sheet to another piece of paper
• colour outside the block
• colour in the block with a pen
• make corrections with correction fluid
• submit answers on a written sheet of paper
• try to repair a torn mark-reading sheet with sticky tape (Use another mark-reading sheet.)
25
ASSIGNMENT 01 FOR FIRST SEMESTER
ASSIGNMENT 01
DUE DATE: 6 March 2015
UNIQUE NUMBER: 577581 (MULTIPLE-CHOICE QUESTIONS)
Do this assignment on a mark-reading sheet and mail it, or submit it via the Unisa Mobile
MCQ Application or myUnisa.
Please ignore VAT in all the questions of this assignment where no VAT rate is given.
1. A person who owes money to the entity is ... .
(1) a debtor
(2) a creditor
(3) an investor
(4) an employee
(5) None of the above.
2. Mrs D Moses is a debtor of EB Traders. She paid her account in full and EB Traders issued a
receipt for R500. In which journal will EB Traders record this transaction?
(1) cash payments journal

(2) sales journal
(3) purchases journal
(4) cash receipts journal
(5) sales returns journal
Use the following information to answer question 3:
TR Traders
Sales journal - April 2013 SJ 4
VAT Sales Debtors
Doc no Day Details Fol output control
R R R
TR236 19 Mrs T Smith DL2 700 5 000 5 700
TR237 26 Mr H Andrews DL3 490 3 500 3 990
1 190 8 500 9 690
TR Traders
Sales returns journal - April 2013 SRJ 4
VAT Sales Debtors
Doc no Day Details Fol output returns control
R R R
CN100 21 Mrs T Smith DL2 ? ? 2 394
CN101 28 Mr H Andrews DL3 ? ? 1 026
? ? ?
26
FAC1502/101
ASSIGNMENT 01 (continued)
Additional information
(a) VAT is 14%.
3. Which of the following represents the correct presentation of the sales returns account in the
general ledger of TR Traders?
(1)
Dr Sales returns N3 Cr
R R
2013
April 30 Debtors control SRJ4 3 420
(2)
R R
2013
(3)
R R
2013
(4)
R R
20.1
(5)
R R
20.1 20.1
April 30 Debtors control SJ4 9 690 April 30 Debtors control SRJ4 3 000
4. On 10 December 2014, Letjatjana Traders paid the entity’s telephone account of R250 with a
business cheque.
The accounts to be debited and credited in the general ledger will be as follows:
(1) The drawings account will be debited, and the bank account will be credited.
(2) The drawings account will be debited, and the telephone expense account will be credited.
(3) The telephone expense account will be debited, and the bank account will be credited.
(4) The telephone expense account will be debited, and the drawings account will be credited.
(5) The telephone expense account will be debited, and the capital account will be credited.
27
5. On 11 December 2014, Letjatjana Traders received interest of R1 500 from UNI Bank on a fixed
deposit.
What effect will the transaction have on the accounting equation?
(1) Assets will increase and decrease with R1 500.

(2) Assets will increase with R1 500, and equity will decrease with R1 500.
(3) Assets will decrease with R1 500, and equity will decrease with R1 500.
(4) Assets will increase with R1 500, and equity will increase with R1 500.
(5) Equity will increase and decrease with R1 500.
6. On 15 December 2014, Letjatjana Traders sold goods to Mr Sekole for R9 000 and received his
payment.
If the entity uses the periodic inventory system, what effect will the sales transaction have on the
accounting equation?

(2) Assets will increase with R9 000, and liabilities will increase with R9 000.
(5) Assets will decrease with R9 000, and equity will increase with R9 000.
payment.
If the entity uses the perpetual inventory system, which accounts will be debited and credited in the
general ledger with the “cost of sales” portion of this transaction:
(1) The cost of sales account will be debited, and inventory account will be credited.
(2) The cost of sales account will be credited, and the sales account will be debited.
(3) The sales account will be debited, and the inventory account will be credited.
(4) The trading inventory deficit account will be debited, and the inventory account will be
credited.
(5) The trading inventory deficit account will be debited, and the sales account will be credited.
payment.
If the entity uses the perpetual inventory system with a markup percentage of 20% on cost, the
cost of sales will amount to … .
(1) R 1 500
(2) R 7 500
(3) R 1 800
(4) R 9 000
(5) R10 800
9. On 20 December 2014, the owner of Letjatjana Traders took goods to the value of R2 000 (cost
price) for personal use. The entity uses a perpetual inventory system.
(1) The drawings account will be debited, and the purchases account will be credited.
(2) The drawings account will be debited, and the inventory account will be credited.
(3) The inventory account will be debited, and the drawings account will be credited.
(4) The purchases account will be debited, and the drawings account will be credited.
28
FAC1502/101
10. On 20 December 2014, the owner of Letjatjana Traders took goods to the value of R2 000 (cost
price) for personal use. The entity uses the perpetual inventory system.
What effect will the transaction have on the accounting equation?

(3) Assets will decrease with R2 000, and equity will increase with R2 000.
(4) Assets will decrease with R2 000, and equity will decrease with R2 000.
11. On 23 December 2014, Letjatjana Traders purchased goods for R70 000 and paid by cheque. The
entity uses the perpetual inventory system.
(1) The inventory account will be debited, and the bank account will be credited.
(2) The purchases account will be debited, and the bank account will be credited.
(3) The inventory account will be debited, and the creditors control account will be credited.
(4) The purchases account will be debited, and the creditors control account will be credited.
Use the following information to answer question 12 to 14:
The following information was obtained from the records of Cool Importers for the year ended
28 February 2013:
R
Inventory (1 March 2012).......................................................................................................... 149 500
Sales......................................................................................................................................... 750 000
Purchases................................................................................................................................. 540 000
Sales returns............................................................................................................................. 1 500
Purchases returns..................................................................................................................... 2 000
Freight charges on purchases................................................................................................... 650
Freight charges on sales........................................................................................................... 1 700
Settlement discount granted..................................................................................................... 350
A physical inventory count on 28 February 2013 indicated that inventory on hand amounted to R400 000.
12. The net turnover for the year ended 28 February 2013 to be used to calculate the gross profit for
the year will be … .
(1) R750 000

(2) R748 500
(3) R748 150
(4) R749 850
(5) R746 450
13. The cost of sales for the year ended 28 February 2013 will be … .
(1) R540 000

(2) R686 850
(3) R288 150
(4) R789 150
29
14. The gross profit for the year ended 28 February 2013 will be … .
(1) R458 300

(2) R460 000
(3) R458 350
(4) R250 500
15. If the gross profit of an entity for the year ended 28 February 2013 is R460 000, and the entity use
a gross profit mark-up percentage of 20% on cost. What will the cost of sales amount be for the
year ended 28 February 2013?
(1) R 552 000

(2) R2 760 000
(3) R 383 333
(4) R2 300 000
The following information for April 2013 relates to NP Glassworks.

Bank statement of NP Glassworks for April 2013
Address: 21 Third Road, Durban, 4000
Date Details Debit Credit Balance
R R R
01/04/2013 Balance 7 000,00(Cr)
04/04/2013 Cheque no: 1651 2 500,00 4 500,00(Cr)
Deposit 15 000,00 19 500,00(Cr)
07/04/2013 Deposit 30 000,00 49 500,00(Cr)
08/04/2013 Cheque no: 1653 1 000,00 48 500,00(Cr)
Cheque no: 1654 650,00 47 850,00(Cr)
12/04/2013 Deposit 6 000,00 53 850,00(Cr)
Unpaid cheque 500,00 53 350,00(Cr)
15/04/2013 Deposit 650,00 54 000,00(Cr)
Cheque no: 1656 6 000,00 48 000,00(Cr)
18/04/2013 Direct deposit: Mrs A Ngcobo 2 000,00 50 000,00(Cr)
21/04/2013 Cheque no: 1657 250,00 49 750,00(Cr)
29/04/2013 Service fees 300,00 49 450,00(Cr)
Debit order: WM Insurers 3 500,00 45 950,00(Cr)
Interest 459,50 46 409,50(Cr)
NP Glassworks
Cash receipts journal (Bank column only) – April 2013 CRJ04
Date Details Analysis Bank
R R
04/04/2013 Cash sales 15 000,00 15 000,00
07/04/2013 Cash sales 30 000,00 30 000,00
12/04/2013 Mr K Thomas 6 000,00 6 000,00
15/04/2013 Cash sales 650,00 650,00
29/04/2013 Cash sales 10 000,00
Cash sales 4 000,00 14 000,00
65 650,00
30
FAC1502/101
NP Glassworks
Cash payments journal (Bank column only) – April 2013 CPJ04
Date Details Bank
R
04/04/2013 DBN Municipality, Cheque no: 1651 2 500,00
06/04/2013 AKR Wholesalers, Cheque no: 1652 1 900,00
08/04/2013 Mr R Maverick, Cheque no: 1653 1 000,00
Cash, Cheque no: 1654 650,00
13/04/2013 PR Stationers, Cheque no: 1655 1 500,00
15/04/2013 HS Vehicles, Cheque no: 1656 6 000,00
21/04/2013 Cash, Cheque no: 1657 250,00
29/04/2013 Mrs V Khumalo, Cheque no: 1658 2 000,00
15 800,00
(a) On 1 April 2013, the opening balance of the bank account was R7 000.
(b) The bank dishonoured an unpaid cheque for R500,00 originally received from Miss K Moodley due
to insufficient funds in her bank account.
(c) NP Glassworks sublets part of its building to Mrs A Ngcobo, who pays the monthly rental via
electronic funds transfer.
Compare the bank statement, cash receipts journal and cash payments journal for April 2013 and
answer each question by choosing the correct option.
16. The following amounts must still be included in the cash receipts journal of NP Glassworks for
April 2013:
(1) R6 000,00 + R 2 000,00 + R459,50

(2) R15 000,00 + R30 000,00 + R6 000,00 + R650,00 + R2 000,00 + R459,50
(3) R65 650,00
(4) R2 000,00 + R459,50
17. The following amounts must still be included in the cash payments journal of NP Glassworks for
April 2013:
(1) R500,00 + R300,00 + R3 500,00

(2) R500,00 + R300,00 + R3 500,00 – R459,50
(3) R1 900,00 + R1 500,00 + R2 000,00 + R500,00 + R300,00 + R3 500,00
(4) R15 800,00
31
18. Which one of the following ledger accounts correctly reflects the bank account on 30 April 2013:
(1) NP Glassworks
General ledger
Dr Bank Cr
R R
2013 2013
April 1 Balance b/d 7 000,00 April 30 Total payments CPJ4 20 100,00
30 Total receipts CRJ4 68 109,50 Balance c/d 55 009,50
75 109,50 75 109,00
2013
May 1 Balance b/d 55 009,50
(2) NP Glassworks
General ledger
Dr Bank Cr
R R
2013 2013
April 1 Balance b/d 7 000,00 April 30 Total receipts CRJ4 68 109,50
30 Total payments CPJ4 20 100,00
Balance c/d 41 009,50
68 109,50 68 109,50
2013
(3) NP Glassworks
General ledger
Dr Bank Cr
R R
2013 2013
April 1 Balance b/d 46 409,50 April 30 Total payments CPJ4 20 100,00
30 Total receipts CRJ4 68 109,50 Balance c/d 94 419,00
114 519,00 114 519,00
2013
(4) NP glassworks
General ledger
Dr Bank Cr
R R
2013 2013
April 30 Total receipts CRJ4 68 109,50 April 30 Balance b/d 7 000,00
Total payments CPJ4 20 100,00
Balance c/d 41 009,50
68 109,50 68 109,50
2013
32
FAC1502/101
19. The balance of the bank statement to be used on the bank reconciliation statement as at
30 April 2013 will be … .
(1) R 7 000,00 debit

(2) R 7 000,00 credit
(3) R46 409,50 debit
(4) R46 409,50 credit
20. The outstanding deposits on the bank reconciliation statement as at 30 April 2013 amount to … .
(1) R14 000,00 debit

(2) R14 000,00 credit
(3) R16 459,50 debit
(4) R16 459,50 credit
21. The outstanding cheques on the bank reconciliation statement as at 30 April 2013 amount to … .
(1) R9 700 debit

(2) R9 700 credit
(3) R5 400 debit
(4) R5 400 credit
Debit Credit
R R
Debit balance as per bank statement 4 280
Credit outstanding deposit 530
Debit outstanding cheques: B201 540
B202 720
22. The balance of the bank account in the general ledger amount to … .
(1) R5 540 debit

(2) R5 540 credit
(3) R5 010 debit
(4) R5 010 credit
Debit Credit
R R
Credit balance as per bank statement 4 280
Credit outstanding deposit ?
B202 720
Debit balance as per bank account 4 340
33
23. What is the amount of the outstanding deposit to be shown on the bank reconciliation statement?
(1) R1 320
(2) R1 260
(3) R4 340
(4) R 60
Debit Credit
R R
Credit balance as per bank statement ? ?
Credit outstanding deposit 700
B202 720
Debit balance as per bank account 4 340
24. What is the amount of the balance as per bank statement to be shown on the bank reconciliation
statement?
(1) R4 900 debit

(2) R4 900 credit
(3) R5 600 debit
(4) R5 600 credit
The following information was obtained from the records of Betterorworse Importers for the year ended
28 February 2013:
R R
Revenue 750 000
Cost of sales (305 650)
Opening inventory ?
Purchases 355 000
Carriage on purchases 1 500
Closing inventory (86 450)
Gross profit 444 350
25. The opening inventory amounts to … .
(1) R575 700

(2) R 30 050
(3) R 35 600
(4) R574 200
(5) None of the above
END OF ASSIGNMENT 01 FOR FIRST SEMESTER
34
FAC1502/101
17 ANNEXURE D: ASSIGNMENT 02 (SEMESTER 1)
THIS ASSIGNMENT IS COMPULSORY.
YEAR MARK.
FOR STUDENTS REGISTERED

FOR THE FIRST SEMESTER
Due date: 10 April 2015
35
ANNEXURE D: ASSIGNMENT 02 FOR THE FIRST SEMESTER
1. Answer this assignment on a mark-reading sheet or submit it via the Unisa Mobil MCQ
the due date.
3. This assignment covers study units 1 to 17, and comprises of 25 multiple-choice questions.
sheet.
REMEMBER

module.
36
FAC1502/101
DO NOT

37
ASSIGNMENT 02 FOR FIRST SEMESTER
ASSIGNMENT 02
DUE DATE: 10 April 2015
The following three questions pertain to the accounting records of Basadi Traders for April 2014.
1. A comparison of the bank reconciliation statement as at 31 March 2014 with the bank statement for
the month ending 30 April 2014 revealed that cheque number 41 dated 1 October 2013 and issued
to KK Sams for R900 appeared as outstanding on the bank reconciliation statement but not yet on
the bank statement. The cheque has now become stale. The correct entry in the accounting
records of Basadi Traders for cheque number 41 is as follows:
(1) To debit the bank reconciliation statement as at 30 April 2014 with cheque number 41 for
R900 not yet presented for payment.
(2) To credit the bank reconciliation statement as at 30 April 2014 with cheque number 41 (stale
cheque) for R900.
(3) To make an entry in the cash receipts journal for April 2014: KK Sam (stale cheque number
41), R900.
(4) To make an entry in the cash payments journal for April 2014: KK Sam (stale cheque number
41), R900.
2. The cheques not yet presented for payment in the bank reconciliation statement as at
31 March 2014 were as follows:
- Cheque number 41 for R900, dated 1 October 2013 (KK Sams). This cheque is still yet to
be presented. The cheque has become stale and must be cancelled.
- Cheque number 91 for R140, dated 5 March 2014 (A Gideon). This cheque has been lost in
the post. No entry has been made in respect of the cancellation of the lost cheque. The
missing cheque was replaced by issuing cheque number 98 (dated 5 April 2014).
- Cheque number 94 for R200, dated 28 March 2014 (AB Wholesalers), R200 has not been
presented to the bank for payment by 30 April 2014.
On comparing the cash journals for the month ending 30 April 2014 with the bank statement for the
same period, the following cheques have not yet been presented to the bank for payment:
- Cheque number 105 for R670, dated 22 April 2014 (A Kalaka)
- Cheque number 112 for R790, dated 28 April 2014 (S Maloka)
38
FAC1502/101
The cheques not yet presented for payment in the bank reconciliation statement of Basadi
Traders as at 30 April 2014 are:
(1) Cheque number 41 for R900, dated 1 October 2013 (KK Sams)
Cheque number 91 for R140, dated 5 March 2014 (A Gideon)
Cheque number 94 for R200, dated 28 March 2014 (AB Wholesalers)
Cheque number 105 for R670, dated 22 April 2014 (A Kalaka)
Cheque number 112 for R790, dated 28 April 2014 (S Maloka)
(2) Cheque number 41 for R900, dated 1 October 2013 (KK Sams)
(3) Cheque number 91 for R140, dated 5 March 2014 (A Gideon)
(4) Cheque number 94 for R200, dated 28 March 2014 (AB Wholesalers)
3. The bank reconciliation statement as at 31 March 2014 showed a credit balance per bank
statement to the amount of R3 071 and a debit balance per bank account to the amount of R4 931.
The bank statement showed a favourable balance to the amount of R3 901 on 30 April 2014.
The balance per bank statement in the bank reconciliation statement of Basadi Traders as at
30 April 2014 is a … .
(1) credit balance to the amount of R3 071

(3) debit balance to the amount of R4 931
(5) debit balance to the amount of R3 901
The following three questions pertain to the accounting records of Zizobenza Traders for
March 2013:
The following balances were extracted from the accounting records of Zizobenza Traders on
1 March 2013:
Debtors control, R32 780 (debit)
Debtors control, R1 780 (credit)
Allowance for credit losses, R1 538.
An additional amount of R1 450, relating to a debtor who disappeared, should be written off as
irrecoverable. This transaction was not yet recorded. It is the practice of the entity not to record credit
losses directly into the allowances for credit losses account.
39
4. The correct entry to record the irrecoverable amount is the following:
(1) Debit the allowance for credit losses account, and credit the credit losses account with
R1 450.
(2) Debit the credit losses account, and credit the debtors control account with R1 450.
(3) Debit the credit losses account, and credit the allowance for credit losses account with
R1 450.
(4) Debit the allowance for credit losses account, and credit the debtors control account with
R1 450.
5. The allowance for credit losses must be increased to R2 432 for the month ending 31 March 2013.
The correct entry in the accounting records of Zizobenza Traders for the above transaction is as
follows:
(1) Debit the debtors control account, and credit the allowance for credit losses account with
R2 432.
(2) Debit the credit losses account, and credit the allowance for credit losses account with
R894.
(3) Debit the debtors control account, and credit the allowance for credit losses account with
R894.
(4) Debit the credit losses account, and credit the debtors control account with R2 432.
6. During March 2013, Zizobenza Traders purchased merchandise to the value of R2 736 on credit,
and this transaction was erroneously recorded in the sales journal and posted as such. They use
the periodic inventory system.
The entries in the accounting records of Zizobenza Traders in respect of the correction of the error
are as follows:
(1) Debit the debtors control account and credit the sales account with R2 736, and debit the
purchases account and credit the creditors control account with R2 736.
(2) Credit the debtors control account and debit the sales account with R2 736, and debit
the creditors control account and credit the purchases account with R2 736.
(3) Debit the debtors control account and credit the sales account with R2 736, and debit the
creditors control account and credit the purchases account with R2 736.
(4) Debit the sales account and credit the debtors control account with R2 736, and debit the
purchases account and credit the creditors control account.

Extract from the accounting records of Corner Retailers at 31 March 2013
Totals of the subsidiary journals:
Sales journal (sales plus VAT), R16 840
Purchases journal (purchases plus VAT), R12 480
Sales returns journal (sales returns plus VAT), R1 200
Purchases returns journal (purchases returns plus VAT), R820
Sales column in the cash receipts journal, R24 560
Purchases column in the cash payments journal, R34 670
Debtors control column in the cash receipts journal, R22 750
Debtors control column in the cash payments journal, R3 200
Settlement discount granted column in the cash receipts journal, R3 500
Creditors control column in the cash payments journal, R32 980
Settlement discount received column in the cash payments journal, R2 890
40
FAC1502/101
7. Which of the above totals will be entered on the debit side of the debtors control account?
(1) sales plus VAT in the sales journal, R16 840; debtors control column in the cash
payments journal, R3 200
(2) sales less VAT in the sales journal, R14 772; debtors control column in the cash
(3) sales plus VAT in the sales journal, R16 840; debtors control column in the cash receipts
journal, R22 750 and settlement discount granted column in the cash receipts journal,
R3 500
(4) purchases less VAT in the purchases journal, R8 914; debtors control column in the cash
8. Which of the above totals will be entered on the debit side of the creditors control account?
(1) purchases journal (purchases plus VAT), R12 480; creditors control column in the cash
(2) purchases returns (purchases returns less VAT), R719,30; creditors control column in the
cash payments journal, R32 980
(3) purchases returns (purchases returns plus VAT), R820; creditors control column in the cash
payments journal, R32 980; settlement discount received column in the cash payments
journal, R2 890
(4) purchases returns (purchases returns plus VAT), R820; creditors control column in the cash
9. Which of the above totals for the subsidiary journals represents R/D cheques from debtors?
(1) debtors control column in the cash receipts journal, R22 750
(2) debtors control column in the cash payments journal, R3 200
(3) settlement discount granted column in the cash receipts journal, R3 500
(4) creditors control column in the cash payments journal, R32 980
(5) settlement discount received column in the cash payments journal, R2 890
Balances from the accounting records of Care Traders at 1 March 2013:

Debtors control, R32 780 (debit)
Debtors control, R1 780 (credit)
Creditors control, R2 020 (debit)
Creditors control, R24 720 (credit)
The following information has not been taken into account in arriving at the balances listed above:
- The credit balances of debtors and debit balances of creditors on 1 March 2013, should be
transferred to the creditors control and debtors control accounts respectively.
10. The correct entries in the accounting records of Care Traders to record the above transactions are:
(1) debit debtors control account with R1 780, and credit debtors control account with R1 780;
debit creditors control account with R2 020, and credit debtors control account with R2 020
(2) debit creditors control account with R1 780, and credit debtors control account with R1 780;
debit creditors control account with R2 020, and credit debtors control account with R2 020
(3) debit debtors control account with R1 780, and credit creditors control account with R1 780;
debit debtors control account with R2 020, and credit creditors control account with R2 020
(4) debit creditors control account with R1 780, and credit debtors control account with R1 780;
debit debtors control account with R2 020, and credit creditors control account with R2 020
41

The following questions concern the preparation of the statement of financial position of Bonsai Traders
as at 31 December 2014:
Mr T Bonsai runs a small renting business from home. His accounting records show the following
balances at the end of his financial year, 31 December 2014:
Capital R153 850
Drawings R 4 567
Land and buildings at cost R273 560
Vehicles at cost R 60 000
Equipment at cost R 40 000
Accumulated depreciation: Vehicles (1 January 2014) R 36 000
Accumulated depreciation: Equipment (1 January 2014) R 5 500
Debtors control R 37 897
Bank R 10 087 (debit)
Petty cash R 257
Creditors control R 16 568
Mortgage R200 000
11. Use the balances above as well as the following additional information to calculate the depreciation
on equipment for the year ended 31 December 2014:
Equipment with a cost price of R8 000 was purchased on 1 July 2014, and installation cost of
R1 500 was incurred.
Provide for depreciation on equipment at 10% per annum on the straight line method.
The depreciation on equipment for the year ended 31 December 2014 is … .

(1) R4 000
(2) R4 475
(3) R4 800
(4) R3 525
(5) R3 600
12. Use the balances above as well as the following additional information to calculate the depreciation
on vehicles for the year ended 31 December 2014.
On 1 January 2011 Mr Bonsai purchased a vehicle with a cost price of R5 000. He sold it for cash
on 1 September 2014.
Provide for depreciation on vehicles at 20% per annum on the straight line method.
If necessary amounts must be round off to the nearest Rand.
The depreciation on vehicles for the year ended 31 December 2014 is … .

(1) R11 667
(2) R12 667
(3) R12 333
(4) R13 000
42
FAC1502/101
13. Use the balances provided on the previous page as well as the following additional information to
calculate the amount for current assets in the statement of financial position as at
31 December 2014.
On 31 December 2014, consumable stores at hand was R17 250.
The 31 December 2014 bank statement revealed a direct deposit for the January 2015 rental
income of R3 500, which the bookkeeper recorded in the bank account on 31 December 2014.
Due to industrial action by the local municipality employees, the water and electricity account of
R500 for December 2014 and R450 for January 2015 will only be paid in February 2015.
The insurance premium of R1 500 for December 2014 still needs to be provided for.
The terms of the mortgage, provide for interest to be calculated at 5% per annum. No
provision has been made yet for the interest for the current year.
The amount for current assets in the statement of financial position as at 31 December 2014 is … .
(1) R65 491
(2) R77 491
(3) R80 991
(4) R66 991
(5) R65 941
14. Use the balances provided on the previous page and the additional information provided in
question 13 to calculate the amount for current liabilities in the statement of financial position as at
31 December 2014.
The amount for current liabilities in the statement of financial position as at 31 December 2014
is … .
(1) R20 568
(2) R32 518
(3) R20 068
(4) R22 068
(5) R32 068
15. Use the balances provided on the previous page as well as the following additional information to
calculate the amount for total equity in the statement of financial position as at 31 December 2014.
The total comprehensive income for the year ended 31 December 2014 was R3 675.
The amount for total equity in the statement of financial position as at 31 December 2014 is … .
(1) R153 850
(2) R149 283
(3) R157 525
(4) R152 958
(5) R154 742
43
16. On 31 March 2014, Laura Mapetla traded in an old machine for a new machine costing R20 000.
The old machine had a purchase price of R12 000 and an accumulated depreciation of R8 000 on
31 December 2013.
The trade-in value of the old machine was R5 000. Laura provides for depreciation on machinery at
20% per annum on the diminishing balance method.
Ignore VAT for the purpose of this question.
The profit/loss on disposal of the old machine amounts to … .
(1) R1 000
(2) R1 800
(3) R1 600
(4) R1 200
The questions below concern the preparation of the membership fees account as well as the income and
expenditure statement of Century Golf Club for the year ended 31 December 2014.
The following information relates to the Century Golf Club:

(a) Statement of financial position items as at 31 December 2013
Equipment (at cost) R32 000
Accumulated depreciation R11 200
Fixed deposit R26 000
Inventory: Golf balls R 1 120
Accrued membership fees R 208
Prepaid rent (Golf club) R 480
Bank (favourable) R 9 600
Accumulated fund R27 900
Special fund for championships R22 400
Prepaid membership fees R 142
Accrued wages R 84
(b) Cash transactions for the year ended 31 December 2014
Receipts:
Visitors fees R 3 770
Membership fees: 2011 R 100
Membership fees: 2012 R30 380
Membership fees: 2013 R 32
Entrance fees R 998
Donations R 5 490
(c) Cash transactions for the year ended 31 December 2014
Payments:
Rates and taxes R 4 452
Refreshments R 1 900
Stationery R 1 622
Golf balls R 6 420
Affiliation fees R 220
Honorarium R 2 240
Wages R 3 960
Maintenance R 1 788
Rental: Golf club R 5 400
Equipment (purchased on 30 September 2014) R 3 400
44
FAC1502/101
Additional information for question 17 and 18

Unpaid membership fees for 2013 are irrecoverable
The club has 85 members and membership fees amount to R30 per month.
17. The amount that must be transferred from the membership fees account to the income and
expenditure statement for the year ended 31 December 2014 is … .
(1) R30 380

(2) R30 512
(3) R30 522
(4) R30 600
(5) R 2 550
18. The amount for credit losses in the membership fees account for the year ended
31 December 2014 is … .
(1) R208
(2) R108
(3) R100
(4) R308
(5) R142
Additional information for question 19

Provide for depreciation on equipment at 20% per annum on the diminishing balance method.
19. The amount for depreciation on equipment in the income and expenditure statement for the year
ended 31 December 2014 is … .
(1) R6 570
(2) R4 840
(3) R7 080
(4) R4 670
(5) R4 330

Inventory on hand at 31 December 2014
Golf balls R240
Refreshments R 92
20. The amount for golf balls as expenditure in the income and expenditure statement for the year
ended 31 December 2014 is … .
(1) R6 420
(2) R6 660
(3) R7 300
(4) R6 180
(5) R7 540
45

Wages of R360 are still outstanding.
21. The amount for wages in the income and expenditure statement for the year ended
31 December 2014 is … .
(1) R4 236
(2) R3 960
(3) R3 600
(4) R3 684
(5) R4 044
Extract from the trial balance of Jumbo Traders for the years ended 30 September 2013 and
30 September 2014
30 September 30 September
2014 2013
R R
Inventory 165 000 155 000
Debtors control 203 000 159 000
Allowances for credit losses 25 000 18 000
Creditors control 120 000 68 000
(a) Cash received from debtors for the year ended 30 September 2014 amounted to R950 000, and
credit losses of R8 000 had been written off.
(b) Cash payments to creditors for the year ended 30 September 2014 amounted to R560 000.
(c) Jumbo Traders use the perpetual inventory system.
22. The sales amount in the debtors control account for the 2014 financial year is … .
(1) R 950 000

(2) R 914 000
(3) R 986 000
(4) R1 002 000
23. The inventory amount in the creditors control account for the 2014 financial year is … .
(1) R508 000

(2) R560 000
(3) R612 000
(4) R680 000
24. The cost of sales amount in the inventory account for the 2014 financial year is … .
(1) R602 000

(2) R622 000
(3) R498 000
(4) R550 000
46
FAC1502/101
25. The gross profit amount in the trading account for the 2014 financial year is … .
(1) R390 000
(2) R400 000
(3) R292 000
(4) R436 000
END OF ASSIGNMENT 02 FOR FIRST SEMESTER
47
18 ANNEXURE E: ASSIGNMENT 01 (SEMESTER 2)
THIS ASSIGNMENT IS COMPULSORY

AND IS NECESSARY FOR
EXAMINATION ADMISSION
MARK COUNT 50% TOWARDS YOUR

YEAR MARK.
STUDENTS REGISTERED
FOR THE SECOND SEMESTER
Due date: 21 August 2015
48
FAC1502/101
ANNEXURE E: ASSIGNMENT 01 FOR SECOND SEMESTER
1. Answer this assignment on a mark-reading sheet or submit it via the Unisa Mobile MCQ
the due date.
myUnisa, you will need a mark-reading sheet. Before completing the mark-reading sheet
sheet.
REMEMBER

module.
49
DO NOT

50
FAC1502/101
ASSIGNMENT 01 FOR THE SECOND SEMESTER
ASSIGNMENT 01
DUE DATE: 21 August 2015
1. An entity trading in stationery bought computer equipment on credit. The entry will be entered in
the … as the book of first entry.
(1) general journal
(4) general ledger
2. B Verster Corner Shop paid the electricity of his business with a cheque (Cheque number 15004).
The amount due to the City of Tshwane was R1 500.
In which journal of the entity will the above transaction be recorded?
(4) sales journal
3. B Verster Corner Shop sold goods to the value of R500 to Mrs Amla, who paid in cash.
(4) sales journal
4. B Verster Corner Shop sold goods on credit to the value of R500 to Mrs Amla.
(4) sales journal
5. B Verster Corner Shop purchased goods on credit to the value of R10 000 from ACB Suppliers.
(4) sales journal
51
6. Mrs Rhodes, a debtor of B Verster Corner Shop, paid her account of R1 500 in full by means of an
electronic funds transfer (EFT).
(4) sales journal
Dr Creditors control Cr
R R
2014 2014
Jan 9 Bank CPJ 2 000 Jan 1 Balance b/d 9 000
7. The above transaction on the debit side of the account originated because of … .
(1) a debtor paying his account
(2) your business paying their account
(3) your business purchasing goods, and paying cash for the goods
(4) a debtor purchasing goods
8 Use the following information from the accounting records of Contador Traders to calculate the
closing inventory for the year ended 28 February 2014:
Inventory (1 March 2013) 100 000

Purchases 800 000
Carriage on purchases 5 000
Cost of sales 750 000
. The balance of closing inventory will amount to … .

(1) R100 000
(2) R155 000
(3) R150 000
(4) R160 000
9. A direct deposit from Marc Polo is only shown on the bank statement. In which journal, if any, will
this transaction be recorded?
(4) sales journal
52
FAC1502/101
10. A service fee is shown on the bank statement. In which journal, if any, will this transaction be
recorded?
(4) sales journal
11. Beetroot and Sons bought a motor vehicle financed through Midbank. Which journal is used to
record the motor vehicle in the accounting records?
(4) general journal
12. Mr Big, the owner of Big Stationery, took stationery for personal use. He did not pay for it. Which
journal will be used to record this?

(2) sales journal
(3) general journal
13. On 1 January 2014, Mr Grape obtained a loan from E Bank for R50 000 at an interest rate of 12%
per annum. The interest must be capitalised and is payable in bi-annual instalments. What would
the amount of the first bi-annual interest payment be?
(1) R6 000
(2) R3 000
(3) R3 180
(4) R6 360
14. Mr Delivery has a truck which cost R57 000 inclusive of VAT. The depreciation rate is 20% per
annum on the straight line method. Mr Delivery is not registered as a VAT vendor. He bought the
truck on 1 September 2013. What would the depreciation amount be if the year-end is on
28 February 2014?
(1) R 5 000
(2) R10 000
(3) R 5 700
(4) R11 400
15. What inventory system is used when purchased goods are allocated directly to the purchases
account?
(1) weighted-average method

(2) perpetual method
(3) periodic method
(4) gross profit method
(5) historical cost method
53
16. When recording closing journals, to which account is the total comprehensive income or loss for
the year posted?
(1) trading account

(2) capital account
(3) drawings account
(4) bank
17. Mr T Tumble sells bean bags for R570 inclusive of VAT at 14%. He uses a mark-up percentage of
25% on cost. What is the cost of sales?
(1) R456,00
(2) R100,00
(3) R142,50
(4) R400,00
Extract from the accounting records of Zizobenza Traders on 31 March 2013 (the financial year-end)
Totals of the subsidiary journals at 31 March 2013

R
Sales journal 16 840
Purchases journal 12 480
Sales returns journal 1 200
Purchases returns journal 820
Sales column in the cash receipts journal 24 560
Purchases column in the cash payments journal 34 670
Debtors control column in the cash receipts journal 22 750
Debtors control column in the cash payments journal 3 200
Settlement discount granted column in the cash receipts journal 3 500
Creditors control column in the cash payments journal 32 980
Settlement discount received column in the cash payments journal 2 890
Sundry journal entries for March 2013

Debit Credit
R R
Debtors control 2 760 430
General ledger 4 570 560
Creditors control - 840
Balance at 1 March 2013:

Allowance for credit losses, R1 538
54
FAC1502/101
The following additional information has not been taken into account in arriving at the figures
listed on the previous page:
(a) An additional amount of R1 450 relating to a debtor who disappeared should be written off as
irrecoverable.
(b) The credit balances of debtors and debit balances of creditors on 1 March 2013 should be
transferred to the creditors control and debtors control accounts respectively.
(c) The allowance for credit losses should be increased to R2 432.
(d) During March 2013, merchandise to the value of R2 736 was purchased on credit, and this
transaction was erroneously recorded in the sales journal and posted “correctly” from the sales
journal to the general and debtors ledgers.
18. Which of the following represent the correct amount for credit losses to be disclosed in the
statement of profit or loss and other comprehensive income for the year ended 31 March 2013?
(1) R1 450
(2) R1 538
(3) R2 432
(4) R2 988
(5) R2 344
19. Which of the following correctly represents the correction for the incorrect accounting recording of
merchandise to the value of R2 736 purchased on credit in the general ledger? The business uses
the periodic inventory system.
Sales Purchases Debtors control Creditors control

(1) Debit Credit Debit Credit
(2) Credit Debit Credit Debit
(3) Debit Debit Credit Credit
(4) Credit Credit Debit Debit
(5) Debit Credit Credit Debit
20. Which of the following represents the correct transfer of a debit balance from the creditors ledger
to the debtors ledger?
Debtors control Creditors control

(1) Credit Credit
(2) Debit Debit
(3) Credit Debit
(4) Debit Credit
(5) None of the above. None of the above.
21. Which of the following amounts correctly represent the adjusted balance of the debtors control
account after the additional information above has been taken into account?
(1) R28 140

(2) R29 034
(3) R28 856
(4) R32 056
(5) R30 276
55
Use the following information to answer question 22 and 23:
TR Traders
Sales journal - April 2014 SJ 4
VAT
Doc no Day Details Fol output Sales Debtors
R R R
TR236 19 Mrs T Smith DL2 700 5 000 5 700
TR237 26 Mr H Andrews DL3 490 3 500 3 990
1 190 8 500 9 690
B11
TR Traders
Sales returns journal - April 2014 SRJ 4
VAT Sales
Doc no Day Details Fol output returns Debtors
R R R
CN100 21 Mrs T Smith DL2 ? ? 2 394
CN101 28 Mr H Andrews DL3 ? ? 1 026
? ? ?
B11
(a) VAT is 14%.
22. How much does Mrs T Smith owe TR Traders on 30 April 2014?
(1) R5 700
(2) R2 394
(3) R8 094
(4) R4 000
(5) R3 306
23. The selling price of a product is R2 500. What is the cost price if the mark-up on cost is 25%?
(1) R3 000
(2) R1 875
(3) R2 000
(4) R 500
(5) R2 500
56
FAC1502/101
24. On comparing the cash journals of Big Traders for the month ending 30 April 2014 with the bank
statement for the same period, the bookkeeper found that the following items only appeared on the
bank statement for the month ended 30 April 2014:
Service fees R244
Cash deposit fees R 79
Interest on favourable bank balance R158
The correct entry/entries in the accounting records of Big Traders is/are as follows:
(1) bank charges in the cash payments journal to the amount of R481 (R244 + R79 + R158) for
April 2014
(2) bank charges to the amount of R323 (R244 + R79) and interest on the bank account to the
amount of R158 in the cash payments journal for April 2014
(3) bank charges in the cash payments journal to the amount of R323 (R244 + R79) for
April 2014 and interest on the bank account to the amount of R158 in the cash receipts
journal for April 2014
(4) bank charges to the amount of R323 (R244 + R79) and interest on bank account to the
amount of R158 in the cash receipts journal for April 2014.
25. On comparing the cash journals for the month ended 30 April 2014 with the bank statement for the
same period, it was noted that cheque no 102 dated 26 April 2014 and issued to NAC Stationers
for the amount of R282 for stationery purchased was recorded incorrectly in the cash payments
journal as R228.
To correct this, you need to … in the accounting records of Big Traders.

(1) enter R54 in the cash receipts journal
(2) enter R54 in the cash payments journal
(3) enter R282 in the cash receipts journal
(4) enter R282 in the cash payments journal
END OF ASSIGNMENT 01 FOR THE SECOND SEMESTER
57
19 ANNEXURE F: ASSIGNMENT 02 (SEMESTER 02)
THIS ASSIGNMENT IS COMPULSORY.

YEAR MARK.
STUDENTS REGISTERED
FOR THE SECOND SEMESTER
Due date: 11 September 2015
58
FAC1502/101
ANNEXURE F: ASSIGNMENT 02 FOR SECOND SEMESTER
1. Answer this assignment on a mark-reading sheet or submit it via the Unisa Mobil MCQ
the due date.
correspondence of telephone conversations in this regard.
sheet.
REMEMBER

• Use only the provided mark-reading sheets.
577691 mark-reading sheet, the computer identifies that it is Assignment 02 for that specific
module.
59
DO NOT

60
FAC1502/101
ASSIGNMENT 02 FOR THE SECOND SEMESTER
ASSIGNMENT 02
DUE DATE: 11 September 2015
1. The owner of RG Traders decides to take inventory to the value of R2 000 for his son’s birthday
party. RG Traders uses the perpetual inventory system. According to the information provided,
which accounts will be debited and credited in the general ledger of RG Traders?
(1) The drawings account will be credited, and the inventory account will be debited.
(2) The drawings account will be debited, and the inventory account will be credited.
(3) The drawings account will be debited, and the purchases account will be credited.
(4) The drawings account will be credited, and the purchases account will be debited.
(5) The drawings account will be debited, and the debtors control account will be credited.
2. In which journal will an entity record the depreciation of equipment?

(3) sales journal
(4) general journal
3. RT Plumber’s returned goods to the value of R5 000 that was previously purchased on credit from
Plumbing Supplies. In which journal will the bookkeeper of RT Plumber’s record the transaction?

(2) purchases returns journal
(4) petty cash journal
4. After comparing the journals with the bank statement of WC Stores for August 2014, it was noted
that the bank dishonoured a cheque received from Mrs K Singh for R1 300 due to insufficient funds
in her bank account.
In which journal of WC Stores will the above transaction be entered?
(2) purchases returns journal
(3) sales journal
61
Use the following information to answer questions 5 and 6:
28/02/2014 28/02/2013
R R
Vehicles 310 000 160 000
Accumulated depreciation: Vehicles (01/03/2014) ? 32 000
A new vehicle was bought on 31 August 2013.

5. Calculate the accumulated depreciation on vehicles at 28 February 2014 if depreciation on
vehicles is provided for at 20% per annum on the straight line method.
(1) R32 000
(2) R64 000
(3) R79 000
(4) R47 000
6. Calculate the accumulated depreciation on vehicles on 28 February 2014 if depreciation on

vehicles is provided for at 20% per annum on the diminishing balance method.
(1) R72 600

(2) R40 600
(3) R15 000
(4) R57 600
Extract from the statements of Letjatjana Traders
R
Bank charges 500
Favourable bank balance at 1 March 2013 8 990
Interest on overdraft 3 360
Direct deposit by K Phawe (debtor) 1 000
Cheque received from a customer was returned by the bank unpaid 5 300
Debit order – insurance 160
Total payments 9 000
Total receipts 12 000
7. Which balance represents the correct balance of the bank account in the general ledger of
Letjatjana Traders on 1 April 2013?
(1) R 8 990 debit

(2) R 3 670 debit
(3) R14 270 credit
(4) R10 390 credit
62
FAC1502/101
8. On 31 March 2014, Laura Mapetla traded in an old machine, which had a purchase price of
R12 000 and an accumulated depreciation of R8 000 on 31 December 2013, for a new machine
costing R20 000.
The trade-in value of the old machine was R5 000. Laura provides for depreciation on machinery at
20% per annum on the diminishing balance method.
Ignore VAT for the purpose of this question.
Depreciation in the statement of profit or loss and other comprehensive income for the year ended
31 December 2014 amounts to … .
(1) R3 000
(2) R3 800
(3) R3 600
(4) R3 200
Use the following information to answer questions 9 to 17:
YoCo Stores
Pre-adjustment trial balance as at 31 May 2013
Debit Credit
R R
Capital…………….…………………………………………………………………….. ?
Drawings……….……………………………………………………………………….. 5 000
Fixed deposit…………………………………………………………..……………….. 30 000
Land and buildings at cost………………......………………………………………… 150 000
Furniture at cost…………………………………………………………………………. 45 000
Mortgage…………………………………………………………………………………. 30 000
Bank………………………………………………………………………………………. 4 700
Trading inventory (1 June 2012)………….……………………………………………. 12 000
Creditors control…………………………………………………………………………. 7 300
Debtors control………...………………………………………………………………… 5 400
Revenue from sales……………………………………………………………………... 92 100
Purchases………………………………………………………………………………… 35 000
Purchases returns……………………………………………………………………….. 825
Rental income….………………………………………………………………………… 3 600
Bank charges…………………………………………………………………………….. 100
Insurance…………………………………………………………………………………. 2 000
Credit losses……………………………………………………………………………... 150
Settlement discount granted….………………………………………………………… 250
Municipal tax……..………………………………………………………………………. 600
Salaries and wages……………………………………………………………………... 12 900
Carriage on purchases………………………………………………………………….. 720
Carriage on sales………………………………………………………………………... 450
Custom duties on purchases…..………………………………………………………. 125
Packing material…………………………………………………………………………. 1 395
Interest on mortgage……………………………………………………………………. 3 025
(a) On 1 March 2013, the owner deposited an additional R50 000 into the bank account of the
business.
63
(b) Depreciation on furniture must still be provided for at 20% per annum on the straight-line method.
The furniture was bought on 30 June 2012.
(c) The fixed deposit consists of an investment at Dry Bank at 10% interest per annum, callable at
31 May 2018. The money was invested on 1 June 2012. Interest for the year must still be provided
for.
(d) On 1 January 2013, the owner took inventory to the amount of R2 500 (cost price). The transaction
was not entered in the accounting records.
(e) On 31 May 2013, the following inventory was at hand:
Trading inventory, R14 500
Packing material, R95
(f) Create an allowance for credit losses of R400.
(g) Included in the amount for insurance is an annual insurance premium amounting to R1 800, which
was paid on 1 August 2012.
(h) From 1 January 2012, part of the building was let to an attorney for R400 per month.
(i) The salary of the secretary amounting to R6 000 for May 2013 has not been paid yet.
(j) The mortgage was obtained from XYZ Bank during the previous financial year and bears interest at
a rate of 11% per annum, which is payable monthly in arrears. Interest for May 2013 must still be
accounted for. On 31 December 2013, an amount of R5 000 is repayable on the mortgage.
9. The balance of capital at 1 June 2012 in the statement of changes in equity for the year ended
31 May 2013 is … .
(1) R174 990
(2) R 50 000
(3) R124 990
(4) R278 950
10. The gross profit in the statement of profit or loss and other comprehensive income for the year
ended 31 May 2013 is … .
(1) R61 380
(2) R61 830
(3) R59 330
(4) R56 830
11. The amount for insurance in the statement of profit or loss and other comprehensive income for the
year ended 31 May 2013 is … .
(1) R2 000
(2) R1 800
(3) R 200
(4) R1 700
64
FAC1502/101
12. The amount for finance costs in the statement of profit or loss and other comprehensive income for
the year ended 31 May 2013 is … .
(1) R3 300
(2) R 300
(3) R3 000
(4) R3 025
13. The total comprehensive income for the year in the statement of profit or loss and other
comprehensive income for the year ended 31 May 2013 … .
(1) R34 055
(2) R34 480
(3) R31 680
(4) R28 705
14. The total for non-current assets in the statement of financial position as at 31 May 2013 is … .
(1) R195 000
(2) R186 750
(3) R225 000
(4) R216 750
15. The total for trade and other receivables in the statementof financial position as at 31 May 2013
is … .
(1) R5 000
(2) R5 400
(3) R9 200
(4) R9 500
16. The total for non-current liabilities in the statement of financial position as at 31 May 2013 is … .
(1) R30 000
(2) R33 025
(3) R33 300
(4) R25 000
17. The total for current liabilities in the statement of financial position as at 31 May 2013 is … .
(1) R18 575
(2) R13 575
(3) R13 300
(4) R 7 300
65
The chairman of Far Hill Tennis Club received the following information from the club’s accountant:
(1) Statement of financial position as at 30 June 2013 (extract)
30 June 30 June
2013 2012
R R
Non-current liabilities
Long-term borrowings….…………………………………………………………. 212 500 225 000
Current liabilities 30 080 21 370
Membership fees received in advance..………………………....................…. 1 680 720
Trade and other payables……………………………………………….............. 15 900 8 150
Current portion of long-term borrowings……...……………………………….... 12 500 12 500
(2) Cashtransactions for the year ended 30 June 2013 (extract)

Receipts R
Visitors fees….…………………………………………………………………………………..... 3 770
Membership fees..……………………………………………………………………….............. 40 560
Entrance fees.…………………………………………………………………………………...... 3 000
Sales of tennis balls.………………………………………………………………………........... 350
Donations…………………………………………………………………………………………... 1 900
(a) Membership fees are R240 per member per annum. At 30 June 2013, it was decided that two
members still owing membership fees for the year ended 30 June 2012 should be suspended
retrospectively. The amounts owing must be written off as irrecoverable.
(b) During the year ended 30 June 2013, 30 new members were admitted. The management decided
to capitalize 50% of the entrance fees received from these new members.
(c) The accrued membership fees for 2012 and 2013 amount to R2 400 and respectively R1 200.
18. The amount that must be transferred from the membership fees account to the income and
expenditure account is … .
(1) R40 560
(2) R40 080
(3) R40 800
(4) R38 880
R R
Revenue 946 400
Cost of sales ?
Opening inventory 34 926
Purchases ?
Carriage on purchases 915
Closing inventory (56 052)
Gross profit ?
66
FAC1502/101
Use the following additional information to answer questions 19 to 21:
19. If the net sales for the year ended 28 February 2013 is R946 400, and the entity uses a gross profit
mark-up percentage of 20% on cost. What is the gross profit for the year ended 28 February 2013?
(1) R 157 733

(2) R1 135 680
(3) R5 678 400
(4) R 189 280
20. Suppose the net sales for the year ended 28 February 2013 is R946 400 after taking sales returns
of R2 635 and a settlement discount granted of R965 into consideration. What was the amount for
gross sales (ie: before taking the closing transfers into consideration) for the year ended
28 February 2013?
(1) R942 800

(2) R948 070
(3) R950 000
(4) R944 730
21. What is the amount for net purchases for the year ended 28 February 2013, if the entity uses a
gross profit mark-up percentage of 20% on cost?
(1) R808 878

(2) R788 667
(3) R249 626
(4) R137 522
Extract from the trial balance of Jumbo Traders for the years ended 30 September 2013 and
30 September 2014
30 September 30 September
2014 2013
R R
Inventory 82 500 77 500
Allowance for credit losses 12 500 9 000
(a) Cash received from debtors during the year ended 30 September 2014 amounted to R475 000,
and credit losses of R4 000 had been written off.
(b) Cash payments to creditors during the year ended 30 September 2014 amounted to R280 000.
(c) Jumbo Traders use the periodic inventory system.
67
22. The sales amount in the debtors control account will be … .

(1) R475 000
(2) R457 000
(3) R493 000
(4) R501 000
23. The purchases amount in the creditors control account will be … .

(1) R280 000
(2) R306 000
(3) R254 000
(4) R340 000
24. The gross profit amount in the trading account will be … .

(1) R578 500
(2) R583 500
(3) R190 000
(4) R200 000
25. The balance at 30 September 2014 in the inventory account will be … .
(1) R80 000

(2) R77 500
(3) R 2 500
(4) R82 500
END OF ASSIGNMENT 02 FOR SECOND SEMESTER
68
FAC1502/101
20 ANNEXURE G: SELF-ASSESSMENT ASSIGNMENT
FIRST SEMESTER
AND
SECOND SEMESTER
COMPREHENSIVE EXERCISE
WITH
SOLUTIONS
69
ANNEXURE G: SELF-ASSESSMENT ASSIGNMENT
COMPREHENSIVE EXERCISE WITH SOLUTIONS
This comprehensive exercise covers study units 1 to 17.
This exercise covers the following (Please take note of the marksawarded and the times allowed):
Time
Question Subject Marks (minutes)
1 Asset realisation 30 35
2 Bank reconciliation statement 18 20
3 Adjustment and closing journals and financial statements 96 115
4 Debtors and creditors control accounts 27 30
5 Non-profit organisation 32 40
6 Incomplete records 20 25
223 265
70
FAC1502/101
QUESTION 1 (30 marks)(35 minutes)
Extract from the accounting records of SS Supermarket
1. Balances at 1 March 20.1: R

Vehicles at cost............................................................................................................... 28 000
Equipment at cost ........................................................................................................... 2 800
Accumulated depreciation: Vehicles ............................................................................... 14 268
Accumulated depreciation: Equipment ............................................................................ 543
2. The following transactions took place during the year in respect of non-current assets:
2.1 On 31 August 20.1, SS Supermarket sold their delivery vehicle to Mrs Peterson for R7 200 cash.
The proceeds from this sales transaction was used to help finance the purchase of another vehicle
from Cape Motors Ltd for R22 000 cash. The cost price of the vehicle sold was R12 000, and its
accumulated depreciation amounted to R6 455 on 1 March 20.1.
2.2 On 28 February 20.2, SS Supermarket sold a used printer to Mr Moon for R720 cash. The cost
price of the printer was R900. The accumulated depreciation on this printer amounted to R164 at
1 March 20.1.
3. Depreciation must still be provided for as follows:

Vehicles at 20% per annum on the diminishing-balance method
Equipment at 10% per annum on the diminishing-balance method
4. The financial year commences at 1 March.
REQUIRED:
Prepare the following ledger accounts, properly balanced/closed, for the year ended 28 February 20.2:
(a) Vehicles at cost (4)

(b) Equipment at cost (3)
(c) Accumulated depreciation: Vehicles (8)
(d) Accumulated depreciation: Equipment (5)
(e) Realisation (4)
(f) Depreciation (6)
71
1. The following information relates to Wise Limited:
1.1 Bank statement for October 20.1
Date Details Debit Credit Balance

R R R
1 Balance 13 242 13 242
2 Deposit 700 13 942
Cheque 797 250 13 692
4 Cheque 828 216 13 476
Deposit 320 13 796
5 Cheque 829 294 13 502
10 Cheque 831 740 12 762
13 Cheque 830 80 12 682
Cheque 832 628 12 054
15 Deposit 547 12 601
18 Cheque 834 278 12 323
22 Deposit 510 12 833
28 Cheque 835 340 12 493
Deposit 484 12 977
29 M Moosa (R/D Cheque) 48 12 929
30 Direct transfer 1 200 14 129
Bank charges 12 14 117
1.2 Cash receipts journal for October 20.1
Date Details Amount

R
3 S Smith (debtor) 320
14 Cash sales 547
22 M Mohammed (debtor) 510
26 Cash sales 484
29 D de Beer (debtor) 253
1.3 Cash payments journal for October 20.1
Date Details Cheque No Amount

R
4 Telkom SA (Ltd) 828 216
5 P Paxton (creditor) 829 294
6 S Nel Ltd 830 80
10 B Baloyi (creditor) 831 740
Computer Sales Ltd 832 628
12 J Johnson (creditor) 833 153
17 W Wise 834 278
27 W Wilson (creditor) 835 340
29 S Nel Ltd 836 58
72
FAC1502/101
QUESTION 2 (continued)
2. Additional information
2.1 Wise Limited reconciled the cash payments journal, cash receipts journal and bank balance on
30 September 20.1, finding the following outstanding:
Cheque number 794 R162
Cheque number 797 R250
Deposit R700
2.2 The bank account balance in the trial balance on 30 September 20.1 was R13 530 (favourable).
2.3 The transfer on 30 October 20.1 to the current bank account was for interest on an investment.
REQUIRED:
(a) Complete the cash payments journal and cash receipts journal of Wise Limited (including
transactions given) for October 20.1 (8½)
(b) Prepare the bank account in the general ledger of Wise Limited, properly balanced at
31 October 20.1 (2½)
(c) Prepare the bank reconciliation statement of Wise Limited as at 31 October 20.1 (7)
73
1. The following information relates to Sinamuva Distributors:
Pre-adjustment trial balance of Sinamuva Distributors as at 31 December 20.1

Debit Credit
R R
Capital (01/01/20.1) ................................................................................................. 141 700
Land and buildings at cost ....................................................................................... 263 240
Vehicles at cost ....................................................................................................... 40 000
Equipment at cost.................................................................................................... 9 000
Accumulated depreciation: Vehicles (1/01/20.1) ...................................................... 11 200
Accumulated depreciation: Equipment (1/01/20.1) .................................................. 1 710
Fixed deposit: NBC Bank Ltd................................................................................... 50 000
Inventory: Merchandise ........................................................................................... 8 500
Debtors control ........................................................................................................ 5 200
Bank ........................................................................................................................ 3 100
Petty cash ............................................................................................................... 100
Cash float ................................................................................................................ 500
Creditors control ...................................................................................................... 9 550
Long-term borrowing: Bean Ltd ............................................................................... 25 000
Allowance for credit losses ...................................................................................... 300
Sales ....................................................................................................................... 381 790
Cost of sales ........................................................................................................... 165 400
Sales returns ........................................................................................................... 1 200
Wages ..................................................................................................................... 2 000
Salaries ................................................................................................................... 25 000
Assessment rates .................................................................................................... 1 500
Settlement discount granted .................................................................................... 380
Licences .................................................................................................................. 1 000
Vehicle expenses .................................................................................................... 3 500
Credit losses ........................................................................................................... 550
Packaging materials ................................................................................................ 4 700
Insurance ................................................................................................................ 2 250
Water and electricity ................................................................................................ 2 100
Telephone expenses ............................................................................................... 1 400
Advertisements........................................................................................................ 2 000
Rental income ......................................................................................................... 15 600
Settlement discount received on merchandise already sold during the year .. 650
Interest on investment ............................................................................................. 5 000
Credit losses recovered ........................................................................................... 120
592 620 592 620
2. The following adjustments must still be taken into account:
2.1 Packaging material on hand at 31 December 20.1 to the value of R980.

2.2 The long-term borrowing was entered into on 1 October 20.1. According to the agreement interest
is payable bi-annually at a rate of 18% per annum.
2.3 Advertisements includes an amount of R400 paid for January 20.2.
2.4 Rental income includes an amount in respect of January 20.2.
2.5 Interest on the fixed deposit has not yet been received for the last two months of the financial year.
Interest is calculated at a rate of 12% per annum.
2.6 Insurance includes an amount of R750 paid for the period 1 November 20.1 to 31 October 20.2.
74
FAC1502/101
2.7 The telephone account of R165 for December 20.1 has not yet been paid.
2.8 Equipment of R2 000 (cost price) was purchased on 1 July 20.1.
2.9 Provide for depreciation as follows:
Vehicles: 20% per annum on the diminishing-balance method.
Equipment: 10% per annum on the diminishing-balance method.
2.10 The account of Loose-Ends Ltd, a debtor who owes the entity R200, must be written off as
irrecoverable.
2.11 It was determined that the allowance for credit losses should amount to R250 at
31 December 20.1.
REQUIRED:
(a) Prepare the journal entries to record the adjustments above. (12)
(b) Prepare the closing journal entries. Post these journal entries to the trading and the profit or loss
accounts on 31 December 20.1. (34)
(c) Prepare the statement of profit or loss and other comprehensive income of Sinamuva Distributors
for the year ended 31 December 20 1. (21)
(d) Prepare the statement of changes in equity for the year ended 31 December 20.1. (4)
(e) Prepare the statement of financial position of Sinamuva Distributors as at 31 December 20.1. (14½)
(f) Prepare the following notes to the financial statements:
(i) Accounting policy,
(ii) Property, plant and equipment. (10½)
Your answer must comply with the requirements of International Financial Reporting Standards (IFRS)
appropriate to the business of the sole trader.
75
1. The following information for December 20.1 relates to Smart Boutique:
Dr Debtors control Cr
R R
20.1 20.1
Dec 1 Balance (correct) b/d 15 670 Dec 31 Sales returns (credit sales) 2 220
31 Bank (total: debtors column) 45 495 Bank (R/D cheques) 425
Settlement discount granted 685 Credit purchases 33 801
Credit sales 48 165 Cash purchases 1 008
Drawings 150 Settlement discount received 275
Purchases returns (credit Bank (total: creditors column) 3 980
purchases) 2 131 Balance c/d 70 587
112 296 112 296
20.2
Jan 1 Balance b/d 70 587
2.1 An inexperienced bookkeeper prepared the debtors control account.

2.2 In addition to the errors made in the debtors control account above, an investigation revealed the
following:
 The total list of debtors balances at 31 December 20.1 amounted to R16 060.
 An amount of R115, which has been written off as credit losses, has erroneously been added
to the credit sales amount of R48 165. This entry has been posted correctly to the applicable
account in the debtors ledger.
 The sales journal was overcast by R420.
 Credit sales of R170 was posted correctly to the sales and debtors control accounts in the
general ledger, but was not posted to the personal account of the applicable debtor in the
debtors ledger.
 Credit note number 003 for R70 was recorded correctly in the sales returns journal but
posted to the wrong side of the personal account of the debtor in the debtors ledger.
 The debtors column in the cash receipts journal includes an amount of R195 being a cash
settlement discount received from a creditor.
 The purchases journal was under-cast by R718.
 An account of R1 603 for freight on credit sales was received from Quick Transport. No entry
has as yet been made.
 The R/D cheques of R425 was the cheque of a debtor in payment of his account. The
cheque was returned because the debtor had insufficient funds to cover the cheque.
 At 1 December 20.1, the balance of the creditors control account amounted to R8 340.
REQUIRED:
(a) Prepare the correct, properly balanced debtors and creditors control accounts for Smart Boutique
for December 20.1. (23)
(b) Prepare the reconciliation of the total of the list of debtors balances with the final balance of the
debtors control account as calculated in question (a) above. (4)
76
FAC1502/101
1. The following information pertains to the Sharks Diving Club:
Extract from list of balances at 31 March 20.1

R
Bar purchases ................................................................................................................ 60 000
Bar inventory - 1 April 20.0 ............................................................................................. 5 000
Bar sales ........................................................................................................................ 100 000
Bar wages ...................................................................................................................... 15 000
Crockery and linen at cost - 1 April 20.0 ......................................................................... 10 000
Furniture at cost price - 1 April 20.0 ................................................................................ 30 000
General expenses .......................................................................................................... 8 200
Diving fees received ....................................................................................................... 33 900
Equipment at cost........................................................................................................... 24 000
Vehicles at cost .............................................................................................................. 35 000
Accumulated depreciation -1 April 20.0
- Furniture ................................................................................................................... 9 000
- Equipment ................................................................................................................ 4 800
- Vehicles.................................................................................................................... 5 000
Insurance in arrears - 1 April 20.0 .................................................................................. 600
Maintenance................................................................................................................... 20 100
Salaries and wages ........................................................................................................ 48 000
Stationery consumed ...................................................................................................... 6 000
Membership fees received ............................................................................................. 101 000
Membership fees in arrears - 1 April 20.0 ....................................................................... 15 000
Membership fees prepaid - 1 April 20.0 .......................................................................... 20 000
Donation received .......................................................................................................... 2 000
2.1 Bar inventory at 31 March 20.1 was R10 000.

2.2 At 31 March 20.1, the crockery and linen were valued at R3 000.
2.3 Furniture with a cost price of R5 000 and accumulated depreciation of R1 500 on 1 April 20.0 was
sold for R3 000 on 30 June 20.0. This transaction must still be recorded.
2.4 Provide for depreciation as follows:
Furniture at 10% per annum on the cost price
Equipment at 20% per annum on the diminishing balance method
Vehicles at 25% per annum on the diminishing balance method.
2.5 Insurance premiums to the amount of R2 600 was paid during the year and debited to the
telephone expenses account. This included an amount of R1 000 in prepaid insurance premiums.
2.6 The club had 190 members during the current financial year. Membership fees amounts to R500
per member per annum. All of the members paid their membership fees for the current year.
Membership fees in arrears of R7 500 on 1 April 20.0 must be written off as irrecoverable.
2.7 During the current year, 20 new members joined the club. Each member paid their entrance fee of
R50. However, the entrance fees received were erroneously included with the amount for
membership fees received and recorded as such. According to the constitution of the club,
entrance fees must be capitalised. The error must be corrected.
2.8 The salary of the club secretary for March 20.1 of R1 500 is still due and must be provided for.
77
REQUIRED:
Prepare the following for Sharks Diving Club:
(a) The membership fees account for the year ended 31 March 20.1, properly balanced. (8)
(b) The income and expenditure statement for the year ended 31 March 20.1. (Show a separate
calculation for the gross profit of the bar.) (24)
F Fortune runs a small business from home and does not keep proper accounting records. He needs to
calculate his profit or loss for income tax purposes and requests your assistance. You establish the
following:
1. Balances at 30 April 20.1 20.2

R R
Furniture at cost (bought on 30 April 20.1).................................................... 12 500 12 500
Tools and equipment at cost (bought on 30 April 20.1) ................................. 23 250 23 250
Inventory: Trading ........................................................................................ 4 900 5 100
Bank (favourable) ......................................................................................... - 1 240
Bank overdraft .............................................................................................. 3 250 -
Long-term borrowing .................................................................................... 7 000 4 600
Creditors ...................................................................................................... 2 600 3 060
Income received in advance ......................................................................... 1 900 2 500
Accrued expenses ........................................................................................ 800 650
2.1 F Fortune withdrew R50 000 in cash during the year for personal use.
2.2 Provision still needs to be made for depreciation at 20% per annum on the cost price of furniture
and that of tools and equipment.
REQUIRED:
(a) Calculate the profit/loss of F Fortune for the year ended 30 April 20.2. (13)
(b) Prepare the statement of financial position of F Fortune as at 30 April 20.2. (7)
78
FAC1502/101
SOLUTIONS TO COMPREHENSIVE EXERCISE
QUESTION 1 (30 marks)
SS Supermarket
General ledger
(a)
Dr Vehicles (at cost) Cr
R R
20.1 20.1
Mar 1 Balance b/d 28 000 Aug 31 Realisation account 12 000
20.1 20.2
Aug 31 Bank 22 000 Feb 28 Balance c/d 38 000
50 000 50 000
20.2
Mar 1 Balance b/d 38 000
(4)
(b)
Dr Equipment (at cost) Cr
R R
20.1 20.2
Mar 1 Balance b/d 2 800 Feb 28 Realisation account 900
Balance c/d 1 900
2 800 2 800
20.2
Mar 1 Balance b/d 1 900
(3)
(c)
Dr Accumulated depreciation on vehicles Cr
R R
20.1 20.1
Aug 31 Realisation account 7 009,50 Mar 1 Balance b/d 14 268,00
20.2 Aug 31 Depreciation (a) 554,50
Feb 28 Balance c/d 11 650,40 20.2
Feb 28 Depreciation (b) 3 837,40
18 659,90 18 659,90
20.2
Mar 1 Balance b/d 11 650,40
(8)
79
(d)
Dr Accumulated depreciation on equipment Cr
R R
20.2 20.1
Feb 28 Realisation account* 237,60 Mar 1 Balance b/d 543,00
Balance c/d 531,10 20.2
Feb 28 Depreciation (c) 225,70
768,70 768,70
20.2
Mar 1 Balance b/d 531,10
*(R164,00 + R73,60) (5)
(e)
Dr Realisation account Cr
R R
20.1 20.1
Aug 31 Vehicles at cost 12 000,00 Aug 31 Accumulated
Profit on sale of depreciation:
vehicle 2 209,50 vehicle 7 009,50
Bank 7 200,00
14 209,50 14 209,50
20.2 20.2
Feb 28 Equipment at cost 900,00 Feb 28 Accumulated
Profit on sale of depreciation:
equipment 57,60 equipment 237,60
Bank 720,00
957,60 957,60
(4)
(f)
Dr Depreciation Cr
R R
20.1 20.2
Aug 31 Accumulated Feb 28 Profit or loss account 4 617,60
depreciation:
vehicles (a) 554,50
20.2
Feb 28 Accumulated
depreciation:
vehicles (b) 3 837,40
Accumulated
depreciation:
equipment (c) 225,70
4 617,60 4 617,60
(6)
80
FAC1502/101
Calculations
(a) Depreciation on vehicle sold (31 August 20.1)

R
Cost 12 000,00
Less: Accumulated depreciation 6 455,00
Carrying amount at 1 March 20.1 5 545,00
Depreciation for next 6 months (R5 545,00 x 20/100 x 6/12) 554,50
Total accumulated depreciation on vehicle sold (R6 455,00 + R554,50) 7 009,50
(b) Depreciation on vehicles (28 February 20.2)

Existing New
vehicle vehicle
R R
Cost (R28 000 - R12 000) 16 000,00 22 000,00
Less: Accumulated depreciation (R14 268 - R6 455) 7 813,00 -
Carrying amount 8 187,00 22 000,00
Depreciation: current year (R8 187 x 20/100) and 1 637,40

(R22 000 x 20/100 x 6/12) 2 200,00
Total (R1 637,40 + R2 200,00) = R 3 837,40
(c) Depreciation on equipment (28 February 20.2)
Existing Equipment
equipment sold
R R
Cost (R2 800 - R900) 1 900,00 900,00
Less: Accumulated depreciation (R543 - R164) 379,00 164,00
Carrying amount 1 521,00 736,00
Depreciation: current year (R1 521 x 10/100) and 152,10

(R736 x 10/100) 73,60
Total (R152,10 + R73,60) = R225,70
NB: The equipment was sold on the last day of the financial year. A proportional calculation of
depreciation is thus unnecessary.
81
(a)
Wise limited
Cash receipts journal (bank column only) - October 20.1
Date Details Bank
R
3 S Smith/Debtors control 320
14 Cash sales 547
22 M Mohammed/Debtors control 510
26 Cash sales 484
29 D de Beer/Debtors control 253
30 Interest income 1 200
3 314
(3)
Wise limited
Cash payments journal (bank column only) - October 20.1
Date Details Cheque No Bank
R
4 Telkom 828 216
5 P Paxton/Creditors control 829 294
6 S Nel Ltd 830 80
10 B Baloyi/Creditors control 831 740
Computer Sales Ltd 832 628
12 J Johnson/Creditors control 833 153
17 W Wise 834 278
27 W Wilson/Creditors control 835 340
29 S Nel Ltd 836 58
M Moosa /Debtors control 48
30 Bank charges 12
2 847
(51/2)
(b)
Dr Bank Cr
R R
20.1 20.1
Oct 1 Balance b/d 13 530 Oct 31 Total payments CPJ 2 847
31 Total receipts CRJ 3 314 Balance c/d 13 997
16 844 16 844
20.1
Nov 1 Balance b/d 13 997
(2½)
82
FAC1502/101
(c)
Wise limited
Bank reconciliation statement at 31 October 20.1
Debit Credit
R R
Credit balance (favourable) as per bank statement 14 117
Outstanding cheques: No 794 162
No 833 153
No 836 58
Outstanding deposit 253
Debit balance (favourable) as per bank account 13 997
14 370 14 370
(7)
(a)
Sinamuva Distributors
General journal - 31 December 20.1
Fol Debit Credit
20.1 R R
Dec 31 Inventory: Packaging material 980
Packaging material 980
Packaging material on hand at 31 December 20.1
Interest on loan 1 125

Accrued expenses 1 125
Interest on loan still payable (a)
Prepaid expenses 400

Advertising 400
Advertising paid in advance
Rental income 1 200

Income received in advance 1 200
Rent received in advance (b)
Accrued income 1 000

Interest on investment 1 000
Interest on investment not yet received (c)
Prepaid expenses 625

Insurance 625
Insurance prepaid (d)
83
20.1 R R
Dec 31 Telephone expenses 165
Accrued expenses 165
Telephone account for December brought into account
Depreciation 6 389
Accumulated depreciation on vehicles 5 760
Accumulated depreciation on equipment 629
Depreciation provided at 20% per annum on the diminishing
balance of vehicles and at 10% per annum on the diminishing
balance of equipment. (e)
Credit losses 200

Loose-Ends/Debtors control 200
Account written off as irrecoverable
Allowance for credit losses 50

Credit losses 50
Adjustment of allowance for credit losses (f)
(12)
Calculations
(a) Interest on loan
R25 000 x 18 x 3
100 12
= R1 125
(b) Rent received in advance
R15 600/13* = R1 200

*The rent was received for a full year plus one additional month.
(c) Interest on fixed deposit
R50 000 x 12 x 2
100 12
= R1 000
(d) Insurance
Only November 20.1 and December 20.1 fall in this financial period. Ten months are paid in
advance, therefore
R750/12 x 10 = R625.
84
FAC1502/101
(e) Depreciation
1. Vehicles:
(R40 000 - R11 200) x 20%
= R28 800 x 20
100
= R5 760
2. Equipment:
The accumulated depreciation is on the equipment owned by the entity at the beginning of the
financial year. Two calculations are therefore needed:
2.1 [(R9 000 - R2 000) - R1 710] x 10%
= R529
2.2 R2 000 x 10 x 6
100 12
= R100
Total depreciation for equipment:
(R529 + R100) = R629
(f) The allowance for credit losses is at present R300

The balance of the allowance must be R250
The current allowance must be reduced by R 50
85
(b) Closing journal entries - December 20.1

R R
Sales 380
Settlement discount granted 380
Closing off and transfer of settlement discount granted to sales
Sales 1 200
Sales return 1 200
Closing off and transfer of sales returns to sales
Sales (R381 790 – R380 – R1 200) 380 210
Trading Account 380 210
Closing off and transfer of sales to trading account
Settlement discount received 650
Cost of sales 650
Closing off and transfer of settlement discount to cost of sales
Cost of sales (R165 400 – R650) 164 750
Closing off and transfer of cost of sales account to trading account
Profit or loss 215 460
Transfer of gross profit
Rental income (R15 600 - R1 200) 14 400
Interest on investment (R5 000 + R1 000) 6 000
Credit losses recovered 120
Closing off of above accounts against profit or loss account
Wages 2 000
Salaries 25 000
Assessment rates 1 500
Licences 1 000
Vehicle expenses 3 500
Credit losses (R550 + R200 - R50) 700
Packaging material (R4 700 - R980) 3 720
Insurance (R2 250 - R625) 1 625
Water and electricity 2 100
Telephone expenses (R1 400 + R165) 1 565
Advertising (R2 000 - R400) 1 600
Depreciation 6 389
Closing off of above accounts against profit or loss account
Capital 184 156
Transfer of profit to capital account
(16)
86
FAC1502/101
Dr Trading account Cr
R R
20.1 20.1
Dec 31 Cost of sales Dec 31 Sales (R381 790 – R380 –
(R165 400 - R650) 164 750 R1 200) 380 210
Profit or loss (Gross profit)
215 460
380 210 380 210
(2)
Dr Profit or loss account Cr

R R
20.1 20.1
Dec 31 Wages 2 000 Dec 31 Trading account
Salaries 25 000 (Gross profit) 215 460
Assessment rates 1 500 Rental income 14 400
Licence 1 000 Interest on investment 6 000
Vehicle expenses 3 500 Credit losses recovered 120
Credit losses 700
Packaging material 3 720
Insurance 1 625
Telephone expenses 1 565
Advertising 1 600
Depreciation 6 389
Capital (Total comprehensive
income for the year) 184 156
235 980 235 980

(16)
87
(c)
Statement of profit or loss and other comprehensive income for the year ended 31 December 20.1
Revenue (R381 410 - R1 200) R
Cost of sales 380 210
(164 750)
Gross profit 215 460
Other income 20 520
Rental income 14 400
Credit losses recovered 120
Interest on investment 6 000
235 980
Distribution, administrative and other expenses (50 699)
Wages 2 000
Salaries 25 000
Assessment rates 1 500
Licence 1 000
Vehicle expenses 3 500
Credit losses 700
Packaging material 3 720
Insurance 1 625
Telephone expenses 1 565
Advertising 1 600
Depreciation 6 389
Finance charges: Interest on loan (1 125)
Profit for the year 184 156
Other comprehensive income for the year -
Total comprehensive income for the year 184 156
(21)
(d)
Statement of changes in equity for the year ended 31 December 20.1
Capital
R
Balance at 1 January 20.1 141 700
Total comprehensive income for the year 184 156
Balance at 31 December 20.1 325 856
(4)
88
FAC1502/101
(e)
Statement of financial position as at 31 December 20.1
ASSETS Note R
Non-current assets 342 941
Property, plant and equipment 2 292 941
Financial assets 50 000
Current assets 19 955
Inventories (R8 500 + R980) 9 480
Trade and other receivables (R5 200 - R200 - R250 + R1 000) 5 750
Prepayments (R625 + R400) 1 025
Cash and cash equivalents (R3 100 + R500 + R100) 3 700
TOTAL ASSETS 362 896
EQUITY AND LIABILITIES

Total equity 325 856
Capital 325 856
Non-current liabilities 25 000
Long-term borrowings 25 000
Current liabilities 12 040
Trade and other payables (R9 550 + R1 125 + R165) 10 840
TOTAL EQUITY AND LIABILITIES 362 896

(14½)
89
(f)
Notes to the financial statements for the year ended 31 December 20.1
1 Accounting policy:
1.1 The annual financial statements have been prepared on the historical cost basis and comply with
International Financial Reporting Standards (IFRS).
1.2 Property, plant and equipment is shown at cost less accumulated depreciation. Land and buildings
are classified as investment properties and are not depreciated.
Depreciation has been provided for as follows:

Vehicles: 20% per annum using the diminishing-balance method
Equipment: 10% per annum using the diminishing-balance method
(2)
2 Property, plant and equipment

Land and
buildings Vehicles Equipment Total
R R R R
Carrying amount:
Beginning of year 263 240 28 800 5 290 297 330
Cost 263 240 40 000 7 000 310 240
Accumulated depreciation - (11 200) (1 710) (12 910)
Additions - - 2 000 2 000
Depreciation for the year - (5 760) (629) (6 389)
Carrying amount:
End of year 263 240 23 040 6 661 292 941
Cost 263 240 40 000 9 000 312 240
Accumulated depreciation - (16 960) (2 339) (19 299)
(8½)
[96]
90
FAC1502/101
(a)
Smart Boutique
General ledger
Dr Debtors control Cr
R 20.1 R
20.1 Dec 31 Bank
Dec 1 Balance b/d 15 670 (R45 495 - R195) 45 300
31 Bank (R/D cheques) 425 Sales returns 2 220
Sales (R48 165 - R115 - Credit losses 115
R420) 47 630 Balance c/d 16 090
63 725 63 725
20.2
(13)
Dr Creditors control Cr
R R
20.1 20.1
Dec 31 Purchases returns 2 131 Dec 1 Balance b/d 8 340
Bank 3 980 31 Purchases
Balance c/d 38 351 (R33 801 + R718) 34 519
Freight on sales 1 603
44 462 44 462
20.2
(10)
(b)
Reconciliation:
R
Total: list of debtors balances 16 060
Add: Sales 170
16 230
Less: Sales returns correction (R70 x 2) 140
Balance debtors control account 16 090
(4)
91
(a)
Sharks Diving Club
General ledger
Dr Membership fees Cr
R R
20.0 20.0
Apr 1 Accrued income 15 000 Apr 1 Income received in advance 20 000
20.1 20.1
Mar 31 Entrance fees 1 000 Mar 31 Bank 101 000
Income and expenditure Credit losses 7 500
account (190 x R500) 95 000
128 500 128 500
20.1
Apr 1 Income received in advance 17 500
(8)
*Analysis of membership fees received:

R
Membership fees in arrear at the beginning of the year 7 500
Membership fees received for the current year (R95 000 - R20 000) 75 000
Membership fees received in advance at the end of the year 17 500
100 000
(b)
Sharks Diving Club
Income and expenditure statement for the year ended 31 March 20.1
R
Income 160 900
Membership fees 95 000
Donation received 2 000
Diving fees received 33 900
Bar income 30 000
Bar gross profit (a) 45 000
Bar wages (15 000)
Expenditure (111 040)

General expenses (R8 200 - R2 600) 5 600
Insurance (R2 600 - R1 000 - R600) 1 000
Maintenance 20 100
Salaries and wages (R48 000 + R1 500) 49 500
Stationery 6 000
Credit losses 7 500
Depreciation [(R2 625 + R3 840 + R7 500 + R7 000] (b) 20 965
Loss on sale of furniture (c) 375
Surplus for the year 49 860

(24)
92
FAC1502/101
Calculations
(a) Bar gross profit

R
Bar sales 100 000
Cost of sales (55 000)
Bar inventory - 1 Apr 20.0 5 000
Bar purchases 60 000
65 000
Bar inventory - 31 Mar 20.1 (10 000)
Gross profit 45 000
(b) Depreciation
(i) Furniture - 10% per annum on cost price
R30 000 - R5 000 = R25 000
R25 000 x 10% = R2 500

R5 000 x 10% x 3/12 = R 125
R2 625
(ii) Equipment - 20% per annum on the diminishing-balance method

(R24 000 - R4 800) = R19 200 x 20% = R3 840
(iii) Vehicles - 25% per annum on the diminishing-balance method

(R35 000 - R5 000) = R30 000 x 25% = R7 500
(iv) Crockery and linen

(R10 000 - R3 000) = R7 000
(c) Loss on sale of furniture

R5 000 - (R1 500 + R125) = R3 375
R3 375 - R3 000 = R375
93
(a) Calculation of profit/loss
F Fortune
Statement of assets and liabilities as at 31 April 20.1
R
ASSETS
Furniture 12 500
Tools and equipment 23 250
Inventory 4 900
TOTAL ASSETS 40 650
LIABILITIES
Long-term borrowing 7 000
Creditors 2 600
Bank overdraft 3 250
TOTAL LIABILITIES 15 550
(5)
Calculation of equity at the beginning of the period
Equity = Assets – Liabilities
= R40 650 – R15 550
= R25 100
F Fortune
Statement of assets and liabilities as at 31 April 20.2
R
ASSETS
Furniture 12 500
Tools and equipment 23 250
Inventory 5 100
Bank 1 240
TOTAL ASSETS 42 090
LIABILITIES
Long-term borrowing 4 600
Creditors 3 060
TOTAL LIABILITIES 10 810
(5)
Calculation of equity at the beginning of the period
Equity = Assets – Liabilities
= R42 090 – R10 810
= R31 280
94
FAC1502/101
Estimated profit/loss:
R
Capital at the end of the financial period 31 280
Capital at the beginning of the period (25 100)
6 180
Drawings 50 000
Adjustments: Depreciation (7 150)
Furniture (R12 500 x 20%) 2 500
Tools and fittings (R23 250 x 20%) 4 650
Estimated profit for the year 49 030

(3)
(b)
F Fortune
Statement of financial position as at 30 April 20.2
ASSETS Note R
Non-current assets 28 600
Property, plant and equipment 28 600
Current assets 6 340
Inventory 5 100
Cash and cash equivalents 1 240
TOTAL ASSETS 34 940
EQUITY AND LIABILITIES

Total equity 24 130
Capital (25 100 + 49 030 – 50 000) or (R31 280 – R7 150) 24 130
Non-current liabilities 4 600
Long-term borrowings 4 600
Current liabilities 6 210
Trade and other payables (3 060 + 650) 3 710
Income received in advance (2 500) 2 500
TOTAL EQUITY AND LIABILITIES 34 940

(7)
95
F Fortune
Notes to the financial statements for the year ended 30 April 20.2
1 Property, plant and equipment
Tools and
Furniture Equipment Total
R R R
Carrying amount:
Beginning of year 12 500 23 250 35 750
Cost 12 500 23 250 35 750
Accumulated depreciation - - -
Additions - - -
Depreciation for the year (2 500) (4 650) (7 150)
Carrying amount:
End of year 10 000 18 600 28 600
Cost 12 500 23 250 35 750
Accumulated depreciation (2 500) (4 650) (7 150)
©
Unisa 2014
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FAC1502/101/3/2015

Tutorial letter 101/3/2015

Financial accounting concepts, principles

Department of Financial Accounting

10 OTHER ASSESSMENT METHODS ........................................................................................... 11

2. PURPOSE OF AND OUTCOMES FOR THE MODULE

The purpose of this module is to:

 apply the basic principles of accounting

 keep proper record of and be accountable for assets

 keep proper record of and be accountable for liabilities

 prepare proper accounting records from incomplete records

Adjust the accounting records of an entity at year-end.

Record transactions related to property, plant and equipment.

Record transactions related to other non-current assets such as investments.

Know how to treat of current liabilities in the accounting records of an entity.

Convert to a double-entry system from incomplete records.

3 LECTURERS AND CONTACT DETAILS

Telephone number: 012 429 4245

Lecturer Building and office numbers

You can also communicate with your lecturers via e-mail.

Use the following e-mail address:

3.2.2 Student information hub

CAS specific enquiry e-mail for the College is:

CAS specific enquiry telephone number for the College is:

● 012 429 4211

3.2.3 Postal address

Send letters to:

The Module leader (FAC1502)

Please note: Do not enclose letters to lecturers with assignments.

4 RESOURCES FOR FAC1502

Your prescribed book for this module is:

4.2 Recommended books

There are no recommended books for this module.

4.3 Electronic reserves (e-reserves)

There are no e-reserves for this module.

5 STUDENT SUPPORT SERVICES FOR FAC1502

6 STUDY PLAN FOR FAC1502

7 PRACTICAL WORK AND WORK-INTEGRATED LEARNING FOR FAC1502

8 UNISA TUTORING SUPPORT SERVICE

8.2 Where will I find my online tutoring group?

8.3 Is it mandatory to participate in e-tutor groups?

8.4 How do I post a discussion item on my group site?

8.4.1 To start a new topic for discussion:

8.4.2 To reply to another student’s comments

8.5 Face-to-face tutors

9.2 General assignment numbers

9.2.1 Unique assignment numbers

The unique assignment numbers allocated to the assignments are as follows:

Semester Assignment Unique number

First semester 01 577581

First semester 02 577644

Second semester 01 577665

Second semester 02 577691

9.2.2 Due dates for assignments

Semester Assignment Due date

First semester 01 6 March 2015

First semester 02 10 April 2015

Second semester 01 21 August 2015

Second semester 02 11 September 2015

9.3 Submission of assignments

To submit an assignment via myUnisa:

You will find the assignments in the following annexures:

Annexure C: Assignment 01 for FIRST SEMESTER