ASSIGNMENT

SEMESTER 2023 02
MODULE ACCOUNTING101
MODULE CODE ACC101
DUE DATE 22 SEPTEMBER 2023

Page 1 of Assignment
 ASSIGNMENT – 2023 SECOND SEMESTER
ACCOUNTING
ACC101

0B ELECTRONIC SUBMISSION INSTRUCTIONS

1B Introduction
This assignment is compulsory and must be submitted through CANVAS, inside the
corresponding Module Class Course on or before 22 September 2023 by 24:00.

PLEASE ENSURE THAT THE ANSWER BOOK THAT YOU SUBMIT IS IN MS WORD
OR PDF FORMAT. NO SCANNED DOCUMENT WILL BE MARKED.

Your assignment answer book must include the following sections:

COVER PAGE:
Please include the following information on the first page of the assignment answer
book: Name, Surname, Student Number and Module Code.

BODY:
The assignment answers must be typed in MS Word format and saved as a PDF
document (File > Save As > Save as Type: PDF). Submit the final PDF document
to CANVAS.

LIST OF REFERENCES:
Refer to the STADIO Referencing guide HERE for guidance.

IMPORTANT: Ensure that you submit this assignment answer book on or before the
due date and time.
Submit this assignment answer book by logging in to CANVAS with your MySTADIO
account. Please use the same username and password credentials you have used to
log in to MySTADIO.

Submission Instructional Video

Submitting an assignment to CANVAS may be a new concept for some students.
Watch the tutorial video of the submission process by clicking on the link shown
below.

Submission
Guide

Click to Watch

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 ASSIGNMENT – 2023 SECOND SEMESTER
ACCOUNTING
ACC101

Completing Your Assignment

A specific course inside of CANVAS has been created for each of your modules for the
submission of your Assignment.
Step 1: Complete your assignment answer book.
Step 2: Save your file with the following naming convention:
[STUDENTNUMBER] [MODULECODE] [SURNAME].pdf
e.g. 21111234 ACC101 Surname.pdf
Step 3: Log in to CANVAS using your MySTADIO details:
(Username: [email protected] and Password: ID
number)
Step 4: Select the desired module from the dashboard.
Step 5: Submit your assignment before the end of the due date.

Logging in to CANVAS
We have made logging in to CANVAS easier for students by using their MySTADIO
account to access the system without the need to create another password and other
login requirements. You can sign in directly by using the button link below (remember to
use your MySTADIO credentials: [email protected] and ID number as
the password) or by going to https://stadio.instructure.com/login/canvas:

IMPORTANT NOTES
---
THE PROCESS DETAILED ABOVE IS THE SAME ON A PERSONAL COMPUTER
AND MOBILE DEVICE. YOU WILL, HOWEVER, NEED TO ENSURE THAT YOU
HAVE SAVED YOUR COMPLETED ASSIGNMENT ON THE MOBILE DEVICE AND
HAVE DOWNLOADED THE CANVAS STUDENT APP BEFORE ATTEMPTING TO
SUBMIT.
---
YOU DO NOT REQUIRE A CANVAS CLASS ID AND ENROLMENT KEY TO
ACCESS YOUR REGISTERED MODULE CLASS, AS YOU HAVE BEEN
ALLOCATED TO THE CLASS BASED ON YOUR REGISTRATION. IF YOU DO NOT
SEE YOUR MODULE CLASS APPEAR, PLEASE CONTACT THE OFFICE FOR
ASSISTANCE.
---
IF YOU EXPERIENCE ANY DIFFICULTIES DURING THE SUBMISSION PROCESS –
AFTER READING THROUGH THE GUIDE AND ATTEMPTING THE PRESCRIBED
STEPS – PLEASE DO NOT HESITATE TO CONTACT THE OFFICE FOR
ASSISTANCE.

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 ASSIGNMENT – 2023 SECOND SEMESTER
ACCOUNTING
ACC101

USE THE ANSWER BOOK PROVIDED

Question 1 [10]
VAT STATEMENTS
Consider the following list of statements. Each statement is either true or false. You must
read each statement carefully and then select the option that you believe is correct as your
answer. In your answer book, write down only the question number and either “True” or
“False” next to the number. Example: 1.11 True

1.1 VAT is payable to SARS.

1.2 VAT input is the value added tax that is charged to customers.
1.3 Any business with sales of more than R250 000 must register for VAT.
1.4 Certain basic foods are zero-registered to assist the poor.
1.5 Most businesses price their stock inclusive of VAT.
1.6 VAT is payable when VAT input exceeds VAT output.
1.7 The VAT 101 Return must be submitted no later than the 30th day of the month when
due.
1.8 VAT is payable in the pursuit of hobbies.
1.9 Educational services are not subject to VAT.
1.10 VAT is levied on the sale of maize.

Question 2 [5]
Analyse the following items and services with respect to VAT by making a cross (X) in the
appropriate column:

GOODS/SERVICES 15% VAT 0% VAT VAT EXEMPT

1 New printer
2 Petrol
3 Fresh vegetables
4 Public school fees
5 Manager’s salary

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 ASSIGNMENT – 2023 SECOND SEMESTER
ACCOUNTING
ACC101

Question 3 [28]

Journalise the following transactions for ALL-IN-1 TRADING for 28 February 2023, give a
reason for the entry and total the Debtors and Creditors Control columns.
1. H Shady’s balance in the Debtors Ledger was R3 200. As it was long overdue, it was
decided to write it off.

2. Stationery purchased for R1 200 was incorrectly recorded as stock. Correct the error.

3. Accepted a cash register with a value of R7 500 from a debtor, I Owe you. His account of
R8 250 had been previously written off.

4. An allowance of R500 was allowed to a creditor, Sinner General Dealers. The Entry was
incorrectly posted to Sinner (Pty) Ltd.

5. A credit note for R1 235 issued to T Pau, a debtor, for damaged goods returned, was
recorded in the Debtors ledger.

6. Transfer a debit balance of R1 150 from the account of Mom Traders in the Creditors
ledger to his account in Debtors ledger.

Question 4 [57]
The following information was taken from the records of Planet Cycles. The financial year
ended 28 February 2023.
List of balances for the shop on 28 February 2023 (amongst others) are:

Capital 1 400 000

Drawings 101 500
Land and buildings 1 000 350
Vehicles 700 000
Equipment 435 400
Accumulated depreciation on vehicles 280 000
Accumulated depreciation on equipment 193 500
Fixed deposit : Cape Bank (8% p.a.) 105 000
Trading stock 236 045
Debtors control 132 700
Creditors control 77 370
Bank 96 355
Cash float 1 500
Loan : Unity Commercial Bank (9,5% p.a.) 320 000
Rent 83 200

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 ASSIGNMENT – 2023 SECOND SEMESTER
ACCOUNTING
ACC101

Adjustments and additional information: All calculations and workings must be shown.
1. The net profit (after taking all the adjustments into account) was R500 500.

2. Unused consumable stores amounted to R2 390.

3. The business makes allowance for a provision for bad debts equal to 5% of the
Debtors Control balance.

4. An insurance policy for R4 860 was entered into on 1 May 2022. The annual premium
was paid in full.

5. The telephone account of R2 850 was only settled on 5 March 2023.

6. A commission fee of R5 350 was still receivable on 28 February 2023.

7. Depreciation on vehicles at 20% p.a. on carrying value and equipment at 15% p.a. on
cost.

8. A new vehicle was purchased on 1 June 2022 for R145 000.

9. Interest on loan is capitalised. A fixed amount of R8 600 per month, inclusive of

interest, was paid from the time the loan was received.

10. R30 000 of the fixed deposit matures on 31 July each year.

11. The rent for March 2023 was received and deposited on 27 February 2023.

Required:
Complete the following notes to the Financial Statements:
4.1 Trade and other receivables. (7)
4.2 Trade and other payables. (5)
4.3 Fixed assets. (17)
4.4 Complete the Statement of Financial Position (Balance Sheet) on 28 February 2023.
Notes are not required. (28)

ASSIGNMENT TOTAL: [100]

Page 6 of Assignment