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Business Accounting 1A - Assignment 1 - 0

This 3 sentence summary provides the key details about the document: The document is a tutorial letter for a Business Accounting course covering Assignment 1. It includes a fully worked solution for Question 1 which involves journal entries, an accounting equation, and a general ledger for the bank account. It also lists the source documents that correspond to different journal entries for Question 2.

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394 views4 pages

Business Accounting 1A - Assignment 1 - 0

This 3 sentence summary provides the key details about the document: The document is a tutorial letter for a Business Accounting course covering Assignment 1. It includes a fully worked solution for Question 1 which involves journal entries, an accounting equation, and a general ledger for the bank account. It also lists the source documents that correspond to different journal entries for Question 2.

Uploaded by

Dxd
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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FEEDBACK TUTORIAL LETTER 
 
 
1st  SEMESTER 2018 
 
 
ASSIGNMENT 1  
 
BUSINESS ACCOUNTING 1A 
BAC1100 
 
 
 
 

1
TUTORIAL LETTER MEMO BUSINESS ACCOUNTING 1 A
SEMESTER 1/2018 BAC1100

Course Name: Business Accounting 1 A

Course Code: BAC1100

Department: Accounting, Economics and Finance

Course Duration: Semester Course

NQF Level and Credit: NQF Level 5; Credit; 12

Your marker-tutors for Business Accounting 1 A


The Namibia University of Science and Technology has appointed Mr. G. Jansen, Mr. G Sheehama and
Ms. V Petrus as marker-tutors for Business Accounting 1 A
The Tutors will be at your service, should you experience any problems with your studies or with the
assignments. Contact details are as follows:
Tel.: 061 207 2662/ Marker-Tutor to insert this

E-mail: gejansen@nust.na information

gsheehama@nust.na

1
TUTORIAL LETTER MEMO BUSINESS ACCOUNTING 1 A
SEMESTER 1/2018 BAC1100

ASSIGNMENT 1
QUESTION 1 (SOLUTION – 38 MARKS)
a) Journal and Accounting Equation
Nr. ACCOUNT ACCOUNT A OE L
DEBITED CREDITED
e.g. Bank Capital +10 000 +10 000 -
1. No entry No entry - - -
2. Sewing Machine  Payable: ABC  +15 000 - +15 000 
3. Payable: ABC  Bank  -15 000 - - 15 000 
4. Delivery vehicle  Payable: XYZ Mo +180 000 - +180 000 
5. Insurance  Bank  -1 800 -1800 - 
6. No entry No entry No entry - -
7. Repairs and Mai  Bank  -2 500 -2500 - 
8. Inventory  Payable: Cute En 30 000 - 30 000 
9. Payable:Cute  Bank  -30000 - -30 000 
10. Bank  Sales/Revenue  +50 000 +50 000 - 
Cost of Goods Sold Inventory  -25 000 -25 000 

11. Drawings  Bank  -10 000 -10 000 

Only award the mark for the Accounting Equation if all entries in the equation are correct. Students
should indicate +/- for amounts to earn the mark. Maximum 30 Marks
b) General Ledger: Bank Account.
Dr Bank Cr
Date Detail of contra Nr Amount Date Detail of contra Nr Amount
account account

20.17 20.17
01 Jan Opening Balance 250 000 30 April Payable ABC Entity 15 000
01 Dec Sales 50 000 01 July Insurance expense 1 800
01 Aug Repairs 2 500
30 Sep Payable:Cute 30 000
31 Dec Drawings 10 000
31 Dec Balance c/f 240 700

300 000 300 000


01 Jan Balance b/d 240 700
18
= 1 mark each Max: 8

2
TUTORIAL LETTER MEMO BUSINESS ACCOUNTING 1 A
SEMESTER 1/2018 BAC1100

QUESTION 2 (12 MARKS)

Date Journal Source document/s

Cash receipt Narration, Deposit


1 April General Journal slip, bank statement

6 April General Journal Invoice

10 April Purchases Invoice- original

11 April Sales Journal Invoice- duplicate

Deposit slip, bank


Cash payment Journal statement, Cheque
25 April General journal counterfoil,  receipt

 = (12 Marks)
END OF ASSIGNMENT ONE SOLUTION (50 MARKS)

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