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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
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
2
TUTORIAL LETTER MEMO BUSINESS ACCOUNTING 1 A
SEMESTER 1/2018 BAC1100
= (12 Marks)
END OF ASSIGNMENT ONE SOLUTION (50 MARKS)