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FIMA112 - Financial Management for non-Financial Managers Assignment
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Assignment Task
Questions
1. Copy this table over into your answer booklet and complete: Note: Each account has only one correct answer and accounts with more than one answer will not be marked.
2. Explain the double entry system of accounting.
3. Define “equity” in terms of the accounting standards.
4. List two sources that a business can use to finance its operations.
5. Coco Cubana Store has incurred the following transactions for the month of January 2023:
| Day | Transaction |
| 1 | The owner contributed a vehicle valued at R60 000 as additional capital contribution |
| 5 | Purchased a new cash register (Office Equipment) on credit from King Traders for R4 500 and received a 10% trade discount. |
| 19 | Purchased staff refreshments for R500 from the petty cash. |
| 22 | Received R12 800 for cash sales made to customers |
| 28 | Made an EFT payment to King Traders in full settlement of the account (refer to the purchase made on the 5th). |
6. Provide a brief description of each of the following source documents:
- Deposit Slips
- Petty Cash Voucher
- Debit Note
- Credit Invoice
- Receipts
7. Obtain any examples of any two (2) of the source documents listed in Q.3.1 above. Scan the source document and include it as part of your assignment. Answer the following questions about the sources document:
8. What type of source document is it?
9. What is the name of the company that issued the source document?
10. Is the source document an original or duplicate and give a reason for your answer.
11. In which journals will the business issuing and receiving the source document respectively record the transaction?
12. List four control measures that can be put in place to reduce the risk of fraud when making EFT payments.
13. The following transactions took place during January 2023 in Sunrise Stores, journal vouchers JV121 to JV124 were issued:
| Day | Transaction |
| 1 | The owner takes inventory at cost price R900 |
| 9 | Mrs Kruger, a debtor, is liquidated and is only able to pay half of her debt of R2 800. Record the credit loss. |
| 24 | The owner contributed a vehicle valued at R640 000 as additional capital |
| 30 | Provide for depreciation of R3 240 on office furniture. |
14. Sunrise Stores also had the following petty cash transactions during January 2023:
| Petty Cash Voucher | Day | Description | Amount |
| PCV624 | 3 | DHL – Courier Fees | R265 |
| PCV625 | 8 | Café Buga – Milk for staff | R19 |
| PCV626 | 14 | Tuisnywerhuid – Cake for Staff | R175 |
| PCV627 | 20 | Mall Parking | R20 |
| PCV628 | 22 | Café Buga – Coffee and Sugar for staff | R150 |
| PCV629 | 30 | Cash – Casual Wages | R900 |
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