FAC1601: FINANCIAL ACCOUNTING ASSIGNMENT 1 WITH DETAILED
CALCULATIONS RECENTLY UPDATED 2026/2027
UNIVERSITY OF SOUTH AFRICA
FAC1601 – FINANCIAL ACCOUNTING
ASSIGNMENT 1 – 2026
SUGGESTED MEMORANDUM WITH DETAILED CALCULATIONS
Module FAC1601 – Financial Accounting 1A
Assessment Assignment 1 (Compulsory)
Academic Year 2026
Total Marks 100 marks
QUESTION 1: THE ACCOUNTING EQUATION AND THE CONCEPTUAL
FRAMEWORK (25 Marks)
1.1 The Accounting Equation
The fundamental accounting equation is:
Assets = Owner's Equity + Liabilities
This equation must always balance after every transaction. Owner's equity consists of
Capital introduced by the owner, plus net profit (Revenue minus Expenses), minus
Drawings.
1.2 Transaction Analysis – XYZ Traders (January 2026)
UNISA | FAC1601 | 2026 | Sample Memo – For Study Purposes Only Page
, The following transactions occurred during January 2026. Analyse the effect on the
accounting equation:
Liabilities Owner's
No. Transaction Description Assets (R)
(R) Equity (R)
1 Owner invests R80 000 +80 000 – +80 000
cash into the business (Bank) (Capital)
2 Purchase equipment for +15 000 – –
R15 000 cash (Equipment)
−15 000
(Bank)
3 Purchase inventory on +20 000 +20 000 –
credit for R20 000 (Inventory) (Creditors)
4 Sales (cash) R35 000; cost +35 000 – +21 000
of goods sold R14 000 (Bank) −14 (Profit)
000
(Inventory)
5 Owner withdraws R5 000 −5 000 – −5 000
for personal use (Bank) (Drawings)
6 Paid R10 000 to creditor −10 000 −10 000 –
(Bank) (Creditors)
CLOSING BALANCES AFTER ALL TRANSACTIONS:
Account Calculation Balance (R)
Bank / Cash 80 000 − 15 000 + 35 000 − 85 000
5 000 − 10 000
Equipment 15 000 15 000
Inventory 20 000 − 14 000 6 000
TOTAL ASSETS 85 000 + 15 000 + 6 000 106 000
Creditors (Liability) 20 000 − 10 000 10 000
Capital (Equity) 80 000 80 000
Net Profit (Equity) 35 000 − 14 000 = 21 000 21 000
UNISA | FAC1601 | 2026 | Sample Memo – For Study Purposes Only Page
CALCULATIONS RECENTLY UPDATED 2026/2027
UNIVERSITY OF SOUTH AFRICA
FAC1601 – FINANCIAL ACCOUNTING
ASSIGNMENT 1 – 2026
SUGGESTED MEMORANDUM WITH DETAILED CALCULATIONS
Module FAC1601 – Financial Accounting 1A
Assessment Assignment 1 (Compulsory)
Academic Year 2026
Total Marks 100 marks
QUESTION 1: THE ACCOUNTING EQUATION AND THE CONCEPTUAL
FRAMEWORK (25 Marks)
1.1 The Accounting Equation
The fundamental accounting equation is:
Assets = Owner's Equity + Liabilities
This equation must always balance after every transaction. Owner's equity consists of
Capital introduced by the owner, plus net profit (Revenue minus Expenses), minus
Drawings.
1.2 Transaction Analysis – XYZ Traders (January 2026)
UNISA | FAC1601 | 2026 | Sample Memo – For Study Purposes Only Page
, The following transactions occurred during January 2026. Analyse the effect on the
accounting equation:
Liabilities Owner's
No. Transaction Description Assets (R)
(R) Equity (R)
1 Owner invests R80 000 +80 000 – +80 000
cash into the business (Bank) (Capital)
2 Purchase equipment for +15 000 – –
R15 000 cash (Equipment)
−15 000
(Bank)
3 Purchase inventory on +20 000 +20 000 –
credit for R20 000 (Inventory) (Creditors)
4 Sales (cash) R35 000; cost +35 000 – +21 000
of goods sold R14 000 (Bank) −14 (Profit)
000
(Inventory)
5 Owner withdraws R5 000 −5 000 – −5 000
for personal use (Bank) (Drawings)
6 Paid R10 000 to creditor −10 000 −10 000 –
(Bank) (Creditors)
CLOSING BALANCES AFTER ALL TRANSACTIONS:
Account Calculation Balance (R)
Bank / Cash 80 000 − 15 000 + 35 000 − 85 000
5 000 − 10 000
Equipment 15 000 15 000
Inventory 20 000 − 14 000 6 000
TOTAL ASSETS 85 000 + 15 000 + 6 000 106 000
Creditors (Liability) 20 000 − 10 000 10 000
Capital (Equity) 80 000 80 000
Net Profit (Equity) 35 000 − 14 000 = 21 000 21 000
UNISA | FAC1601 | 2026 | Sample Memo – For Study Purposes Only Page
