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FAC1501: INTRODUCTORY
FINANCIAL ACCOUNTING
OCT/NOV Examination 2026 Revision Guide
Covers Past Papers: Oct/Nov 2023 • Oct/Nov 2024 • Oct/Nov 2025
⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆
FINANCIAL ACCOUNTING — UNIVERSITY OF SOUTH AFRICA
Exam Revision Guide
FAC1501
Module Code:
Introductory Financial Accounting
Module Name:
Oct/Nov 2023, Oct/Nov 2024, Oct/Nov 2025
Papers Covered:
OCT/NOV 2026
Target Exam:
100 marks per paper
Total Marks:
2 hours per paper
Duration:
Study every question and answer. Focus on understanding the accounting equa-
tion, journals, ledger accounts, bank reconciliation, VAT, and financial
statements.
Exam Revision Notes | FAC1501 | 2023–2025
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
SECTION A: OCT/NOV 2023 EXAMINATION
University of South Africa — FAC1501 — Total: 100 marks — Duration: 2 hours
Page 2 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
Question 1 (Oct/Nov 2023) [20 marks]
(a) [8 marks]
Question: Zola Traders is a sole proprietor. The following transactions occurred during
March 2023. Zola Traders is NOT a registered VAT vendor.
1. The owner deposited R80 000 of personal funds into the business bank account.
2. Purchased office furniture on credit from MegaFurn for R12 500.
3. Paid rent of R6 200 by EFT.
4. Rendered services to a client on credit for R9 800.
5. Purchased stationery for cash R850.
6. Received R5 000 from a debtor settling part of their account.
7. The owner withdrew R3 000 cash for personal use.
8. Paid MegaFurn R4 500 on account.
Required: Show the effect of each transaction on the accounting equation. Use the for-
mat: Assets = Equity + Liabilities.
Answer: The accounting equation is: Assets = Equity + Liabilities. Every transac-
tion must keep both sides equal.
Key Concept
Rules: Increases in assets = debit; decreases in assets = credit. Equity increases
with income/capital and decreases with expenses/drawings. Liabilities increase on
the credit side.
Page 3 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
# Transaction Bank Debtors Furniture Capital Income/ Creditors
(R) (R) (R) (R) Expense (R)
(R)
1 Owner deposits cash +80 000 +80 000
2 Furniture on credit +12 500 +12 500
3 Rent paid by EFT −6 200 −6 200
4 Services on credit +9 800 +9 800
5 Stationery cash −850 −850
6 Cash from debtor +5 000 −5 000
7 Owner drawings −3 000 −3 000
8 Paid creditor −4 500 −4 500
Net Effect +70 450 +4 800 +12 500 +77 000 +2 750 +8 000
Verification: Assets = 70 450 + 4 800 + 12 500 = R87 750
Equity + Liabilities = 77 000 + 2 750 + 8 000 = R87 750 ✓
Exam Tip
Always verify both sides balance. Income increases equity (credit); expenses de-
crease equity (debit). Drawings reduce capital directly.
(b) [6 marks]
Question: Using the information in Question 1(a) above, identify the subsidiary jour-
nal in which each transaction would be recorded and the general ledger accounts to be
debited and credited.
Page 4 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
# Journal Debit Credit
1 CRJ Bank Capital
2 CPJ / GJ Furniture Creditors Control
3 CPJ Rent Expense Bank
Answer:
4 SJ Debtors Control Service Fees Income
5 CPJ Stationery Bank
6 CRJ Bank Debtors Control
7 CPJ Drawings Bank
8 CPJ Creditors Control Bank
Journal abbreviations: CRJ = Cash Receipts Journal; CPJ = Cash Payments Jour-
nal; SJ = Sales Journal; GJ = General Journal (for non-cash credit purchases).
(c) [6 marks]
Question: Define the following terms:
(i) Source document [2]
(ii) Subsidiary journal [2]
(iii) General ledger [2]
Answer:
(i) Source document: A source document is the original written evidence of a busi-
ness transaction. It is created at the time the transaction occurs and serves as the
basis for recording entries in the subsidiary journals. Examples include invoices,
receipts, cheque counterfoils, debit notes, and credit notes.
(ii) Subsidiary journal: A subsidiary journal (also called a special journal) is a book
of first entry where business transactions are initially recorded in chronological order
before being posted to the general ledger. Different types exist for different transac-
tion categories, e.g. Cash Receipts Journal (CRJ), Cash Payments Journal (CPJ),
Sales Journal (SJ), and Purchases Journal (PJ).
(iii) General ledger: The general ledger is the principal book of accounts where all
Page 5 of 43 ⋆
, FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
transactions posted from subsidiary journals are classified and summarised into indi-
vidual accounts (e.g. Bank, Capital, Debtors Control). It is used to prepare the trial
balance and ultimately the financial statements.
Page 6 of 43 ⋆
]]
FAC1501: INTRODUCTORY
FINANCIAL ACCOUNTING
OCT/NOV Examination 2026 Revision Guide
Covers Past Papers: Oct/Nov 2023 • Oct/Nov 2024 • Oct/Nov 2025
⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆ ⋄ ⋆
FINANCIAL ACCOUNTING — UNIVERSITY OF SOUTH AFRICA
Exam Revision Guide
FAC1501
Module Code:
Introductory Financial Accounting
Module Name:
Oct/Nov 2023, Oct/Nov 2024, Oct/Nov 2025
Papers Covered:
OCT/NOV 2026
Target Exam:
100 marks per paper
Total Marks:
2 hours per paper
Duration:
Study every question and answer. Focus on understanding the accounting equa-
tion, journals, ledger accounts, bank reconciliation, VAT, and financial
statements.
Exam Revision Notes | FAC1501 | 2023–2025
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
SECTION A: OCT/NOV 2023 EXAMINATION
University of South Africa — FAC1501 — Total: 100 marks — Duration: 2 hours
Page 2 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
Question 1 (Oct/Nov 2023) [20 marks]
(a) [8 marks]
Question: Zola Traders is a sole proprietor. The following transactions occurred during
March 2023. Zola Traders is NOT a registered VAT vendor.
1. The owner deposited R80 000 of personal funds into the business bank account.
2. Purchased office furniture on credit from MegaFurn for R12 500.
3. Paid rent of R6 200 by EFT.
4. Rendered services to a client on credit for R9 800.
5. Purchased stationery for cash R850.
6. Received R5 000 from a debtor settling part of their account.
7. The owner withdrew R3 000 cash for personal use.
8. Paid MegaFurn R4 500 on account.
Required: Show the effect of each transaction on the accounting equation. Use the for-
mat: Assets = Equity + Liabilities.
Answer: The accounting equation is: Assets = Equity + Liabilities. Every transac-
tion must keep both sides equal.
Key Concept
Rules: Increases in assets = debit; decreases in assets = credit. Equity increases
with income/capital and decreases with expenses/drawings. Liabilities increase on
the credit side.
Page 3 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
# Transaction Bank Debtors Furniture Capital Income/ Creditors
(R) (R) (R) (R) Expense (R)
(R)
1 Owner deposits cash +80 000 +80 000
2 Furniture on credit +12 500 +12 500
3 Rent paid by EFT −6 200 −6 200
4 Services on credit +9 800 +9 800
5 Stationery cash −850 −850
6 Cash from debtor +5 000 −5 000
7 Owner drawings −3 000 −3 000
8 Paid creditor −4 500 −4 500
Net Effect +70 450 +4 800 +12 500 +77 000 +2 750 +8 000
Verification: Assets = 70 450 + 4 800 + 12 500 = R87 750
Equity + Liabilities = 77 000 + 2 750 + 8 000 = R87 750 ✓
Exam Tip
Always verify both sides balance. Income increases equity (credit); expenses de-
crease equity (debit). Drawings reduce capital directly.
(b) [6 marks]
Question: Using the information in Question 1(a) above, identify the subsidiary jour-
nal in which each transaction would be recorded and the general ledger accounts to be
debited and credited.
Page 4 of 43 ⋆
,FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
# Journal Debit Credit
1 CRJ Bank Capital
2 CPJ / GJ Furniture Creditors Control
3 CPJ Rent Expense Bank
Answer:
4 SJ Debtors Control Service Fees Income
5 CPJ Stationery Bank
6 CRJ Bank Debtors Control
7 CPJ Drawings Bank
8 CPJ Creditors Control Bank
Journal abbreviations: CRJ = Cash Receipts Journal; CPJ = Cash Payments Jour-
nal; SJ = Sales Journal; GJ = General Journal (for non-cash credit purchases).
(c) [6 marks]
Question: Define the following terms:
(i) Source document [2]
(ii) Subsidiary journal [2]
(iii) General ledger [2]
Answer:
(i) Source document: A source document is the original written evidence of a busi-
ness transaction. It is created at the time the transaction occurs and serves as the
basis for recording entries in the subsidiary journals. Examples include invoices,
receipts, cheque counterfoils, debit notes, and credit notes.
(ii) Subsidiary journal: A subsidiary journal (also called a special journal) is a book
of first entry where business transactions are initially recorded in chronological order
before being posted to the general ledger. Different types exist for different transac-
tion categories, e.g. Cash Receipts Journal (CRJ), Cash Payments Journal (CPJ),
Sales Journal (SJ), and Purchases Journal (PJ).
(iii) General ledger: The general ledger is the principal book of accounts where all
Page 5 of 43 ⋆
, FAC1501 | Exam Revision Oct/Nov 2023–2025 | OCT/NOV 2026
transactions posted from subsidiary journals are classified and summarised into indi-
vidual accounts (e.g. Bank, Capital, Debtors Control). It is used to prepare the trial
balance and ultimately the financial statements.
Page 6 of 43 ⋆
