Task
STUDENTS NEED TO FOLLOW THE FOLLOWING STEPS IN ORDER TO COMPLETE THE TASK !!
Step1: Watch the video , to have full understanding of the topic
Step2 : See the correct format of an accounting equation
Step3 : know your Assets, Liabilities and Owner's equity
Step4 : Go through your notes and the introductory video that i sent
Step5 : Complete the task
- Learners are required to complete and draw a correct accounting equation format, record transactions under correct headings.
1. Received R100 000 from FF bank for a loan, R80 000
2. Bought a vehicle and paid by cheque R50 000
3. Bought packing material and paid by cheque, R500
4. The owner withdraws cash for his personal use, R30 000
Process
By the end of the task, learners will be able to differentiate between all the basic terms of accounting equation
WHEN COMPLETING THE TASK, learners need to
Step1: learners need to draw a correct format
Step2 : Read out transactions and check-out adjustments, see which accounts are affected and note them
Step3 : Record transactions under correct subheadings
Step 4: Indicate your amounts whether they have a positive or negative balance (Use minus or PLus signs to indicate)
PLEASE NOTE:
- Assets and Expenses must have a Debit balance
- Income and Liabilities must have a Credit balance
- Owners equity is affected by drawings, income and expenses affect owners equity.
Learners will also use the links from youtube to help them understand the topic better
https://www.investopedia.com/terms/a/accounting-equation.asp
Evaluation
I will give learners an informal assessment to check their level of understanding and mark their work using a memorandum
| NO. | Account debited | Account credited | Assets | Owners equity | Liabilities |
| 1 | BANK | LOAN:FF BANK | +80 000 | 0 | +80 000 |
| 2 | VEHICLE | BANK |
+50 000 -50 000 |
0 | 0 |
| 3 | PACKING MAT | BANK | -500 | -500 | 0 |
| 4 | DRAWINGS | BANK | -30 000 | -30 000 | 0 |
Conclusion
- Ask learners to reflect on the topic and state what difficulties they encountered
- learners must give examples of assets, liabilities and explain each term
- encourage learners to watch youtube videos for more explanations
- https://fourweekmba.com/accounting-equation/, clear meaning for the concepts used
Credits
I used youtube for my videos : https://gen/.us/subtothechannel
Accounting book for beginners : http//gen.us/5mKR7m
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
Teacher Page
Ms Afika Manxusa
I'm a 3rd year student at CPUT and i will be teaching Accounting Equation topic to my learners.
i have prepared and collected all the necessary resources for them and all the websites that can be helpful and pasted some Youtube links for them to watch in order to have a better understand.
- this task will help learners understand Assets, liabilities and owners equity
- allow learners to differentiate between income and expenses
- standard equation (ASSETS = LIABILITIES + OWNERS EQUITY)