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DISTINCTION Answers FAC1601 Assignment 1 (QUIZ) Answers 18th March 2024. Accurate and relaible answers ensuring you pass with 100%! $2.83   Add to cart
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  3. University Of South Africa (Unisa)
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  5. MRL3701 - Insolvency Law (FAC1601)

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DISTINCTION Answers FAC1601 Assignment 1 (QUIZ) Answers 18th March 2024. Accurate and relaible answers ensuring you pass with 100%!

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  • Course
  • MRL3701 - Insolvency Law (FAC1601)
  • Institution
  • University Of South Africa (Unisa)

FAC1601 (Financial Accounting Reporting) Assignment 1 (QUIZ) Answers. Accurate and relaible answers ensuring you pass with 100%!

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  • January 29, 2023
  • March 17, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • fac1601 assignment 1 quiz answers 18 march 2024

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  • University of South Africa (Unisa)
  • MRL3701 - Insolvency Law (FAC1601)
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ACCURATE, RELIABLE AND DISTINCTION ANSWERS!
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, Question 1: (preview of answer)
Answer: The total equity amount for Phaduli Boerdery for the year ended 30
June 2023 is R 327,190 I will explain this below for you to make it easier to
understand:

1. Initial Capital Balances (as at 30 June 2023):

• Itani: R 152,100

• Ndivhuwo: R 147,180 The initial combined capital is R 299,280.

2. Current Accounts Opening Balances (as at 1 July 2022):

• Itani: Credit (CR) R 15,270

• Ndivhuwo: Debit (DR) R 12,640 The current accounts affect the equity
based on their nature (CR increases equity, DR decreases equity).

3. Profit Sharing: The profit for the year is R 191,420, and according to the
partnership agreement, profits and losses are shared equally between Itani
and Ndivhuwo. So, each partner gets R 191, = R 95,710.

4. Adjustments:

• Salaries not recorded: Each partner is due a salary of R 18,500
monthly for 11 months, but Itani and Ndivhuwo received R 15,200 and
R 16,500, respectively. The total annual salary should be R 18,500 * 11
= R 203,500 for each partner. Since they've received less, we need to
account for the difference:

• Itani: R 203,500 - R 15,200 = R 188,300 (difference not
accounted for)

• Ndivhuwo: R 203,500 - R 16,500 = R 187,000 (difference not
accounted for)

• This adjustment is not directly related to the calculation of equity but
affects the profit allocation indirectly through expenses.

• Bad debts written off: An outstanding debt of R 22,850 needs to be
written off, reducing the profit for the year.

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