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FAC1601 ASSIGNMENT 3 MCQ QUESTIONS & ANSWERS 2023
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THE DOCUMENT CONTAIN QUESTION AND ANSWERS FOR ASSIGNMENT 3 2023.
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0717513144 FAC1601 ASS3 2023 muzavazi47@gmail.comDISCLAIMER
FAC1601 ASSIGNMENT 3 MCQ QUESTION AND ANSWERS. FOR MORE INFORMATION
CONTACT THE FOLLOWING DETAILS.
CONTACT NUMBER:
071 751 3144
muzavazi47@gmail.com
, 0717513144 FAC1601 ASS3 2023 muzavazi47@gmail.com
Due to the high crime rate in South Africa, Thabo and Nandi have a close corporation trading
as Best Security CC. The services provided by the CC include VIP protection, Community
security services, Surveillance monitoring and Access control. The close corporation provides
services within Gauteng in the Sandton Area. The financial period for the CC ends 28
February.
The following extract of balances as at 28 February 2023 from the accounting records of
Bester CC is presented to you for assistance:
R
Loan to Nandi - 01 March 2020 25,000
Member’s contribution: Thabo 300,000
Member’s contribution: Nandi 275,000
Member’s contribution: Moses ??
Retained earnings (1 March 2022) 272,450
Trade debtors control 161,500
Trade creditors control 158,700
Loan from Thabo - 01 March 2022 120,500
Bank (favourable) 2,876,100
Long-term loan (Times Bank) 4,806,900
SARS (income tax) liability 120,300
Vehicles at cost 3,540,400
Accumulated depreciation: Vehicles (1 March 2022) 427,200
Furniture at cost 120,000
Accumulated depreciation: Furniture (1 March 2022) 26,800
Equipment at cost 1,700,600
Accumulated depreciation: Equipment (1 March 2022) 491,800
Inventory 314,800
Profit before tax (before taking into account the additional information) 3,259,800
Additional information
1. In the financial year ending 2022, Nandi’s father named Moses a professional within
the security industry with over 25 years of experience was admitted to the CC in July 2022 to
assist in managing and overseeing a new division. Moses contributed R70 000,00 cash, he
further contributed a patrol vehicle to the valued at R150 000.
2. The loan from Thabo was advanced to the CC on the 1st of November 2021 and is
repayable on 31 October 2023.
3. On 01 August 2022 the electronic Gun Safe (Equipment) got damaged by
floods and was not reparable. This Safe was acquired on 30 June 2020 at a cost of R150
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