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FAC1601 Assessment 2_ Attempt review 2023
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FAC1601 Assessment 2_ Attempt review 2023
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Assessment 2
Started on Sunday, 16 April 2023, 6:39 PM
State Finished
Completed on Sunday, 16 April 2023, 8:31 PM
Time taken 1 hour 52 mins
Marks 74.00/85.00
Grade 87.06 out of 100.00
,Question 1
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Question text
Which of the following statements is correct:
1.
The selling price of a partnership is determined by the cost price of the partnership.
2.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
3.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used.
The current account is then closed off to the accounts of the existing partners according to their existing
profit-sharing ratio.
4.
A personal transaction is a transaction that is made between an existing partner and the partnership of the
business entity.
5.
Past financial performance indicators such as total comprehensive income in respect of previous financial
periods, are ordinarily used to determine goodwill.
Question 2
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Question text
Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new
partnership was formed by admitting Malikane. A 1/6 share in the profits/loss of the new partnership was
, obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6 share according to their previous
profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1.
8:16:5
2.
5:15:4
3.
7:18:6
4.
3:13:2
5.
1:3:6
Question 3
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Question text
Which of the following statements is incorrect:
1.
Goodwill is subsequently measured at cost less impairment.
2.
Goodwill is a non-current tangible asset in the statement of financial position.
3.
The change in the ownership structure of a partnership can be accomplished using two accounting
procedures based on two distinct perspectives namely the legal and the going-concern perspective.
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