Exam (elaborations)
FAC1601 ASSESSMENT 6 QUESTIONS AND ANSWERS
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Exam of 49 pages for the course FAC1601 - Financial Accounting And Reporting at Unisa (FAC1601)
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Question 1 FOR FAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BNU,MNB,MNG
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Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership
trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio 1:2 respectively. On 31
May 2023 the following information was extracted from the accounting records of the partnership:
Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the partnership:
Cash….......................................................................R23 200
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after the admission of
Brian into the new partnership?
a. 1:3:2
b. 2:1:2
c. 3:2:1
d. 2:3:1 OSCAR THE TUTOR
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FOR FAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BNU,MNB,MNG
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,Question 2
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Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-sharing
ratio, which one of the following alternatives represent the new profit-sharing ratio after the
admission of Brian into the new partnership?
a. 2:4:3
b. 2:3:1
c. 3:2:1
d. 1:3:2
Question 3
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Which one of the following alternatives represents the correct balance in the capital
account of Gill after the valuation of assets and prior to the admission of Brian?
a. R167 450
b. R112 100
c. R68 500
d. R148 600
,Question 4
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Which one of the following alternatives represents the correct balance in the capital
account of Zaahir after the valuation of assets and prior to the admission of Brian?
a. R147 700
b. R140 150
c. R71 700
d. R122 350
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Question 5
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Which one of the following alternatives represents the correct amount of goodwill in the accounting
records of Solar Installations after the admission of Brian?
a. R153 200
b. R273 000
c. R459 600 OSCAR THE TUTOR
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d. R46 600 FOR
FAC,ECS,MAC,DSC,TAX,FIN,INV,QMI,STA,BNU,MNB,M
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, Question 6
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Which of the following journal entries is correct for recording the capital contribution of Brian on the
1st June 2023:
a. Debit - Bank R23 200; Debit - Equipment R130 000; Credit Capital: Brian R153 200
b. Debit Capital: Brian R153 200; Credit – Equipment R153200
c. Debit Capital: Brian R153 200; Credit – Bank R23 200; Credit – Equipment R130 000
d. Debit – Bank R153 200; Credit Capital: Brian R153 200
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