FIN2112 Application based assignment for the October Exam Cycle (DETAILED ANSWERS) 2023
2 views 0 purchase
Course
Financial Accounting II
Institution
University Of South Africa
FIN2112 Application based assignment for the October Exam Cycle (DETAILED ANSWERS) 2023 100% TRUSTED workings, explanations and solutions. For assistance call or us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the f...
Application based assignment for
the October 2023 Exam
Cycle
Due Date:
Examiner: Mpofu Moderator:
Marks: 100 NQF Level: 6
INSTRUCTIONS
1. Read and carefully follow the instructions in the assignment.
DO NOT plagiarise, copy, or reference other students when completing the assignment; doing so
2.
will result in disciplinary action and a zero percent mark.
3. Please sign the declaration section on page 2 of the answer book to confirm that you are the student.
This assignment must be completed within the time range specified. Late applications will not be
4.
accepted and, as a result, will not be assessed.
After you have typed or handwritten your answers, save your document in PDF format and upload
5.
it to myClass. The document you upload must be in PDF format.
At the top of each page, write your name and/or student number. Also, ensure the pages in your
6.
answer booklet is numbered accordingly.
7. Use the mark distribution for each question as a guideline for structuring your response.
8. When answering, do not use informal language such as WhatsApp jargon. Such responses will not
be assessed.
Keep enough power or backup power on hand, as the College will not be held liable for any power
9. outages during online assessments. Candidates are recommended to make alternative plans, such as
using a power bank.
10 Keep a duplicate of your assessment answer book.
, Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the following:
Balances on 1 March 20.19:
Capital: Madi R 125 000
Maxi R 85 000
Current Account: Madi R 24 000
Maxi R 8 000 (debit)
Net profit for the period: R 366 000
Transactions during the year, not included in profit:
1. Madi will be full-time employed and will receive a monthly salary of R 12 000.
2. Interest on drawings to be charged at 15% per annum.
3. Interest on capital will be paid at 12% per annum.
4. Interest on current accounts will be charged at 7% per annum.
5. The partners will share profits in the ratio of capital contributed.
6. On 1 July 20.18, Madi withdrew R 10 000 in cash. On 1 December 20.18, Madi
withdrew goods at a cost of R 5 000, this was drawings against expected profits.
7. Madi drew R 6 000 of his salary at the end of each month.
REQUIRED:
Record the journal entries for Madi-Maxi Traders for the year ended 29 February
20.20. (20 marks)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LIBRARYpro. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.71. You're not tied to anything after your purchase.
