Exam (elaborations)
Fac1601 Assignment 1 Semester 1 2024 distinction guaranteed
- Course
- Institution
- Book
Fac1601 Assignment 1 Semester 1 2024 distinction guaranteed, best tutor
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Fac 1502 Assignment 1 Semester 2 2024 Due date 18 August 2024 ( complete answers with a quiz to open assigment as bonus) distinction guaranteed) 0665387925
-
Fac1501 Assignment 1 semester 2 2024quiz to unlock module content (complete answers) distinction get 100%
-
FAC1602 Assignment 4 (COMPLETE ANSWERS) Semester 1 2024 (215199)- DUE 20 May 2024;100% TRUSTED workings, explanations and solutions.
Seller
Follow
ExpectviewTutors
Reviews received
Content preview
FAC 1601ASSIGNMENT 1 SEMESTER 1 2024
Use this document as a guide to learn, compare and reference
,EXPECT VIEW TUTORS
EXPECTVIEW TUTORS
, 3/16/24, 12:14 PM Assessment 1 (page 1 of 9)
Given information to questions 1 – 6:
Phaduli Boerdery, a cattle feedlot business supplying to various abattoirs around
Mpumalanga, is a partnership between Itani and Ndivhuwo. The following information
relates to the business activities of the partnership for the year ended 30 June 2023.
EXTRACT OF BALANCES AS AT 30 JUNE 2023
R
Land and building at cost R672,800
Vehicle at cost R362,240
Accumulated depreciation: Vehicles R16,710
Inventory R29,770
Bank (positive) R130,070
Trade receivables control R163,080
Allowance for credit losses R4,000
Prepayment: Veterinary services R54,040
Trade payables control R76,490
Drawings: Itani (30 June 2023) R5,936
Drawings: Ndivhuwo (30 June 2023) R11,830
Capital: Itani R152,100
Capital: Ndivhuwo R147,180
Current account: Itani (CR: 1 July 2022) R15,270
Current account: Ndivhuwo (DR: 1 July 2022) R12,640
Profit for the year R191,420
2. Supplementary information:
2.1 Partnership agreement specifics between the partners:
2.1.1 Profit and loss share between Itani and Ndivhuwo are shared equally.
2.1.2 Each partner is due a salary of R18,500 monthly. As of 30 June 2023, Itani and
Ndivhuwo received R15,200 and R16,500 respectively as their monthly salaries for only 11
months of the year, which has not yet been recorded in the partnership’s financial records.
2.1.3 An annual interest rate of 14% is applied to the opening balances of the partners’
capital and current accounts.
2.2 Adjustments at the end of the year:
2.2.1 As of 30 June 2023, it was decided that an outstanding debt of R22 850, owed to the
business, would be classified as irrecoverable and thus needs to be written off.
2.2.1 The business needed to expand and get additional land for the backgrounding of
cattle bought at less than 250kg. On 30 June 2023, Itani’s father provided a loan of
R600,000 to the partnership to buy the additional adjacent land. The farmland was
purchased only purchased on 2 January 2024 at a cost of R600 000. This loan is considered
long-term, bearing an 8% annual interest rate, and is structured to be repaid over 6 years
with equal payments, starting from 30 June 2024. This transaction is yet to be recorded.
Which one of the following alternatives represents the correct amount that must be disclosed
as total equity in the statement of changes in equity of Phaduli Boerdery for the year ended
30 June 2022?
EXPECTVIEW TUTORS 1/3
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 ExpectviewTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $5.65. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80364 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now