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FAC1602 Assignment 2 First Semester 2024
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This document contain solutions for the second assignment of first semester 2024
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FA1602ASSIGNMENT 2
FIRST SEMSTER 2024
BY: MTHOMBENI: 0767297208
info@teachingmachine.co.za
www.teachingmachine.co.za
1
, Question 1
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Which one of the following alternatives is correct?
a.
When a change in the ownership structure of a partnership occurs, a new partnership agreement is
entered into by the new partners which causes the existing partnership to continue with its business
operations without any interruptions.
b.
Since partnerships are not governed by a law requiring that IFRS be applied, it is not possible to
introduce a standardised accounting procedure according to which changes in the ownership structure
of partnerships ought to be recorded.
c.
The retirement of a partner from a partnership does not require the calculation of a new profit-sharing
ratio but a simple reallocation of a retired partner’s share.
d.
Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the
partnership.
e.
From the legal perspective, the activities of a dissolved and a subsequent new partnership are not
separately accounted for and reported on.
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Question 2
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Which one of the following alternatives is correct?
a.
To ensure that compliance is followed, the financial statements of partnerships must not be prepared
according to IFRS.
b.
The selling price of the partnership business is determined by the value of its assets.
c.
The fair value of the assets of a partnership is equal to the total equity of a partnership.
d.
When recording the valuation adjustments, if the value of a liability is decreased, the valuation account
2
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