100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
FAC1601 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE The liability of a member for the obligations of the close corporation is limited to the extent of the member's contribution to the close corporation. How many natural persons are allowed to be members $2.77
Financial Accounting and Reporting - FAC1601 (FAC1601)
Exam (elaborations)
FAC1601 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE The liability of a member for the obligations of the close corporation is limited to the extent of the member's contribution to the close corporation. How many natural persons are allowed to be members
20 views 0 purchase
Course
Financial Accounting and Reporting - FAC1601 (FAC1601)
Institution
University Of South Africa (Unisa)
FAC1601 ASSESSMENT 3 SEMESTER 1 2024 SEARCHABLE
The liability of a member for the obligations of the close corporation is limited to the extent of the member's contribution to the close corporation.
How many natural persons are allowed to be members of a close corporation?
A close corporat...
Financial Accounting and Reporting - FAC1601 (FAC1601)
All documents for this subject (25)
Seller
Follow
BMZAcademy
Reviews received
Content preview
Question 1
Not yet answered
Marked out of 3.00
Flag question
Question text
This information relates to questions 1 - 5 below:
A profitable cattle feed production company, Tswelelopele Ltd, was incorporated with an authorised
share capital of 900,000 NPV ordinary shares and 600,000 6.5% preference shares.
The company's financial year-end is April 30.
Below are the share transactions recorded for Tswelelopele Ltd since incorporation:
On May 1, 2022, 105,000 ordinary shares were issued to subscribers at
R8.5 per share.
On June 18, 2022, 225,000 ordinary shares and 260,000 6.5%
preference shares were issued to the public at R10.50 each and R11.20
each, respectively.
On July 31, 2023, 102,000 6.5% preference shares were issued at
R20.20 each.
On March 25, 2024, the share capital for ordinary shares increased by
R1,820,500. These shares were issued at R12.50 each.
On April 15, 2024, the directors of Tswelelopele Ltd approved a capitalisation issue of 1 share for
every 4 ordinary shares held at R15.9 per share.
On April 30, 2024, the board of Tswelelopele Ltd declared an ordinary dividend of R0.45 per share,
payable during May 2024. The company met the liquidity and solvency requirements.
Which one of the following alternatives represents the correct total number of ordinary shares
issued by Tswelelopele Ltd as at 31 March 2024?
a.
245,000
b.
300,000
c.
330,000
d.
,2,150,500
e.
475,640
Clear my choice
Question 2
Not yet answered
Marked out of 2.00
Flag question
Question text
Assume that the total number of ordinary shares issued before the capitalisation is 540 000. Which
one of the following alternatives represents the correct number of capitalisation shares to be
issued by Tswelelopele Ltd on 15 April 2024?
a.
2,160,000
b.
135,000
c.
2,000,000
d.
118,910
e.
82,500
Clear my choice
Question 3
Not yet answered
Marked out of 2.00
Flag question
Question text
Assume that the total number of capitalisation shares issued is 110 000. Which one of the following
alternatives represents the correct value of the capitalisation shares to be issued by Tswelelopele Ltd
on 15 April 2024?
a.
R 1,890,669
,b.
R 2,000,000
c.
R 242,000
d.
R 2,146,500
e.
R 1,749,000
Clear my choice
Question 4
Not yet answered
Marked out of 2.00
Flag question
Question text
Assume that the total number of shares issued before the capitalisation and the capitalisation shares
issued is 540 000 and 110 000 respectively. Which one of the following alternatives represents the
correct amount of ordinary share dividend by Tswelelopele Ltd on 30 April 2024?
a.
R 225,000
b.
R 148,500
c.
R 135,000
d.
R 90,000
e.
R 292,500
Clear my choice
Question 5
Not yet answered
Marked out of 5.00
Flag question
, Question text
Which one of the following alternatives represents the correct amount of preference share
dividend by Tswelelopele Ltd on 30 April 2024?
a.
R 289,725
b.
R 323,206
c.
R 189,000
d.
R 189,280
e.
R 320,000
Time left 1:58:06
Question 6
Not yet answered
Marked out of 1.50
Flag question
Question text
Which one of the following alternatives is correct in regarding to recording the transaction for
receiving share applications and money from the public?
a.
The bank account must be debited with the amount received and a temporary “application and
allotment account” is credited with the value of the shares issued
b.
The bank account must be debited with the amount received and a temporary “application and
allotment account” is credited to the extent of the shares offered to the public
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 BMZAcademy. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.77. You're not tied to anything after your purchase.
