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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

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Financial Accounting and Reporting - FAC1601 (FAC1601)

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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...

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fac1601 assessment 3 semester 1 2024 searchable t

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Financial Accounting and Reporting - FAC1601 (FAC1601)

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Question 1
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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
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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
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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
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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
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, 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

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Question 6
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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

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