(UNISA) FAC1601 Assignment 5 sem 1 2023/2024/2025 APPROVED QUESTIONS AND CORRECT ANSWERS
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Course
Financial Accounting and Reporting
Institution
University Of South Africa
(UNISA) FAC1601 Assignment 5 sem 1 2023/2024/2025 APPROVED QUESTIONS AND CORRECT ANSWERS
Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio
1:2 respectively...
Not yet
answered Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio
1:2 respectively. On 31 May 2023 the following information was extracted from the accounting records of the partnership:
Marked out of
3.00
Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the partnership:
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after the admission of Brian into the new partnership?
a. 1:3:2 Gill = 1/3 -(1/2 x 1/3) = 1/6
Zaahir = 2/3 - (1/2 x 1/3) = 3/6
b. 2:3:1
Brain = 1/3 = 2/6
c. 2:1:2
ratio = 1/6:3/6:2/6 = 1:3:2
d. 3:2:1
Question 2
Not yet
answered Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-sharing ratio, which one of the following alternatives represent the new profit-sharing
ratio after the admission of Brian into the new partnership?
Marked out of
2.00
a. 2:4:3
Gill = 1/3 -(1/3 x 1/3) = 2/9
b. 2:3:1 Zaahir = 2/3 - (2/3 x 1/3) = 4/9
Brain = 1/3 = 3/9
c. 3:2:1
d. 1:3:2 ratio = 2/9:4/9:3/9 = 2:4:3
Question 3
Not yet
answered Which one of the following alternatives represents the correct balance in the capital account of Gill after the valuation of assets and prior to the admission of Brian?
Marked out of
2.00
a. R112 100
96 500 -7 200 + 1/3x64 800
b. R68 500
c. R167 450
d. R148 600
Clear my choice
Question 4
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answered Which one of the following alternatives represents the correct balance in the capital account of Zaahir after the valuation of assets and prior to the admission of Brian?
Marked out of
2.00
a. R122 350
b. R147 700 108 600 - 6 500 x 2/3 x 64 800
c. R71 700
d. R140 150
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, lOMoARcPSD|36639652
Question 5
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answered Which one of the following alternatives represents the correct amount of goodwill in the accounting records of Solar Installations after the admission of Brian?
Marked out of
3.00 Dashboard Calendar
a. R46 600
Dashboard / My courses b.
/ R153
FAC1601-23-S1
200 / Welcome Message / Assessment 5 brain capital = 130 000 + 23 500 = 153 200
c. R459 600
d. R273 000 Goodwill = (153 200 x 3/1) - 153 200 - 112 100(Q3) - 147 700(Q4) = 46 600
Clear my choice
Question 6
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answered Which of the following journal entries is correct for recording the capital contribution of Brian on the 1st June 2023:
Marked out of
2.00
a. Debit Capital: Brian R153 200; Credit – Equipment R153200
b. Debit – Bank R153 200; Credit Capital: Brian R153 200
c. Debit Capital: Brian R153 200; Credit – Bank R23 200; Credit – Equipment R130 000
d. Debit - Bank R23 200; Debit - Equipment R130 000; Credit Capital: Brian R153 200
Clear my choice
Time left 3:20:39
◄ Assessment 4 Jump to...
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answered Given the following information:
Marked out of Jono and Karabo are in a partnership and own a restaurant trading as The Sitting Duck. They have an equal interest in the partnership and distribute profits accordingly.
1.50
The following information was extracted from the accounting records of the partnership as at 31 May 2023:
Additional information:
1. The closing inventory amounted to R92 300.
2. HBS Bank granted a loan to The Sitting Duck on 1 August 2022. The terms of the loan provide for interest on the loan to be charged at a rate of 11.5% per annum.
3. Mr Impofu was declared insolvent and management decided to write off his debt amounting to R1 350.
4. Rental income includes an amount in respect of June 2023. Rental income was earned evenly throughout the year.
5. Each partner receives a monthly salary of R25 000 paid in cash. Jono, the managing partner of The Sitting Duck, is entitled to a bonus of 10% of his yearly salary payable on 31
May 2023. These amounts were debited to the salaries and wages account as at 31 May 2023.
6. Karabo withdrew cash amounting to R15 000 in order to hire a car while he was on holiday in Cape Town during December 2022. Jono withdrew R7 150 to pay for a holiday flight
to Durban on 1 March 2023. These amounts were recognized under other general expenses.
7. The allowance for credit losses must be increased to R5 600.
8. An invoice relating to water and electricity for May 2023 amounting to R3 250 was received on 03 June 2023.
9. Depreciation is provided for as follows:
Vehicles: 20% per annum according to the diminishing balance method. A new vehicle with a cost of R450 000 and a residual value of R55 000 was purchased and brought into use
on 1 January 2023.
Equipment: 10% per annum according to the straight-line method. On the 1st of May 2023, equipment with a cost price of R63 000 originally purchased on 01 June 2018, was sold
for R39 500.
10. The partners of The Sitting Duck decided to take out additional insurance on 1 January 2023. The monthly premium is R2 500 payable in advance on the 1st of every month. This
has not yet been accounted for in the records of the entity.
Which one of the following alternatives represents the correct amount for other general expenses in the statement of profit or loss and other comprehensive income of The Sitting
Duck for the year ended 31 May 2023?
a. R64 350
b. R61 880
86 500 - 15 000 - 7 1 50 = 64 350
c. R86 500
d. R72 350
Clear my choice
Question 8
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answered
Which one of the following alternatives represents the correct amount for rental income in the statement of profit or loss and other comprehensive income of The Sitting Duck for
the year ended 31 May 2023?
Marked out of
2.00
a. R18 000
b. R22 300
c. R17 600 19 500/13 x 12 = 18 000
d. R19 500
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