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FAC1601 EXAM PACK 2023

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FAC1601-Exam-Pack - Exam pack Financial Accounting and Reporting (University of South Africa) lOMoARcPSD| Financial Accounting 1B Study & Exam Pack for FAC1601 © 2014 This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam papers used as a way of pr...

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  • February 10, 2023
  • 117
  • 2022/2023
  • Exam (elaborations)
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FAC1601
EXAM PACK

, lOMoARcPSD|18222662




FAC1601-Exam-Pack - Exam pack


Financial Accounting and Reporting (University of South Africa)

, lOMoARcPSD|18222662




Financial Accounting 1B
Study & Exam Pack for FAC1601 © 2014
This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam
papers used as a way of practicing the concept emphasized in the study guide for this module



Compiled by Levison Kamanga (check his profile on www.lucianotutorials.com), for and on behalf of




“Inspired to impact with a difference”



All the questions in this pack were taken from previous exam papers. We hope it will help you in
preparing for your exams. May God grant you the Spirit of understanding; we wish you all the best.
Amen.

, lOMoARcPSD|18222662




2

Contents
Study & Exam Pack for FAC1601 © 2014 ...................................................................................................... 1
CHAPTER 1: INTRODUCTION ......................................................................................................................... 4
FINANCIAL STATEMENTS OF A PARTNERSHIP .............................................................................................. 7
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .............................................. 7
OCTOBER-NOVEMBER 2011.................................................................................................................... 11
B. PARTNERSHIPS ........................................................................................................................................ 18
STATEMENT OF CHANGES IN EQUITY ......................................................................................................... 18
OCTOBER-NOVEMBER 2010.................................................................................................................... 18
MAY-JUNE 2012 ...................................................................................................................................... 22
MAY-JUNE 2011 ...................................................................................................................................... 28
Classification of Components ................................................................................................................. 29
Rationale - Why the balance sheet always balances? ............................................................................ 30
Purpose & Importance ............................................................................................................................ 31
MAY- JUNE 2011 ..................................................................................................................................... 32
OCTOBER-NOVEMBER 2012.................................................................................................................... 39
CHAPTER THREE : PARTNERSHIP CHANGES AND LIQUIDATION ................................................................. 45
MAY-JUNE 2011 ...................................................................................................................................... 49
OCTOBER TO NOVEMBER 2012 .............................................................................................................. 51
NOVEMBER 2010 .................................................................................................................................... 56
CHAPTER 4: FINAL ACCOUNTS OF A CLOSE CORPORATION ....................................................................... 62
MAY –JUNE 2011 QUESTION 3 ................................................................................................................ 68
OCTOBER-NOVEMBER 2011 QUESTION 3............................................................................................... 70
OCTOBER – NOVEMBER 2011 ................................................................................................................ 72
OCTOBER-NOVEMBER 2012.................................................................................................................... 78
CHAPTER 4 .................................................................................................................................................. 82
STATEMENT OF CASH FLOWS ..................................................................................................................... 82
MAY-JUNE 2010 ...................................................................................................................................... 82
MAY JUNE 2010 ....................................................................................................................................... 84
OCTOBER-NOVEMBER 2010.................................................................................................................... 86

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