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FAC1602 Assignment 1 Semester 1 2024 (SOLUTIONS)

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  • FAC1602 (FAC1602)
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  • University Of South Africa (Unisa)

FAC1602 Assignment 1 Semester 1 2024 (SOLUTIONS) Question 1 Answer saved Marked out of 6.50 Flag question Question text Mhlalkwana Dealers is in the business of selling leather jackets, at a price of R1 500 each, around the townships of KwaNdebele. The owner, Masango, was approached by a ...

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  • March 16, 2024
  • 13
  • 2023/2024
  • Other
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  • fac1602 assignment 1 semester 1 2024 solutions

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  • University of South Africa (Unisa)
  • FAC1602 (FAC1602)
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Question text
Mhlalkwana Dealers is in the business of selling leather jackets, at a price of R1 500 each, around the townships of
KwaNdebele. The owner, Masango, was approached by a local clothing store called Thubana Clothing for a bulk sale.
Mhlalkwana Dealers sold 18 jackets to Thubana Clothing on credit and this transaction was concluded on 31
October 2023.
This transaction was concluded on the following terms:
A trade discount of 12% on the bulk sale.
An early payment discount of 5% on the amount paid within 30 days.

Which one of the following amounts represents the correct amount received by Mhlalkwana Dealers if Thubana
Clothing only paid 75% of the amount owing on 30 November 2023?


a.
R 23 760

b.
R 22 572

c.
R 16 929

d.
R 17 820
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Question text
Given information to questions 1 – 6:
Phaduli Boerdery, a cattle feedlot business supplying to various abattoirs around Mpumalanga, is a partnership
between Itani and Ndivhuwo. The following information relates to the business activities of the partnership for the
year ended 30 June 2023.



EXTRACT OF BALANCES AS AT 30 JUNE 2023
R
Land and building at cost R672,800
Vehicle at cost R362,240
Accumulated depreciation: Vehicles R16,710
Inventory R29,770
Bank (positive) R130,070
Trade receivables control R163,080
Allowance for credit losses R4,000
Prepayment: Veterinary services R54,040
Trade payables control R76,490
Drawings: Itani (30 June 2023) R5,936
Drawings: Ndivhuwo (30 June 2023) R11,830
Capital: Itani R152,100

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