100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
DISTINCTION Answers FAC1601 Assignment 1 (QUIZ) Answers 18th March 2024. Accurate and relaible answers ensuring you pass with 100%! $2.83   Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. MRL3701 - Insolvency Law (FAC1601)

Exam (elaborations)

DISTINCTION Answers FAC1601 Assignment 1 (QUIZ) Answers 18th March 2024. Accurate and relaible answers ensuring you pass with 100%!

10 reviews
 891 views  141 purchases
  • Course
  • MRL3701 - Insolvency Law (FAC1601)
  • Institution
  • University Of South Africa (Unisa)

FAC1601 (Financial Accounting Reporting) Assignment 1 (QUIZ) Answers. Accurate and relaible answers ensuring you pass with 100%!

Last document update: 8 months ago

Preview 2 out of 18  pages

Document information

  • January 29, 2023
  • March 17, 2024
  • 18
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • fac1601 assignment 1 quiz answers 18 march 2024

Written for

  • University of South Africa (Unisa)
  • MRL3701 - Insolvency Law (FAC1601)
All documents for this subject (189)

10  reviews

review-writer-avatar

By: shierlybartlets • 8 months ago

review-writer-avatar

By: cassybaikey87 • 9 months ago

Good

review-writer-avatar

By: ronaldisaacs9 • 1 year ago

review-writer-avatar

By: nadinemeinie • 1 year ago

review-writer-avatar

By: koketsosilas • 1 year ago

review-writer-avatar

By: ksetjie • 1 year ago

review-writer-avatar

By: siyakonyana33 • 1 year ago

Show more reviews  

Seller

avatar-seller
studywiz

Reviews received

Content preview

ACCURATE, RELIABLE AND DISTINCTION ANSWERS!
RELIABLE, RESEARCHED AND IN ACCORDANCE WITH THE GIVEN
GUIDELINES ALWAYS!




Have the Confidence knowing the work you are buying is compliant with academic guidelines and
standards and with correct answer!

, Question 1: (preview of answer)
Answer: The total equity amount for Phaduli Boerdery for the year ended 30
June 2023 is R 327,190 I will explain this below for you to make it easier to
understand:

1. Initial Capital Balances (as at 30 June 2023):

• Itani: R 152,100

• Ndivhuwo: R 147,180 The initial combined capital is R 299,280.

2. Current Accounts Opening Balances (as at 1 July 2022):

• Itani: Credit (CR) R 15,270

• Ndivhuwo: Debit (DR) R 12,640 The current accounts affect the equity
based on their nature (CR increases equity, DR decreases equity).

3. Profit Sharing: The profit for the year is R 191,420, and according to the
partnership agreement, profits and losses are shared equally between Itani
and Ndivhuwo. So, each partner gets R 191, = R 95,710.

4. Adjustments:

• Salaries not recorded: Each partner is due a salary of R 18,500
monthly for 11 months, but Itani and Ndivhuwo received R 15,200 and
R 16,500, respectively. The total annual salary should be R 18,500 * 11
= R 203,500 for each partner. Since they've received less, we need to
account for the difference:

• Itani: R 203,500 - R 15,200 = R 188,300 (difference not
accounted for)

• Ndivhuwo: R 203,500 - R 16,500 = R 187,000 (difference not
accounted for)

• This adjustment is not directly related to the calculation of equity but
affects the profit allocation indirectly through expenses.

• Bad debts written off: An outstanding debt of R 22,850 needs to be
written off, reducing the profit for the year.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 studywiz. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $2.83. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$2.83  141x  sold
  • (10)
  Add to cart