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FAC1601 Assignment 2 Semester 1 (2022)
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- University Of South Africa (Unisa)
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Financial Accounting ReportingFAC1601
Semester 1
Assignment 2
Unique Number: 825363
Department of Financial Accounting
, Use the following information to answer questions 01 to 10.
Meikie and John were in partnership and traded as Maputla Traders. They shared
profits/losses in the ratio of 5:3 respectively. The following information is presented to
you on 28 February 2021, the end of the financial year:
Maputla Traders
Balances as at 28 February 2021: R
Capital: John (28 February 2020) 360000
Capital: Meikie (28 February 2020) 60000
Current account: John (Dr) (1 March 2020) 33000
Current account: Meikie (Cr) (1 March 2020) 18000
Drawings: John (cash) 78000
Drawings: Meikie (cash) 66000
Office furniture at cost 228000
Vehicles at cost (01 March 2019) 240000
Accumulated depreciation: Office furniture (30 September 2020) 87840
Accumulated depreciation: Vehicles (28 February 2020), ??
Long-term loan (unsecured) 150000
Trade receivables control, 120000
Trade payables control 88800
Bank (overdraft) 11760
Allowance for credit losses 3060
Stationery inventory (01 March 2020) 3900
Sales 555360
Inventory (28 February 2020) 51000
Profit on sale of office furniture ??
Delivery expenses (in respect of sales) 4140
Settlement discount granted, 6744
Purchases 469971.6
Delivery expenses (in respect of inventories) 7800
Sales returns 8400
Purchases returns 3500
Settlement discount received ??
Rent expense 32400
Bank charges 1770
Depreciation (office furniture) 1536
Interest expense (paid on long-term loan) 18000
Salaries and wages 186000
Telephone expenses 4344
Fuel and sundry vehicle expenses 17280
Stationery (purchased) 3048
Marketing fees 6552
Insurance premiums 6500
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