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FAC1602 ASSESSMENT 3 OF SEM , 2023 EXPECTED QUESTIONS AND ANSWERS R100,00
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  3. University Of South Africa (Unisa)
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  5. FAC1602 - Elementary Financial Accounting And Reporting (FAC1602)

Exam (elaborations)

FAC1602 ASSESSMENT 3 OF SEM , 2023 EXPECTED QUESTIONS AND ANSWERS

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THIS DOCUMENT CONTAINS FAC1602 ASSESSMENT 3 OF SEM 1, 2023 EXPECTED QUESTIONS AND ANSWERS. CORRECT USE AS A GUIDE WILL HELP YOU SCORE ABOVE 75%

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  • September 24, 2022
  • May 6, 2023
  • 19
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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FAC MAC,ECS,FIN INV DSC TAX BNU QMI
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Due to the high crime rate in South Africa, Thabo and Nandi have a close corporation trading as Best
Security CC. The services provided by the CC include VIP protection, Community security services,
Surveillance monitoring and Access control. The close corporation provides services within Gauteng in
the Sandton Area. The financial period for the CC ends 28 February.
The following extract of balances as at 28 February 2023 from the accounting records
of Bester CC is presented to you for assistance:

R

Loan to Nandi - 01 March 2020 25,000
Member’s contribution: Thabo 300,000
Member’s contribution: Nandi 275,000
Member’s contribution: Moses ??
Retained earnings (1 March 2022) 272,450
Trade debtors control 161,500
Trade creditors control 158,700
Loan from Thabo - 01 March 2022 120,500
Bank (favourable) 2,876,100
Long-term loan (Times Bank) 4,806,900
SARS (income tax) liability 120,300
Vehicles at cost 3,540,400
Accumulated depreciation: Vehicles (1 March 2022) 427,200
Furniture at cost 120,000
Accumulated depreciation: Furniture (1 March 2022) 26,800
Equipment at cost 1,700,600
Accumulated depreciation: Equipment (1 March 2022) 491,800
Inventory 314,800
Profit before tax (before taking into account the additional
3,259,800
information)



Additional information
1. In the financial year ending 2022, Nandi’s father named Moses a professional within the security
industry with over 25 years of experience was admitted to the CC in July 2022 to assist in managing and
overseeing a new division. Moses contributed R70 000,00 cash, he further contributed a patrol vehicle
to the valued at R150 000.
2. The loan from Thabo was advanced to the CC on the 1st of November 2021 and is repayable on
31 October 2023.

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