Exam (elaborations)
FAC1601 ASSIGNMENT 2 2024
- Institution
- University Of South Africa (Unisa)
FAC1601 ASSIGNMENT 2 2024
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1. UNISA2. 2024
3. FAC1601-24-S1
4. Welcome Message
5. Assessment 2
Assessment 2
Open course index
Open block drawer
Back
Question 1
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Which one of the following alternatives is false?
a. With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is transferred to the partners'
capital accounts in their profit-sharing ratio.
b. A piecemeal liquidation allows a partnership to continue with activities.
c. In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process.
d. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is
concluded.
e. A piecemeal liquidation will ensure that assets are realised at the best possible selling price.
f. With a simultaneous liquidation, a single liquidation account is prepared.
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Question 2
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Which one of the following alternatives is correct regarding the revaluation surplus in a partnership when there is a change in
ownership?
a. The revaluation surplus forms part of the equity of the partners and will always be added to the current accounts of
the existing partners with a debit balance.
b. The revaluation surplus forms part of the equity of the partners and must allocated to the capital accounts of the
existing partners in their new profit-sharing ratio.
c. The revaluation surplus forms part of the equity of the partners and must allocated to the current accounts of the
existing partners in their existing profit-sharing ratio.
d. The revaluation surplus forms part of the liabilities of the partnership and must allocated to reduce the capital
accounts of the existing partners in their existing profit-sharing ratio.
e. The revaluation surplus forms part of the equity of the partners and must allocated to the current accounts of the
existing partners in their new profit-sharing ratio.
f. The revaluation surplus forms part of the equity of the partners and must allocated to the capital accounts of the
existing partners in their existing profit-sharing ratio.
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, Question 3
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The following information is presented for Setlagole Catering, a business in providing luxury catering services to the areas
around the Dr Ruth Segomotsi Mompati District Municipality in the North West province.
These are the balances when they commenced a simultaneous liquidation of the partnership:
EXTRACT OF BALANCES
R
Trade payables 53,900
Trade receivables 87,300
Catering equipment (cost) 189,000
Vehicles (at cost) 180,000
Catering equipment (accumulated depreciation) 123,979
Vehicles (accumulated depreciation) 67,500
Building (at cost) 250,000
The following transactions took place as part of the liquidation:
1. Debtors were offered a 5% settlement discount.Only 94% of the debtors settled their balances and the remainder of
the debtors book was sold to a debt agency at 65% discount.
2. The creditors were all settled at a settlement discount of 11%.
3. The vehicle and the building were auctioned off for R112 000 and R283 300 respectively
4. The catering equipment was sold to another local catering company for R55 000.
net profit (or loss) made on the simultaneous liquidation of
Which one of the following alternatives represents the correct
Setlagole Catering?Your answer must be rounded off to the nearest rand.
a. (R 19,367)
b. (R 28,708)
c. (R 21,200)
d. R 170,279
e. R 21,200
f. (R 170,279)
g. R 28,708
h. R 19,367
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