Exam (elaborations)FAC1601 Assignment 2 (COMPLETE ANSWERS) Semester 1 2024 (169265) - DUE
10 April 2024• Course• Financial Accounting and Reporting - FAC1601 (FAC1601)•
Institution• University Of South Africa (Unisa)• Book• ABOUT FINANCIAL
ACCOUNTING VOLUME 2 (8TH EDITION)FAC1601 Assignment 2 (COMPLETE ANSWERS) Semester 1
2024 (169265) - DUE 10 April 2024 ;100% TRUSTED workings, explanations and solutions. for
assistance Whats-App.......0.6.7..1.7.1..1.7.3.9.........
[Document subtitle]
[DATE]
[COMPANY NAME]
[Company address]
, Exam (elaborations)
FAC1601 Assignment 2 (COMPLETE ANSWERS)
Semester 1 2024 (169265) - DUE 10 April 2024
Course
Financial Accounting and Reporting - FAC1601 (FAC1601)
Institution
University Of South Africa (Unisa)
Book
ABOUT FINANCIAL ACCOUNTING VOLUME 2 (8TH EDITION)
FAC1601 Assignment 2 (COMPLETE ANSWERS) Semester 1 2024
(169265) - DUE 10 April 2024 ;100% TRUSTED workings, explanations
and solutions. for assistance Whats-App.......0.6.7..1.7.1..1.7.3.9.........
Question 1 Open course index Open block drawer Back Assessment 2 2
Not yet answered Marked out of 11.00 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. Which one of the following alternatives represents the correct net profi
t (or loss) made on the simultaneous liquidation of 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 Clear my choice
To determine the net profit or loss made on the simultaneous liquidation of Setlagole
Catering, we need to calculate the proceeds from the sale of assets and compare them to the
total liabilities settled after applying discounts.
