Exam (elaborations)
FAC1602 Assignment 4 2024
- Institution
- University Of Cape Town (UCT)
FAC1602 Assignment 4 Due 20 May 2024
[Show more]
Content preview
1. UNISA2. 2024
3. FAC1602-24-S1
4. Welcome Message
5. Assessment 2
Question 1 Which one of the following alternatives is false?
Answer saved
Marked out of a. With a simultaneous liquidation, the liquidation
1.50
account (a pro t or loss on liquidation) is
Flag transferred to the partners' capital accounts in
question their pro t-sharing ratio.
MNG DSC Tutoring
b. A piecemeal liquidation will ensure that assets
are realised at the best possible selling price.
c. A simultaneous liquidation allows a partnership
to continue with activities until the liquidation of
all the assets is concluded.
d. With a simultaneous liquidation, a single
liquidation account is prepared.
e. A piecemeal liquidation allows a partnership to
continue with activities.
f. In the case of a piecemeal liquidation, a
liquidation account is prepared for each phase of
the liquidation process.
Clear my choice
Question 2 Which one of the following alternatives is correct
Answer saved regarding the revaluation surplus in a partnership when
Marked out of
there is a change in ownership?
1.50
Flag a. The revaluation surplus forms part of the equity
question of the partners and must allocated to the current
accounts of the existing partners in their existing
pro t-sharing ratio.
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
pro t-sharing ratio.
c. 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
pro t-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 pro t-sharing ratio.
e. 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.
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Wellfocus. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R50,00. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now