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FAC1601 ASSIGNMENT 1 SEMESTER 2 2024
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UNISA 2024 FAC1601-24-S2 Welcome Message Assessment 1QUIZ
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,Question 1 Qabaqongo Oils is a sunflower oil production and distribution business, supplying various retailers and
Answer saved wholesalers throughout Mpumalanga. The company is a partnership between Khanyisa and Zinhle. Below
Marked out of is the relevant information regarding the partnership’s financial activities for the year ending 30 June
6.00 2024.
Extract of balances as at 30 June 2024:
R
Inventory R108,800
Bank (positive) R293,600
Trade receivables control R199,200
Vehicles at cost R708,200
Equipment at cost R209,300
Factory building at cost R575,100
Accumulated depreciation: Vehicles R41,700
Accumulated depreciation: Equipment R64,400
Allowance for credit losses R3,000
Trade payables control R119,800
Capital: Khanyisa R431,500
Capital: Zinhle R246,700
Current account: Khanyisa (Cr: 1 July 2023) R13,000
Current account: Zinhle (Dr: 1 July 2023) R9,600
2. Supplementary information:
2.1 Details of the partnership agreement between the partners:
2.1.1 An annual interest rate of 6% is applied to the opening balances of the partners’ capital and current
accounts.
2.1.2 Profits and losses are shared equally between Khanyisa and Zinhle.
2.1.3 The monthly salaries to which the partners are entitled are R15 000 and R20 000 for Khanyisa and
Zinhle respectively. As of 30 June 2024, the salaries paid to the partners were only up to 30 April 2024.
2.2 Adjustments at the end of the year:
, 2.2.1 The business aimed to expand its operations by acquiring additional land for sunflower cultivation.
On 30 June 2024, KEN Corp provided a loan of R468 000 to facilitate the purchase of a farm. The
farmland was acquired on 2 July 2024 at the cost of R468,000. This loan is classified as long-term, with
an 8% annual interest rate, to be repaid over 6 years with equal instalments starting from 30 June 2025.
This transaction has not yet been recorded.
2.2.1 On 30 June 2024, it was decided that an outstanding debt of R17 700 owed to the business was
unlikely to be recovered and should be written off as bad debt.
Assuming that the profit available for distribution to partners amounted to R560 000, which one of the
following alternatives represents the correct balance in the current account of Zinhle on 30 June 2024?
a. R324,626
b. R325,778
c. R324,838
d. R310,400
e. R324,732
f. R524,626
g. R44,626
Clear my choice
Question 2 Settlement discount received should be included in the cost of inventories sold during the year.
Answer saved
Marked out of True
1.00
False
, Question 3 A liability is a future obligation of a reporting entity to transfer an economic resource as a result of a past
Answer saved event.
Marked out of
1.00
True
False
Question 4 The legal position of a partner means that they have limited liability for the debts of the partnership.
Answer saved
Marked out of True
1.00
False
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