100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. True Fals R50,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. Financial Accounting and Reporting (FAC1601)

Exam (elaborations)

FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. True Fals
 1 purchase

FAC1601 ASSIGNMENT 1 SEMESTER 2 2024. Drawings would appear in the Statement of Pro�t or Loss and Other Comprehensive Income for a sole proprietorship. True Fals

Preview 4 out of 135  pages

Document information

  • September 2, 2024
  • 135
  • 2024/2025
  • Exam (elaborations)
  • Unknown

Subjects

  • fac1601 assignment 1 semester 2 2024

Written for

All documents for this subject (171)

Seller

avatar-seller
BMZAcademy

Reviews received

Content preview

BMZ ACADEMY




BMZ ACADEMY




@061 262 1185/068 053 8213



BMZ ACADEMY 061 262 1185/068 053 8213

,Assessment 1 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21




FAC1601-24-S2  Welcome Message  Assessment 1

QUIZ




Time left 0:36:41




1 of 24 9/2/2024, 3:12

,Assessment 1 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21


Question 1

Not yet answered

Marked out of 6.00




Qabaqongo Oils is a sun�ower oil production and distribution business, supplying various retailers and wholesalers throughout
Mpumalanga. The company is a partnership between Khanyisa and Zinhle. Below is the relevant information regarding the
partnership’s �nancial activities for the year ending 30 June 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 Pro�ts 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 sun�ower 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 classi�ed 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 pro�t 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. R524,626
b. R44,626
c. R324,838
d. R324,732
e. R325,778
f. R324,626
g. R310,400

Clear my choice




2 of 24 9/2/2024, 3:12

,Assessment 1 https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21


Question 2

Not yet answered

Marked out of 3.00




Qabaqongo Oils is a sun�ower oil production and distribution business, supplying various retailers and wholesalers throughout
Mpumalanga. The company is a partnership between Khanyisa and Zinhle. Below is the relevant information regarding the
partnership’s �nancial activities for the year ending 30 June 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 Pro�ts 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 sun�ower 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 classi�ed 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.


Assume the correct trade and other receivables amount is R60 000. Which one of the following alternatives represents the
correct amount that must be disclosed as current assets in the statement of �nancial position of Qabaqongo Oils as at
30 June 2024?


a. R930,400
b. R462,400
c. R168,800
d. R928,200
e. R870,400
f. R930,200

Clear my choice




3 of 24 9/2/2024, 3:12

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 BMZAcademy. 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)

64302 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling

Recently viewed by you

Exam (elaborations) ·

(0)

NURS 6512 Final Exam (7 Versions, 700 Q & A, Latest-2022) / NURS 6512N Final Exam / NURS6512 Final Exam / NURS6512N Final Exam: |Verified Q & A, Complete Document for EXAM|

Exam (elaborations) ·

(2)

NURS 6512 Final Exam (7 Versions, 700 Q & A, Latest-2021) / NURS 6512N Final Exam / NURS6512 Final Exam / NURS6512N Final Exam: |Verified Q & A, Complete Document for EXAM|

Exam (elaborations) ·

(0)

2024 LATEST NGN ATI COMPREHENSIVE FINAL EXAM: COMPLETE EXAM WITH CORRECT VERIFIED ANSWERS AND DETAILED RATIONALES. GRADED A+. GUARANTEED SUCCESS WITH NGN MATERIAL

Exam (elaborations) ·

(0)

PSI LIFE INSURANCE TEST EXAM|| CA LIFE EXAM – PSI|| LIFE INSUARANCE PSI EXAM ALL QUESTIONS AND 100% CORRECT ANSWERS|| LATEST AND COMPLETE VERSION ALREADY GRADED A+| ASSURED PASS!!!

Exam (elaborations) ·

(0)

Test Bank For Community Health Nursing in Canada, 2nd Edition Authors; R. N. Stanhope, Marcia, Jeanette Lancaster, Heather Jessup-falcioni, R. N. Viverais-Dresler, Gloria A.

Exam (elaborations) ·

(0)

NR 283 EXAM 3 NEWEST 2024-2025 ACTUAL EXAM COMPLETE 100 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ (CHAMBERLAINE COLLEGE OF NURSING)

Exam (elaborations) ·

(0)

Solution Manual for McGraw-Hill's Taxation of Individuals 2024 Edition, 15th Edition by Brian Spilker, Benjamin Ayers, John Barrick, John Robinson, Troy Lewis, Connie Weaver

Exam (elaborations) ·

(0)

Test Bank For Dental Management of the Medically Compromised Patient 9th Edition by James Little; Craig Miller; Nelson Rhodus 9780323443555 Chapter 1-30 Complete Guide.

Exam (elaborations) ·

(1)

NURS-6521N Final Exam (7 Versions, 700 Q & A, 2020/2021) / NURS 6521 Final Exam / NURS6521 Final Exam / NURS 6521N Final Exam: |Correct Q & A, Best Document for Walden Exam|
R50,00  1x  sold
  • (0)
Add to cart
Added