Exam (elaborations)

FAC1602 ASSIGNMENT 1 SEMESTER 2 2024. Settlement discount received should be included in the cost of inventories sold during the year. True False

1 purchase

Institution
University Of South Africa (Unisa)

[Show more]

Preview 4 out of 135 pages

View example

Uploaded on September 2, 2024
Number of pages 135
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

fac1602 assignment 1 semester 2 2024 settlement

BMZAcademy Member since 2 year 1159 documents sold

BMZ ACADEMY

BMZ ACADEMY

@061 262 1185/068 053 8213

BMZ ACADEMY 061 262 1185/068 053 8213

,9/2/24, 4:28 PM Assessment 1

FAC1602-24-S2  Welcome Message  Assessment 1

QUIZ

Time left 1:45:52

Question 1
Not yet answered

Marked out of 1.50

The term ‘current liabilities’ refers to…

a. debts that must be settled within one year
b. equity invested by the owner
c. assets that will be converted to cash within a year
d. long-term debts due in more than one year

Clear my choice

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21716500&cmid=1008891 1/21

,9/2/24, 4:28 PM Assessment 1

Question 2

Not yet answered

Marked out of 4.00

Qabaqongo Oils is a sunflower 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 financial activities for the year ending 30 June 2024.

Extract of balances as at 30 June 2024:
R
Inventory R106,600
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 R68,800
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) R15,300
Current account: Zinhle (Dr: 1 July 2023) R9,300

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 2023, it was decided that an outstanding debt of R17 000 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 financial position of Qabaqongo Oils as at
30 June 2024?

a. R930,400
b. R928,200
c. R460,200
d. R868,200
e. R166,600
f. R928,400

Clear my choice

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21716500&cmid=1008891 2/21

, 9/2/24, 4:28 PM Assessment 1

Question 3

Not yet answered

Marked out of 2.00

Dave and Anna are partners in GNU Bricks, a partnership business in the manufacturing of clay paving bricks in Bergville. The
partnership was established on 13 May 2021.

The following information pertains to the business activities as of 29 February 2024:
Balances as at 29 February 2024:

R

Land and buildings at cost 1 135 800

Machinery at cost 837 800

Accumulated depreciation: Machinery 315 800

Vehicles at cost 637 800

Accumulated depreciation: Vehicles 315 800

Inventory (1 March 2023) 190 700

Bank (Dr) 885 300

Trade receivables control 487 600

Trade payables control 383 000

Long-term loan (Burg Bank) 1 191 400

Capital: Dave 321 800

Capital: Anna 327 800

Drawings: Dave 85 200

Drawings: Anna 83 800

Interest on loan ?

Depreciation 115 000

Delivery cost on sales 54 400

Water and electricity 91 700

Purchases 1 804 000

Security expenses 28 500

Salaries and wages 422 300

Delivery cost on purchases 24 800

Bank charges 14 900

Sales 2 782 800

Stationery consumed 24 100

Settlement discount received 36 700

Settlement discount granted 29 040

Additional information:
1 Partnership agreement:

1.1 An annual interest rate of 12% is applied to the capital account balances.

1.2 Dave and Anna agreed to share profits and losses equally.

1.3 Each partner has a monthly salary entitlement of R18,800.

2 Year-end adjustments:

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=21716500&cmid=1008891 3/21

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 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

FAC1602 ASSIGNMENT 1 SEMESTER 2 2024. Settlement discount received should be included in the cost of inventories sold during the year. True False

Document information

Subjects

Written for

Seller

Reviews received

Content preview

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Quick and easy check-out

Focus on what matters

Frequently asked questions

What do I get when I buy this document?

Satisfaction guarantee: how does it work?

Who am I buying this summary from?

Will I be stuck with a subscription?

Can Stuvia be trusted?

Recently viewed by you

Exam (elaborations) ·

Test Bank For The Dental Hygienist's Guide to Nutritional Care, 6th Edition by 2025 Lisa F. Mallonee & Linda Boyd & Cynthia A. Stegeman Chapter 1-21

Exam (elaborations) ·

TEST BANK For Yoder-Wise’s Leading And Managing In Canadian Nursing, 2nd Edition, Patricia S. Yoder-Wise, Verified Chapters 1 - 32, Complete Newest Version

Exam (elaborations) ·

NY HOME IMPROVEMENT CONTRACTOR EXAM 2024 | ACTUAL REAL EXAM QUESTIONS WITH DETAILED ANSWERS | ALL VERSIONS INCLUDED | ACCURATE FOR GUARANTEED PASS | LATEST UPDATE

Exam (elaborations) ·

HESI FUNDAMENTALS PROCTORED EXAM (39 EXAM SETS) / FUNDAMENTALS HESI PROCTORED EXAM (39 EXAM SETS) / FUNDAMENTALS PROCTORED HESI EXAM (39 EXAM SETS): LATEST 2023-2024

Exam (elaborations) ·

NURS 6660 Final Exam (2 Versions, 150 Q & A, Latest-2021/2022) / NURS 6660N Final Exam / NURS6660 Final Exam / NURS6660N Final Exam |Verified Q & A, Already Graded A|

Exam (elaborations) ·

TEST BANK for Digital Marketing Strategy: An Integrated Approach to Online Marketing 3rd Edition by Simon Kingsnorth. All Chapters 1-22. (Complete Download).

Exam (elaborations) ·

[Test Bank]Corporate Finance 12th Edition By Stephen Ross, Randolph Corporate Finance, 12e (Chapter 2) Financial Statements, Taxes, and Cash Flow Answer Key

Exam (elaborations) ·

Exam (elaborations) NUR 111 Davis Edge Fluid Electrolyte Acid Base Imbalances /NUR 111 Davis Edge Fluid Electrolyte Acid Base Imbalances Test Questions/Answers WITH RATIONALE

Exam (elaborations) ·

Exam (elaborations) NURS 6630 Final Exam: Psychopharmacologic Approaches To Treatment Of Psychopathology: Walden University NURS 6630 Final Exam Latest 2021, Walden University