Exam (elaborations)
FAC1602 ASSESSMENT 1 SEMESTER 2024
- Institution
- University Of South Africa (Unisa)
FAC1602 ASSESSMENT 1 SEMESTER 2024
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9/2/24, 5:43 PM Assessment 1 (page 1 of 19)FAC1602-24-S2 Welcome Message Assessment 1
QUIZ
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,9/2/24, 5:43 PM Assessment 1 (page 1 of 19)
Question 1
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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 37 660
Settlement discount granted 24 000
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:
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2.1 The security expenses billed to the business every month include a R450 monthly fee for security at Anna’s private
house. The security bill amounting to R2 150 for February 2024 has not yet been accounted for.
2.2 The long-term loan with Burg Bank secured by land and buildings, bearing a 13.5% annual interest rate, was secured
on April 1, 2023, with interest payments due semi-annually at the end of September and March.
2.3 During the year, red paver bricks valued at R18 000 were taken from the inventory and used to pave the additional
parking lot for customers. After the completion of the project, 20% of the bricks weren’t used and Dave took the remaining
bricks to build a fireplace at his house. This adjustment is yet to be made.
2.4 The inventory's value was calculated to be R180 000 as of February 29, 2024.
2.5 Dave withdrew his salary from March to May 2024 as he had personal financial challenges. The total amount paid was
debited to the salaries and wages account.
Which one of the following alternatives represents the correct amount that must be disclosed as cost of sales in the
statement of profit or loss and other comprehensive income of GNU Bricks for the year ended 29 February 2024?
Instructions:
1. Use a full stop to indicate any decimals (eg: 1000.01)
2. Round off to the nearest Rand (eg: 50.56 is 51)
3. Only show the amount, do not show the R (eg: 12141.72)
Answer: 1800300
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, 9/2/24, 5:43 PM Assessment 1 (page 3 of 19)
FAC1602-24-S2 Welcome Message Assessment 1
QUIZ
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