FAC1601 - Financial Accounting And Reporting (FAC1601)
Institución
University Of South Africa (Unisa)
This document serves as a guide to help reflect on my review of Assessment 2 for FAC1601. This is purely for reflection purposes and shows my decisions on the answers to the assessment as well as the marks I obtained for each answer.
Started on Saturday, 15 April 2023, 7:55 PM
State Finished
Completed on Saturday, 15 April 2023, 9:17 PM
Time taken 1 hour 21 mins
Marks 68.00/85.00
Grade 80.00 out of 100.00
Question 1
Complete
Mark 1.00 out of 1.00
Which of the following statements is correct:
1. A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.
2.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
3. Past financial performance indicators such as total comprehensive income in respect of previous financial periods, are ordinarily used
to determine goodwill.
4.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is
then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.
5.
The selling price of a partnership is determined by the cost price of the partnership.
,Question 2
Complete
Mark 3.00 out of 3.00
MENU
Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting
Dashboard
Malikane. / Courses
A 1/6 share in /theUNISA / 2023
profits/loss / Semester
of the 1 / FAC1601-23-S1
new partnership / Malikane.
was obtained by Welcome Vogel
Messageand /Mazibuko
Assessment 2 to relinquish the 1/6
agreed
share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1. 7:18:6
2. 1:3:6
3. 3:13:2
4. 8:16:5
5. 5:15:4
Question 3
Complete
Mark 1.00 out of 1.00
Which of the following statements is incorrect:
1.
Goodwill is subsequently measured at cost less impairment.
2. Goodwill is a non-current tangible asset in the statement of financial position.
3. Goodwill is an asset representing the future economic benefits arising from other assets that are not capable of being individually
identified and separately recognised.
4. A transferal account is used to close off the accounting records of the existing partnership.
5.
The change in the ownership structure of a partnership can be accomplished using two accounting procedures based on two distinct
perspectives namely the legal and the going-concern perspective.
, Question 4
Complete
Mark 1.00 out of 1.00
MENU
Which of the following statement(s) is/are correct:
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 2
1. If a current account has a debit balance when closing, the journal entry would be to debit the current account and credit the capital
account.
2. A retired or deceased partner does not receive a share of the revaluation surplus account according to the profit-sharing ratio.
3. When admitting a new partner, the accounts to be disclosed in the statement of financial position are closed off to a transferal
account.
4. In the case of a retired/deceased partner, the capital account of the aforementioned partner is closed off to the transferal account.
5. All of the above statements are correct.
Question 5
Complete
Mark 0.00 out of 1.00
When applying the loss-absorption method, the following must be recorded in the books of the partnership:
1. Subtract any budget/contingent expenses from the balances of the partners’ capital accounts according to their profit-sharing ratio.
2. Record the interim repayments.
3.
Subtract all unsold assets from the balances of the capital accounts of the partners according to the profit-sharing ratio.
4. Record the subtraction of any anticipated capital account deficits from the balance of those accounts with anticipated favorable
balances.
5. All of the above
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