Examen
FAC1602 ASSIGNMENT 3 SEMESTER 2 2023
- Grado
- Institución
This document contains FAC1602 Assignment 3 semester 2 Questions and trusted answers.
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The following information pertains to The Roses CC and covers questions 1 – 9:
David and Patrick are the only members of a Close Corporation trading as The Roses CC (Roses CC). They both have an equal
interest of 50% each in the CC. The CC has a 28 February financial year-end.
You have been appointed by Roses CC as the accounting officer for the year ended 28 February 2023.The following
information was presented to you by the CC’s accountant:
The Roses CC
EXTRACT OF BALANCES AS AT 28 February 2023:
The Roses CC R
Member contribution:David 180000
Member contribution:Patrick 240000
Loan from David 60000
SARS (Dr) 6240
Allowance for credit losses 2400
Inventory (01 March 2022) 72000
Long-term loan : Redbank 134400
Prepaid expenses 4920
Accrued expenses 6480
Sales 648000
Sales return 22800
Purchases 238800
Delivery expenses on Sales 5904
Depreciation 5184
Rental income 6540
Purchases returns 4980
Salaries and wages 283692
Land and buildings at cost 576000
Debtors control 39600
Interest on loan from member ?
Telephone expense 7680
Stationery 3960
Water and electricity 8580
Advertising expense 5160
Insurance expense ?
Additional information:
Extract from the member’s arrangement:
1.Patrick and David are entitled to a monthly salary of R6 000 each. Patrick as the managing members is entitled to an
additional amount of R12 000 per annum.
Year-end adjustments:
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