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Exam (elaborations) FAC1601 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (214921) - DUE 30 April 2024 • Course • Financial Accounting and Reporting - FAC1601 (FAC1601) • Institution • University Of South Africa (Unisa) • Book • ABOUT FINANCIAL ACCOUNTI2,32 €
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Exam (elaborations) FAC1601 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (214921) - DUE 30 April 2024 • Course • Financial Accounting and Reporting - FAC1601 (FAC1601) • Institution • University Of South Africa (Unisa) • Book • ABOUT FINANCIAL ACCOUNTI
Cours
FAC1601
Établissement
University Of South Africa
Book
ABOUT FINANCIAL ACCOUNTING VOLUME 2 (8TH EDITION)
Exam (elaborations)
FAC1601 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024 (214921) - DUE 30 April 2024
• Course
• Financial Accounting and Reporting - FAC1601 (FAC1601)
• Institution
• University Of South Africa (Unisa)
• Book
• ABOUT FINANCIAL ACCOUNTING VOLUME 2
FAC1601 Assi...
[DOCUMENT TITLE]
FAC1601 Assignment
3 (COMPLETE
ANSWERS) Semester
1 2024 (214921) -
DUE 30 April 2024•
Course• Financial
Accounting and
Reporting - FAC1601
(FAC1601
[School]
[Course title]
,Exam (elaborations)
FAC1601 Assignment 3 (COMPLETE ANSWERS)
Semester 1 2024 (214921) - DUE 30 April 2024
Course
Financial Accounting and Reporting - FAC1601 (FAC1601)
Institution
University Of South Africa (Unisa)
Book
ABOUT FINANCIAL ACCOUNTING VOLUME 2
FAC1601 Assignment 3 (COMPLETE ANSWERS) Semester 1 2024
(214921) - DUE 30 April 2024 ;100% TRUSTED workings, explanations
and solutions
Question 1 Not yet answered Marked out of 3.00 QUIZ This information
relates to questions 1 - 5 below: A profi table cattle feed production
company, Tswelelopele Ltd, was incorporated with an authorised share
capital of 900,000 NPV ordinary shares and 600,000 6.5% preference
shares. The company's fi nancial year-end is April 30. Below are the share
transactions recorded for Tswelelopele Ltd since incorporation: On May 1,
2022, 105,000 ordinary shares were issued to subscribers at R8.5 per
share. On June 18, 2022, 225,000 ordinary shares and 260,000 6.5%
preference shares were issued to the public at R10.50 each and R11.20
each, respectively. On July 31, 2023, 102,000 6.5% preference shares
were issued at R20.20 each. On March 25, 2024, the share capital for
ordinary shares increased by R1,820,500. These shares were issued at
R12.50 each. On April 15, 2024, the directors of Tswelelopele Ltd approved
a capitalisation issue of 1 share for every 4 ordinary shares held at R15.9
per share. On April 30, 2024, the board of Tswelelopele Ltd declared an
ordinary dividend of R0.45 per share, payable during May 2024. The
company met the liquidity and solvency requirements. Which one of the
following alternatives represents the correct total number of ordinary shares
issued by Tswelelopele Ltd as at 31 March 2024? a. 330,000 b. 245,000 c.
300,000 d. 475,640 e.2,150,500 Clear my choice Time left 1:57:13 S - The
study-notes marketplace S - The study-notes marketplace
To find the total number of ordinary shares issued by Tswelelopele Ltd as
of March 31, 2024, we need to sum up all the ordinary share transactions
up to that date:
, 1. May 1, 2022: 105,000 ordinary shares issued.
2. June 18, 2022: 225,000 ordinary shares issued.
3. March 25, 2024: Additional ordinary shares issued. The capital
increased by R1,820,500, and the issue price was R12.50 per share.
So, the number of additional ordinary shares issued is:
1,820,50012.50=145,640 12.501,820,500=145,640.
Adding up the ordinary shares from each transaction:
So, the correct total number of ordinary shares issued by Tswelelopele Ltd
as at March 31, 2024, is 475,640.
Therefore, the correct answer is option d.
Question 5 Not yet answered Marked out of 5.00 Which one of the
following alternatives represents the correct amount of preference share
dividend by Tswelelopele Ltd on 30 April 2024? a. R 189,000 b. R 323,206
c. R 289,725 d. R 189,280 e.R 320,000 Clear my choice S - The study-
notes marketplace
To calculate the preference share dividend for Tswelelopele Ltd on April 30, 2024, we need
to consider the number of preference shares issued and the dividend rate.
1. June 18, 2022: 260,000 6.5% preference shares were issued.
2. July 31, 2023: 102,000 6.5% preference shares were issued.
Total preference shares = 260,000 + 102,000 = 362,000 shares.
The dividend rate for preference shares is 6.5%.
So, the preference share dividend amount can be calculated as:
Preference share dividend=Number of preference shares×Dividend ratePrefer
ence share dividend=Number of preference shares×Dividend rate
=362,000×0.065=362,000×0.065
=23,530=23,530
, Therefore, the correct amount of preference share dividend by Tswelelopele Ltd on April 30,
2024, is R 323,206.
So, the correct answer is option b.
Question 8 Not yet answered Marked out of 1.50 Which statement
accurately describes the taxation of close corporations? a. A close
corporation is taxed separately from its members. b. Members of a close
corporation are taxed on the CC's income. c. Taxation of a close
corporation is at a fi xed rate irrespective of income. d. Close corporations
pay double the tax rate compared to companies. e.Close corporations are
exempt from all forms of taxation. Clear my choice S - The study-notes
marketplace FAC1601-24-S1 Welcome Message Assessment 3
The correct statement that accurately describes the taxation of close
corporations is:
b. Members of a close corporation are taxed on the CC's income.
In a close corporation, the profits are not taxed at the entity level like in a
company. Instead, the profits flow through to the members, and each
member is taxed on their share of the corporation's income according to
their personal tax rates.
Therefore, option b is correct.
Question 9 Not yet answered Marked out of 1.50 Question 10 Not yet
answered Marked out of 1.50 QUIZ How many natural persons are allowed
to be members of a close corporation? a. No limit as long as all are natural
persons. b. 20 c. 15 d. 10 e.5 Clear my choice
The correct answer is:
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