FAC2246 October Exam (DETAILED ANSWERS) 2023 100% TRUSTED workings, explanations and solutions. For assistance call or us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the following:
Balances on 1 March 20.19:
Ca...
Application based assignment for
the October 2023 Exam
Cycle
Due Date:
Examiner: Mpofu Moderator:
Marks: 100 NQF Level: 6
INSTRUCTIONS
1. Read and carefully follow the instructions in the assignment.
DO NOT plagiarise, copy, or reference other students when completing the assignment; doing so
2.
will result in disciplinary action and a zero percent mark.
3. Please sign the declaration section on page 2 of the answer book to confirm that you are the student.
This assignment must be completed within the time range specified. Late applications will not be
4.
accepted and, as a result, will not be assessed.
After you have typed or handwritten your answers, save your document in PDF format and upload
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it to myClass. The document you upload must be in PDF format.
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6.
answer booklet is numbered accordingly.
7. Use the mark distribution for each question as a guideline for structuring your response.
8. When answering, do not use informal language such as WhatsApp jargon. Such responses will not
be assessed.
Keep enough power or backup power on hand, as the College will not be held liable for any power
9. outages during online assessments. Candidates are recommended to make alternative plans, such as
using a power bank.
10 Keep a duplicate of your assessment answer book.
, Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the following:
Balances on 1 March 20.19:
Capital: Madi R 125 000
Maxi R 85 000
Current Account: Madi R 24 000
Maxi R 8 000 (debit)
Net profit for the period: R 366 000
Transactions during the year, not included in profit:
1. Madi will be full-time employed and will receive a monthly salary of R 12 000.
2. Interest on drawings to be charged at 15% per annum.
3. Interest on capital will be paid at 12% per annum.
4. Interest on current accounts will be charged at 7% per annum.
5. The partners will share profits in the ratio of capital contributed.
6. On 1 July 20.18, Madi withdrew R 10 000 in cash. On 1 December 20.18, Madi
withdrew goods at a cost of R 5 000, this was drawings against expected profits.
7. Madi drew R 6 000 of his salary at the end of each month.
REQUIRED:
Record the journal entries for Madi-Maxi Traders for the year ended 29 February
20.20. (20 marks)
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