Fac 1502 Assignment 1 Semester 2 2024 Due date 18 August 2024 ( complete answers with a quiz to open assigment as bonus) distinction guaranteed) 0665387925
Fac1501 Assignment 1 semester 2 2024quiz to unlock module content (complete answers) distinction get 100%
FAC1602 Assignment 4 (COMPLETE ANSWERS) Semester 1 2024 (215199)- DUE 20 May 2024;100% TRUSTED workings, explanations and solutions.
Alles voor dit studieboek (16)
Geschreven voor
University of South Africa (Unisa)
Fac1601 financial accounting (FAC1601)
Alle documenten voor dit vak (1)
1
beoordeling
Door: mokgadimaria • 11 maanden geleden
Verkoper
Volgen
ExpectviewTutors
Ontvangen beoordelingen
Voorbeeld van de inhoud
FAC 1601
ASSIGNMENT 5 SEMESTER 2 2023
Use this document as a guide to learn, compare and reference
,Expect view tutors 0665387925
,10/28/23, 11:58 AM Assessment 5 (page 1 of 5)
Alphabets and Numbers
Use the following information to answer questions 1 to 12.
Alphabets and Numbers
1. Balances as at 28 February 2023:
R
Member’s contribution: Thabo 168000
Member’s contribution: Thabang 252000
Retained earnings (1 March 2022) 67920
Revaluation surplus 98400
Loan from Thabo 84000
Distribution to member: Thabo 38400
Distribution to member: Thabang 57600
Loan to Thabang 60000
Allowance for credit losses 3600
Land and buildings at valuation (cost price R153600) ??
Equipment at cost (01 March 2022) 198000
Investment at fair value 150000
Trading inventory 168600
Consumable inventory 7440
Long-term loan: Lethabong bank 72000
Accumulated depreciation: Equipment 74784
Accrued expenses 8160
Prepaid expenses 4200
Bank (overdraft) 30144
Petty cash 840
Trade receivables control 84528
Trade payables control 37848
Profit before tax 209256
SARS (Income tax) (Dr) 84504
Additional information
1. The following information relates to the fixed assets of Alphabets and Numbers:
· The depreciation on the old equipment for the year amounted to R42 250.
· On the 28 February 2023 Alphabets and Numbers purchased a new equipment for R150 000. It is the
accounting policy to depreciate equipment at 20% per annum with nill residual value. The transaction still
needs to be recorded.
· On 31 December 2022 the land and buildings were revalued for by Mr Two, an independent sworn
appraiser. The transaction has already been recorded.
· There were no other disposals of, or additions to the land and buildings and equipment during the
financial year except for the ones mentioned above.
2. On 1 September 2022, Alphabets and Numbers CC purchased 30 000 ordinary shares at R4 each in
Vodakom Limited. On 28 February 2023 the shares traded at R5,00 per share.
3. Credit losses of R6 000 must be written off. The closing balance of the allowance for credit losses account
must be increased with R1 200.The transaction has not yet been recorded.
4. The loan to Thabang is immediately callable.
5. During 2023 Alphabets and Numbers obtained an interest free loan from Thabo of R84 000, the first
instalment of R21 000 must be paid on 31 January 2024.The loan is unsecured.
6. The actual income tax for the financial year amounted to R62 850 and must still be
, 10/28/23, 11:58 AM Assessment 5 (page 1 of 5)
recorded.
7. A further distribution of R20 000 to Thabo and R35 000 to Thabang must still be made to the members.
8. Alphabets and Numbers obtained a long-term loan from Lethabong Bank on 1 June 2022 at 15% interest per
annum and is secured by mortgage bond over land and buildings. The capital amount of the loan must be
repaid on 31 May 2026.
QUESTION 1
Assuming a Revaluation Surplus of R56 400. Which alternative represents the correct amount to be disclosed
as carrying amount of Land and Buildings in the statement of financial position of Alphabets and Numbers
as at 28 February 2023?
A. R153 600
B. R324 070
C. R252 000
D. R97 200
Question 2
Not yet answered
Marked out of 2.00
QUESTION 2
Which alternative represents the correct amount to be disclosed as carrying amount of Equipment in the
statement of financial position of Alphabets and Numbers as at 28 February 2023?
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
√ Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, Bancontact of creditcard voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper ExpectviewTutors. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €2,69. Je zit daarna nergens aan vast.