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FAC1602 ASSIGNMENT 1 SEMESTER 2 2024. Settlement discount received should be included in the cost of inventories sold during the year. True False€2,67
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Elementary Financial Accounting and Reporting (FAC1602)
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,9/2/24, 4:28 PM Assessment 1
FAC1602-24-S2 Welcome Message Assessment 1
QUIZ
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Question 1
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Marked out of 1.50
The term ‘current liabilities’ refers to…
a. debts that must be settled within one year
b. equity invested by the owner
c. assets that will be converted to cash within a year
d. long-term debts due in more than one year
Qabaqongo Oils is a sunflower oil production and distribution business, supplying various retailers and wholesalers
throughout Mpumalanga. The company is a partnership between Khanyisa and Zinhle. Below is the relevant information
regarding the partnership’s financial activities for the year ending 30 June 2024.
Extract of balances as at 30 June 2024:
R
Inventory R106,600
Bank (positive) R293,600
Trade receivables control R199,200
Vehicles at cost R708,200
Equipment at cost R209,300
Factory building at cost R575,100
Accumulated depreciation: Vehicles R41,700
Accumulated depreciation: Equipment R68,800
Allowance for credit losses R3,000
Trade payables control R119,800
Capital: Khanyisa R431,500
Capital: Zinhle R246,700
Current account: Khanyisa (Cr: 1 July 2023) R15,300
Current account: Zinhle (Dr: 1 July 2023) R9,300
2. Supplementary information:
2.1 Details of the partnership agreement between the partners:
2.1.1 An annual interest rate of 6% is applied to the opening balances of the partners’ capital and current accounts.
2.1.2 Profits and losses are shared equally between Khanyisa and Zinhle.
2.1.3 The monthly salaries to which the partners are entitled are R15 000 and R20 000 for Khanyisa and Zinhle respectively.
As of 30 June 2024, the salaries paid to the partners were only up to 30 April 2024.
2.2 Adjustments at the end of the year:
2.2.1 The business aimed to expand its operations by acquiring additional land for sunflower cultivation. On 30 June 2024,
KEN Corp provided a loan of R468 000 to facilitate the purchase of a farm. The farmland was acquired on 2 July 2024 at the
cost of R468,000. This loan is classified as long-term, with an 8% annual interest rate, to be repaid over 6 years with equal
instalments starting from 30 June 2025. This transaction has not yet been recorded.
2.2.1 On 30 June 2023, it was decided that an outstanding debt of R17 000 owed to the business was unlikely to be
recovered and should be written off as bad debt.
Assume the correct trade and other receivables amount is R60 000. Which one of the following alternatives represents the
correct amount that must be disclosed as current assets in the statement of financial position of Qabaqongo Oils as at
30 June 2024?
a. R930,400
b. R928,200
c. R460,200
d. R868,200
e. R166,600
f. R928,400
Dave and Anna are partners in GNU Bricks, a partnership business in the manufacturing of clay paving bricks in Bergville. The
partnership was established on 13 May 2021.
The following information pertains to the business activities as of 29 February 2024:
Balances as at 29 February 2024:
R
Land and buildings at cost 1 135 800
Machinery at cost 837 800
Accumulated depreciation: Machinery 315 800
Vehicles at cost 637 800
Accumulated depreciation: Vehicles 315 800
Inventory (1 March 2023) 190 700
Bank (Dr) 885 300
Trade receivables control 487 600
Trade payables control 383 000
Long-term loan (Burg Bank) 1 191 400
Capital: Dave 321 800
Capital: Anna 327 800
Drawings: Dave 85 200
Drawings: Anna 83 800
Interest on loan ?
Depreciation 115 000
Delivery cost on sales 54 400
Water and electricity 91 700
Purchases 1 804 000
Security expenses 28 500
Salaries and wages 422 300
Delivery cost on purchases 24 800
Bank charges 14 900
Sales 2 782 800
Stationery consumed 24 100
Settlement discount received 36 700
Settlement discount granted 29 040
Additional information:
1 Partnership agreement:
1.1 An annual interest rate of 12% is applied to the capital account balances.
1.2 Dave and Anna agreed to share profits and losses equally.
1.3 Each partner has a monthly salary entitlement of R18,800.
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