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  3. University Of South Africa (Unisa)
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  5. Financial Accounting and Reporting (FAC1601)

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FAC1601 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS

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  • Vak
  • Financial Accounting and Reporting (FAC1601)
  • Instelling
  • University Of South Africa (Unisa)

THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 2 SEM 2 OF 2024 EXPECTED QUESTIONS AND ANSWERS. USE IT CORRECTLY AS A GUIDE TO OBTAIN A MARK ABOVE 75%

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  • 14 september 2024
  • 75
  • 2024/2025
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  • fac1601 assessment 2

Geschreven voor

  • University of South Africa (Unisa)
  • Financial Accounting and Reporting (FAC1601)
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Voorbeeld van de inhoud

IMPORTANT: THE QUESTIOINS ARE CHANGING CERTAIN FIGURES AND CERTAI
INFORMATION TO MAKE THE QUESTIONS DIFFERENT, PLEASE TAKE CHECK
AND COMPARE ESPECIALLY THE HIGHLIGHTED FIGURES AND INFORMATION
Trading under the name Lehumo Bricks, Refentse and Boitshepo are partners in
this brick manufacturing company. Over the years, Lehumo Bricks has
established itself as a reputable supplier of high-quality bricks used in various
construction projects, from residential homes to large commercial buildings.
The business has been profitable, with Refentse and Boitshepo sharing profits
and losses equally, reflecting their initial capital investments and contributions
to the partnership.
However, after years of operating in the competitive construction materials
industry, the partners decided to liquidate the business. Their decision was
influenced by a combination of factors, including changes in market demand,
increasing production costs, and their desire to pursue other ventures.
Having carefully evaluated offers for key assets, particularly the land, the
building, manufacturing equipment and inventory on hand, they decided to
accept the most favourable ones for the sale of the land, inventory and
equipment. With this decision in place, they planned to initiate the
simultaneous liquidation of the partnership on 1 June 2024.


Before any liquidation entries were recorded, they prepared a final trial balance
to summarise the financial position of the business.
OSCAR THE TUTOR
EXTRACT OF TRIAL BALANCE AS AT 1 JUNE 2024
+27737560989 R
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials
Equipment at carrying amount R290,000
Long-term loan -R968,500
Land and building at carrying amount R792,000
Inventory R256,000
Capital – Refentse -R268,900
Capital – Boitshepo -R285,900
Current account – Refentse (dr) R20,400
Current account – Boitshepo (dr) R45,200
Bank R119,700


On 1 June 2024, a series of financial transactions took place to finalise the
sale of the business’s assets and settle its liabilities. Below is a summary of
the key transactions that occurred during the liquidation:
1. The land and buildings, which had been integral to Lehumo Bricks'
manufacturing operations, were sold for a cash amount of R855 000.
2. Boitshepo, one of the partners, took over certain brick-making equipment
with a carrying amount of R87 600. While Boitshepo did not pay for the
equipment immediately, the partners agreed on a cash value of R74 000
for this transaction.
3. The remaining brick-making equipment was sold to an external buyer at a
carrying value in cash.
4. The costs associated with the liquidation process amounted to R45 000.
These costs included legal fees, administrative expenses, and other
charges incurred during the winding-up of the business.
5. The inventory of bricks and raw materials was sold for R210 000. The
sale of these finished goods and materials added substantial cash to the
liquidation process, ensuring that more of the partnership’s liabilities
could be paid off.
6. Lehumo Bricks had an outstanding long-term loan, which was fully paid
off during the liquidation process at a negotiated settlement amount of
R800 000.



Which one of the following alternatives represents the correct amount that

, must be allocated to Refentse on as liquidation profit (loss) of Lehumo Bricks
on 1 June 2024?


a. R85,950
b. -R34,700
c. R34,700
d. R58,700
e. R63,450
f. R58,950
g. -R63,450

Clear my choice




Next page




Pre vi o us ac t i vi t y
Assessment 1




OSCAR THE TUTOR

+27737560989
for FAC MAC ECS DSC TAX QMI FIN INV BNU STA tutorials

, Didi and Chomi are running a business, VaalPure Innovations, a
company that specialises in developing cutting-edge water filtration
systems for industrial use. VaalPure Innovations operates in the
environmental technology sector, focusing on providing sustainable
solutions to industries dealing with water scarcity and pollution. Didi
and Chomi are in a partnership and share profits and losses in a
ratio of 3:2 respectively.


On 30 July 2024 the following information was extracted from the
accounting records of the partnership:
R
Capital - Didi R183,800
Capital - Chomi R168,700
Current account - Didi (Cr) R44,000
Current account - Chomi (Cr) R33,000


Additional information:
1. On 1 August 2024, Didi and Chomi decided to admit Lebo to the
business as a new partner. Lebo will contribute the following to
acquire a fifth of the net asset share of the partnership
Cash…................................................... R 35 000
NP200 Bakkie worth…......................... R120 000
2. Didi and Chomi agreed to relinquish 20% of their share in profits
or losses to Lebo in the ratio of 3:1 respectively
3. All other assets were revalued before admitting Lebo to the
partnership.
4. A valuation loss was correctly calculated at R18 000.


Correct balance in the capital account of Chomi after the valuation
of assets and prior to the admission of Lebo?


Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12000)




Answer: 208900




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