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FAC1601 Assignment 5 Semester 1 2023 ( Exam questions nd solutions)
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FAC 1601ASSIGNMENT 5 SEMESTER 1 2023
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,Gill and Zaahir are in the business of supplying and installing solar panels in the form of a
partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio 1:2
respectively. On 31 May 2023 the following information was extracted from the accounting records
of the partnership:
Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the partnership:
Cash… ..............................................................R23 200
Solar Installation Equipment… ..................... R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after the
admission of Brian into the new partnership?
a. 1:3:2
b. 2:3:1
c. 3:2:1
d. 2:1:2
,Question 2
Not yet answered
Marked out of 2.00
Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-sharing
ratio, which one of the following alternatives represent the new profit-sharing ratio after the
admission of Brian into the new partnership?
a. 2:3:1
b. 1:3:2
c. 3:2:1
d. 2:4:3
Question 3
Not yet answered
Marked out of 2.00
Which one of the following alternatives represents the correct balance in the capital
account of Gill after the valuation of assets and prior to the admission of Brian?
a. R167 450
b. R148 600
c. R112 100
d. R68 500
, Question 4
Not yet answered
Marked out of 2.00
Which one of the following alternatives represents the correct balance in the capital
account of Zaahir after the valuation of assets and prior to the admission of Brian?
a. R147 700
b. R122 350
c. R140 150
d. R71 700
Question 5
Not yet answered
Marked out of 3.00
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a. R153 200
b. R46 600
c. R459 600
d. R273 000
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