Exam (elaborations)
fac1601 Assignment 3 Semester 2 2023 Distinction
- Course
- Institution
- Book
fac1601 Assignment 3 Semester 2 2023 Distinction guaranteed
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
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.
1 review
By: mpumemzobe88 • 1 year ago
Seller
Follow
ExpectviewTutors
Reviews received
Content preview
FAC 1601ASSIGNMENT 3 SEMESTER 2 2023
Use this document as a guide to learn, compare and reference
,EXPECTVIEW TUTORS
8/8
, 9/30/23, 11:14 AM Assessment 3
The following information pertains to The Roses CC and covers questions 1 – 9:
David and Patrick are the only members of a Close Corporation trading as The Roses CC (Roses CC). They
both have an equal interest of 50% each in the CC. The CC has a 28 February financial year-end.
You have been appointed by Roses CC as the accounting officer for the year ended 28 February 2023.The
following information was presented to you by the CC’s accountant:
The Roses CC
EXTRACT OF BALANCES AS AT 28 February 2023:
The Roses CC R
Member contribution:David 180000
Member contribution:Patrick 240000
Loan from David 60000
SARS (Dr) 6240
Allowance for credit losses 2400
Inventory (01 March 2022) 72000
Long-term loan : Redbank 134400
Prepaid expenses 4920
Accrued expenses 6480
Sales 648000
Sales return 22800
Purchases 238800
Delivery expenses on Sales 5904
Depreciation 5184
Rental income 6540
Purchases returns 4980
Salaries and wages 283692
Land and buildings at cost 576000
Debtors control 39600
Interest on loan from member ?
Telephone expense 7680
Stationery 3960
Water and electricity 8580
Advertising expense 5160
Insurance expense ?
Additional information:
Extract from the member’s arrangement:
1. Patrick and David are entitled to a monthly salary of R6 000 each. Patrick as the managing members is
entitled to an additional amount of R12 000 per annum.
Year-end adjustments:
1. The allowance for credit losses must be adjusted to R5 760.Mr Johny a debtor who owe the business R1 300
was declared insolvent and must be written off as irrecoverable.
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php#question-14003222-18 1/19
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExpectviewTutors. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.90. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84146 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
Recently viewed by you
