FAC2246 October Exam (DETAILED ANSWERS) 2023 100% TRUSTED workings, explanations and solutions. For assistance call or us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 .
Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the following:
Balances on 1 March 20.19:
Ca...
Application based assignment for
the October 2023 Exam
Cycle
Due Date:
Examiner: Mpofu Moderator:
Marks: 100 NQF Level: 6
INSTRUCTIONS
1. Read and carefully follow the instructions in the assignment.
DO NOT plagiarise, copy, or reference other students when completing the assignment; doing so
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will result in disciplinary action and a zero percent mark.
3. Please sign the declaration section on page 2 of the answer book to confirm that you are the student.
This assignment must be completed within the time range specified. Late applications will not be
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accepted and, as a result, will not be assessed.
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it to myClass. The document you upload must be in PDF format.
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answer booklet is numbered accordingly.
7. Use the mark distribution for each question as a guideline for structuring your response.
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be assessed.
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, Question 1 (20 Marks)
The partnership agreement of Madi-Maxi Traders provided for the following:
Balances on 1 March 20.19:
Capital: Madi R 125 000
Maxi R 85 000
Current Account: Madi R 24 000
Maxi R 8 000 (debit)
Net profit for the period: R 366 000
Transactions during the year, not included in profit:
1. Madi will be full-time employed and will receive a monthly salary of R 12 000.
2. Interest on drawings to be charged at 15% per annum.
3. Interest on capital will be paid at 12% per annum.
4. Interest on current accounts will be charged at 7% per annum.
5. The partners will share profits in the ratio of capital contributed.
6. On 1 July 20.18, Madi withdrew R 10 000 in cash. On 1 December 20.18, Madi
withdrew goods at a cost of R 5 000, this was drawings against expected profits.
7. Madi drew R 6 000 of his salary at the end of each month.
REQUIRED:
Record the journal entries for Madi-Maxi Traders for the year ended 29 February
20.20. (20 marks)
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