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FAC1601 ASSESSMENT 2 SEMESTER 1 2024 Financial Accounting and Reporting - FAC1601
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FAC1601 ASSESSMENT 2 SEMESTER 1 2024 Financial Accounting and Reporting - FAC1601
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,4/7/24, 9:09 PM Assessment 2 (page 1 of 6)
FAC1601-24-S1 Welcome Message Assessment 2
QUIZ
Time left 1:39:52
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17092254&cmid=886579 1/2
, 4/7/24, 9:09 PM Assessment 2 (page 1 of 6)
Question 1
Answer saved
Marked out of 11.00
The following information is presented for Setlagole Catering, a business in
providing luxury catering services to the areas around the Dr Ruth Segomotsi
Mompati District Municipality in the North West province.
These are the balances when they commenced a simultaneous liquidation of the
partnership:
EXTRACT OF BALANCES
R
Trade payables 53,900
Trade receivables 87,300
Catering equipment (cost) 189,000
Vehicles (at cost) 180,000
Catering equipment (accumulated depreciation) 123,979
Vehicles (accumulated depreciation) 67,500
Building (at cost) 250,000
The following transactions took place as part of the liquidation:
1. Debtors were offered a 5% settlement discount. Only 94% of the debtors
settled their balances and the remainder of the debtors book was sold to a
debt agency at 65% discount.
2. The creditors were all settled at a settlement discount of 11%.
3. The vehicle and the building were auctioned off for R112 000 and R283 300
respectively
4. The catering equipment was sold to another local catering company for R55
000.
Which one of the following alternatives represents the correct net profit (or loss)
made on the simultaneous liquidation of Setlagole Catering? Your answer must be
rounded off to the nearest rand.
a. (R 170,279)
b. R 28,708
c. (R 28,708)
d. (R 19,367)
e. (R 21,200)
f. R 21,200
g. R 170,279
h. R 19,367
Clear my choice
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=17092254&cmid=886579 2/2
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