Elementary Financial Accounting and Reporting (FAC1602)
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FAC1602 ASSIGNMENT 2 FOR 2ND SEMESTER 2024
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Course
Elementary Financial Accounting and Reporting (FAC1602)
Institution
University Of South Africa (Unisa)
Question 1
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Which one of the following alternatives is correct?
a.
Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the partnership.
b.
From the legal perspectiv...
Elementary Financial Accounting and Reporting (FAC1602)
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FAC1602
ASSIGNMENT 2 FOR 2024
FEND TUTORIALS
, Question 1
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Question text
Which one of the following alternatives is correct?
a.
Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and
not in the partnership.
b.
From the legal perspective, the activities of a dissolved and a subsequent new partnership are not
separately accounted for and reported on.
c.
When a change in the ownership structure of a partnership occurs, a new partnership agreement is
entered into by the new partners which causes the existing partnership to continue with its
business operations without any interruptions.
d.
Since partnerships are not governed by a law requiring that IFRS be applied, it is not
possible to introduce a standardised accounting procedure according to which changes in
the ownership structure of partnerships ought to be recorded.
e.
The retirement of a partner from a partnership does not require the calculation of a new profit-
sharing ratio but a simple reallocation of a retired partner’s share.
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Question 2
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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
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