Exam (elaborations)
Fac1601 Assignment 5 Semester 2 2023 Distinction
- Course
- Institution
- Book
Fac1601 Assignment 5 Semester 2 2023 Distinction
[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.
2 reviews
By: geronimoworld17 • 3 weeks ago
By: mokgadimaria • 1 year ago
Seller
Follow
ExpectviewTutors
Reviews received
Content preview
FAC 1601ASSIGNMENT 5 SEMESTER 2 2023
Use this document as a guide to learn, compare and reference
,Expect view tutors 0665387925
,10/28/23, 11:58 AM Assessment 5 (page 1 of 5)
Alphabets and Numbers
Use the following information to answer questions 1 to 12.
Alphabets and Numbers
1. Balances as at 28 February 2023:
R
Member’s contribution: Thabo 168000
Member’s contribution: Thabang 252000
Retained earnings (1 March 2022) 67920
Revaluation surplus 98400
Loan from Thabo 84000
Distribution to member: Thabo 38400
Distribution to member: Thabang 57600
Loan to Thabang 60000
Allowance for credit losses 3600
Land and buildings at valuation (cost price R153600) ??
Equipment at cost (01 March 2022) 198000
Investment at fair value 150000
Trading inventory 168600
Consumable inventory 7440
Long-term loan: Lethabong bank 72000
Accumulated depreciation: Equipment 74784
Accrued expenses 8160
Prepaid expenses 4200
Bank (overdraft) 30144
Petty cash 840
Trade receivables control 84528
Trade payables control 37848
Profit before tax 209256
SARS (Income tax) (Dr) 84504
Additional information
1. The following information relates to the fixed assets of Alphabets and Numbers:
· The depreciation on the old equipment for the year amounted to R42 250.
· On the 28 February 2023 Alphabets and Numbers purchased a new equipment for R150 000. It is the
accounting policy to depreciate equipment at 20% per annum with nill residual value. The transaction still
needs to be recorded.
· On 31 December 2022 the land and buildings were revalued for by Mr Two, an independent sworn
appraiser. The transaction has already been recorded.
· There were no other disposals of, or additions to the land and buildings and equipment during the
financial year except for the ones mentioned above.
2. On 1 September 2022, Alphabets and Numbers CC purchased 30 000 ordinary shares at R4 each in
Vodakom Limited. On 28 February 2023 the shares traded at R5,00 per share.
3. Credit losses of R6 000 must be written off. The closing balance of the allowance for credit losses account
must be increased with R1 200.The transaction has not yet been recorded.
4. The loan to Thabang is immediately callable.
5. During 2023 Alphabets and Numbers obtained an interest free loan from Thabo of R84 000, the first
instalment of R21 000 must be paid on 31 January 2024.The loan is unsecured.
6. The actual income tax for the financial year amounted to R62 850 and must still be
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14357633&cmid=673036 1/7
, 10/28/23, 11:58 AM Assessment 5 (page 1 of 5)
recorded.
7. A further distribution of R20 000 to Thabo and R35 000 to Thabang must still be made to the members.
8. Alphabets and Numbers obtained a long-term loan from Lethabong Bank on 1 June 2022 at 15% interest per
annum and is secured by mortgage bond over land and buildings. The capital amount of the loan must be
repaid on 31 May 2026.
QUESTION 1
Assuming a Revaluation Surplus of R56 400. Which alternative represents the correct amount to be disclosed
as carrying amount of Land and Buildings in the statement of financial position of Alphabets and Numbers
as at 28 February 2023?
A. R153 600
B. R324 070
C. R252 000
D. R97 200
Question 2
Not yet answered
Marked out of 2.00
QUESTION 2
Which alternative represents the correct amount to be disclosed as carrying amount of Equipment in the
statement of financial position of Alphabets and Numbers as at 28 February 2023?
A. R192 250
B. R273 216
C. R198 000
D. R348 000
https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=14357633&cmid=673036 2/7
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 $2.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now