FAC1601 EXAM REVISION PACK (2015–2025)
This revision pack is based on the most frequently tested FAC1601 topics appearing in UNISA examinations from 2015–2025, especially:
Partnerships
Close Corporations
Statement of Cash Flows
Financial Statements
Partnership Changes & Liquidation
IFRS/Conceptual Framework
Ratios & Analysis
The exam structure and recurring themes are consistently reflected in official exam guides and past papers.
SECTION A — PARTNERSHIPS
QUESTION 1 — Statement of Profit or Loss and OCI (2015 Style)
Topic
Partnership Financial Statements
Required
Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 28 February 2025.
Information
Sales: R1 250 000
Cost of sales: R650 000
Salaries expense: R140 000
Rent income accrued: R12 000
Depreciation outstanding: R18 000
Interest on partners’ capital:
, Partner A: R10 000
Partner B: R8 000
Profit-sharing ratio: 3:2
Rationale
This question tests:
Accrual accounting
Profit allocation
Partnership appropriations
IFRS presentation format
Core Formula
Gross Profit = Sales − Cost of Sales
QUESTION 2 — Partners’ Current Accounts
Topic
Partnership Equity
Required
Prepare the partners’ current accounts.
Information
Drawings:
A: R15 000
B: R12 000
Salaries:
A: R40 000
B: R30 000
This revision pack is based on the most frequently tested FAC1601 topics appearing in UNISA examinations from 2015–2025, especially:
Partnerships
Close Corporations
Statement of Cash Flows
Financial Statements
Partnership Changes & Liquidation
IFRS/Conceptual Framework
Ratios & Analysis
The exam structure and recurring themes are consistently reflected in official exam guides and past papers.
SECTION A — PARTNERSHIPS
QUESTION 1 — Statement of Profit or Loss and OCI (2015 Style)
Topic
Partnership Financial Statements
Required
Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 28 February 2025.
Information
Sales: R1 250 000
Cost of sales: R650 000
Salaries expense: R140 000
Rent income accrued: R12 000
Depreciation outstanding: R18 000
Interest on partners’ capital:
, Partner A: R10 000
Partner B: R8 000
Profit-sharing ratio: 3:2
Rationale
This question tests:
Accrual accounting
Profit allocation
Partnership appropriations
IFRS presentation format
Core Formula
Gross Profit = Sales − Cost of Sales
QUESTION 2 — Partners’ Current Accounts
Topic
Partnership Equity
Required
Prepare the partners’ current accounts.
Information
Drawings:
A: R15 000
B: R12 000
Salaries:
A: R40 000
B: R30 000
