lOMoAR cPSD| 48433225
FAC1601 LATEST
EXAM PACK 2025
DETAILED QUESTION AND CORRECT
EXPLAINED ANSWERS WITH CORRECT
CALCULATIONS
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, lOMoAR cPSD| 48433225
Exam Paper, 2025
FAC1601
Financial Accounting Reporting
Department of Financial Accounting
PLEASE NOTE:
1. This is a closed-book examination.
2. This examination MUST be handwritten.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
This paper comprises (9) pages.
PROPOSED TIMETABLE
Try not to deviate from this.
TIME IN
QUESTION SUBJECT MARKS MINUTES
Partnerships: Statement of profit or loss
1 31 37
and other comprehensive income
2 Close corporations: Statement of financial 33 40
position
3 Close corporations: Statement of cash 24 29
flows
4 Short question
12 14
Peace meal liquidation
TOTAL 100 120
QUESTION 1 (31 marks)(37
ThulaMabota Supplies is a partnership with Thula and Mabota as partners. The
following information pertains to the business activities of the partnership for the year
ended 28 February 2025:
Extract of balances as at 28 February 2025:
R
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, lOMoAR cPSD| 48433225
FAC1601
MAY 2025
2
minutes)
Capital: Thula .
................................................................................................................ 255,400
Capital: Mabota .
............................................................................................................. 160,200
Current Account: Thula (Cr: 1 March 2024) .
.................................................................. 39,000
Current Account: Mabota (Dr: 1 March 2024) .
............................................................... 6,100
Drawings: Thula .
............................................................................................................ 6,300
Drawings: Mabota .
......................................................................................................... 4,000
Trade creditors control .
.................................................................................................. 73,200
Bank .
........................................................................................................................ 44,400
.....
Land and buildings at cost .
............................................................................................ 323,100
Equipment at cost .
......................................................................................................... 115,900
Vehicle at cost .
............................................................................................................... 127,500
Accumulated depreciation: Equipment (1 March 2024) .
................................................ 35,700
Accumulated depreciation: Vehicles (1 March 2024) .
.................................................... 15,800
Inventory (1 March 2024) .
.............................................................................................. 19,300
Trade debtors control .
.................................................................................................... 26,700
Petty cash .
..................................................................................................................... 1,900
Investment at cost .
......................................................................................................... 127,700
Loan to Thula .
................................................................................................................ 122,000
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, lOMoAR cPSD| 48433225
FAC1601
MAY 2025
3
(continued)
Loan from Mabota .
......................................................................................................... 127,500
Sales …
........................................................................................................................ 785,300
…
Purchases .
..................................................................................................................... 408,700
Salaries .
........................................................................................................................ 162,800
.
Interest on loan to Thula .
............................................................................................... 11,900
Water and electricity .
...................................................................................................... 5,800
Settlement discount granted .
......................................................................................... 4,900
Stationary .
...................................................................................................................... 6,300
Telephone expense .
....................................................................................................... 8,100
Insurance .
...................................................................................................................... 9,700
Freight on sales .
............................................................................................................. 4,200
Additional information:
1. Abstract from the terms of the partnership agreement:
1.1 The partners share profits or losses in the ratio of 2:1 respectively.
1.2 Interest is calculated at 10% per annum on the opening balances of the partners’
capital and current accounts.
1.3 Both partners are entitled to a salary of R5 000 per month.
2. Year-end adjustments:
2.1 Thula and Mabota are the only staff members of ThulaMabota Supplies .
2.2 On 28 February 2025 the inventory on hand amounted to R10 000.
[TURN OVER]
Downloaded by Vincent master ()
FAC1601 LATEST
EXAM PACK 2025
DETAILED QUESTION AND CORRECT
EXPLAINED ANSWERS WITH CORRECT
CALCULATIONS
Downloaded by Vincent master ()
, lOMoAR cPSD| 48433225
Exam Paper, 2025
FAC1601
Financial Accounting Reporting
Department of Financial Accounting
PLEASE NOTE:
1. This is a closed-book examination.
2. This examination MUST be handwritten.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
This paper comprises (9) pages.
PROPOSED TIMETABLE
Try not to deviate from this.
TIME IN
QUESTION SUBJECT MARKS MINUTES
Partnerships: Statement of profit or loss
1 31 37
and other comprehensive income
2 Close corporations: Statement of financial 33 40
position
3 Close corporations: Statement of cash 24 29
flows
4 Short question
12 14
Peace meal liquidation
TOTAL 100 120
QUESTION 1 (31 marks)(37
ThulaMabota Supplies is a partnership with Thula and Mabota as partners. The
following information pertains to the business activities of the partnership for the year
ended 28 February 2025:
Extract of balances as at 28 February 2025:
R
[TURN OVER]
Downloaded by Vincent master ()
, lOMoAR cPSD| 48433225
FAC1601
MAY 2025
2
minutes)
Capital: Thula .
................................................................................................................ 255,400
Capital: Mabota .
............................................................................................................. 160,200
Current Account: Thula (Cr: 1 March 2024) .
.................................................................. 39,000
Current Account: Mabota (Dr: 1 March 2024) .
............................................................... 6,100
Drawings: Thula .
............................................................................................................ 6,300
Drawings: Mabota .
......................................................................................................... 4,000
Trade creditors control .
.................................................................................................. 73,200
Bank .
........................................................................................................................ 44,400
.....
Land and buildings at cost .
............................................................................................ 323,100
Equipment at cost .
......................................................................................................... 115,900
Vehicle at cost .
............................................................................................................... 127,500
Accumulated depreciation: Equipment (1 March 2024) .
................................................ 35,700
Accumulated depreciation: Vehicles (1 March 2024) .
.................................................... 15,800
Inventory (1 March 2024) .
.............................................................................................. 19,300
Trade debtors control .
.................................................................................................... 26,700
Petty cash .
..................................................................................................................... 1,900
Investment at cost .
......................................................................................................... 127,700
Loan to Thula .
................................................................................................................ 122,000
[TURN OVER]
Downloaded by Vincent master
()
, lOMoAR cPSD| 48433225
FAC1601
MAY 2025
3
(continued)
Loan from Mabota .
......................................................................................................... 127,500
Sales …
........................................................................................................................ 785,300
…
Purchases .
..................................................................................................................... 408,700
Salaries .
........................................................................................................................ 162,800
.
Interest on loan to Thula .
............................................................................................... 11,900
Water and electricity .
...................................................................................................... 5,800
Settlement discount granted .
......................................................................................... 4,900
Stationary .
...................................................................................................................... 6,300
Telephone expense .
....................................................................................................... 8,100
Insurance .
...................................................................................................................... 9,700
Freight on sales .
............................................................................................................. 4,200
Additional information:
1. Abstract from the terms of the partnership agreement:
1.1 The partners share profits or losses in the ratio of 2:1 respectively.
1.2 Interest is calculated at 10% per annum on the opening balances of the partners’
capital and current accounts.
1.3 Both partners are entitled to a salary of R5 000 per month.
2. Year-end adjustments:
2.1 Thula and Mabota are the only staff members of ThulaMabota Supplies .
2.2 On 28 February 2025 the inventory on hand amounted to R10 000.
[TURN OVER]
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