FAC1601 ASSESSMENT 2 SEM 2 OF 2025 (7-9PM)EXPECTED QUESTIONS AND ANSWERS

Profit before adjustment 204100
Server rental prepaid 6800
Interest on Loans:

Mortgage Loan
(R86,000 @ 9%) =
R86,000 x 9% = 7,740
-7740
Salaries and
Wages(24500*2) 49000

Long-term Loan:
Mshana (R25,100 @
16%) = R25,100 x 16%
= R4,016 (Expense)
-4016
248144



artners' Current
Accounts:

Mshana Wami

Balance (1 July 2024) 6,900 6,400
Profit for the year 248144
Salary 35,000 35,000 -70,000
Interest on Capital (10%
x R94,100; 10% x 9,410 9,590 -19,000
R95,900)
Interest on Current A/c
(10% x R6,900 Cr; 10% x 690 -640 -50
R6,400 Dr)
Share of profit 79547 79547 -159094


Drawings(-51500-
-76,000 -74,600
24500),(-50100-24500)



Balance (30 june 2025)
55,547 55,297 0

, CeeMenti
Statement of Financial Position (Extract)
As at 30 June 2025
EQUITY AND LIABILITIES

EQUITY
Capital: Mshana 94100
Capital: Wami 95900
Total Capital 190000
Current Account:
55,547
Mshana

Current Account: Wami 55,297

Total Equity 316394


NON-CURRENT
LIABILITIES
Mortgage Loan (Note
86000
1)
Long-term Loan:
25100
Mshana
Total Non-Current
111100
Liabilities


CURRENT LIABILITIES

Trade and other
19300
payables (Note 2)
Bank Overdraft 8300

Total Current Liabilities 27600


TOTAL EQUITY AND
455094
LIABILITIES




Madi