FAC1601 ASSESSMENT 5 2023

PASSMATE TUTORIALS


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,PASSMATE TUTORIALS




CONTACT PASSMATE TUTORIALS @061 262 1185/068 053 8213/0717 513 144 OR
email




PASSMATE TUTORIALS 061 262 1185/068 053 8213/0717 513 144

,PASSMATE TUTORIALS

Gill and Zaahir are in the business of supplying and installing solar panels in the form of a
partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the
ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the
accounting records of the partnership:




Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the
partnership:
Cash….......................................................................R23 200
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after the
admission of Brian into the new partnership?



a.
2:3:1


b.
1:3:2


c.
3:2:1


d.
2:1:2




PASSMATE TUTORIALS 061 262 1185/068 053 8213/0717 513 144

, PASSMATE TUTORIALS

Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-
sharing ratio, which one of the following alternatives represent the new profit-sharing
ratio after the admission of Brian into the new partnership?


a.
3:2:1


b.
1:3:2


c.
2:4:3


d.
2:3:1




Which one of the following alternatives represents the correct balance in the capital
account of Gill after the valuation of assets and prior to the admission of Brian?


a.
R68 500


b.
R148 600


c.
R112 100


d.
R167 450




Which one of the following alternatives represents the correct balance in the capital
account of Zaahir after the valuation of assets and prior to the admission of Brian?


a.
R122 350


PASSMATE TUTORIALS 061 262 1185/068 053 8213/0717 513 144