FAC 1601 (FAC1601)

FAC1601 Assignment 1 Semester 1 2023

LATEST AND UPTO DATE

FAC1601 ASSIGNMENT 5 SOLUTIONS PLEASE RUN THE ASSIGNMENT FOR AT LEAST 2 HOURS SO THAT YOU ARE NOT FLAGGED FOR POSSIBLE INFORMATION SHARING QUESTION 1 Cash receipt from customers 2021 2022 Cash received from customers Items in statement of profit or loss and other comprehensive income + Accrued income - Accrued income - Income received in advance + Income received in advance Revenue 805 800 + 83 300 - 92 700 796 400 QUESTION 2 Cash generated from operations Cash r...

FAC1601 STUDY GUIDE

FAC 1601 financial accounting REVISION QUESTIONS Contents Statement of Profit or Loss and Other Comprehensive Income 2 Partnership Change in Ownership Structure 4 Close Corporation 5 Company Issue of Shares 7 Close corporation: Statement of cash flows 9 Analysis and interpretation of financial statements 10 Dependent branches: Branch inventory account 12 Time value of money 13 Partnerships: Calculation of total comprehensive income 14 Partnerships: Liquidation of ...

FAC 1601 About Financial Accounting Vol 2 . Example 2.1 Specialised ledger accounts used when recording transactions between the partners and the partnership On 21 February 20.5, A Apple and P Pie decided to form a partnership trading as Applepie Furniture and Fittings. The partnership will commence trading on 1 March 20.5 and both partners will be actively involved in the partnership. Apple and Pie accordingly drew up the partnership agreement stipulating the following: 1. Apple will cont...

SOLUTION 1: CLOSE CORPORATIONS: CALCULATION OF PROFIT OR LOSS FOR THE YEAR, STATEMENT OF CHANGES IN NET INVESTMENTS OF MEMBERS & STATEMENT OF FINANCIAL POSITION (a) BOOMSHAKA CC CALCULATION OF PROFIT OR LOSS FOR THE YEAR ENDED 28 FEBRUARY 2017