FAC1601
Assignment 5 Semester 1 2023
,07/06/2023, 09:56 Assessment 5 (page 1 of 7)
Dashboard Calendar
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 5
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,ASS5/S1/2023
QUESTION 1
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 ratio1:2 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. 1:3:2
b. 2:3:1
c. 2:1:2
d. 3:2:1
, Assuming Gill and Zaahir agree to relinquish the 1/3 share in terms of their existing profit-
sharing ratio, which one of the following alternatives represent the new profit-sharingratio after
the admission of Brian into the new partnership?
a. 2:4:3
b. 2:3:1
c. 3:2:1
d. 1:3:2 rd
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. R112 100
b. R68 500
c. R167 450
d. R148 600
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
b. R147 700
c. R71 700
d. R140 150
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a. R46 600
b. R153 200
c. R459 600
d. R273 000
Assignment 5 Semester 1 2023
,07/06/2023, 09:56 Assessment 5 (page 1 of 7)
Dashboard Calendar
Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 5
1/10
,ASS5/S1/2023
QUESTION 1
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 ratio1:2 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. 1:3:2
b. 2:3:1
c. 2:1:2
d. 3:2:1
, Assuming Gill and Zaahir agree to relinquish the 1/3 share in terms of their existing profit-
sharing ratio, which one of the following alternatives represent the new profit-sharingratio after
the admission of Brian into the new partnership?
a. 2:4:3
b. 2:3:1
c. 3:2:1
d. 1:3:2 rd
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. R112 100
b. R68 500
c. R167 450
d. R148 600
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
b. R147 700
c. R71 700
d. R140 150
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a. R46 600
b. R153 200
c. R459 600
d. R273 000
