9/16/24, 8:42 PM Assessment 2 (page 8 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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Question 8
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Which one of the following alternatives is correct?
a. To ensure that compliance is followed, the financial statements of
partnerships must be prepared according to IFRS.
b. The fair value of the assets of a partnership is equal to the total equity of a
partnership.
c. When recording the valuation adjustments, if the value of a liability is
decreased, the valuation account credited with the amount of a decrease.
d. The selling price of the partnership business is determined by the value of
its assets.
e. An existing goodwill account balance is transferred to the partners’ capital
accounts on admission of a new partner.
Clear my choice
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,9/16/24, 8:42 PM Assessment 2 (page 9 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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,9/16/24, 8:42 PM Assessment 2 (page 9 of 11)
Question 9
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Didi and Chomi are running a business, VaalPure Innovations, a company that
specialises in developing cutting-edge water filtration systems for industrial use.
VaalPure Innovations operates in the environmental technology sector, focusing on
providing sustainable solutions to industries dealing with water scarcity and
pollution. Didi and Chomi are in a partnership and share profits and losses in a ratio
of 3:2 respectively.
On 30 July 2024 the following information was extracted from the accounting
records of the partnership:
R
Capital - Didi R183,800
Capital - Chomi R168,700
Current account - Didi (Cr) R44,000
Current account - Chomi (Cr) R33,000
Additional information:
1. On 1 August 2024, Didi and Chomi decided to admit Lebo to the business as a
new partner. Lebo will contribute the following to acquire a fifth of the net asset
share of the partnership
Cash…................................................... R 35 000
NP200 Bakkie worth…......................... R120 000
2. Didi and Chomi agreed to relinquish 20% of their share in profits or losses to
Lebo in the ratio of 3:1 respectively
3. All other assets were revalued before admitting Lebo to the partnership.
4. A valuation loss was correctly calculated at R18 000.
Correct balance which represents the correct balance in the capital account of
Chomi after the valuation of assets and prior to the admission of Lebo?
Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12000)
Answer: 106794
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, 9/16/24, 8:42 PM Assessment 2 (page 10 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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Question 10
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What happens when a new partner is admitted by way of a personal transaction?
a. The new partner contributes cash to the partnership
b. The new partner buys an interest from one of the existing partners
c. The partnership revalues its assets
d. The partnership is liquidated
Clear my choice
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FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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Question 8
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Which one of the following alternatives is correct?
a. To ensure that compliance is followed, the financial statements of
partnerships must be prepared according to IFRS.
b. The fair value of the assets of a partnership is equal to the total equity of a
partnership.
c. When recording the valuation adjustments, if the value of a liability is
decreased, the valuation account credited with the amount of a decrease.
d. The selling price of the partnership business is determined by the value of
its assets.
e. An existing goodwill account balance is transferred to the partners’ capital
accounts on admission of a new partner.
Clear my choice
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,9/16/24, 8:42 PM Assessment 2 (page 9 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
Time left 3:16:28
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,9/16/24, 8:42 PM Assessment 2 (page 9 of 11)
Question 9
Answer saved
Marked out of 3.50
Didi and Chomi are running a business, VaalPure Innovations, a company that
specialises in developing cutting-edge water filtration systems for industrial use.
VaalPure Innovations operates in the environmental technology sector, focusing on
providing sustainable solutions to industries dealing with water scarcity and
pollution. Didi and Chomi are in a partnership and share profits and losses in a ratio
of 3:2 respectively.
On 30 July 2024 the following information was extracted from the accounting
records of the partnership:
R
Capital - Didi R183,800
Capital - Chomi R168,700
Current account - Didi (Cr) R44,000
Current account - Chomi (Cr) R33,000
Additional information:
1. On 1 August 2024, Didi and Chomi decided to admit Lebo to the business as a
new partner. Lebo will contribute the following to acquire a fifth of the net asset
share of the partnership
Cash…................................................... R 35 000
NP200 Bakkie worth…......................... R120 000
2. Didi and Chomi agreed to relinquish 20% of their share in profits or losses to
Lebo in the ratio of 3:1 respectively
3. All other assets were revalued before admitting Lebo to the partnership.
4. A valuation loss was correctly calculated at R18 000.
Correct balance which represents the correct balance in the capital account of
Chomi after the valuation of assets and prior to the admission of Lebo?
Instructions:
1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12000)
Answer: 106794
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, 9/16/24, 8:42 PM Assessment 2 (page 10 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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Question 10
Answer saved
Marked out of 2.00
What happens when a new partner is admitted by way of a personal transaction?
a. The new partner contributes cash to the partnership
b. The new partner buys an interest from one of the existing partners
c. The partnership revalues its assets
d. The partnership is liquidated
Clear my choice
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