UNISA 2023 FAC1602-23-S2 Welcome Message Assessment 2
QUIZ
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Given the following information for questions 1-15
Greg and Sheniz are in a partnership trading as Sugar Rush, a new, up-and-coming pastry shop. They share profits and losses
in the ratio of 5:3 respectively. The following information was obtained for the financial year ending 31 August 2023:
Sugar Rush
Extract of Balances as at 31 August 2023
Capital: Greg (01 September 2022) 480,000
Capital: Sheniz (01 September 2022) 550,000
Current: Greg (01 September 2022) 68,000
Current: Sheniz (01 September 2022) 55,000
Drawings: Greg 32,000
Drawings: Sheniz 38,000
Office furniture at cost 300,000
Vehicles at cost (01 September 2020) 630,000
Accumulated depreciation: Office furniture 87,500
Accumulated depreciation: Vehicles ??
Mortgage 280,000
Trade receivables control 330,000
Trade payables control 78,800
Bank (overdraft) 12,000
Allowance for credit losses 4,850
Sales 666,800
Inventory (01 September 2022) 66,000
Profit on sale of office furniture ??
Settlement discount granted 5,866
Purchases 520,000
Carriage on purchases 6,200
Sales returns 7,600
Purchases returns 2,560
Settlement discount received ??
Telephone expenses 4,344
Maintenance and repairs (office furniture) 1,500
Fuel and sundry vehicle expenses 17,280
Marketing fees 6,552
The partnership agreement stipulates the following:
1. Interest on capital must be calculated at 7% per annum on the opening balances of the Capital Accounts
2. The partnership must create separate drawings and current accounts for each partnership.
3. Interest on current accounts must be calculated at 17.5% per annum on the opening balances of the current accounts.
4. At the end of the financial year, the Drawings accounts must be closed off against the applicable current accounts.
Additional Information
The following information has not yet been accounted for:
1. A settlement discount of 3% on total Purchases for the year was received. Inventory on hand at 31 August 2023
amounted to R16 000.
2. The mortgage was obtained from The Baking Bank on 01 November 2022 and bears interest at a rate of 15% per annum.
Interest for the current year must still be provided for.
3. The closing balance of the allowance for credit losses account must be increased with R3 800.
4. Depreciation is accounted for as follows:
QUIZ
Time left 1:55:52
, Question 1
Answer saved
Marked out of 1.00
Given the following information for questions 1-15
Greg and Sheniz are in a partnership trading as Sugar Rush, a new, up-and-coming pastry shop. They share profits and losses
in the ratio of 5:3 respectively. The following information was obtained for the financial year ending 31 August 2023:
Sugar Rush
Extract of Balances as at 31 August 2023
Capital: Greg (01 September 2022) 480,000
Capital: Sheniz (01 September 2022) 550,000
Current: Greg (01 September 2022) 68,000
Current: Sheniz (01 September 2022) 55,000
Drawings: Greg 32,000
Drawings: Sheniz 38,000
Office furniture at cost 300,000
Vehicles at cost (01 September 2020) 630,000
Accumulated depreciation: Office furniture 87,500
Accumulated depreciation: Vehicles ??
Mortgage 280,000
Trade receivables control 330,000
Trade payables control 78,800
Bank (overdraft) 12,000
Allowance for credit losses 4,850
Sales 666,800
Inventory (01 September 2022) 66,000
Profit on sale of office furniture ??
Settlement discount granted 5,866
Purchases 520,000
Carriage on purchases 6,200
Sales returns 7,600
Purchases returns 2,560
Settlement discount received ??
Telephone expenses 4,344
Maintenance and repairs (office furniture) 1,500
Fuel and sundry vehicle expenses 17,280
Marketing fees 6,552
The partnership agreement stipulates the following:
1. Interest on capital must be calculated at 7% per annum on the opening balances of the Capital Accounts
2. The partnership must create separate drawings and current accounts for each partnership.
3. Interest on current accounts must be calculated at 17.5% per annum on the opening balances of the current accounts.
4. At the end of the financial year, the Drawings accounts must be closed off against the applicable current accounts.
Additional Information
The following information has not yet been accounted for:
1. A settlement discount of 3% on total Purchases for the year was received. Inventory on hand at 31 August 2023
amounted to R16 000.
2. The mortgage was obtained from The Baking Bank on 01 November 2022 and bears interest at a rate of 15% per annum.
Interest for the current year must still be provided for.
3. The closing balance of the allowance for credit losses account must be increased with R3 800.
4. Depreciation is accounted for as follows:
