FAC1601 ASSESSMENT 3 SEM 2 OF
2023 EXPECTED QUESTIONS AND
ANSWERS
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Question 1
The following information pertains to The Roses CC and covers questions 1 – 9:
Answer saved
David and Patrick are the only members of a Close Corporation trading as The Roses CC (Roses CC). They both have an equal inter
M arked out of February financial year-end.
1.00
You have been appointed by Roses CC as the accounting officer for the year ended 28 February 2023.The following information was
The Roses CC
EXTRACT OF BALANCES AS AT 28 February 2023:
The Roses CC R
Member contribution:David 180000
Member contribution:Patrick 240000
Loan from David 60000
SARS (Dr) 6240
Allowance for credit losses 2400
Inventory (01 March 2022) 72000
Long-term loan : Redbank 134400
Prepaid expenses 4920
Accrued expenses 6480
Sales 648000
Sales return 22800
Purchases 238800
Delivery expenses on Sales 5904
Depreciation 5184
Rental income 6540
Purchases returns 4980
Salaries and wages 283692
Land and buildings at cost 576000
Debtors control 39600
Interest on loan from member ?
Telephone expense 7680
Stationery 3960
Water and electricity 8580
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Advertising expense 5160
Distribution of this document is illegal R13,625 per year?
Insurance expense ?
2023 EXPECTED QUESTIONS AND
ANSWERS
written by
oscardiura
www.stuvia.com
Downloaded by: cebohndlovu98 | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
Downloaded by: cebohndlovu98 | Want to earn
Distribution of this document is illegal R13,625 per year?
, Stuvia.com - The study-notes marketplace
Question 1
The following information pertains to The Roses CC and covers questions 1 – 9:
Answer saved
David and Patrick are the only members of a Close Corporation trading as The Roses CC (Roses CC). They both have an equal inter
M arked out of February financial year-end.
1.00
You have been appointed by Roses CC as the accounting officer for the year ended 28 February 2023.The following information was
The Roses CC
EXTRACT OF BALANCES AS AT 28 February 2023:
The Roses CC R
Member contribution:David 180000
Member contribution:Patrick 240000
Loan from David 60000
SARS (Dr) 6240
Allowance for credit losses 2400
Inventory (01 March 2022) 72000
Long-term loan : Redbank 134400
Prepaid expenses 4920
Accrued expenses 6480
Sales 648000
Sales return 22800
Purchases 238800
Delivery expenses on Sales 5904
Depreciation 5184
Rental income 6540
Purchases returns 4980
Salaries and wages 283692
Land and buildings at cost 576000
Debtors control 39600
Interest on loan from member ?
Telephone expense 7680
Stationery 3960
Water and electricity 8580
Downloaded by: cebohndlovu98 | Want to earn
Advertising expense 5160
Distribution of this document is illegal R13,625 per year?
Insurance expense ?
