FAC1502 ASSIGNMENT 02 FOR THE SECOND SEMESTER
Due date: 19 August 2019
Unique number: 895099
, In the private sector, there are mainly four types of business organisations with profit motives that
can be considered as individual entities:
o sole traders (or sole proprietors);
o partnerships;
o close corporations; and
o companies.
Non-current liabilities are long-term debts, which have to be settled after one year of the date of the
statement of financial position. The following are examples of non-current liabilities:
o long-term loans;
o mortgages; and
o debentures.
Income is being earned, which increases equity. Mr. Y Chang owes the entity R10 000 (he becomes a
debtor); therefore assets increase.
Due date: 19 August 2019
Unique number: 895099
, In the private sector, there are mainly four types of business organisations with profit motives that
can be considered as individual entities:
o sole traders (or sole proprietors);
o partnerships;
o close corporations; and
o companies.
Non-current liabilities are long-term debts, which have to be settled after one year of the date of the
statement of financial position. The following are examples of non-current liabilities:
o long-term loans;
o mortgages; and
o debentures.
Income is being earned, which increases equity. Mr. Y Chang owes the entity R10 000 (he becomes a
debtor); therefore assets increase.
