MODULE : FAC1601
,FAC1601 Exam
Solutions
Contains: Important exam
solutions Jun 2015 – Jun
2019 exam papers
, 1
Question 1 (29 marks) (35 minutes)
(a) Profit/(Loss) for the year Int: Curr acc: Luk = (47 070) x 8% = (3 766)
Loss (363 350) Int: Curr acc: Lak = 33 780 x 5% = 1 689
Sal (40 000 + 60 000) 100 000 Int: cap: Luk = 350 000 x 10% x 11/12 = 32 083
Rent (30 000 x 4/12) 10 000 = 400 000 x 10% x 1/12 = 3 333
Depr (22 000) 35 416
(275 350) Int: cap: Lak = 380 000 x 10% x 11/12 = 34 833
= 420 000 x 10% x 1/12 = 3 500
Draw: Luk = 44 520 + 40 000 = 84 520 38 333
Draw: Lak = 38 500 + 60 000 = 98 500
Final loss share: Luk = 567 022 x 1/2 = 283 511
Final loss share: Lak = 567 022 x 1/2 = 283 511
(b) Lucklay Traders
Statement of changes in equity for the year ended 30 April 2015
Capital Current accounts
Luk Lak Luk Lak Appropriation Total
Balances at 1 May 2014 350 000 380 000 (47 070) 33 780 716 710
Additional contributions 50 000 40 000 90 000
Total comprehensive loss for the year (275 350) (275 350)
Interest on capital 35 416 38 333 (73 749)
Interest on current account (3 766) 3 766
Interest on current account 1 689 (1 689)
Salaries 90 000 130 000 (220 000)
(567 022)
Final loss (283 511) (283 511) 567 022
Drawings (84 520) (98 500) (183 020)
Balances at 30 April 2015 400 000 420 000 (293 451) (178 209) 348 340
Unisa FAC1601 May/Jun 2015 exam solution
, 2
Question 2 (19 marks) (23 minutes)
Land & Furn &
Bank build Equip Goodwill Inventory Creditors Cap: T Cap: D
Balances 10 000 603 800 150 000 20 000 35 000 (53 800) (350 000) (295 000)
Accum depr (75 000)
Current Accounts (125 000) 80 000
Goodwill (20 000) 10 000 10 000
2 Mar: Furn & equip 18 000 (22 400) 2 200 2 200
10 Mar: Furn & equip (30 600) 30 600
Inventory 25 000 (35 000) 5 000 5 000
Pay creditors (47 344) 53 800 (3 228) (3 228)
5 656 603 800 22 000 0 0 0 (430 428) (201 028)
Unisa FAC1601 May/Jun 2015 exam solution
,FAC1601 Exam
Solutions
Contains: Important exam
solutions Jun 2015 – Jun
2019 exam papers
, 1
Question 1 (29 marks) (35 minutes)
(a) Profit/(Loss) for the year Int: Curr acc: Luk = (47 070) x 8% = (3 766)
Loss (363 350) Int: Curr acc: Lak = 33 780 x 5% = 1 689
Sal (40 000 + 60 000) 100 000 Int: cap: Luk = 350 000 x 10% x 11/12 = 32 083
Rent (30 000 x 4/12) 10 000 = 400 000 x 10% x 1/12 = 3 333
Depr (22 000) 35 416
(275 350) Int: cap: Lak = 380 000 x 10% x 11/12 = 34 833
= 420 000 x 10% x 1/12 = 3 500
Draw: Luk = 44 520 + 40 000 = 84 520 38 333
Draw: Lak = 38 500 + 60 000 = 98 500
Final loss share: Luk = 567 022 x 1/2 = 283 511
Final loss share: Lak = 567 022 x 1/2 = 283 511
(b) Lucklay Traders
Statement of changes in equity for the year ended 30 April 2015
Capital Current accounts
Luk Lak Luk Lak Appropriation Total
Balances at 1 May 2014 350 000 380 000 (47 070) 33 780 716 710
Additional contributions 50 000 40 000 90 000
Total comprehensive loss for the year (275 350) (275 350)
Interest on capital 35 416 38 333 (73 749)
Interest on current account (3 766) 3 766
Interest on current account 1 689 (1 689)
Salaries 90 000 130 000 (220 000)
(567 022)
Final loss (283 511) (283 511) 567 022
Drawings (84 520) (98 500) (183 020)
Balances at 30 April 2015 400 000 420 000 (293 451) (178 209) 348 340
Unisa FAC1601 May/Jun 2015 exam solution
, 2
Question 2 (19 marks) (23 minutes)
Land & Furn &
Bank build Equip Goodwill Inventory Creditors Cap: T Cap: D
Balances 10 000 603 800 150 000 20 000 35 000 (53 800) (350 000) (295 000)
Accum depr (75 000)
Current Accounts (125 000) 80 000
Goodwill (20 000) 10 000 10 000
2 Mar: Furn & equip 18 000 (22 400) 2 200 2 200
10 Mar: Furn & equip (30 600) 30 600
Inventory 25 000 (35 000) 5 000 5 000
Pay creditors (47 344) 53 800 (3 228) (3 228)
5 656 603 800 22 000 0 0 0 (430 428) (201 028)
Unisa FAC1601 May/Jun 2015 exam solution
