FAC1602 ASSIGNMENT 2 – SEMESTER 1 OF
2021
1. 4
𝟐 𝟏 𝟏 𝟏 𝟗
Sam = [𝟓 + 𝟐 (𝟐) (𝟓)] = 𝟐𝟎
𝟐 𝟏 𝟏 𝟏 𝟗
Nash = [𝟓 + 𝟐 (𝟐) (𝟓)] = 𝟐𝟎
1 1 𝟏 𝟐
Shulz =( ∗ ) = =
2 5 𝟏𝟎 𝟐𝟎
Profit sharing ratio = 𝟗: 𝟗: 𝟐
2. 2 (rounding difference)
Valuation Account
R R
Vehicles (90 000 − 67 500) 22 500 Furniture & Fittings (333 150 −
Equipment (14 250 − 6 000) 8 250 210 000) 123 150
Inventory (25 950 − 23 250) 2 700 Allowance for credit losses [788 −
Balance 92 100 (5% ∗ 9 750)] 301
Allowance for settlement discount
received (32 800 ∗ 80% ∗ 8%) 2 099
125 550 125 550
2
3. 3 (92 100 ∗ 5) = 𝑹𝟑𝟔 𝟖𝟒𝟎
4. No answer
R
Trade receivables 45 900
Prepaid expenses 5 500
Inventory 40 500
Investment in Lege Ltd 170 000
Accrued income (dividend) 16 000
Current assets 277 900
2021
1. 4
𝟐 𝟏 𝟏 𝟏 𝟗
Sam = [𝟓 + 𝟐 (𝟐) (𝟓)] = 𝟐𝟎
𝟐 𝟏 𝟏 𝟏 𝟗
Nash = [𝟓 + 𝟐 (𝟐) (𝟓)] = 𝟐𝟎
1 1 𝟏 𝟐
Shulz =( ∗ ) = =
2 5 𝟏𝟎 𝟐𝟎
Profit sharing ratio = 𝟗: 𝟗: 𝟐
2. 2 (rounding difference)
Valuation Account
R R
Vehicles (90 000 − 67 500) 22 500 Furniture & Fittings (333 150 −
Equipment (14 250 − 6 000) 8 250 210 000) 123 150
Inventory (25 950 − 23 250) 2 700 Allowance for credit losses [788 −
Balance 92 100 (5% ∗ 9 750)] 301
Allowance for settlement discount
received (32 800 ∗ 80% ∗ 8%) 2 099
125 550 125 550
2
3. 3 (92 100 ∗ 5) = 𝑹𝟑𝟔 𝟖𝟒𝟎
4. No answer
R
Trade receivables 45 900
Prepaid expenses 5 500
Inventory 40 500
Investment in Lege Ltd 170 000
Accrued income (dividend) 16 000
Current assets 277 900
