0717513144 FAC1601 ASSESSMENT 5 2023
DISCLAIMER
The FAC1601 assignment 5 2023 is a MCQ question & answers bank that help
students to answer their first assessment. Therefore, students can use as the
document contains different pools of questions. Those who need further
assistance may contact the given details:
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FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
,0717513144 FAC1601 ASSESSMENT 5 2023
Gill and Zaahir are in the business of supplying and installing solar panels in the form of
a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the
ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the
accounting records of the partnership:
Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the
partnership:
Cash….......................................................................R23 200
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after
the admission of Brian into the new partnership?
a.
2:3:1
b.
1:3:2
c.
3:2:1
d.
2:1:2
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
,0717513144 FAC1601 ASSESSMENT 5 2023
Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing
profit-sharing ratio, which one of the following alternatives represent the new profit-
sharing ratio after the admission of Brian into the new partnership?
a.
3:2:1
b.
1:3:2
c.
2:4:3
d.
2:3:1
Which one of the following alternatives represents the correct balance in the capital
account of Gill after the valuation of assets and prior to the admission of Brian?
a.
R68 500
b.
R148 600
c.
R112 100
d.
R167 450
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
, 0717513144 FAC1601 ASSESSMENT 5 2023
Which one of the following alternatives represents the correct balance in the capital
account of Zaahir after the valuation of assets and prior to the admission of Brian?
a.
R122 350
b.
R147 700
c.
R71 700
d.
R140 150
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a.
R273 000
b.
R153 200
c.
R459 600
d.
R46 600
Which of the following journal entries is correct for recording the capital contribution of
Brian on the 1st June 2023:
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
DISCLAIMER
The FAC1601 assignment 5 2023 is a MCQ question & answers bank that help
students to answer their first assessment. Therefore, students can use as the
document contains different pools of questions. Those who need further
assistance may contact the given details:
CONTACT NUMBER:
071 751 3144
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
,0717513144 FAC1601 ASSESSMENT 5 2023
Gill and Zaahir are in the business of supplying and installing solar panels in the form of
a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the
ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the
accounting records of the partnership:
Additional information
- Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023.
- Brain will contribute the following to acquire a third of the net asset share of the
partnership:
Cash….......................................................................R23 200
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after
the admission of Brian into the new partnership?
a.
2:3:1
b.
1:3:2
c.
3:2:1
d.
2:1:2
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
,0717513144 FAC1601 ASSESSMENT 5 2023
Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing
profit-sharing ratio, which one of the following alternatives represent the new profit-
sharing ratio after the admission of Brian into the new partnership?
a.
3:2:1
b.
1:3:2
c.
2:4:3
d.
2:3:1
Which one of the following alternatives represents the correct balance in the capital
account of Gill after the valuation of assets and prior to the admission of Brian?
a.
R68 500
b.
R148 600
c.
R112 100
d.
R167 450
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
, 0717513144 FAC1601 ASSESSMENT 5 2023
Which one of the following alternatives represents the correct balance in the capital
account of Zaahir after the valuation of assets and prior to the admission of Brian?
a.
R122 350
b.
R147 700
c.
R71 700
d.
R140 150
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a.
R273 000
b.
R153 200
c.
R459 600
d.
R46 600
Which of the following journal entries is correct for recording the capital contribution of
Brian on the 1st June 2023:
FAC1601 ASSESSMENT 5 MCQ AND ANSWERS 2023 0717513144
