THIS DOCUMENT CONTAINS FAC1601 ASSESSMENT 2 SEM 1 OF 2024 EXPECTED QUESTIONS AND SOLUTIONS . USING IT CORRECLTLY AS A GUIDE WILL HELP YOU SCORE ABOVE 75%
Question 1 The following information is presented for Setlagole Catering, a business in
Answer saved
Time left 1:34:19
providing luxury catering services to the areas around the Dr Ruth Segomotsi
Marked out of
Mompati District Municipality in the North West province.
11.00 These are the balances when they commenced a simultaneous liquidation of the
Flag partnership:
question
EXTRACT OF BALANCES
R
OSCAR THE TUTOR Trade payables 53,900
oscardiura@gmail.com Trade receivables 87,300
WHATSAPP: Catering equipment (cost) 189,000
0737560989
for Vehicles (at cost) 180,000
FAC,MAC,ECS,TAX,Q Catering equipment (accumulated depreciation) 123,979
MI,FIN,INV,BNU,M Vehicles (accumulated depreciation) 67,500
N
B STA MNG DSC
Building (at cost) 250,000
Tutoring
The following transactions took place as part of the liquidation:
1. Debtors were offered a 5% settlement discount. Only 94% of the debtors
settled their balances and the remainder of the debtors book was sold to a
debt agency at 65% discount.
2. The creditors were all settled at a settlement discount of 11%.
3. The vehicle and the building were auctioned off for R112 000 and R283 300
respectively
4. The catering equipment was sold to another local catering company for R55
000.
Which one of the following alternatives represents the correct net profit (or loss)
made on the simultaneous liquidation of Setlagole Catering? Your answer must be
rounded off to the nearest rand.
a. (R 170,279)
b. R 28,708
c. (R 28,708) OSCAR THE TUTOR
oscardiura@gmail.com
d. (R 19,367) WHATSAPP:
e. (R 21,200) 0737560989
for
f. R 170,279 FAC,MAC,ECS,TAX,Q
MI,FIN,INV,BNU,M
g. R 19,367 N
h. R 21,200 B STA MNG DSC
Tutoring
Clear my choice
, Which one of the following alternatives is false?
a. A piecemeal liquidation will ensure that assets are realised at the best
possible selling price.
b. A simultaneous liquidation allows a partnership to continue with activities
until the liquidation of all the assets is concluded.
c. With a simultaneous liquidation, a single liquidation account is prepared.
d. In the case of a piecemeal liquidation, a liquidation account is prepared for
each phase of the liquidation process.
e. A piecemeal liquidation allows a partnership to continue with activities.
f. With a simultaneous liquidation, the liquidation account (a profit or loss on
liquidation) is transferred to the partners' capital accounts in their profit-
sharing ratio.
Clear my choice
Question 3 Which one of the following alternatives is correct regarding the revaluation surplus
Answer saved in a partnership when there is a change in ownership?
Marked out of
1.50
a. The revaluation surplus forms part of the equity of the partners and must
Flag allocated to the current accounts of the existing partners in their existing
question profit-sharing ratio.
b. The revaluation surplus forms part of the equity of the partners and must
allocated to the capital accounts of the existing partners in their existing
profit-sharing ratio.
c. The revaluation surplus forms part of the equity of the partners and must
allocated to the current accounts of the existing partners in their new
profit-sharing ratio.
d. The revaluation surplus forms part of the equity of the partners and will
always be added to the current accounts of the existing partners with a
debit balance.
e. The revaluation surplus forms part of the equity of the partners and must
allocated to the capital accounts of the existing partners in their new
profit-sharing ratio.
f. The revaluation surplus forms part of the liabilities of the partnership and
must allocated to reduce the capital accounts of the existing partners in
their existing profit-sharing ratio.
Clear my choice
Question 4 Which one of the following alternatives is correct?
Answer saved
Marked out of a. Since partnerships are not governed by a law requiring that IFRS be applied,
1.50
it is not possible to introduce a standardised accounting procedure
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