FAC103 Elementary Financial Accounting PDF

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ELEMENTARY FINANCIAL ACCOUNTING...

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FAC1602 ELEMENTARY FINANCIAL ACCOUNTING ASSIGNMENT 02 SECOND SEMESTER 2018 (Q1)

3

(Q2)

2

Hint!

DR

Open the revaluation account Revaluation

CR

Allowance for credit losses

500

Capital : Billy (3/4x 32 500)

24 375

Equipment (350 000-320 000)

30 000

Capital: Pan (1/4x 32 500)

8 125

Goodwill (15 000-12 000)

3 000

33 000

33 000

NB! The profit or loss on valuation is only shared by the old partners.

(Q3) (Q4)

1

Calculation of other financial asset Investment in Naleli Ltd

90 000

Loan to member [80 000+ (80 000x10%x 5/12)]

83 333 173 333

(Q5)

3

Calculation of non-current financial assets Investment in Sizwe-Sethu

40 000

Fixed deposit

50 000 90 000

(Q6)

3

calculation of members interest Capital

Balances at the beginning of the year

22 800

Additions

8 000

Retained earnings 16 400

Total comprehensive income for the year

34 800

Distribution to members

(36 000)

Balances at the end of the year Total = 30 800+15 200 = 46 000

30 800

15 200...