SCHOOL OF EDUCATION
Accounting Education 420
EDAC 420
BACHELOR OF EDUCATION
CATCH-UP TEST 1 ANSWER BOOKLET
NAME : Andile Gcabashe
STUDENT NUMBER : 218034547
November, 2021
Marks: 90.
Duration: 120 minutes
INSTRUCTIONS TO CANDIDATES
1.
2.
3.
4.
5.
Answer TWO (2) questions
Question ONE (1) is compulsory.
Thereafter, answer question TWO (2) OR THREE (3)
Show all calculations in order to earn part marks.
Non-programmable calculators may be used.
6 . Use the information given in the table below as a guide when answering the question
paper and try not to deviate from it.
Partnership
Marks
QUESTION
1
2
Admission
66
Profit-Sharing Ratio OR
24
Score
Remarks
3
Piecemeal Liquidation - Cash
distribution
TOTAL
24
90
General ledger of Exclusive Stores
Dr
17 +2 Revaluation Account
Cr
Date
Details
Amount Date
Details
Goodwill
Vehicles(2600000-185000
75000
(1050000*20/100)
Equipment(195000150000)
45000
Investment
Property (800000Inventory(62700-50000)
12700
775000)
Bad debts
5950
Administration
3750
Capital:J
James(217600*8/21
82895
Capital:Z.Zulu217600*6/21)
62171
Capital:N
Nsele(217000*7/21)
72533
360000
Amount
210000
125000
25000
360000
30
270
Dr
Date
Details
12 Capital Account: J James
Amount Date
Details
2020
Dec
Cr
Amount
2020
Drawings
14300
Balance c/d
534895
Dec
Balance b/d
General
Reserve(128100*8/21
Current Account
Revaluation
400000
48800
17500
82895
549195
549195
2021
Jan
Balance b/d
534895
65780065
Dr
Date
2020
Dec
12
Capital Account: Z Zulu
Amount Date
Details
Details
Current account
4250
Drawings
Balance c/d
6050
388471
398771
2020
Dec
2021
Jan
Dr
Date
2020
Dec
12
Details
DRAWINGS
4500
Balaance c/d
465983
470 483
2021
Jan
Dr
Date
2020
Dec
11
Details
Amount
Balance b/d
General
Reseve(128100*6/21)
Revaluation
300000
BALANCE B/D
388471
Capital Account: N Nsele
Amount Date
Details
2020
Dec
Cr
36600
62171
398771
Cr
Amount
BALANCE
350000
GENERAL
RESERVE(128100*7/21) 42700
Current Account
5250
Revaluation
72533
470 483
BAL B/D
Capital Account: Y. Ysuf
Amount Date
Details
465 983
Cr
Amount
2021
Creditors
Balance c/d
57300 Dec
779100
836400
2020
Jan
Balance b/d
350000
Inventory
106500
Debtors
89900
Vehicles
165000
Bank ( 475000-350000)
125000
836400
Balance b/d
779100
Dr
Date
Details
2020 Bills
Dec receivable
Capital
11 Bank Account
Amount
Date
Details
2020
900
Dec
Balance b/d
125000
Balance c/d
125900
2021
Jan Balance b/d
Profit sharing ratio 12
Existing Ratio
Q 2.1
Old Partnership Zia:
43200
82700
125900
82700
Shezi:
Mia:
Shezi:
Mia:
Old profit
sharing
New Partnership Zia:
Cr
Amount
Total
Old less new
Therefore:
Q 2.2 10
Name
Old
Luke
Andrew James
new
John
New ratio
John ratio =6/18
New profit
sharing ratio
Cash distribution
Q3 24
Silver Trader
Sun
Moon
Earth
Cash Distribution Workings
Total
Star
Capital Balances
148 650
72 000
50594
37124
10968
Property loss ( 1:1:1:1)
-40000
-10000
-10000
-10000
-10000
Capital Balances
108 650
62000
40 594
27 124
986
-59 600
-11 920
-23 840
-5960
-17880
49050
50080
Others assumed loss on: (2:4:1:3)
Equipment
20000
Inventory
30000
Trade debtors
8000
Bank
1600
Capital Balances
Ronni, Nisei & Mina settle Boma’s
losses equally to the nearest Rand
Capital Balances
16754
21164
-16894
+16894
0
-5631
-5631
-5631
49050
2274
2283
7183
0
0