FAC1601 ASSIGNMENT 5 (COMPLETE ANSWERS)

FAC1601 ASSIGNMENT 5 (COMPLETE ANSWERS) 

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Given the following information for questions 1 – 6:
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 2026 the following information was extracted from the
accounting records of the partnership:
EXTRACT OF GIVEN INFORMATION FOR SOLAR
INSTALLATIONS
R
Current account - Gill (Dr) 7,200
Current account - Zaahir (Dr) 6,500
Capital - Gill 96,500
Capital - Zaahir 108,600
• Additional information Gill and Zaahir agreed to admit Brian as a new partner from 1
June 2026.
• 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
Current profit ratio asfractions
Gill =
1 1
(1+2) 3
=
Zaahir =
1 2
(1+2) 3
=
New Profit sharing ratio:
Gill = - x = − = - =
1 1 1 1 1 2 1 1
3 3 2 3 6 6 6 6
Zaahir = - x = − = - =
2 1 1 2 1 4 1 3
3 3 2 3 6 6 6 6
Brian = =
1 2
3 6
Therefore new profit sharing ratio = 1:3:2
Which one of the following alternatives represents the new profit-sharing ratio after the
admission of Brian into the new partnership?
A.
2 : 1 : 2
B.
2 : 3 : 1
C.
1 : 3 : 2
D.
3 : 2 : 1
Current profit ratio asfractions
Gill =
1 1
(1+2) 3
=
Clear my choice
Question 2
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Assuming Gill and Zaahir agree to relinquish the 1/3
rd share in terms of their existing profitsharing ratio, which one of the following alternatives represent the new profit-sharing
ratio after the admission of Brian into the new partnership?
A.
2 : 4 : 3
B.
3 : 2 : 1
C.
1 : 3 : 2
D.
2 : 3 : 1
Clear my choice
Question 3
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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.
R148 600
B.
R68 500
Zaahir =
1 2
(1+2) 3
=
New Profit sharing ratio:
Gill = - x = − = - =
1 1 1 1 1 3 1 2
3 3 3 3 9 9 9 9
Zaahir = - x = − = - =
2 2 1 2 2 6 2 4
3 3 3 3 9 9 9 9
Brian = =
1 3
3 9
Therefore new profit sharing ratio = 2:4:3

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