Q1- Which of the following alternatives represents the correct amount that must be allocated to Magutshwa on as Liquidation profit( loss ) of Nolanga Bakery on 1 June 20.0? A) 90 000 B) 88 200 C) 81 000 D)106 050 Q2- Which one of the following alternatives represent the correct amount that must be allocated to Bafunani on as Liquidation profit( loss ) of Nolang A) 27 000 B) 30 000 C) 35 350 D)29 400 Q3- Assume the correct amount of liquidation loss allocated is R103 000. Which one of the following alternatives represent the correct amount that must be paid to Magutshwa on liquidation of Nolanga Bakery on 1 June 20.0?

A) 605 000 B) 534 200 C) 591 600 D) 730 500

Q4- Assume the correct amount of liquidation loss allocated is R60 000, which one of the following alternatives represents the correct amount that must be paid to Bafunani on Liquidation of Nolanga Bakery on 1 June 20.0?

A) 156 000 B) 134 400 C) 194 500 D) 152 000

Magutshwa and Bafunani are partners in a baking company, trading as Nolanga Bakery, and they share profits and losses in the ratio of 3:1 respectively. They have considered to liquidate the partnership for quite some time and received various offers for the land and buildings as well as for the baking equipment. Since they have decided to accept the most favourable of these offers, they planned to liquidate the partnership simultaneously on 1 June 20.0. Before the liquidation entries were made, the trial balance of the partnership was prepared as follows: NOLANGA BAKERY TRIAL BALANCE AS AT 1 JUNE 20.0 Capital - Magutshwa Capital - Bafunani. Current account - Magutshwa Current account - Bafunani Long-term loan Trade payables control Land and buildings at cost Baking equipment at cost Accumulated depreciation: baking equipment. R -R680 400 -R226 800 R43 200 -R21 600 -R205 200 -R54 000 R972 000 R216 0001 -R108 000 R64 8001 Cell Styles Bank... R864 000 R54 000 On 1 June 20.0 the following transactions took place with regard to the liquidation: 1. The land and buildings were sold for cash. 2. Baking equipment with a carrying amount of R60 000 was taken over (not paid for immediately) by Bafunani at an agreed cash amount of.... 3. The remaining baking equipment were sold for cash amount of....... 4. On full settlement of the creditors accounts, a settlement discount was received at an amount of..... 5. The long-term loan were paid in full 6. The liquidation costs which were paid amounted to.. R75 600 R5 400 R27 000