Question
Sisters Tsholo and Kele won a lucrative mining services contract in Stoffberg (Mpumalanga) and decided to start a business, trading as Nandoni. The entity provides
Sisters Tsholo and Kele won a lucrative mining services contract in Stoffberg (Mpumalanga) and decided to start a business, trading as Nandoni. The entity provides safety and maintenance services to a coal mine in the area. The following information pertains to the business activities of the partnership for the year ended 28 February 2021:
2. Terms of the partnership agreement 2.1 Interest is calculated at 7% and 8% per annum on the partners opening capital and current account balances respectively. 2.2 Each partner is entitled to a salary of R87 000 per annum. 3 Additional information (year-end adjustments) 3.1 Investments comprise of
3.2 Tsholo granted an unsecured loan on 1 January 2021 to the partnership. According to the terms of the loan, interest is calculated at a rate of 16% per annum and is paid on 31 December of every year. The total capital amount of the loan will be repaid in full on 31 December 2024. Interest for the current financial year must still be provided. 3.4 The mortgage loan from Tototo Bank was acquired on 1 July 2020 and bears interest at 6% per annum. The interest on this loan is payable on 30 June every year. The loan is secured by a first mortgage over land and buildings and is repayable in ten equal annual instalments, starting on 30 June 2021.
QUESTION 1 Which alternative represents the correct amount for carrying amount of land and buildings in the statement of financial position of Nandoni as at 28 February 2021?
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Question 2 of 15 1.5 Points QUESTION 2 Which alternative represents the correct amount for carrying amount of equipment in the statement of financial position of Nandoni as at 28 February 2021?
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Question 3 of 15 1.5 Points QUESTION 3 Which alternative represents the correct amount for carrying amount of vehicles in the statement of financial position of Nandoni as at 28 February 2021?
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Question 4 of 15 1.5 Points QUESTION 4 Which alternative represents the correct amount for investments under non-current assets in the statement of financial position of Nandoni as at 28 February 2021?
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Question 5 of 15 1.0 Points QUESTION 5 Which alternative represents the correct amount for inventories in the statement of financial position of Nandoni as at 28 February 2021?
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Question 6 of 15 1.0 Points QUESTION 6 Which alternative represents the correct amount for prepayments in the statement of financial position of Nandoni as at 28 February 2021?
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Question 7 of 15 2.5 Points QUESTION 7 Which alternative represents the correct amount for trade and other receivables in the notes to the financial statements of Nandoni as at 28 February 2021?
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Question 8 of 15 1.5 Points QUESTION 8 Which alternative represents the correct amount for investments under current assets in the statement of financial position of Nandoni as at 28 February 2021?
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Question 9 of 15 1.0 Points QUESTION 9 Which alternative represents the correct amount for cash and cash equivalents in the statement of financial position of Nandoni as at 28 February 2021?
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Question 10 of 15 1.5 Points QUESTION 10 Which alternative represents the correct amount for partners capital in the statement of financial position of Nandoni as at 28 February 2021?
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Question 11 of 15 5.0 Points QUESTION 11 Which alternative represents the correct amount for partners current account in the statement of financial position of Nandoni as at 28 February 2021?
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Question 12 of 15 1.5 Points QUESTION 12 Which alternative represents the correct amount for long-term borrowings under non-current liabilities in the statement of financial position of Nandoni as at 28 February 2021?
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Question 13 of 15 1.0 Points QUESTION 13 Which alternative represents the correct amount for loan from partners under current liabilities in the in the statement of financial position of Nandoni as at 28 February 2021?
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Question 14 of 15 1.5 Points QUESTION 14 Which alternative represents the correct amount for trade and other payables in the financial liabilities note to the financial statements of Nandoni for the year ended 28 February 2021?
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Question 15 of 15 1.5 Points QUESTION 15 Which alternative represents the correct amount for long-term borrowings under current liabilities in the in the statement of financial position of Nandoni as at 28 February 2021?
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