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FAC1601
EXAM PACK
DISTINCTION QUALITY
UNISA EXAM
, FAC1601 EXAM ANSWERS 2026
PLEASE NOTE:
1. This is a closed-book assessment.
2. This assessment MUST be handwritten.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
6. Please ensure that the writing on your answer book and the scanned copy is legible.
PROPOSED TIMETABLE
Try not to deviate from this.
Time in
Question Subject Marks
minutes
Partnerships:
1 Statement of profit or loss and other comprehensive 32 38
Partnerships:
2 Statement of changes in equity 18 22
TOTAL 50 60
,QUESTION 1 (32 marks) (38 minutes)
Mvilo is a partnership owned by Keke and Lingo. The business operates from Sebokeng,
specialising in the sale of truck tyres to logistics companies, transport operators, and local
fleet owners. The partners also service smaller retail customers in the surrounding community.
With demand for durable truck tyres growing in the region, Mvilo has positioned itself as a
reliable supplier by offering both wholesale and retail options.
The following information relates to the business activities of the partnership for the financial
year ended 31 August 2025:
MVILO
EXTRACT OF BALANCES AS AT 31 AUGUST 2025
R
Water and electricity .................................................................................... 46 100
Depreciation – Equipment sold (28 February 2025) .................................... 2 000
Settlement discount received ....................................................................... 2 800
Settlement discount granted ........................................................................ 2 200
Telephone expenses 25 500
Allowance for settlement discount granted .................................................. 1 600
Municipal expenses ..................................................................................... 29 100
Interest on long-term loan ............................................................................ 6 500
General expenses ........................................................................................ 44 200
Purchases .................................................................................................... 329 800
Salaries and wages ...................................................................................... 136 000
Credit losses recovered ............................................................................... 3 600
Sales ............................................................................................................ 601 300
Long-term loan ............................................................................................. 162 000
Bank ............................................................................................................. 108 200
Vehicles at cost ............................................................................................ 157 000
Accumulated depreciation: Vehicles (1 September 2024) ........................... 13 200
Equipment at cost ........................................................................................ 156 000
Accumulated depreciation: Equipment (1 September 2024) ....................... 26 900
Land and buildings at cost ........................................................................... 270 000
Trade creditors control ................................................................................. 53 700
Trade debtors control ................................................................................... 65 100
Capital: Keke ................................................................................................ 310 800
Capital: Lingo ............................................................................................... 172 800
Additional information:
Extract from terms of the partnership agreement:
1. Each partner is entitled to a monthly salary of R4 900.
2. Interest on capital is calculated at a rate of 12% per annum on the opening balances of
the capital accounts.
3. Keke and Lingo share profits and losses in the ratio of 3:2, respectively.
, FAC1601
Assessment 3 S2 2025
Year-end adjustments:
1. On 31 August 2025, the inventory of truck tyres and related supplies on hand was valued
at R27 600.
2. An invoice of R5 160 relating to delivery expenses for tyres purchased on 31 August 2025
was received on 5 September 2025.
3. The long-term loan was obtained from Nkani Bank on 1 April 2025 at an interest rate of
14% per annum, payable annually on 30 June. The capital amount of the loan is repayable
on 1 September 2026.
4. On 31 March 2025, old tyre-fitting equipment (cost price R14 400, accumulated
depreciation R13 600 as at 1 September 2024) was traded in for a new unit. The new
equipment was purchased for R24 200, and the supplier allowed a trade-in value of R1
600 on the old asset. The balance was settled in cash.
5. Depreciation must be provided as follows:
• Delivery vehicles: 18% per annum (straight-line method)
• Equipment: 17% per annum (diminishing-balance method)
6. Included in the municipal utilities account is R15 600, which relates to advertising
expenses for tyre promotions paid during the year for 13 months. Advertising is payable
in advance in equal instalments, and the September 2025 payment is included in this
figure.
7. On 31 August 2025, partner salaries were paid as follows:
• Keke: R37 200
• Lingo: R36 100
These amounts were debited to the salaries and wages account.
REQUIRED:
Marks
(a) Prepare the statement of profit or loss and other comprehensive
income of Mvilo for the year ended 31 August 2025. 32
32
Please note:
Your answer must comply with the requirements of the International Financial Reporting
Standards (IFRS) appropriate to the business of the partnership.
Notes to the annual financial statements and comparative figures are not required.
Round off all amounts to the nearest Rand.
All calculations must be shown.
3 [TURN OVER]
FAC1601
EXAM PACK
DISTINCTION QUALITY
UNISA EXAM
, FAC1601 EXAM ANSWERS 2026
PLEASE NOTE:
1. This is a closed-book assessment.
2. This assessment MUST be handwritten.
3. All questions must be answered.
4. Basic calculations, where applicable, must be shown.
5. Each question must be commenced on a new (separate) page.
6. Please ensure that the writing on your answer book and the scanned copy is legible.
PROPOSED TIMETABLE
Try not to deviate from this.
Time in
Question Subject Marks
minutes
Partnerships:
1 Statement of profit or loss and other comprehensive 32 38
Partnerships:
2 Statement of changes in equity 18 22
TOTAL 50 60
,QUESTION 1 (32 marks) (38 minutes)
Mvilo is a partnership owned by Keke and Lingo. The business operates from Sebokeng,
specialising in the sale of truck tyres to logistics companies, transport operators, and local
fleet owners. The partners also service smaller retail customers in the surrounding community.
With demand for durable truck tyres growing in the region, Mvilo has positioned itself as a
reliable supplier by offering both wholesale and retail options.
The following information relates to the business activities of the partnership for the financial
year ended 31 August 2025:
MVILO
EXTRACT OF BALANCES AS AT 31 AUGUST 2025
R
Water and electricity .................................................................................... 46 100
Depreciation – Equipment sold (28 February 2025) .................................... 2 000
Settlement discount received ....................................................................... 2 800
Settlement discount granted ........................................................................ 2 200
Telephone expenses 25 500
Allowance for settlement discount granted .................................................. 1 600
Municipal expenses ..................................................................................... 29 100
Interest on long-term loan ............................................................................ 6 500
General expenses ........................................................................................ 44 200
Purchases .................................................................................................... 329 800
Salaries and wages ...................................................................................... 136 000
Credit losses recovered ............................................................................... 3 600
Sales ............................................................................................................ 601 300
Long-term loan ............................................................................................. 162 000
Bank ............................................................................................................. 108 200
Vehicles at cost ............................................................................................ 157 000
Accumulated depreciation: Vehicles (1 September 2024) ........................... 13 200
Equipment at cost ........................................................................................ 156 000
Accumulated depreciation: Equipment (1 September 2024) ....................... 26 900
Land and buildings at cost ........................................................................... 270 000
Trade creditors control ................................................................................. 53 700
Trade debtors control ................................................................................... 65 100
Capital: Keke ................................................................................................ 310 800
Capital: Lingo ............................................................................................... 172 800
Additional information:
Extract from terms of the partnership agreement:
1. Each partner is entitled to a monthly salary of R4 900.
2. Interest on capital is calculated at a rate of 12% per annum on the opening balances of
the capital accounts.
3. Keke and Lingo share profits and losses in the ratio of 3:2, respectively.
, FAC1601
Assessment 3 S2 2025
Year-end adjustments:
1. On 31 August 2025, the inventory of truck tyres and related supplies on hand was valued
at R27 600.
2. An invoice of R5 160 relating to delivery expenses for tyres purchased on 31 August 2025
was received on 5 September 2025.
3. The long-term loan was obtained from Nkani Bank on 1 April 2025 at an interest rate of
14% per annum, payable annually on 30 June. The capital amount of the loan is repayable
on 1 September 2026.
4. On 31 March 2025, old tyre-fitting equipment (cost price R14 400, accumulated
depreciation R13 600 as at 1 September 2024) was traded in for a new unit. The new
equipment was purchased for R24 200, and the supplier allowed a trade-in value of R1
600 on the old asset. The balance was settled in cash.
5. Depreciation must be provided as follows:
• Delivery vehicles: 18% per annum (straight-line method)
• Equipment: 17% per annum (diminishing-balance method)
6. Included in the municipal utilities account is R15 600, which relates to advertising
expenses for tyre promotions paid during the year for 13 months. Advertising is payable
in advance in equal instalments, and the September 2025 payment is included in this
figure.
7. On 31 August 2025, partner salaries were paid as follows:
• Keke: R37 200
• Lingo: R36 100
These amounts were debited to the salaries and wages account.
REQUIRED:
Marks
(a) Prepare the statement of profit or loss and other comprehensive
income of Mvilo for the year ended 31 August 2025. 32
32
Please note:
Your answer must comply with the requirements of the International Financial Reporting
Standards (IFRS) appropriate to the business of the partnership.
Notes to the annual financial statements and comparative figures are not required.
Round off all amounts to the nearest Rand.
All calculations must be shown.
3 [TURN OVER]
