Assignment 1 Question 1 (20 marks] At the end of 1999, two employees at Zest Manufacturing, Hannie Healthkick and Nomxolisi Loud-Racket decided to quit their jobs. They had 25 years of experience in manufacturing equipment for Xtra-Active Gyms across the country. They collected a total of N$ 500 000 between the two of them and planned to open their gym, based on they decided to register the entity under the name Health and Kickstart Gym (HKG). On 1 March 2000, after successfully completing the registration, the friends opened their gym. In an attempt to gain entry into the fitness market, HKG decided to run a special offer to entice fitness freaks to move from other gyms to HKG. The special ran for the first month only and specified these conditions: • All members who joined in the first month and signed a 3-year contract would pay a low fee of N$ 1 800 for the entire 3 year period at no additional cost.
As per the agreement, the payment would have to be made in the first month that is March 2000. • At the end of March, HKG noted that 1 250 people had taken advantage of the offer and paid the N$ 1 800 before the month-end. At the end of the first financial year (28 February 2001), the accountant showed the entire amount received as revenue for the current year. An amount N$ 2 250 000 was shown on the statement of profit or loss & other comprehensive income for the year ended 28 February 2001. Health and Kickstart are uncertain as to the treatment of this and have approached you to find out whether the cash received from all 1 250 gym members have been correctly recorded. You are required to 1.1 Advise HKG as to whether the cash received as of 28 February 2001 was appropriately treated as income using the conceptual framework. If it was incorrect, please provide the correct treatment. (NB: Kindly refer to the Conceptual Framework's definitions and recognition criteria of the elements of the financial statements.) [15 marks] 1.2 Explain the objective of general purpose financial reporting (5 marks] Get Accounting homework help today
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