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    Chan Chin Chun
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    6 views7 pages

    Partnership - Goodwill Q

    Uploaded by

    Chan Chin Chun

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 7
    @ Questions - siow az worings 41.4 Loe, Lok and Sze are in partnership with a prot and loss sharing ratio of 1:29 Lu respectively Ont Janvery 205, he parnars decided 1 open @ goodiil account ‘nhich was valued at $7 50, Wire up journal eties to recor the above transaction. REESE 41.2 Gold, Siver and Diamond are partners seling jewellery. They share profits and losses ‘equally For the year ended 20 June 20X8, goodwill account showed a balance of ‘$8 600. On 13 Seplember 20%8, was revalued at $32 000, On 12 January 20X9, it was revalued at $6 800. Record the above transactions in the journal, STE 113" en, Vincent and Slephen ate pares sharing potas a 1:2: resp Notaccl aca s mated On St Mach 207 her pltanaiees ee fabones changed 22 ard geod was abd al SOTHO Wie ecrer entries to record the above transactions, SIRO Work xaIT ce Scanned with CamScanner 4 asin (3) Contin” 263) ‘14t+ Lou, Kwan anc Chan ae parmars with a profit ores sharing aio equa tthe Capital conrbuton, On 31 December 20%, the follning balances were extracted s Good 7000 Captal—Lau 150000 Capital —Kwan ‘20000 Capital —Chan 10000 125 Hach 20h prot nan hing a changes Lau: Kan Chan nthe oun dy eoooatvas sed S18 000 eoueD: (2) ite up journal entries to recor the above Wansactions (6) ropare goodwi account and prinere cap! account. ‘15 Relering to G11, the good was revalued on 24 March 20KS andthe change of ‘aii Si made on 25 March 2045, te up journal ents forthe vansactons. 11.8" Retering to A114, tno good accounts maintained, wito up jour entios fr the transactions, {T17*™ Feering a G15 tne good acount ie mainlanes, wrt up journal ents forthe 11.8" Egypt Co. is onned by four pares ~ Aladin, Apolo, Murphy and Athena withthe ott and los sharing rato f 22:1 respectively. thas no goodeil accounl. On Gctover 206. Aladin retred rom te parhwrstp andthe goodvil was valued a! 96 009. We up ena emis fr the goodwllagjusenent. {118 Orange, Pink and Green decided to ami ho human resources manage, Bow. ‘Sew parner on 39 .une 208, Brown noedodnoteeduce meney ote parinersp ‘rcp o pay for he good Tho oan ss sharing rato changed tom Grange 1: Pei?" Gtean 119 Orange 2 :ink3: Groen: Broun 1 Good was ‘aud at $9 000 Ne good account was opened Prepares cural entice forthe ‘bovetansactons Scanned with CamScanner 264 Guin if tt anes sang ato8 raved at $15 600. ita cerrbuton of wou nave (FEY Uy Rose and Bastin wee pares seis. 25:1 espectnely On 31 Dacmber 2007, good 5 OL 2 January 208 Niwas acted he pares with 23 $2300, Ts amount nuded the payent fr good, Te parts equal sere of profs aa ees. Goolwa vale a 1600. alco on her capt (On February 208, Bahia rtrd, She was paid be Good was revalued at CEE cl $7 173, topes wh rsh gee. si 100, lence the pot arising ng he pic eau: raw up the journal rhe acission and retterent ofthe priest (3) ccc account was opened (©) no grec eccount as opened. |

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