FAC1601 - Financial Accounting and Reporting (FAC1601)
Institution
University Of South Africa
Book
Financial Accounting and Reporting
FAC1601 Assignment 5 (COMPLETE ANSWERS) Semester 1 2024 ;100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on ...(.+.2.5.4.7.7.9.5.4.0.1.3.2)...........
Solar Installation Equipment…........................R130 000
- Gill and Zaahir agreed to relinquish the 1/3 share equally.
- All other assets were revalued before admitting Brian to the partnership.
- A valuation profit was correctly calculated at R68 400
Which one of the following alternatives represents the new profit-sharing ratio after the
admission of Brian into the new partnership?
a. 1:3:2
b. 2:3:1
c. 2:1:2
d. 3:2:1
, Assuming Gill and Zaahir agree to relinquish the 1/3 share in terms of their existing profit-
sharing ratio, which one of the following alternatives represent the new profit-sharingratio after
the admission of Brian into the new partnership?
a. 2:4:3
b. 2:3:1
c. 3:2:1
d. 1:3:2 rd
Which one of the following alternatives represents the correct balance in the capital account of
Gill after the valuation of assets and prior to the admission of Brian?
a. R112 100
b. R68 500
c. R167 450
d. R148 600
Which one of the following alternatives represents the correct balance in the capital account of
Zaahir after the valuation of assets and prior to the admission of Brian?
a. R122 350
b. R147 700
c. R71 700
d. R140 150
Which one of the following alternatives represents the correct amount of goodwill in the
accounting records of Solar Installations after the admission of Brian?
a. R46 600
b. R153 200
c. R459 600
d. R273 000
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