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FAC1602 ASSIGNEMNT 2 SEMESTER 2 2024 What happens to the capital accounts of partners when goodwill is recorded for the first time upon the admission of a new partner? a. They are closed off and reopened with goodwill allocations b. They remain unchanged R50,00   Add to cart

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FAC1602 ASSIGNEMNT 2 SEMESTER 2 2024 What happens to the capital accounts of partners when goodwill is recorded for the first time upon the admission of a new partner? a. They are closed off and reopened with goodwill allocations b. They remain unchanged

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FAC1602 ASSIGNEMNT 2 SEMESTER 2 2024 What happens to the capital accounts of partners when goodwill is recorded for the first time upon the admission of a new partner? a. They are closed off and reopened with goodwill allocations b. They remain unchanged c. They are adjusted based on the new p...

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  • September 16, 2024
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,9/16/24, 8:17 PM Assessment 2 (page 11 of 11)




UNISA  2024  FAC1602-24-S2  Welcome Message  Assessment 2

QUIZ




Time left 3:41:09




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22314283&cmid=1008892&page=10 1/2

,9/16/24, 8:17 PM Assessment 2 (page 11 of 11)

Question 11

Not yet answered

Marked out of 7.00




Didi and Chomi are running a business, VaalPure Innovations, a company that specialises in developing cutting-edge water
filtration systems for industrial use. VaalPure Innovations operates in the environmental technology sector, focusing on
providing sustainable solutions to industries dealing with water scarcity and pollution. Didi and Chomi are in a partnership
and share profits and losses in a ratio of 3:2 respectively.


On 30 July 2024 the following information was extracted from the accounting records of the partnership:

R
Capital - Didi R183,800
Capital - Chomi R168,700
Current account - Didi (cr) R33,000
Current account - Chomi (cr) R44,000



Additional information:

1. On 1 August 2024, Didi and Chomi decided to admit Lebo to the business as a new partner. Lebo will contribute the
following to acquire a fifth of the net asset share of the partnership

Cash…................................................... R 55 000

NP200 Bakkie worth…......................... R120 000

2. Didi and Chomi agreed to relinquish 20% of their share in profits or losses to Lebo in the ratio of 3:1 respectively
3. All other assets were revalued before admitting Lebo to the partnership.

4. A valuation loss was correctly calculated at R18 000.



Correct balance which represents the correct amount of goodwill in the accounting records of VaalPure Innovations after the
admission of Lebo?



Instructions:

1. Round off to the nearest Rand (eg: 50.56 is 51)
2. Only show the amount, do not show the R (eg: 12000)




Answer: 38100




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22314283&cmid=1008892&page=10 2/2

, 9/16/24, 8:17 PM Assessment 2 (page 10 of 11)




UNISA  2024  FAC1602-24-S2  Welcome Message  Assessment 2

QUIZ




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Question 10
Answer saved

Marked out of 2.00




What happens to the capital accounts of partners when goodwill is recorded for the first time upon the admission of a new
partner?


a. They are closed off and reopened with goodwill allocations
b. They remain unchanged
c. They are adjusted based on the new partner’s contribution
d. They are credited with goodwill based on the old profit-sharing ratio

Clear my choice




https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=22314283&cmid=1008892&page=9 1/1

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