FAC1601 ASSIGNMENT 2
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Question 1
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Which of the following statements is correct:
1.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
2.
Past financial performance indicators such as total comprehensive income in respect of previous financial periods, are ordinarily used
to determine goodwill.
3.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is
then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.
4.
The selling price of a partnership is determined by the cost price of the partnership.
5.
A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.
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Question 2
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Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting
Malikane. A 1/6 share in the profits/loss of the new partnership was obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6
share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1. 1:3:6
2. 8:16:5
3. 7:18:6
4. 5:15:4
5. 3:13:2
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written by
Wanda De Tutor
www.stuvia.com
, Dashboard / Courses / UNISA / 2023 / Semester 1 / FAC1601-23-S1 / Welcome Message / Assessment 2
Time left 1:31:54
Question 1
Answer saved
Marked out of 1.00
Which of the following statements is correct:
1.
Goodwill is excluded in the calculation when determining the fair value of a partnership.
2.
Past financial performance indicators such as total comprehensive income in respect of previous financial periods, are ordinarily used
to determine goodwill.
3.
When revaluing an asset or liability in terms of a change in ownership structure, the current account is used. The current account is
then closed off to the accounts of the existing partners according to their existing profit-sharing ratio.
4.
The selling price of a partnership is determined by the cost price of the partnership.
5.
A personal transaction is a transaction that is made between an existing partner and the partnership of the business entity.
Clear my choice
◄ Assessment 1
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Question 2
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Vogel and Mazibuko are in a mining partnership with a profit-sharing ratio of 1:3 respectively. A new partnership was formed by admitting
Malikane. A 1/6 share in the profits/loss of the new partnership was obtained by Malikane. Vogel and Mazibuko agreed to relinquish the 1/6
share according to their previous profit-sharing ratio of 1:3. The new profit-sharing ratio is:
1. 1:3:6
2. 8:16:5
3. 7:18:6
4. 5:15:4
5. 3:13:2
Clear my choice
◄ Assessment 1
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