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This information relates to questions 8, 9 and 10: Tick and Tack are in partnership, trading as Time Traders, and they share the profits/losses in the ratio of 2:1 respectively. For the purpose of admitting Minnie to the partnership on 1 March 2020 Tick and Tack, valued the partnerships assets as follows: The land and buildings with a carrying amount of R1 650 000 were valued at a fair value of R2 000 000, and the furniture and equipment, with a carrying amount of R640 000, were valued at a fair value of R620 000. Debtors amounted to R60 000. Tick and Tack decided to provide for credit losses of R7 000 on debtors. Bank amounted to R25 000. Minnie contributed a delivery vehicle valued at R460 000 and cash amounting to R140 00 for a one fifth share in a partnership. Tick, Tack and Minnie will share in the profits/losses of the new partnership, which will trade as Nano Traders, in the ratio of 2:2:1 respectively. QUESTION 8 Which one of the following alternative is the correct goodwill calculation for Time Traders? 1. R300 000 2. R302 000 3. R327 000 4. R295 000 QUESTION 9 Only for question 7 assuming that goodwill amounted to 90 000. Which one of the following alternative is the correct goodwill allocation to Time Traders? Dehit Credit 2020 R R Feb 28 Goodwill 90 000 Capital: 60 000 Tick 30 000Debit Credit 2020 R R Feb 28 Capital: Tick 60 000 Capital: Tack 30 000 Goodwill 90 000 Credit 2020 R R Feb 28 Goodwill 90 000 Capital: Tick 36 000 Capital: Tack 36 000 Capital: Minnie 18 000 Debit Credit 2020 R R Feb 28 Capital: Tick 36 000 Capital: Tack 36 000 Capital: Minnie 18 000 Goodwill 90 000 QUESTION 10 Which one of the following alternatives discloses the correct entry (narration omitted) in the general journal of Time Traders to record the valuations to be disclosed in the valuation account? Debit Credit 2020 R R Feb 28 Land and buildings 350 000 Allowance for credit losses 7 000 Furniture and equipment 20 000 Valuation account 323 000 Debit _Credit 2020 R R Feb 28 Allowance for credit losses 7 000 Valuation account 363 000 Land and buildings 350 000 Furniture and 20 000Debit Credit 2020 R R Feb 28 Land and buildings 350 000 Furniture and equipment 20 000 Allowance for credit 7 000 losses 363 000 Valuation account Debit Credit 2020 R R Feb 28 Valuation account 377 000 Allowance for credit 7 000 losses Land and buildings 350 000 Fumiture and equipment 20 000