Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Gill and Zaahir are in the business of supplying and installing solar panels in the form of a partnership trading as Solar Installations. Gill and Zaahir share profits and losses in the ratio 1:2 respectively. On 31 May 2023 the following information was extracted from the accounting records of the partnership: Additional information - Gill and Zaahir agreed to admit Brian as a new partner from 1 June 2023. - Brain will contribute the following to acquire a third of the net asset share of the partnership: Which one of the following alternatives represents the new profit-sharing ratio after the admission of Brian into the new partnership? a. 3:2:1 b. 2:1:2 c. 2:3:1 d. 1:3:2 Assuming Gill and Zaahir agree to relinquish the 1/3rd share in terms of their existing profit-sharing ratio, which one of the following alternatives represent the new profit-sharing ratio after the admission of Brian into the new partnership? a. 2:4:3 b. 1:3:2 c. 3:2:1 d. 2:3:1 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. R148 600 b. R68500 c. R167 450 d. R112 100 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. R71 700 b. R147 700 c. R140 150 d. R122 350 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. R273000 b. R153 200 c. R46 600 d. R459 600 Which of the following journal entries is correct for recording the capital contribution of Brian on the 1st June 2023: a. Debit - Bank R23 200; Debit - Equipment R130 000; Credit Capital: Brian R153 200 b. Debit Capital: Brian R153 200; Credit - Bank R23 200; Credit - Equipment R130000 c. Debit - Bank R153 200; Credit Capital: Brian R153 200 d. Debit Capital: Brian R153 200; Credit Equipment R153200