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ScotlandAccountingQuick questions
Financial Accounting
Quick questions on Accounting for partnerships, goodwill and changes - SQA Advanced Higher Accounting
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Net profit is GBP 60,000. Interest on capital totals GBP 6,000 and there are no salaries or interest on drawings. Partners share residual profit 1:1.
What is q2?Show answer
Goodwill of GBP 40,000 is credited to old partners M and N (ratio 1:1) and then written off among M, N and the new partner O in the ratio 2:1:1. State O's goodwill debit. [3 marks]
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