Section B: Financial Accounting Practice
Question 6
In this question, candidates were required to prepare:
(a) Revaluation Account;
(b) Goodwill Account;
(c) Partners Capital Accounts;
(d) Opening Balance Sheet of the new partnership.
Observation
Majority of the candidates avoided this question and the few that attempted it missed the peculiarity associated with the question in Partnership Account vis-a-vis admission of new partner, Some candidates on the other hand lost few marks by mis-presenting the partners fixed capital account as partners fluctuating capital account.Where candidates present Fluctuating Capital Accounts, there will be no Current Account balances. All other entries in the Balance sheet remain the same.