GCSE Accounting: A Teachers’ Guide by D. E. Turner, P. H. Turner (auth.)

By D. E. Turner, P. H. Turner (auth.)

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33 4 Gross profit £44,552; net profit £32,253. 50 (credit); (credi t). 50 5 Possibility 1 - goodwill credited to original partners' current a/cs: B (£) C (£) A (£) 10,000 20,000 new capitals 10,000 new currents 80,000 60,000 Comment: (i) Although goodwill consideration currently within firm, A and B have immediate access to it and can withdraw it. (ii) Future profit sharing ratio: A ~, B ~, C ~. Possibility 2 - goodwill credited to original partners' capital a/cs: New capitals: A £50,000; B £50,000; C £20,000.

Ii) Future profit sharing ratio: A ~, B ~, C ~. Possibility 2 - goodwill credited to original partners' capital a/cs: New capitals: A £50,000; B £50,000; C £20,000. Comment: (i) Goodwill consideration remains in firm; A and B do not have immediate access. (ii) Future profit-sharing ratio: A 5/12ths; B 5/12ths; C 1/6th. 6 X Capitals at date of death (£) 20,000 Goodwill due to D (£) Debt due to D (£) y 40,000 D 60,000 24,000 84,000 Possible procedures: (1) Immediate cash pay-out. Note that the debt is more than the combined capitals (net assets) of X and Y together - hence need for loan from bank or some other source to avoid a winding up of the partnership and realisation of all assets.

3 a. Working capital £99,000; total £290,000 (share capital £130,000; retained earnings £20,000). -30- shareholders' interest share premium £140,000; b. Effect on: (i) (ii) (iii) (iv) net working capital nil nil +60,000 - 2,000 + 58,000 (£) cash (£) -16,000 - 4,000 +60,000 - 2,000 +38,000 c. Yes: sufficient revenue reserves exist to cover additional £8000 required for the higher-rate dividend. d. 25p per share. the 4 Fixed assets £60,000; current assets £23,960; long-term liabilities £2000; current liabilities £2310; issued share capital £62,186; retained earnings £17,644.

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