Goodwill

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
Did any1 fluff the goodwill question?<BR><BR>Tht was my major downfall I think

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    Yep!<BR><BR>Plus my appropriation account was in pounds and pence! Never a good sign
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    I thought this question was quite simple for a Goodwill question. Event he figures and percentages were straight forword.. I.e 50% of 100,000<BR><BR>What did you do to fluff it?<BR>Andy
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    I got the general concept right by debiting the 2 partners capital with 20k each I think to buy out the 40k goodwill from Dan but it just went a bit pear shaped....<BR><BR> GOODWILL<BR>DAN 40000 CAPITAL KIM 20000<BR>KIM 30000 CAPITAL OTHER 1 20000<BR>OTHER1 30000 KIM 30000 (TOTAL OF 50000)<BR> OTHER1 30000 (TOTAL OF 50000)<BR><BR>Thats what I put and I know it makes no sense<BR><BR>I wouldn't worry about the appropriation as it does come to pence when you total it, I rounded mine upto pounds which meant 1 lucky partner got 1 pound extra but I'm sure they wont be too harsh as they will see the right answer has been calculated just not rounded
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    <br><br><< <i>I got the general concept right by debiting the 2 partners capital with 20k each I think to buy out the 40k goodwill from Dan but it just went a bit pear shaped....<BR><BR> GOODWILL<BR>DAN 40000 CAPITAL KIM 20000<BR>KIM 30000 CAPITAL OTHER 1 20000<BR>OTHER1 30000 KIM 30000 (TOTAL OF 50000)<BR> OTHER1 30000 (TOTAL OF 50000)<BR><BR>Thats what I put and I know it makes no sense<BR><BR>I wouldn't worry about the appropriation as it does come to pence when you total it, I rounded mine upto pounds which meant 1 lucky partner got 1 pound extra but I'm sure they wont be too harsh as they will see the right answer has been calculated just not rounded</i> >><br><br>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    <br><br><< <i>I rounded mine upto pounds which meant 1 lucky partner got 1 pound extra </i> >><br><br><BR><BR>ah I wasnt the only one then <img src="i/expressions/face-icon-small-smile.gif" border="0">
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Goodwill

    Goodwill<BR><BR>DR CR<BR>Dan 40000 Kim 50000<BR>Kim 30000 Ted 50000<BR>Ted 30000<BR><BR>Leaving the company owing Dan a total of £65k<BR><BR>I know the balance of the goodwill account should be zero as the total has to be completely written off.

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