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GOODWILLThis is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”.Goodwill in practical sense is the advantage that an existing business may have over a newly established business. This advantage may be in the form of profits or revenue that the business generates and customer loyalty. Goodwill may arise due to several factors including:
In practice, it is normally agreed that many established businesses have created goodwill but unfortunately it is difficult to determine the actual value of goodwill. Therefore, unless goodwill arises from the acquisition of another company, it is normally excluded from the accounts. For the purpose of accounting for partnerships, goodwill is important in the following three main areas.
Accounts required and their purpose a. Branch Current Account (Head Office Books) Records all transactions branch and head office; The balance represents the investmen
ACCOUNTS REQUIRED This can be summarized depending on the nature of the situation. In a receivership you may be required to prepare a receivers receipt and payments. In the pro
Errors in Financial Statements The following financial statements are available for Sherwood Real Estate Company: Balance Sheet Assets Liabilities Cash . . . . . . . . . . . . . .
ASSOCIATE COMPANIES (IAS 28) An associate company is a company in which the investing company owns more than 20% but less than 50% of the voting rights. This means that the inve
I have tried to answer this assignment with no luck. Balance brought forward : Cash in Hand : $5000 Cash at Bank : $ 90,000 March 2 Received Cash loan of $25 ,0
A) A portfolio's daily changes have a standard deviation of $15 million. Suppose the daily changes in the portfolio's value have a first order serial correlation of 0.25. Calculat
Alexandria Co. Ltd has an authorized capital of Rs 25,000,000 divided into 250,000 equity shares of Rs 100 each. 100,000 shares were issued to public and Rs 80 per share were paid.
GOODWILL This is defined as “the difference between the value of a business as a whole and the fair value of its net separable assets”. Goodwill in practical sense is the advant
Illustrations of retained profits brought forward H Ltd acquired 75% of the ordinary shares of S Ltd since S Ltd was incorporated. The Summarized income statement for the two c
What happens to capital when a project is completely funded by retained earnings?
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