NECO GCE FINANCIAL ACCOUNTING ANSWERS

(4a)

i. Name of the firm as determined by all
partners.

ii. Name and details of all the partners of the firm.

iii. The date on which business commenced.

iv. Firm’s existence duration.

v. amount of capital contributed by each
partner.

vi. Profit sharing ratio between the
partners.

FINANCIAL ACCOUNTING

(1a)
Share premium can be thought of as the difference between the par value of a company’s shares and the total amount a company received for shares recently issued.

(1b)
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(1c)
Goodwill is an intangible asset that is associated with the purchase of one company by another.

3a.

A bank statement is a list of all transactions for a bank account over a set period, usually monthly. The statement includes deposits, charges, withdrawals, as well as the beginning and ending balance for the period

1a

Share premium can be thought of as the difference between the par value of a company’s shares and the total amount a company received for shares recently issued. For example, Company ABC has issued 300 shares of its stock. … Thus, the company has $4,500 in equity capital. Of this $4,500, only $3,000 is share capital…

1c.

Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. Goodwill representation assets that are not separately identifiable.