SAMPLE QUIZ 2 - PARTNERSHIP

Name : __________________________________________ Answer all questions.

Section : ______

Darwishah Sdn Bhd was formed with an authorised capital of 700,000 ordinary shares of RM2 each to ta e o!er the "usiness of Darwish and his sister, #dawiyah, a partnership, as from $ %anuary 20$0& Darwish and #dawiyah share profits and losses in the ratio of ':$ respecti!ely& (he Balance Sheet of the partnership as at '$ Dec 200) was as follows : RM Non Current Assets *and and "uildin+ ,at costMotor !ehicles ,net "oo !alue1ffice e2uipment ,net "oo !alue3n!estment Current Assets 3n!entories De"tors Less Current Lia!ilities 5reditors Ban o!erdraft '2,000 '7,000 4),000 ,'2,000,4,000RM $.0,000 /0,000 $.,000 2/',000 $0,000

'$,000 2"#$###

Ca%ital a&&ount Darwish #dawiyah Current a&&ount Darwish #dawiyah

$.0,000 )0,000 20,000 ,0,0002"#$###

A''itional in(or)ation $& Darwishah Sdn Bhd would ac2uire all the assets ,except for motor vehicles- and "an o!erdraft of the partnership& (he motor !ehicles would "e ta en o!er "y Darwish at its "oo !alue&

2&

6ole7 8oly9(ech M#R#, 6uala *umpur :

C*N+I,ENTIAL
syatila&che&saru7i;<ui= 2;>#R'00;%uly9No! 20$0

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#dawiyah too o!er one of the office e2uipment which has a net "oo !alue of RM',000 for RM$,'00& #ssets ta en o!er "y Darwishah Sdn Bhd would "e re!alued as follows : *and and "uildin+ 1ffice e2uipment 3n!estment RM 2$0,000 $0,200 $7,000

/&

RM 2,000 of the in!entories was o"solete and was to "e written off& # pro!ision for dou"tful de"ts was to "e pro!ided at 0? of de"tors&

0& (he amount due to creditors was settled at a discount of RM 000& 4& (he purchase consideration would "e dischar+ed "y a payment of RM 4',200 in cash and a sufficient issue of ordinary shares of RM 2 each in Darwishah Sdn Bhd& (he remainin+ "alances in their capital accounts are to "e satisfied "y cash at "an &

7& @oodwill on ac2uisition amounted to RM ),'00& .& # dissolution eApense of RM ',$00 was paid "y Darwishah Sdn Bhd& )& Darwish and his sister, #dawiyah are the ma7or shareholders of Darwishah Sdn Bhd& (hey su"scri"ed for 00,000 ordinary shares each, issued at a premium of RM0&20 per share in Darwishah sdn Bhd& $0& >ormation eApenses of Darwishah Sdn Bhd amounted to RM 2,000 was paid&

Require' a5alculate the purchase price and show how the purchase consideration is to "e dischar+ed& ,/ mar sReali=ation #ccount, 8artnersB 5apital #ccount and Ban #ccount to close the "oo s of the partnership& ,$0 mar s8repare the Balance Sheet of Darwishah Sdn Bhd as at $ %anuary 20$0& ,4 mar s-Total 2# )ar.s/

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EN, *+ QUESTI*N PAPER

6ole7 8oly9(ech M#R#, 6uala *umpur :

C*N+I,ENTIAL
syatila&che&saru7i;<ui= 2;>#R'00;%uly9No! 20$0