Financial Accounting WASSCE (PC), 2016

Section B:  Financial Accounting Practice

Question 8

 

    This question required candidates to prepare:

    (a)        Goodwill Account;
    (b)        Partners’Capital Account;

    (c)        Balance Sheet.

Observation

Few candidates attempted the question and the performance was poor. Most of the marks were lost in the preparation of the Goodwill Account and the Partners’ Capital Account. The candidates demonstrated poor knowledge of the topic and inability to post the entries under it appropriately.