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ACCT380120/12The Council of Community Colleges of JamaicaPage 1THE COUNCIL OF COMMUNITY COLLEGES OF JAMAICABACHELOROF SCIENCEEXAMINATIONSEMESTER I –2020 DECEMBERPROGRAMME:BUSINESS ADMINISTRATIONCOURSE NAME:FINANCIAL ACCOUNTING IICODE:ACCT3801YEAR GROUP:THREE DATEADMINISTERED:FRIDAY, 2020 DECEMBER 18DURATION:72 HOURSASSESSMENTTYPE:FINALThis Assessment has8pagesINSTRUCTIONS:1. ANSWERALLQUESTIONS FROM SECTION A2. SECTION B CONSISTS OF TWO(2) QUESTIONS.ANSWERALL QUESTIONS3.ATTACH THESIGNED CCCJ ASSIGNMENT COVERSHEET TO THE FRONT OF YOUR ASSIGNMENTBEFORE SUBMITTING4.ATTACH THE TURNITIN RECEIPT TO YOUR ASSIGNMENTBEFORE SUBMITTINGNOTE: YOUR ASSIGNMENT WILL NOT BE ACCEPTED IF 3. AND 4. ABOVE IS NOT ATTACHEDYOUR COMPLETED WORK MUST BE SUBMITTED WITHIN THE SPECIFIED DURATION OUTLINED ABOVE TO PREVENT PENALTIES
ACCT380120/12The Council of Community Colleges of JamaicaPage 2SECTION AInstruction: Type the letter that corresponds with the CORRECTresponse for each of the following. GIVE JUSTIFICATION FOR THE SELECTED RESPONSE.1.A and B are in partnership sharing profits and losses equally. They admit C as a partner and adjusted the profit-sharing ratio to 2:2:1 for A, B, C,respectively. Goodwill is valued at $10 000 but no goodwill is to be recorded in the books. What will the entries in the capital accounts be?A.Debit A and B with $1000 each and credit C with $2000B.Credit A and B with $1000 each and debit C with $2000C.Debit A and C with $1000 each credit B with $2000D.Credit B and C with $1000 each and debit A with $1000Justification:2.If a company wishes to raise capital without increasing its debt, it should issueA.Ordinary sharesB.Bonus SharesC.DebentureD.MortgageJustification: 3.S and A are in partnership sharing profits and losses equally. They admit was a partner and conducted a revaluation of the assets which resulted in a loss of $18000. The new profit-sharingratio is 2:2:1 for S, A,and W,respectively. How will the revaluation loss be recorded in the capital accounts?A.Debit S and A with $9000 eachB.Credit S and A with $9000 eachC.Debit S and A with $9000 each and credit W with $18000D.Credit S and A with $9000 each and debit W with $18000Justification:
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