*ACCOUNTING*  
 3)
Goodwill is the benefit and advantage arising from the good mame reputation, position and connection of a business which enable it to earn more profit than normally expected on the capital employed in the business

3b)
(i) Admission of a new partner
(ii) Dissolution of partnership
(iii) Change in profit sharing ratio

3c)
(i) The amount of capital to be contributed by each partner
(ii) No interest on drawing
(iii) No partner is entitled to salary or other remuneration
(iv) Profit and losses to be shared equally
(v) No people may be introduced as A partner without the consent if all existing partner



*2a*  Depreciation is a method of reallocating the cost of a tangible asset over its useful life span of it being in motion. 

*2B* I) Cost of the Asset

The costs incurred to purchase the asset play a very important role in determining the depreciation value. The cost of the asset is the amount paid to acquire or plus the costs of installing it minus the discounts received by the seller. If the company incurred high costs to purchase it, it is very unlikely to replace the asset very soon.

II)  Estimated Useful Life:

The estimated useful life also has a bearing on the determination of depreciation. If the asset is likely to be useful for many years to come, it is going to be depreciated each year annually at a lower rate than if its lifespan were estimated to be very low. The estimated useful life is computed after analyzing the productive capabilities of previously used, similar types of asset.

iii. Estimated Scrap Value
Scrap value refers to the value estimated to be realized after the expiry of the useful working life of the asset. This is also known as residual value or salvage value. Depreciation should be determined after deducting the estimated scrap value from the cost of asset.









2018 Waec Gce Financial Accounting Objective and Essay Questions and Answers is available, To get verified Questions and Answers for Financial accounting  at midnight before the actual exam day,  just read the article below to see every due process. 


2018 Waec Gce Financial Accounting Date and time 
Subjects for Thursday, 13th September, 2018
Financial Accounting 2 (Theory and Practice) >> 9.30am – 12.00pm
Financial Accounting 1 (Objective) >> 12.00pm – 12.00pm. 
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Get verified 2018 Waec Gce Financial Accounting Objective and Essay Questions and Answers at Midnight,  Read the above article to see every procedures on how to Subscribe  for 2018 Waec Gce Financial Accounting  Questions and Answers. 2018 Waec Gce Financial Accounting Objective and Essay Questions and Answers is available, To get verified Questions and Answers for financial accounting at midnight before the actual exam day,  just read the article below to see every due process. 
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