(a) The business of V A Fraga is taken over by T Malloy in its entirety. The...
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(a) The business of V A Fraga is taken over by T Malloy in its entirety. The assets are deemed to be worth the balance sheet values as shown. The price paid by Malloy is £260,000. Show the opening balance sheet of Malloy.
(b) Suppose instead that F Templar had taken over Fraga’s business. He does not take over the bank balance, and values premises at £205,000 and stock at £36,100. The price paid by him is also £260,000. Show the opening balance sheet of Templar.
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a Opening Balance Sheet of T Malloy Assets Amount Fixed Assets Premises 190000 Current Assets Stock ...View the full answer
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Related Book For 
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
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