{"id":3774,"date":"2023-10-05T18:51:15","date_gmt":"2023-10-05T18:51:15","guid":{"rendered":"http:\/\/localhost\/ecole9ja\/?p=3774"},"modified":"2023-10-05T18:55:18","modified_gmt":"2023-10-05T18:55:18","slug":"week-3-and-4-ss3-first-term-financial-accounting-notes","status":"publish","type":"post","link":"https:\/\/ecolebooks.com\/nigeria\/posts\/week-3-and-4-ss3-first-term-financial-accounting-notes\/","title":{"rendered":"Week 3 and 4 – SS3 First Term Financial Accounting Notes"},"content":{"rendered":"

\u00a0WEEK THREE AND FOUR
\n<\/strong>ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS
\n<\/strong>CONTENTS
\n<\/strong><\/p>\n

    \n
  1. \n
    Admission of a new partner<\/strong> \u2013 meaning and reason for admission\n<\/div>\n<\/li>\n
  2. \n
    Goodwill admission of a new partner<\/strong> (a) meaning of goodwill (b) reasons for paying for goodwill (c) treatment of goodwill (d) example\n<\/div>\n<\/li>\n
  3. \n
    Revaluation of asset on admission of partnership<\/strong> (a) introduction (b) accounting entries (c) example\n<\/div>\n<\/li>\n<\/ol>\n

    \u00a0ADMISSION OF NEW PARTNERS
    \n<\/strong>This occurs when a new partner is admitted into an existing partnership business. The reasons for such admission usually are: expiration of old partnership agreement, to inject in more fund, bring in a specialist, death of an old partner, etc.
    \nHowever, it will be unfair to the existing partners for a new person to come in and take part in the established prosperous business without any reward to the old partners. This compensation to the old partners is goodwill. <\/p>\n

    \u00a0GOODWILL ON ADMISSION OF A PARTNER
    \n<\/strong>Definition of Goodwill:<\/strong> Goodwill is the benefit and advantage attached to an old established business as a result of its good name, efficient management good connection, good location, etc which make it to earn more profit. <\/p>\n

    \u00a0REASONS FOR PAYMENT FOR GOODWILL
    \n<\/strong>Thus, a partner of an existing business or an incoming partner will be induced to pay for goodwill because of: <\/p>\n

      \n
    1. \n
      quality of goods and services (ii) favourable business location (iii) efficient and loyal work force (iv) efficient management (v) possession of monopoly power (vi) patents and trade marks (vii) successful research and development (viii) good public image, etc.\n<\/div>\n<\/li>\n<\/ol>\n

      \u00a0TREATMENT OF GOODWILL
      \n<\/strong>Then goodwill will be brought into the business. This will be dealt with as follows: <\/p>\n

        \n
      1. \n
        Raising and retaining Goodwill account in the books<\/strong>: Here, the value of goodwill is debited to goodwill account and credited to the capital accounts in the partners old profit and loss sharing ratio.\n<\/div>\n

        \u00a0\"\"\/\"\"\/Accounting Entries: Dr. Goodwill A\/c
        \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cr. Partners capital A\/c\n<\/li>\n<\/ol>\n

        \u00a0Any cash introduced by the new partner as capital, Dr Cash A\/c; Cr. Capital A\/c<\/p>\n

        \u00a0<\/p>\n

          \n
        1. Goodwill is written off<\/strong>: If the business does not desire to retain the goodwill in the books, it will be necessary to write it off to the capital account of the partners in their NEW P&L sharing ratio\n<\/li>\n<\/ol>\n

          \"\"\/\"\"\/Accounting Entries \u2013 goodwill written off
          \nDr. Capital A\/c; Cr. Goodwill A\/c <\/p>\n

          \u00a0EXAMPLE:<\/strong>\u00a0\u00a0\u00a0\u00a0
          \nA and B are Partners who share profit equally. They decide to admit C by agreement, goodwill valued at N60,000 is to be introduced into the books. C is required to provide capital equal to that of B after he has been credited with his share of goodwill. The new profit sharing ratio is to be 4:3:3 to A, B and C respectively.
          \nThe partner’s balance sheet before the admission of C is as follows
          \n\"\"\/\"\"\/Balance sheet
          \n<\/strong>Capital: A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Building\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080,000
          \n\t\t<\/strong>\u00a0\u00a0\u00a0\u00a0 B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Motor Vehicle\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000
          \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Furniture\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a040,000
          \nCreditors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0\u00a0\u00a0\u00a0
          \nOther liabilities\u00a0\u00a0\u00a0\u00a020,000\u00a0\u00a0\u00a0\u00a0
          \n\"\"\/\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0170,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0170,000<\/p>\n

          \u00a0Prepare the following:
          \n<\/strong><\/p>\n

            \n
          1. \n
            Journal and Ledger entries for the admission of C if goodwill account is to be retained.\n<\/div>\n<\/li>\n
          2. \n
            The new balance sheet as a result of admission of C and the retention of goodwill account.\n<\/div>\n<\/li>\n
          3. \n
            Journal and Ledger entries for the admission of C if goodwill account is not retained.\n<\/div>\n<\/li>\n
          4. \n
            New balance sheet showing C admission and goodwill not retained.\n<\/div>\n<\/li>\n<\/ol>\n

            \u00a0Solution
            \n<\/strong><\/p>\n

              \n
            1. \n
              Journal entries \u2013 goodwill account retained
              \n<\/strong><\/div>\n

              JOURNAL
              \n<\/strong><\/li>\n<\/ol>\n

              \"\"\/\"\"\/\"\"\/\"\"\/
              \n\t\"\"\/Debit\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Credit
              \nGood will Account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000
              \nCapital Account \u2013 A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000
              \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 — B \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000
              \nBeing goodwill introduced and shared based
              \n<\/em>on old profit sharing ratio
              \n<\/em>\"\"\/Cash Account\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000
              \nCapital Account C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000
              \n\"\"\/Being capital contributed by C
              \n<\/em>
              \n\u00a0Note:<\/em> Since B’s capital was N40,000 before the goodwill of N30,000, then B’s capital will now be N70,000. Hence, C must contribute same amount as stated in the question.
              \nLedger \u2013 goodwill account retained
              \n\t\t<\/strong>\"\"\/\"\"\/Goodwill Account
              \n<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
              \nCapital: A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
              \n\t\t<\/strong>\u00a0\u00a0\u00a0\u00a0 B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bal c\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0\u00a0\u00a0\u00a0
              \n\"\"\/\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000
              \nBal b\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
              \nCapital Account<\/p>\n\n\n\n\n
              \u00a0<\/td>\nA<\/strong><\/td>\nB<\/strong><\/td>\nC<\/strong><\/td>\n\u00a0<\/td>\nA<\/strong><\/td>\nB<\/strong><\/td>\nC<\/strong><\/td>\n<\/tr>\n
              \n\u00a0
              \n\u00a0
              \n\u00a0Bal c\/d<\/td>\n              		N<\/p>\n

              \u00a0
              \n\u00a0\"\"\/110,000
              \n\"\"\/110,000<\/td>\n

              		N<\/p>\n

              \u00a0
              \n\u00a0\"\"\/70,000
              \n70,000<\/td>\n

              		N<\/p>\n

              \u00a0
              \n\u00a0\"\"\/70,000
              \n70,000<\/td>\n

              		\n\u00a0Bal b\/d
              \nCash
              \nGoodwill<\/p>\n

              \u00a0Bal b\/d<\/td>\n

              		N
              \n80,000
              \n–
              \n\"\"\/30,000
              \n110,000
              \n110,000<\/td>\n              		N
              \n40,000
              \n–
              \n\"\"\/\"\"\/30,000
              \n70,000
              \n70,000<\/td>\n              		N<\/p>\n

              \u00a070,000
              \n–
              \n70,000
              \n70,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              <\/strong>
              \n\u00a0\"\"\/\"\"\/Cash Account
              \n<\/strong>NN
              \nBal b\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
              \n\t\t\t<\/strong>capital\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bal c\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0
              \n\t\t\t<\/strong>\"\"\/\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000
              \nBal b\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0
              \nA, B and C
              \n<\/strong>Balance Sheet<\/p>\n

              \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              \u00a0<\/td>\n\u00a0<\/td>\n N<\/td>\n N<\/td>\n N<\/td>\n<\/tr>\n
              Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n60,000<\/td>\n<\/tr>\n
              Fixed Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Building<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n80,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Furniture<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Motor vehicle<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n30,000<\/td>\n150,000<\/td>\n<\/tr>\n
              \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\"\"\/<\/td>\n\"\"\/210,000<\/td>\n<\/tr>\n
              Current asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Cash<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n90,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Current liabilities<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Creditors <\/td>\n\u00a0<\/td>\n30,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Other liabilities<\/td>\n\u00a0<\/td>\n20,000<\/td>\n\"\"\/50,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Net current asset<\/td>\n\u00a0<\/td>\n\"\"\/<\/td>\n\"\"\/<\/td>\n40,000<\/td>\n<\/tr>\n
              \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\"\"\/250,000<\/td>\n<\/tr>\n
              \n\u00a0Financed by<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\"\"\/<\/td>\n<\/tr>\n
              Capital account<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              A<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n110,000<\/td>\n<\/tr>\n
              B<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,000<\/td>\n<\/tr>\n
              C<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n70,000<\/td>\n<\/tr>\n
              \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\"\"\/250,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

              \"\"\/Journal entries \u2013 goodwill account not retained<\/p>\n

              \u00a0JOURNAL<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              \u00a0<\/td>\nDebit<\/td>\nCredit<\/td>\n<\/tr>\n
              \u00a0<\/td>\nN <\/td>\n N<\/td>\n<\/tr>\n
              Goodwill Account<\/td>\n60,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Capital \u2013 A<\/td>\n\u00a0<\/td>\n30,000<\/td>\n<\/tr>\n
              B<\/td>\n\u00a0<\/td>\n30,000<\/td>\n<\/tr>\n
              Being creation of goodwill as agreed on<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Admission of C<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Cash account<\/td>\n70,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Capital Account \u2013 C<\/td>\n\u00a0<\/td>\n70,000<\/td>\n<\/tr>\n
              Being Capital contributed by C<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Capital Account \u2013 A<\/td>\n24,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              B<\/td>\n18,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              C<\/td>\n18,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Goodwill Account<\/td>\n\u00a0<\/td>\n60,000<\/td>\n<\/tr>\n
              Being goodwill written off using new<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              Profit sharing ratio<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              <\/strong>
              \n\u00a0\"\"\/\"\"\/Cash Account
              \n<\/strong>N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
              \nBal b\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a020,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
              \n\t\t\t\t<\/strong>\"\"\/\"\"\/C’s \u2013 Capital\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a070,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Bal c\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0
              \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000
              \nBal b\/d\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a090,000\u00a0\u00a0\u00a0\u00a0<\/p>\n

              \u00a0\"\"\/\"\"\/Goodwill Account
              \n<\/strong>Capital Account \u2013 A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0Capital Account \u2013 A\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a024,000
              \n\t\t\t\t<\/strong>Capital Account \u2013 B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000\u00a0\u00a0\u00a0\u00a0Capital Account \u2013 B\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,000
              \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Capital Account \u2013 C\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a018,000
              \n\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a060,000
              \n\"\"\/<\/p>\n

              \u00a0Capital Account<\/p>\n\n\n\n\n\n
              \u00a0<\/td>\nA<\/strong><\/td>\nB<\/strong><\/td>\nC<\/strong><\/td>\n\u00a0<\/td>\nA<\/strong><\/td>\nB<\/strong><\/td>\nC<\/strong><\/td>\n<\/tr>\n
              \u00a0<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
              Goodwill
              \nBal c\/d<\/td>\n              		24,000
              \n86,000
              \n\"\"\/
              \n\t\t\t\t\t\t\t\t\t\"\"\/110,000<\/td>\n              		18,000
              \n52,000
              \n\"\"\/
              \n\t\t\t\t\t\t\t\t\t70,000<\/td>\n              		18,000
              \n52,000
              \n\"\"\/
              \n\t\t\t\t\t\t\t\t\t70,000<\/td>\n              		Bal b\/d
              \nCash
              \nGoodwill<\/p>\n

              \u00a0Bal b\/d<\/td>\n

              		80,000
              \n–
              \n\"\"\/30,000
              \n110,000
              \n86,000<\/td>\n              		40,000
              \n–
              \n\"\"\/\"\"\/30,000
              \n70,000
              \n52,000<\/td>\n              		–
              \n70,000
              \n–
              \n70,000
              \n52,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              A, B and C
              \nBalance Sheet<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
              Capital Account:<\/strong><\/td>\n\u00a0<\/td>\nFixed Assets<\/strong><\/td>\n\u00a0<\/td>\n<\/tr>\n
              \u00a0<\/td>\nN<\/td>\n\u00a0<\/td>\nN<\/td>\n<\/tr>\n
              A<\/td>\n86,000<\/td>\nBuilding<\/td>\n80,000<\/td>\n<\/tr>\n
              B<\/td>\n52,000<\/td>\nFurniture<\/td>\n40,000<\/td>\n<\/tr>\n
              C<\/td>\n\"\"\/52,000<\/td>\nMotor vehicle<\/td>\n\"\"\/30,000<\/td>\n<\/tr>\n
              \u00a0<\/td>\n190,000<\/td>\n\u00a0<\/td>\n150,000<\/td>\n<\/tr>\n
              Current liabilities<\/strong><\/td>\n\u00a0<\/td>\nCurrent asset<\/strong><\/td>\n\u00a0<\/td>\n<\/tr>\n
              Creditors<\/td>\n30,000<\/td>\nCash<\/td>\n90,000<\/td>\n<\/tr>\n
              Other liabilities<\/td>\n20,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              \u00a0<\/td>\n\"\"\/\"\"\/240,000<\/td>\n\u00a0<\/td>\n\"\"\/\"\"\/240,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

              \u00a0EVALUATION
              \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Explain the term Goodwill.
              \n2.\u00a0\u00a0\u00a0\u00a0List five circumstances that can give rise to the valuation of goodwill in partnership accounts.
              \n\t\t\t\t\t<\/strong>
              \n\u00a0REVALUATION OF ASSETS ON ADMISSION OF A NEW PARTNER INTO A PARTNERSHIP
              \n<\/strong>The assets of a partnership should be revalued to show their current value in any of the following circumstances: (i) admission of a partner (ii) retirement of a partner (iii) changes occur in P & L sharing ratio of partners. <\/p>\n

              \u00a0ACCOUNTING ENTRIES
              \n<\/strong><\/p>\n

                \n
              1. Open a Revaluation A\/c;
                \n<\/strong><\/li>\n<\/ol>\n
                  \n
                1. Dr. Assets A\/c; Cr. Revaluation A\/c with increase in value of asset
                  \n\t\t\t\t\t<\/strong><\/li>\n<\/ol>\n
                    \n
                  1. Cr. Assets A\/c; Dr. Revaluation A\/c with reduction in value of assets.
                    \n\t\t\t\t<\/strong><\/li>\n<\/ol>\n
                      \n
                    1. Dr. Revaluation A\/c; Cr. Liabilities A\/c with increase in value of liabilities
                      \n\t\t\t<\/strong><\/li>\n
                    2. Cr. Revaluation A\/c; Dr. liabilities with reduction in the value of liabilities
                      \n\t\t\t<\/strong><\/li>\n
                    3. \n
                      If Goodwill is introduced
                      \n<\/strong><\/div>\n

                      Dr. Goodwill A\/c; Cr Revaluation A\/c with the amount of the Goodwill\n<\/li>\n

                    4. \n
                      Transfer of profit on revaluation to the old partners capital account:
                      \n<\/strong><\/div>\n

                      Dr. Revaluation A\/c in the old P & L sharing ratio
                      \nCr. Capital A\/c in the P & L sharing ratio\n<\/li>\n<\/ol>\n

                        \n
                      1. \n
                        Transfer of loss on revaluation
                        \n<\/strong><\/div>\n

                        \u00a0\u00a0\u00a0\u00a0Cr. Revaluation A.\/c in the P & L sharing ratio
                        \n\u00a0\u00a0\u00a0\u00a0Dr. Capital A\/c in the P & L sharing ration\n<\/li>\n

                      2. \n
                        Goodwill to be written off
                        \n<\/strong><\/div>\n

                        \u00a0\u00a0\u00a0\u00a0Cr. Goodwill A\/c in the NEW P & L sharing ration
                        \n\u00a0\u00a0\u00a0\u00a0Dr. Capital A\/c in the P & L sharing ratio\n<\/li>\n<\/ol>\n

                        In revaluation of assets, the following accounts will be prepared. <\/p>\n

                          \n
                        1. Revaluation b. Capital accounts of partners c. Balance sheet\n<\/li>\n<\/ol>\n

                          \u00a0Example
                          \n<\/strong>S & O are in partnership, sharing profits and losses equally. On 1\/1\/1995 they decided to admit J, who would be entitled to one quarter of any future profits, the balance being shared equally between S and O.
                          \nThe financial position of the business before the admission of J was a follows:-
                          \nFreehold premises: N75, 000, Fixtures and fittings: N26, 000, Stock in trade: N105, 000 Debtors: N45, 000, Cash in hand: N12, 640, Creditors: N58, 940.
                          \nAdditional information:<\/p>\n

                            \n
                          1. \n
                            It is agreed to value and retain goodwill at N30,000, b. Revalue the other assets as follows: Freehold premise: N100,000, Fixtures and fittings: N24, 000, Stock: N103, 000, c. Provision for bad debts of N3, 000 is to be made d. Capital is contributed by S and O equally e. J is to bring N80, 000 into the business as capital. You are required to prepare: i. Revaluation account ii. Partners capital accounts in columnar form iii. Opening balance sheet of the new partnership of S, O and J.\n<\/div>\n<\/li>\n<\/ol>\n

                            \u00a0Solution
                            \n<\/strong>The closing balance sheet of the partnership must be prepared to show the capital contributed by J and S.
                            \nBalance Sheet
                            \n<\/strong>\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nCapital: S 102,590
                            \n\u00a0\u00a0\u00a0\u00a0 O 102,590\u00a0\u00a0\u00a0\u00a0 205, 180\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Freehold premises\u00a0\u00a0\u00a0\u00a075, 000
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Fixtures & fittings 26, 000
                            \nCreditors \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 58, 940\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Stock\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 105, 480
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Debtors\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a045, 000
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Cash in hand\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a012, 640
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264, 120\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 264, 120
                            \n\"\"\/\"\"\/Note: The question states that capital is contributed equally by S and O.
                            \nDr.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Revaluation account\u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0N
                            \nDecrease invalue of assets\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Increase in value of asset
                            \n<\/strong>Fixture and fittings \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Freehold premises\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a025,000
                            \nStock\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a02,480\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Goodwill\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a030,000
                            \nProvision for bad debts\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a03,000
                            \nShare of profit:
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0S\u00a0\u00a0\u00a0\u00a023,760
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0O\u00a0\u00a0\u00a0\u00a023,760\u00a0\u00a0\u00a0\u00a047,520\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
                            \n\"\"\/\"\"\/55,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a055,000<\/p>\n

                            \u00a0\"\"\/Dr\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Partners’ capital accounts<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cr
                            \n\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 S\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 O\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0J\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 S\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 O\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 J
                            \n\"\"\/
                            \n\tBalance c\/d\u00a0\u00a0\u00a0\u00a0126,350\u00a0\u00a0\u00a0\u00a0126,350 80, 000 Bal. b\/f\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0102,590\u00a0\u00a0\u00a0\u00a0102,590\u00a0\u00a0\u00a0\u00a0–
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash \u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a080,000
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Share of profit 23,760\u00a0\u00a0\u00a0\u00a023,760\u00a0\u00a0\u00a0\u00a0–
                            \n\"\"\/\"\"\/\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0126,350\u00a0\u00a0\u00a0\u00a0126,350 80,000\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0126,350\u00a0\u00a0\u00a0\u00a0126,350 80,000 \u00a0\u00a0\u00a0\u00a0
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

                            \u00a0Share of profit S (1\/2 x 47,520)=23,760 O (1\/2 x 47, 520)=23,760<\/p>\n

                            \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                            \n\u00a0\u00a0\u00a0\u00a0\u00a0Balance Sheet as at 1st<\/sup> January, 1995<\/strong><\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nN<\/td>\nN<\/td>\nN<\/td>\n<\/tr>\n
                            Capital:<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nFixed Assets<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nS<\/td>\n126,350<\/td>\n\u00a0<\/td>\nGoodwill<\/td>\n\u00a0<\/td>\n 30,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nO<\/td>\n126,350<\/td>\n\u00a0<\/td>\nFreehold Premises<\/td>\n\u00a0<\/td>\n100,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\nJ<\/td>\n 80,000<\/td>\n332,700<\/td>\nFixtures and fittings<\/td>\n\u00a0<\/td>\n 24,000<\/td>\n154,000<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nCurrent Assets<\/strong><\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            Creditors<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n 58,940<\/td>\nStock<\/td>\n\u00a0<\/td>\n103,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nDebtors<\/td>\n 45,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nLess Provision<\/td>\n 3,000<\/td>\n 42,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nCash balance<\/td>\n\u00a0<\/td>\n 92,640<\/td>\n237,640<\/td>\n<\/tr>\n
                            \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n391,640<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n391,640<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

                            \"\"\/\"\"\/EVALUTION
                            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0What is a revaluation account?
                            \n2.\u00a0\u00a0\u00a0\u00a0List five assets that may be revalued in partnership accounts.<\/p>\n

                            \u00a0READING ASSIGNMENT
                            \n<\/strong>Essential Financial Accounting by O.A. Longe, Pages 278-281
                            \nFinancial Accounting with Ease by OnafowokanYombo, Pages 247-251
                            \nSimplified Bookkeeping & Accounting by F.L. Olatunji, Pages 303-307<\/p>\n

                            \u00a0Weekend Assignment
                            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0The double entry for the N5,000 salary paid to partner A is (a) Dr. Appropriation \u00a0\u00a0\u00a0\u00a0A\/c N5,000, Cr A’s current A\/c N5,000 (b) Dr. A’s Capital A\/c N5,000,
                            \n\u00a0\u00a0\u00a0\u00a0Cr Appropriation A\/c N5,000 (c) Cr Revaluation A\/c N5,000; Dr. Salary A\/c N5,000
                            \n\u00a0\u00a0\u00a0\u00a0(d) None of the above
                            \n2.\u00a0\u00a0\u00a0\u00a0Goodwill is (a) Fixed Asset (b) Current Asset (c) Current Liability (d) Intangible \u00a0\u00a0\u00a0\u00a0Asset
                            \n3.\u00a0\u00a0\u00a0\u00a0Goodwill can be classified into (a) Liquid (b) tangible (c) intangible (d) Inherent \u00a0\u00a0\u00a0\u00a0and purchased
                            \n4.\u00a0\u00a0\u00a0\u00a0_________ A\/c is credited with increase in values of assets (a) goodwill
                            \n\u00a0\u00a0\u00a0\u00a0 (b) capital (c) revaluation (d) current
                            \n5.\u00a0\u00a0\u00a0\u00a0For a reduction in the value of an asset ___ the asset A\/c and debit Revaluation \u00a0\u00a0\u00a0\u00a0A\/c (a) debit (b) credit (c) deduct (d) Add<\/p>\n

                            \u00a0Theory
                            \n<\/strong>1.\u00a0\u00a0\u00a0\u00a0Explain clearly but briefly the terms goodwill and revaluation of assets. Why and \u00a0\u00a0\u00a0\u00a0when are they necessary in accounting?
                            \n2.\u00a0\u00a0\u00a0\u00a0Give the journal entries for each of the following transactions:
                            \n\u00a0\u00a0\u00a0\u00a0(a)\u00a0\u00a0\u00a0\u00a0Goodwill A\/c of N50,00 is to be retained in the books of A& B who share \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0profits and losses in ratio 2:1 respectively.
                            \n\u00a0\u00a0\u00a0\u00a0(b)\u00a0\u00a0\u00a0\u00a0A&B admitted C and the new P & L sharing ratio is 2:2:1 respectively. Write \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0of the goodwill A\/c in (a) above
                            \n\u00a0\u00a0\u00a0\u00a0(c)\u00a0\u00a0\u00a0\u00a0N4,000 provision for bad debt is to be made on revaluation of assets.
                            \n\u00a0\u00a0\u00a0\u00a0(d)\u00a0\u00a0\u00a0\u00a0Reduction in provision for bad debt of N7,000 on revaluation
                            \n\t\t<\/strong>
                            \n\u00a0GENERAL EVALUATION
                            \n<\/strong><\/p>\n

                              \n
                            1. List six accounts found in the nominal ledger\n<\/li>\n
                            2. State four reasons for the need for a bank reconciliation\n<\/li>\n
                            3. Mention six items which must be contained in a partnership agreement\n<\/li>\n
                            4. Mention four features of not-for-profit making organizations\n<\/li>\n
                            5. Differentiate between adjustments and closing entries\n<\/li>\n<\/ol>\n


                              \n\t\t<\/strong>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

                              \u00a0WEEK THREE AND FOUR ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS CONTENTS Admission of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,293],"tags":[],"class_list":["post-3774","post","type-post","status-publish","format-standard","hentry","category-posts","category-first-term-ss3-financial-accounting"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/comments?post=3774"}],"version-history":[{"count":1,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3774\/revisions"}],"predecessor-version":[{"id":3775,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/posts\/3774\/revisions\/3775"}],"wp:attachment":[{"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/media?parent=3774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/categories?post=3774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ecolebooks.com\/nigeria\/wp-json\/wp\/v2\/tags?post=3774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}