REVALUATION OF PARTNERSHIP ASSETS (ADMISSION OF A NEW PARTNER)

[@FOGAccountancyTutorials]

Please the old WhatsApp number isn’t working anymore This is the new WhatsApp number👇🏻 [phone] Thanks

[@collinsogutu5607]

Hello I have a burning question can I send it here for assistance???

[@aiclazz6636]

I love you teaching sir. God bless you

[@abdulaisuliamanturay9481]

I need one topic Depreciation of fixed assets

[@jobnobleirwin]

U don't reply to WhatsApp messages,why?

[@memoryluze6581]

Let me send you a question sir

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I am a student teacher of accounting and I find the FOG videos very enlightening. Keep up the excelente teaching.

[@timmyiyanda7046]

Only his face makes me happy...😂 Knowing fully well im already a genius at the topic he is about to teach me. God bless you sir!

[@diannadavis7273]

Hello Mr. Gyebi. I am an accounting student teacher in Jamaica. Accounting is not always easy when you don't understand the concepts. I must say that with your sessions and with your explanations and reiteration of concepts, i use these videos to both enhance my learning and build my confidence in the course. Keep up the good work Sir.

[@aspiretoaccountancy7794]

Best teacher of accounts in the world for me😭

[@DasuniDisanayake]

This video was really helpful for me in understanding the revaluation part. Thanks a lot❤. A smooth teaching pattern.

[@oniblessing7326]

Same here

[@lazeaprecious8111]

That feeling when you know you don't understand from class but you understand from FOG tutorial

[@Medipractice]

😂 I relate.

[@habeebibrahim-qr3bf]

Same here😂

[@Medipractice]

How simple and clear things that seem complex in reality have been made! Who is this Man?!

[@miyandamkenda6904]

YESS this video really made me understand🥳 Just 5 minutes in and I understood how to create the account🤗

[@collinsogutu5607]

Hello, can you help me do a certain question here

[@assuntawanjiru9057]

Thanks alot for the tutorials since I started watching I have been having wonderful time.You have helped me understand a lot of things I thought were difficult I appreciate you a lot!!!

[@noeltangara2124]

Thank You so much sir Very good explanation.. More Thanks from Kenya

[@abigailkorkor6931]

Thanks to you FOG Accountancy, your videos are been helpful

[@sega4051]

i am really thankful for this video sir i now understand this topic that i have been stock on for weeks

[@TulumbeMudenda]

Am now a star in financial accounting, thank you sir

[@FinneyTorrey]

God bless you ma guy, you really helping squad oo

[@DianaMulekye]

This has helped me alot Sir,May God bless you and more grace upon you

[@apioagnes7745]

I love all yo lectures.. thank you

[@kinyua_kimathi]

Please post the part on dissolution of partnership and also conversion of partnership into a company

[@DianaNgella]

Thank so much sir 🙏🙏🙏🙏🙏🙏🙏🙏🙏may God bless you help me to my final exam, now I understand well

[@adanwafor1824]

May God bless you sir. This was well explained

[@FOGAccountancyTutorials]

Amen.

[@nimusiimaflorence6082]

You're really fantastic I feel like a genius I need to start lecturing one of these days😂

[@margaretdavid5317]

Thanks very much Sir, God will bless you for taking your time to explain, I wish you were in my country, I would hv definitely come for your classes.

[@MrDGAF31]

Thank you so much sir, you amazing at explaining what you know.

[@GideonJoseph-r1f]

I appreciate for Ur time from Uganda

[@abdulaisuliamanturay9481]

You are very so competent enough

[@xceeboard]

You have helped me a lot sir thanks 🙌🙌

[@KajalSharma-fq1sn]

I am fully blessed to see your video thanku

[@soighirdine5409]

you are the best sir 🐐

[@DinnaMainga]

If not for you May you continue with the same spirit

[@kinyua_kimathi]

Thank you very much for this.

[@Kipz-L]

Thank you very much sir..in fact you are my hero since you have contributed a lot to my knowledge in this part. Please post the ratio analysis part

[@YusuphsultanSaid]

Umetisha sana

[@abatandamilola5484]

God bless you richly ❤

[@maryambakare9555]

Weldone sir, plz make a video on the adjusted statement of financial position

[@nonokopong]

You are the best

[@kishathshaliny1888]

thanks sir its so heled for my exams

[@ValleryOnyango-y1e]

I have a question on revaluation of partnership assets and liabilities about Achillo in the part where you were preparing revaluation account. Why did you place Goodwill on the Cr side of the revaluation account? Is it because it was created and that's the only time it should be placed there or there are other circumstances?

[@campuzvibegh]

Sir please, if possible be adding the trial questions to the details so we can trial our hands on it. Thank you.

[@ValleryOnyango-y1e]

Another question is that when you were preparing the partners capital account, you didn't share the goodwill that was created between the partners on the credit side. Does this mean that there are instances when the goodwill shall not best shared between the partners during admission of a new partner?😊

[@ValleryOnyango-y1e]

Another question is that when you were preparing the partners capital account, you didn't share the goodwill that was created between the partners on the credit side. Does this mean that there are instances when the goodwill shall not best shared between the partners during admission of a new partner?

[@3urner11]

Thanks sir. You the best

[@brianombuna627]

I'm indeed a beneficiary of this prese

[@marylynaccasia7860]

Thank you so much this is really helpful

[@FOGAccountancyTutorials]

Welcome

[@jacklinenduta5678]

Kindly make a video on company accounts

[@samuelmugai3698]

Sir please do a video of company accounts. Thank you

[@faithmueni4697]

I second please

[@FOGAccountancyTutorials]

Don't worry... I'll do every topic... Just pray for me that I'll get enough time to speed up the process... I'm a very busy person but I try hard to get these videos for you guys... It shall be well. Much love from Ghana to you all 🙏

[@nicholusmuusya8712]

@@FOGAccountancyTutorials Good work sir. It has been of great help 🙏

[@irisndau9572]

thanks so much this was helpful

[@arul15099]

Sir what if we record in current account? Because the share of Profit from revaluation account is record in current account if we doing current account. Can you explain the reason pls

[@samsonolofin7317]

Good day sir, what about other causes of changes in partnership; Amalgamation, conversion and Retirement..

[@crodiafosuah8605]

Sir please what of when cash is introduced by the new partner as goodwill, when asset revalued is to be maintained in the books and when asset valued is not maintained in the books

[@joankaboye5914]

This great.thanks so much

[@EdinaOforiwaa]

Sir, what if goodwill is not to maintain in the books, what are we going to go about it

[@alickmkandawire504]

Do we calculate NCI on preference share capital? When given both the ordinary share capital and preference share capital

[@matthewkambanda5800]

Thank you sir. For me i have one question now what if at the time of admission of a new partner the partnership has some asset and liability not included in its balance sheet and now they are asking for them to be made part of the balance sheet.

[@abohemmanuella]

Please sir if possible can you do a video on conversion of partnership into public limited companies 🙏

[@wn.4112]

Good stuff

[@YongJohnAkol]

How will you determine the value of the land.

[@ROSEMARLE]

Your the best

[@claremushabe735]

Thank you sir Please explain why didn't include the loan in the Capita account

[@tukasinguranicholas7808]

Xanks alot ahm really understanding more because of your videos

[@Bukkiortogbayi]

If we were required to prepare partner's capital account, how would we do it?

[@dorcasadeyemi-sv1jx]

Please sir, what if capital wasn't given in the statement of financial position, how do we get the capital?

[@THETHRONEFESTIVAL-yu3ru]

Kindly sir what will be the other double entry of goodwill since you didn't include it in the capital account

[@CalvinceOmondi-i2n]

so what if Goodwill was given at first and the differences found

[@Joyisthefetcher]

Kindly Why wasnt the goodwill included in the capital account

[@FOGAccountancyTutorials]

Because it was part of Revaluation

[@Phafadan]

i believe in revaluation account he should have recorded goodwill like this... capital:goowill 3000 and apportion it based on new profit sharing ratios. then complete double entry by debiting capital accounts

[@martinamwanzia3108]

Ur the best

[@tsoeukamoheloeric6689]

Sir what happens if we Have the Accounts Receivable and Provision for Credit Losses in our statement of financial position before we admit a new partner, Are we suppose to offset the Provision for Credit losses Against Account Receivables before we revalue or are we just going to take the difference between the Accounts receivables and the fair value of the considered one?

[@yusufueliasa4853]

How it could be when there is adimision new partner & retrment of partner at onetime in a partnership

[@peachykeen4806]

Can i use the trial balance for the old partners to revalue the assets before admitting a new partner ?

[@ukhtieaminaah2257]

Well explain thanks you

[@victormilanzi4661]

Why didn't we share the Goodwill that was created to the partners?

[@raphaelenekwe2819]

Sir pls what if u are not given there capital and it says that their capital is contributed equally how will u solve for their capital

[@johnmawejje2103]

Why are u adding goodwill in revaluation I thought we create its own account and den add it to capital account

[@davdmuchenge6407]

thank you

[@anyeneabegewi1892]

Thanks so much sir

[@jayfordmills2819]

Good day sir, please what about retirement of partners under revaluation and life policy under revaluation

[@NamiiroAnitah-qr5fl]

Why isn't the third one included

[@patrickwilliams7411]

Thanks!

[@amaraalpha3033]

Thank you so much

[@shakibnaim2232]

Why didn't you bring goodwill in the Capital account?

[@ROSEMARLE]

God bless you

[@adepahjennifer7706]

Pls why didn't you use current account in preparing balance sheet

[@FOGAccountancyTutorials]

The question didn't require that.. It means that the business was operating the fluctuating capital accounts system

[@adepahjennifer7706]

@@FOGAccountancyTutorials oh okay

[@adepahjennifer7706]

Pls apart from Reveluation pls do we have topic under partnership again?

[@FOGAccountancyTutorials]

Yes... Many other topics...

[@adepahjennifer7706]

@@FOGAccountancyTutorials oh okay thanks sir

[@iamodennis1854]

So sir if in the event that they tell us to create a cash account, what would we write?

[@DennisZiome]

Powerful

[@davidodhiambo1006]

How about memorandum joint venture

[@PraiseMupariwa]

Thank u sir

[@LYNX12805]

If in revaluation account nil comes what to do sir

[@davidodhiambo1006]

Thank you sir

[@ismailhassan6924]

Sir,provision of doubtful debt it should be credited to revaluation account coz it is a giving account 🙌

[@FOGAccountancyTutorials]

What do you mean by giving account?? Listen to the explanation of the concept again... You'll understand it.

[@idabeth8891]

Hey good day, so how do you treat the revaluation account when there's no difference between the 1st an 31st after revaluation. I hope you have understood my question 🙏

[@luyandamkhize-pm7mq]

That would mean there is no revaluation, revaluation is when the item is re-valued so if there is no difference in value that would mean there is no revaluation of an item.,,,,,,the item is not re-valued, as a result no effect on the revaluation account.

[@vincentboateng1609]

Sir please what about a video on Accounting for non profit organisations

[@FOGAccountancyTutorials]

I'll do that soon

[@vincentboateng1609]

@@FOGAccountancyTutorials Ok Sir

[@FOGAccountancyTutorials]

I’ve done that . Have you seen it?

[@aishanagginda4070]

But sir the new value for creditors is 540

[@willykenomari6144]

when you speak of accounting "FOG" can't miss out he just can't😊

[@bernardyeboah4678]

Please why wasn’t the provision for doubtful debt(60) subtracted from the value of debtors before debiting it to the revaluation account?

[@misschristy3596]

Thanks

[@alaminmohd3176]

Please hire purchase should be next sir please

[@ahurirajoshua2101]

If I need where can I get you

[@mwangitina3266]

Sir ..Please do cash flows 🙏 Thank you so much

[@mosheltom8610]

Thank you sir The concept is at home Much love from Kenya

[@Mackie_d_champ]

Godbless u

[@misschristy3596]

Been confused From day one

[@estherewusi1]

oh really, listen to it again you would understand cos how FOG is teaching is very clear and simple.

[@MiriamSamantha-m6n]

4940/2=2470

[@Phafadan]

sincerely, i believe in revaluation account you should have recorded goodwill like this... capital:goowill 3000 or apportion it based on new profit sharing ratios. then complete double entry by debiting capital accounts

[@carolynenyambura3461]

My view as well