Business Purchase - Principles of Accounting

7/27/2019 Business Purchase - Principles of Accounting

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Accounting Balance Sheet Business Credit Loan for Business

Business Purchase

A buyer may decide to purchase a business for several reasons. They may include-

Usually the purchaser does not takeover all the assets and liabilities of the vendor (i.e.) the vendor will

retain the cash and be left to pay off some or all of the liabilities.

Business Purchase price: This is the price to be given by the purchaser to the vendor. The purchaser and

the vendor will calculate this price together (usually on the basis of the assets and liabilities taken over bythe purchaser) or on the basis of the average profit of the business during the past years.

Calculation of Goodwill or Capital Reserves(negative goodwill): Sometimes the purchaser will have to pay

for Goodwill or receive Capital Reserve. Goodwill or capital reserve is the difference between net assets

and business purchase price.

Goodwill / Capital reserve = Business Purchase Price Net Assets (Positive figure is goodwill and negative

figure is capital reserve)

Factors / reasons for Good will:

A person has to pay for goodwill when taking over a business or when admitted as a partner because of

Existing business means, the business is being operated and a balance sheet is there for the business

at any time.

The types of business purchase can be mentioned as follows:

a) An individual (a person) purchases a business

b) A partnership or a sole trader acquires the business of a sole trader

c) Two or more sole traders join together to form a partnership

d) A limited company takes over the business of a partnership or a sole trader

Why business purchases are taking places?

a) To avoid competition ( competition will lead the business to cutthroat and lose)

b) To enjoy the profit of the business which is to be purchased

c) To enlarge the size of the business

d) To avoid the burdens and toil of organizing a new business

e) To enjoy the Good will of the business

Double Entries necessary in the books of the Purchaser.

Various Assets taken over Dr (including Goodwill)

Business Purchase Cr

Business Purchase Dr

Various Liabilities taken over Cr

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1. An attractive purchase price

2. An opportunity to expand business activities

3. An opportunity to acquire profit making business-

Profitability

Reputation

Locality

Public relation

1. For the assets taken over-

1. 2. For the liabilities taken over-

1. 3. For recording the business purchase price-

Business Opportunity

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Business Purchase Dr (with Business Purchase Price)

Vendor Cr

Bank/ Cash Dr

Share Capital Cr

Vendor Dr

Bank / cash Cr

Key points

Q 1.Following is the Balance Sheet of M. Moof as at 31.12.1998.

G. Grant decided to purchase the business of M. Moof on 01.01.1999. He will take over the assets andliabilities on the following valuations-

Land 32 000 Debtors 11 000

Building 23 000 Stock 9 000

Furniture 15 000 Creditors 16 000

He will not take over the cash in hand, cash at bank and bank loan. The purchase price is fixed at $

80,000.

You are required to calculate the amount of Goodwill and pass journal entries in the books of G. Grant

assuming that G. Grant settled the amount payable to M. Moof by cheque.

Q 2. M. Martin is a sole trader. His Balance Sheet as on 01.01.1998 was as follows.

R. Robin decided to purchase the business of M. Martin on 01.01.1998 and he decided to take over all the

assets and liabilities except cash in hand and bank overdraft on the following valuations.

Building at book value less $ 2 000 depreciation

Furniture at book value less 10% depreciation

1. 4.For the capital brought in the business-

1. 5. For recording the payments to vendor-

Only the revalued amounts are considered for the calculation of business purchase price and the

purchasers balance sheet shows only these values.

In the purchasers books goodwill is always debited as a fixed asset and capital reserve (negative

goodwill) is always credited as capital profit.

Assets $ Liabilities $

Land 30 000Creditors 17 000

Building 25 000Bank Loan 10 000

Furniture 15 500Capital 70 400

Debtors 12 300

Stock 8 700

Cash in Hand 1 300

Cash at Bank 4 600

97 400 97 400


Buildings 37 000Creditors 15 000

Furniture 20 000Bank Overdraft 3 000

Fittings 10 000Capital 69 350

Stock 17 000

Debtors 1 000

Cash in hand 2 350

87 350 87 350


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Fittings at $ 9 000

Debtors at $ 950

Stock at $ 18 500

Creditors $ 15 500

The business purchase price was fixed at $ 70 000. He brought into the business sufficient amount of

money to settle the business purchase price. You are asked to calculate the Goodwill or Capital Reserve.

Prepare Journal Entries in the books of R. Robin assuming that he settled the account by cash on

01.01.1998

Q 3.The following Balance Sheet is taken from the books of l. Lawrence on 01.01.1998 on which date he

decided to sell his business-

T. Terry decided to purchase the above business and take over all the assets and liabilities except bankbalance on the revaluations of the following assets.

Premises $ 1 05 000

Stock $ 11 000

Furniture & Fittings $ 5 000

T. Terry has to pay an additional amount as Goodwill, which is equal to 2 years purchase of average of

past 3 years profits which were:

1995 $ 10 000

1996 $ 12 000

1997 $ 14 000

On 01.01.1998 T. Terry deposited $ 1 55 000 into the business bank account as Capital and settled the

business purchase price by cheque.

You are required to:

a) Calculate the business purchase price

b) Pass Journal Entries in the books of T. Terry

c) Prepare his Balance Sheet after the purchase transactions are over

Q 4. M. Mortan decided to purchase the business of R. Rocky on 01.01.1997. He deposited into the

business bank account an amount of $ 80,000, out of which $ 30,000 he borrowed from a bank. The

Balance Sheet of R. Rocky on 01.01.1997 was as shown below.

It was agreed that:-

a) M. Mortan should take over all the assets, except the balance at bank, and all liabilities but that

the following assets should be revalued:

Premises $ 55000

Stock $ 8550

b) M. Mortan should pay an additional amount equal to the average profit of R. Rockys business over

the last three years. The profits were:

1994 $ 12500

1995 $ 13000


Fixed Assets Capital 1 26 300Premises 1 00 000Creditors 12 000

Fixtures & Fittings 7 000

Motor Van 4 000

Current AssetsStock 13 000

Debtors 10 000

Bank 4 300

1 38 300 1 38 300


Premises 50 000Capital 60 050

Fixtures 10 000Creditors 14 200

Stock 9 000

Debtors 4 000

Bank 1 250

74 250 74 250


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1996 $ 15000

The sale was completed on 01.01.1997 and the payment was made by cheque.

(I) Calculate the amount paid for the business by M. Mortan

(II) Show the Journal Entries necessary in M. Mortans books to record the purchase of R. Robbins

business.

(III) Assuming no other transactions except the settlement of the business purchase price, calculate

M. Mortans working capital.

Q 5. Sanal is the owner of a business. His Balance Sheet on 01.01.1998 was as follows.

Amal is also a businessman carrying on a similar business concern. His balance sheet on the above dateappeared as follows:

Amal decided to purchase the business of Sanal on the following conditions-

a) Amal will take over all the assets and liabilities except bank overdraft and cash in hand.

b) Sanal revalued the assets and liabilities as follows:

$

Land 57 000

Furniture 7 000

Buildings 38 000

Fittings 4 000

Stock 13 000

Debtors Book value less 1 000 as bad debts

Creditors 12 200

c) The purchase price is fixed at 130800.

d) Amal has to pay an additional amount equal to the average of Sanals Business over the past 3

years profit. The profits were:-

1995 $ 20 000, 1996 $ 15 000, 1997 $ 10 000.

Amal took a loan from the bank $ 75 000 and the balance amount of business purchase price he

arranged from his private property and deposited the amount in the business bank account.. On

01.01.1998 he settled the

Business Purchase Price. Required to-

i) Calculate the Goodwill

ii) Prepare the journal entries including the bank transactions

iii) Prepare the business purchase account

Prepare Amals revised balance sheet after the purchase transactions have been completed.

Incoming search terms:

Liabilities $ Assets $

Capital 1 09 300Land 50 000

Creditors 12 000Buildings 40 000

Bank Overdraft 4 200Furniture 7 500

Fittings 5 000

Stock 12 500

Debtors 10 000

Cash in hand 500

1 25 500 1 25 500

Liabilities Amount Assets Amount

Capital 110500Land 70000

Creditors 25000Building 30000

Fixtures 7000

Stock 12000

Debtors 10000

Cash in hand 2500

Cash at bank 4000

135500 135500


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Business Purchase - Principles of Accounting