Purchased goodwill may arise in the individual accounts

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Reference no: EM131257682

1. Ovett acquires the following during the year ended 30 June 20x6:

1) The separable net assets of Elliott, a sole trader

2) 100% of the share capital of Moorcroft, a limited company

Purchased goodwill may arise in the individual accounts of Ovett in respect of:

a) Elliott and Moorcroft;

b) Elliott only

c) Moorcroft only

d) Neither Elliott nor Moorcroft?

2. During the year ended 20x4 Garden made the following acquisitions:

1) The entire share capital of Flower. Limited company;

2) The separable net assets of Hedge, sole trader

Purchased goodwill may arise in the individual accounts of Garden in respect of:

a) Hedge only;

b) Hedge and Flower

c) Flower only

d) Neither Flower nor Hedge

Reference no: EM131257682

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