JAMB Principles of Accounts 1999 Question 35

Dele and Seun who are in partnership, have decided to convert their business into a limited liability company where both become directors. To convert the business

1. A.they will simply continue since there are no new members
2. B.the partnership is formally ended and new company books opened
3. C.the shares and all other items will be shared equally and not in their former ratios
4. D.computation of goodwill must be done as it is legally required.