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Subject: Accountancy, asked on 23/9/17

Solve the following:
Q. X and Y are partners sharing profits in the ratio of 3 : 1. Z is admitted as partner for which he pays Rs. 30,000 for goodwill in cash. X, Y and Z decided to share future profits in equal proportion. You are required to pass a single journal entry to give effect to the above.

Subject: Accountancy, asked on 18/8/17

Please answer question no.4

Subject: Accountancy, asked on 6/8/17

In goodwill chapter income in investment is treated as normal gain or abnormal income or normal expenses?

Subject: Accountancy, asked on 5/8/17

Q.8

Subject: Accountancy, asked on 27/7/17

please provide some questions on the calculation of new profit sharing ratio 

Subject: Accountancy, asked on 17/7/17

PLEASE CHECK THE ANSWER

Subject: Accountancy, asked on 4/7/17

A and B contribute Rs. 50,000 and Rs. 30,000 respectively by way of capital on which they agree to allow interest at 6% p.a. Their respective share of profit is 3 : 2 and profit for the year is Rs. 4,000 before allowing interest on Capital. Prepare the necessary account to allocate interest on capital.
  (i)When partnership deed is silent in treating interest as a charge or appropriation.
(ii) When the partners agree that the interest should be allowed irrespective of profit.

Subject: Accountancy, asked on 3/7/17

  1. On 1st January 2013, an existing firm had assets of Rs. 2, 00,000 including cash of Rs. 4,000.
 
Its creditors amounted to Rs. 10,000 on that date. The partner’s capital account showed a balance of Rs. 1, 60,000 while the reserve fund amounted to Rs. 30,000. If the normal rate of returns is 15% and the goodwill of the firm is valued at Rs. 36,000 at 3 years purchases of super profit, find the average profit of the firm. 

Subject: Accountancy, asked on 3/7/17

​           3 Marks

Subject: Accountancy, asked on 23/6/17

A, B and C were partners in the ratio of 5:4:1. On 31st March, 2016 their balance sheet showed a reserve fund of 65,000, P&L A/C (Loss) of   45,000. On 1st April, 2016, the partners decided to change their profit sharing ratio to 9:6:5. For this purpose goodwill was valued at Rs. 1,50,000. The partners do not want to distribute reserves and losses and also do not want to record goodwill.
 You are required to pass single journal entry for the above.

Subject: Accountancy, asked on 13/6/17

How there is valuation of new goodwill in case of change in PSR?

Subject: Accountancy, asked on 13/6/17

In case of change in PSR between existing partners they decided not to disturb the goodwill in the balance sheet amounted to rs.10,000. If after reconstitution the goodwill becomes 20,000 then they will distribute it in new PSR the entire amount of 20,000 or just additional 10,000 and why?

Subject: Accountancy, asked on 13/6/17

In case of change in PSR btwn existing partners , either the existing goodwill is distributed in the old ratio or sacrificing partner is compensated by gaining partner.does both the cases affect the partners capital account in the same way? Does the total amount shown in their accounts is same.explain with an example.

Subject: Accountancy, asked on 11/6/17

From where does the goodwill comes in the adjustment when there is change in PSR among existing partners if there is no entry of new partner and how it is calculated. Explain with an example

Subject: Accountancy, asked on 10/6/17

If a new partner or an existing partner compensates to the sacrificing partner for the general reserve due to change in PSR then by doing this job, does he gains anything in the future from the old reserve? If not then why do he do this? He can simply take his share from new reserve according to new PSR?

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