Economics, Accounting & Business: Post your doubts here!

[redapple20]

what do u mean by 24hrs not up :S

We cant discuss pprs before 24 hours!

 

[WaleedUQ]

wasnt corrected appropriation 82500?

I dont know i said correct me if am wrong
cause abhi i read partnership act of 1890 it said that
partners can be entitled to salary depending what partner is doing in the business
interest on capital account 10%
profit to be share equally between the partners to give equal share to partners that is why salary was given to the partner who is contributing more in the partnership

 

[redapple20]

Wen there is no agreement interest on loan is 5% and profit and loss shared equally? Wasnt it later 40000 ka 5% 2000 and fr 6 months 1000 instead of 500?

 

[WaleedUQ]

We cant discuss pprs before 24 hours!

Oops Sorry

 

[WaleedUQ]

Wen there is no agreement interest on loan is 5% and profit and loss shared equally? Wasnt it later 40000 ka 5% 2000 and fr 6 months 1000 instead of 500?

NO WE HAD TO CREATE A CORRECTED P\L
phir capital account reflect karna tha

 

[WaleedUQ]

NO WE HAD TO CREATE A CORRECTED P\L
phir capital account reflect karna tha

who said their was not partnership agreement ?
they were following the principles of partner ship act 1890 :S
partnership agreement existed thats why partners were maintaining their current account

 

[redapple20]

Acha juz like my comment if u like it!
Something was 63000?

 

[redapple20]

who said their was not partnership agreement ?
they were following the principles of partner ship act 1890 :S
partnership agreement existed thats why partners were maintaining their current account

No written agreement! Frst line!

 

[umarFM]

Ohkay guys soo here is the scene :
factory profit was around 905
operationg profit was 63 + 905 - 15 ( unreal profit )
438 /120% = Balance sheet Closing stock + 235 + wip stock
come to q2
83000/3 for share of profit
drawings were 61 30 42 or 61 32 40
second you guys didnt notice that Clearkle loan was to be repaid half 20k
it was short term loan which means less than a year and it said loan was not paid during the year end.
balance sheet was balancing around 93336 93346 aesi kuch 90' mien thi
loan of quilp was around 49 000 to 51000 i think 50's mien arha tha .
current account balance of two partners was DR
Hexham ka tha and shayed Quilp ka
10334 aur shayed 600 something cr balance 7334

prod budget was like opening stock 200 closing 180
phir opening 180 closing 160
semi variable mien variable cost 4$ per unit thi
fixed cost were 15000+ 28500 /15 tha contribution shayed
Breakeven was around 2150 ya aesi kuch end mien 50 tha
come to last question
it was FLEXIBILITY BUDGET which means
This budget was to be made FINAL
but if still we had to show ACUTAL and Budgeted statement then Flexed statement
Sales ( Actual quantity x Standard price )
less: Variable cost of prod.
D.M ( Standard Direct material kilo x Rate )
D.L ( Standard Direct hours x Rate )
VOH ( standard quantity 4000 x 4 )
Fixed over heads yaad nahi
Give any 3 variances to reflect ur ans
i think aesa kuch tha if i am wrong correct me

clearkle loan ke repayment k baaray may to kch nahee likhaa thaa..only 'nthin was repaid' was given....
in production budget... 1180+1380+1580=4140...
in flexible budget..it was all the quantity will be of actual and price would be of budget....
8800 adv...4400 fav..4400 adv
loan of quilp 57500
capital balances of hexham n creakle..53000 each..
balance sheet balanced by 90950....
profit in opening goods was 55..n in closing goods was 73...

 

[Aahliya]

Can anybody help me out with the grading system of CIE..

I wanna ask that if i have scored a B grade in AS level dats 70% in Business Studies... And the A level paper doesnt seem to be good enough and the result is a failure say 30/100.... den as per cie the A level gt it would be a fail bt combining the grades would be a pass atleast with an E grade...

so the question is does the final combined result sheet show a fail(U) or a pass (E)..?? Pls reply asap

 

[redapple20]

clearkle loan ke repayment k baaray may to kch nahee likhaa thaa..only 'nthin was repaid' was given....
in production budget... 1180+1380+1580=4140...
in flexible budget..it was all the quantity will be of actual and price would be of budget....
8800 adv...4400 fav..4400 adv
loan of quilp 57500
capital balances of hexham n creakle..53000 each..
balance sheet balanced by 90950....
profit in opening goods was 55..n in closing goods was 73...

Oh hello there!

 

[Manesh]

Can anybody help me out with the grading system of CIE..

I wanna ask that if i have scored a B grade in AS level dats 70% in Business Studies... And the A level paper doesnt seem to be good enough and the result is a failure say 30/100.... den as per cie the A level gt it would be a fail bt combining the grades would be a pass atleast with an E grade...

so the question is does the final combined result sheet show a fail(U) or a pass (E)..?? Pls reply asap

it shows aggregate result.

 

[wajiman]

clearkle loan ke repayment k baaray may to kch nahee likhaa thaa..only 'nthin was repaid' was given....
in production budget... 1180+1380+1580=4140...
in flexible budget..it was all the quantity will be of actual and price would be of budget....
8800 adv...4400 fav..4400 adv
loan of quilp 57500
capital balances of hexham n creakle..53000 each..
balance sheet balanced by 90950....
profit in opening goods was 55..n in closing goods was 73...

i remember loan to $97,500 and my balance sheet balances at $172,500 :S. and what is that profit in opening and closing goods? which question was that

 

[umarFM]

i remember loan to $97,500 and my balance sheet balances at $172,500 :S. and what is that profit in opening and closing goods? which question was that

that was manufacturing...unrealized profit calculation

 

[Anusuya]

Ohkay guys soo here is the scene :
factory profit was around 905
operationg profit was 63 + 905 - 15 ( unreal profit )
438 /120% = Balance sheet Closing stock + 235 + wip stock
come to q2
83000/3 for share of profit
drawings were 61 30 42 or 61 32 40
second you guys didnt notice that Clearkle loan was to be repaid half 20k
it was short term loan which means less than a year and it said loan was not paid during the year end.
balance sheet was balancing around 93336 93346 aesi kuch 90' mien thi
loan of quilp was around 49 000 to 51000 i think 50's mien arha tha .
current account balance of two partners was DR
Hexham ka tha and shayed Quilp ka
10334 aur shayed 600 something cr balance 7334

prod budget was like opening stock 200 closing 180
phir opening 180 closing 160
semi variable mien variable cost 4$ per unit thi
fixed cost were 15000+ 28500 /15 tha contribution shayed
Breakeven was around 2150 ya aesi kuch end mien 50 tha
come to last question
it was FLEXIBILITY BUDGET which means
This budget was to be made FINAL
but if still we had to show ACUTAL and Budgeted statement then Flexed statement
Sales ( Actual quantity x Standard price )
less: Variable cost of prod.
D.M ( Standard Direct material kilo x Rate )
D.L ( Standard Direct hours x Rate )
VOH ( standard quantity 4000 x 4 )
Fixed over heads yaad nahi
Give any 3 variances to reflect ur ans
i think aesa kuch tha if i am wrong correct me

Even i got sth like these
Bt later realised that in the ques 2 part...since there is no agreement u need to calculate the 5% of loan in the P/L a/c too. and i doubt abt the repaid loans nth like that was mentioned.

 

[umarFM]

I dont know i said correct me if am wrong
cause abhi i read partnership act of 1890 it said that
partners can be entitled to salary depending what partner is doing in the business
interest on capital account 10%
profit to be share equally between the partners to give equal share to partners that is why salary was given to the partner who is contributing more in the partnership

i read about it too...frm various sources....no interest on capital and NO salary.....

 

[WaleedUQ]

i read about it too...frm various sources....no interest on capital and NO salary.....

IF their is not partnership agreement Interest on partner loan 5% profit equally divided no salary no thing .

But partnership act of 1890 is itself a agreement.
And question said that Under the act of Partnership correct this profit statement
When their is NO PARTNERSHIP THEIR IS NO CURRENT ACCOUNTS !
then how did examiner asked for current account
?

 

[WaleedUQ]

clearkle loan ke repayment k baaray may to kch nahee likhaa thaa..only 'nthin was repaid' was given....
in production budget... 1180+1380+1580=4140...
in flexible budget..it was all the quantity will be of actual and price would be of budget....
8800 adv...4400 fav..4400 adv
loan of quilp 57500
capital balances of hexham n creakle..53000 each..
balance sheet balanced by 90950....
profit in opening goods was 55..n in closing goods was 73...

the difference is 18 which is gain in unrealised profit, we deduct it from income statement
yea partners balance were around 53000
AND last
production budget months ka nikalna tha total nahi nikalna tha uncle

Flexible budget ka itna nahi pata mujhe, jo miene phara tha woh batada. Shayed tum theek ho

 

[umarFM]

IF their is not partnership agreement Interest on partner loan 5% profit equally divided no salary no thing .

But partnership act of 1890 is itself a agreement.
And question said that Under the act of Partnership correct this profit statement
When their is NO PARTNERSHIP THEIR IS NO CURRENT ACCOUNTS !
then how did examiner asked for current account
?

dude u r nt gettin the point.....
it was said that NO written deed was given...hence partnership ACT of 1890 has been applied and according to that act, if there is NO deed then NO IOC n NO SALARY....

 

[umarFM]

the difference is 18 which is gain in unrealised profit, we deduct it from income statement
yea partners balance were around 53000
AND last
production budget months ka nikalna tha total nahi nikalna tha uncle

Flexible budget ka itna nahi pata mujhe, jo miene phara tha woh batada. Shayed tum theek ho

dude i guess 1180 , 1380 n 1580 mainay months k figures he btaai hain...