Economics, Accounting & Business: Post your doubts here!

[WaleedUQ]

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....

Then how did the current accounts came to being ?
when no partnership agreement
floating capital accounts are made my bro if their is no partnership agreement.

Your variances are wrong
For variance we need to calculate STANDARD DIRECT MATERIAL
which is
Budgeted Kilo/ Budget units x Actual units
the total is right but u're price and usage are wrong

 

[WaleedUQ]

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

tou add na karo na

 

[umarFM]

Then how did the current accounts came to being ?
when no partnership agreement
floating capital accounts are made my bro if their is no partnership agreement.

Your variances are wrong
For variance we need to calculate STANDARD DIRECT MATERIAL
which is
Budgeted Kilo/ Budget units x Actual units
the total is right but u're price and usage are wrong

linking current accounts with partnership agreement....that doesnt make any sense to me....
n about variances....either u make the prices per unit and then multiply by 4400...or kilo used per unit n then multiply it by price per unit...

 

[umarFM]

about that how current accounts were made.....HEXHAM made them widout considering any deed...

 

[MnMz]

Does anyone know what are the most important topics to stress on for tomorrow's Economics p4?

 

[WaleedUQ]

linking current accounts with partnership agreement....that doesnt make any sense to me....
n about variances....either u make the prices per unit and then multiply by 4400...or kilo used per unit n then multiply it by price per unit...

What do you mean they dont make sense to you ?
Do you even know about floating capital acount and current account
And why partners draw current account ?
Partnership Act 18901890 CHAPTER 39 53 and 54 VictAn Act to declare and amend the Law of Partnership.
The interests of partners in the partnership property and their rights and duties in relation to the partnership shall be determined, subject to any agreement express or implied between the partners, by the following rules:—
(1)All the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses whether of capital or otherwise sustained by the firm.
(2)The firm must indemnify every partner in respect of payments made and personal liabilities incurred by him—
(a)In the ordinary and proper conduct of the business of the firm; or,
(b)In or about anything necessarily done for the preservation of the business or property of the firm.
(3)A partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of five per cent. per annum from the date of the payment or advance.
(5)Every partner may take part in the management of the partnership business.
(7)No person may be introduced as a partner without the consent of all existing partners.
(8)Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business without the consent of all existing partners.
(9)The partnership books are to be kept at the place of business of the partnership (or the principal place, if there is more than one), and every partner may, when he thinks fit, have access to and inspect and copy any of them.

 

[umarFM]

Does anyone know what are the most important topics to stress on for tomorrow's Economics p4?

i ll be doin macro + labour market...

 

[Aahliya]

soorryyy.... bt a lil confused... are u sure dat if we flunk in A levels bt the mixed grade of AS & A brings u to pass... The overall result would be a PASS..??

 

[WaleedUQ]

I might be wrong im not sure. shayed ghalat hai
TIME FOR ECO NOW !
Enough with Accounts

 

[umarFM]

What do you mean they dont make sense to you ?
Do you even know about floating capital acount and current account
And why partners draw current account ?
Partnership Act 18901890 CHAPTER 39 53 and 54 VictAn Act to declare and amend the Law of Partnership.
The interests of partners in the partnership property and their rights and duties in relation to the partnership shall be determined, subject to any agreement express or implied between the partners, by the following rules:—
(1)All the partners are entitled to share equally in the capital and profits of the business, and must contribute equally towards the losses whether of capital or otherwise sustained by the firm.
(2)The firm must indemnify every partner in respect of payments made and personal liabilities incurred by him—
(a)In the ordinary and proper conduct of the business of the firm; or,
(b)In or about anything necessarily done for the preservation of the business or property of the firm.
(3)A partner making, for the purpose of the partnership, any actual payment or advance beyond the amount of capital which he has agreed to subscribe, is entitled to interest at the rate of five per cent. per annum from the date of the payment or advance.
(5)Every partner may take part in the management of the partnership business.
(7)No person may be introduced as a partner without the consent of all existing partners.
(8)Any difference arising as to ordinary matters connected with the partnership business may be decided by a majority of the partners, but no change may be made in the nature of the partnership business without the consent of all existing partners.
(9)The partnership books are to be kept at the place of business of the partnership (or the principal place, if there is more than one), and every partner may, when he thinks fit, have access to and inspect and copy any of them.

kindly read section 24 of partnership act 1890

 

[WaleedUQ]

i ll be doin macro + labour market...

same here

 

[WaleedUQ]

kindly read section 24 of partnership act 1890

it is section 24, i read it you're right about interest on capital but still partnership salary
lucky you

 

[umarFM]

I might be wrong im not sure. shayed ghalat hai
TIME FOR ECO NOW !
Enough with Accounts

yeah....eco much tough than akounts...(for me)...BEST OF LUCK...

 

[MnMz]

i ll be doin macro + labour market...

Yea I guess I would do that too =) Thank you though!

 

[Anusuya]

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
?

The question said no written partnership agreements the records were kept by hexham without any agreement...and idk abt current ac. when there is a partnership there is a current a/c its just thaat u dnt have written agreements. and then u r asked to make a corrected p/l account under partnership act 1890.

 

[umarFM]

Yea I guess I would do that too =) Thank you though!

np..... i am still thinkin bout doin that....no mood to study..

 

[MnMz]

Well think about it that way….sacrifice tonite…to get to do your best tomorrow…and after that you would relieved..because you would be done with the two toughest papers eco p4 and acc p4…

 

[umarFM]

Well think about it that way….sacrifice tonite…to get to do your best tomorrow…and after that you would relieved..because you would be done with the two toughest papers eco p4 and acc p4…

need to think like this....otherwise no chance.....ohkay guys...me all done wid akounts..goin to study eco....

 

[MnMz]

need to think like this....otherwise no chance.....ohkay guys...me all done wid akounts..goin to study eco....

Now that's the spirit =)

 

[Aahliya]

I am sorry bt still m confused... Are u really sure that even if we fail in the A level.... Bt the combined grade of AS level & A level makes u pass den is it overall PASS or FAIL...??