Accounts paper 4 (discussion)

[sarahkhan]

How was it guys?

 

[Faadii]

Pathetic

 

[Faadii]

how was yours p4 ?

 

[Sjs1993]

It was good

 

[Faadii]

what was ur goodwill .

 

[aamir9010]

It was o.k missed a 3 mark question

 

[wwfrohitKILLER]

As i remember Goodwill was 12000. so it had to be divided on the basis of the profit sharing ratio which was 50% to h 25% to c and 25% to o or the third person
6000 3000 3000.
I guess am right

 

[Sjs1993]

As i remember Goodwill was 12000. so it had to be divided on the basis of the profit sharing ratio which was 50% to h 25% to c and 25% to o or the third person
6000 3000 3000.
I guess am right

Nopes. There was no partnership agreement. So we had to divide goodwill equally. Had to credit each partner by 4000. And then debit the 2 remaining partners with 6000 each

 

[mohsin hassanrox]

As i remember Goodwill was 12000. so it had to be divided on the basis of the profit sharing ratio which was 50% to h 25% to c and 25% to o or the third person
6000 3000 3000.
I guess am right

but profit sharing ratio was equllay accor
ding to partnership act.

 

[Sijan92]

Worst Accounting paper ever! Messed up up big time in question 2 and 3.

 

[wwfrohitKILLER]

there was no profit sharing but when we look at the share of profits we could see that they had used some ratio
so depending on that i calculated and got 50% 25% and 25% . hope its right
and yeah . Biggest mess up of all my acc paper put together.

 

[wwfrohitKILLER]

Nopes. There was no partnership agreement. So we had to divide goodwill equally. Had to credit each partner by 4000. And then debit the 2 remaining partners with 6000 each

there was no profit sharing but when we look at the share of profits we could see that they had used some ratio
so depending on that i calculated and got 50% 25% and 25% . hope its right
and yeah . Biggest mess up of all my acc paper put together.

 

[wwfrohitKILLER]

question 1 asking to prepare manufacturing acc from no where was a biggest disaster. and second the partnership qustn included the accounting standard. third questn was an equal mess up. Screwed up the BEP part. Can anyone clarify on the BEP part and the following questn about actual and budgeted questn part?
Forgot about the qustn sory

 

[Sjs1993]

there was no profit sharing but when we look at the share of profits we could see that they had used some ratio
so depending on that i calculated and got 50% 25% and 25% . hope its right
and yeah . Biggest mess up of all my acc paper put together.

That was a mistake done by the partner. When we made the corrected current accounts, we distributed profits equally. The same we had to do for goodwill. The partnership act of 1980 was to be followed, as th question stated

 

[Saiyan]

The paper was OK but I messed up in some places like in the partnership and IAS.

 

[umer524]

how were we supposed to calculate the drawings??

 

[spesnani]

drawings were to be calculated by making a current account according the appropriation account provided and the carried down amounts of the current accounts were given in the balance sheet.
the balancing figure was drawings

 

[Sjs1993]

drawings were to be calculated by making a current account according the appropriation account provided and the carried down amounts of the current accounts were given in the balance sheet.
the balancing figure was drawings

yup, did it that way only.
answers were 61000, 40000 and the 3rd i cant remember....i think it was 37500 or 5 31500

 

[Sjs1993]

but profit sharing ratio was equllay accor
ding to partnership act.

Yes exactly. So we had to calculate goodwill on this equal share of profit basis as well

 

[queensunflower]

What do u expect gt to be?