Account P2 discussion

[manfp]

how was the paper??What about the payroll question!!

 

[faisal93]

the paper wad easy as far as i expected.. had some problem in the balancing of balance sheet

 

[goldman anas]

HI
WHAT TOPICS HAD BEEN APPEARED
three persons paid $100 each as life membership fees. IT was decided to capitalize this equally over a period of 10 years( income and expenditiure)
can u help me plz new friends

 

[rimrim]

yer balance sheet tou easily balance ho gaee thi!
bt hd prob in that goodwill wala question......n got those "accounting concepts" wrong!!!....i wrote prudence n matching concept!!

 

[hammadthepcgeek]

Don't count much upon the concepts. Prudence may be right. It does make a sense. I wrote Prudence and going concern . But I think there would be many concepts which could prevent the recording of goodwill in a business' balance sheet.

 

[hammadthepcgeek]

And guys and gals two things more:

1. I balanced the balance sheet at 155710. However my friend says it would be 154910. He is correct, isn't it? I just forgot to record the accrued loan interest. Would I lose just 1 mark there?

2 I gave the example of goodwill, 'patent for a product'. Just googled this for my comfort and I think it IS correct but what do you guys think?

All else was pure piece of cake.

 

[rfuzzy]

no ur answer is correct...it was 155710 as interest on loan was not ACCRUED it was paid!!!

 

[fierro]

Guys what was the answer to the question of calculating owner's capital and capital employed.
I got 6500 and 10,000 respectively. And 154 wala was the correct balancing figure as Interest was payable by 800. 2400 was paid while 3200 was the total dues.
And what was the trial balance total, I got 10800 with capital missing figure at 5050.
The good thing is the accounts percentile is always low so InshAllah everyone will get a good grade.

 

[workaholic]

I wrote historical cost and prudence for the accounting concepts....................
And my manufacturing cost was 202000 , net profit 22910, balancing figure 155910......
how much is correct??????????????? :?:

 

[faisal93]

I wrote prudence and materality........the manufacturing cost was 2020000...goodwill question was far to easy...In apporpriation i got a loss..is it correct????????what is the percentile?????????????

 

[AlteredTuning]

the balance sheet figure was 154910...

nd the partnership profit was negative (3000)..nd was divided into (2000) nd (1000)

btw, wat was the balance sheet figure in no. 2???? sum of my friends said it wud be 35000....but i got 43000...

 

[hammadthepcgeek]

Yes, I did make that mistake in the last question. It must have been the 154 thing 'cos some part of the interest was accrued. Anyways 1 mark lost there.

 

[hammadthepcgeek]

I wrote prudence and materality........the manufacturing cost was 2020000...goodwill question was far to easy...In apporpriation i got a loss..is it correct????????what is the percentile?????????????

Well, well I think your concepts would be market correct 'cos according to me there would be MORE den two concepts stating against the recording of goodwill. I wrote Prudence and Going concern. Yes, your manufacturing cost is correct and there was the remainder loss of (3000) which was divided as 2000 and 1000 respectively between the two partners. As for percentile, no one knows that

 

[hammadthepcgeek]

the balance sheet figure was 154910...

nd the partnership profit was negative (3000)..nd was divided into (2000) nd (1000)

btw, wat was the balance sheet figure in no. 2???? sum of my friends said it wud be 35000....but i got 43000...

Yes it would be 35000.

 

[hammadthepcgeek]

Guys what was the answer to the question of calculating owner's capital and capital employed.
I got 6500 and 10,000 respectively. And 154 wala was the correct balancing figure as Interest was payable by 800. 2400 was paid while 3200 was the total dues.
And what was the trial balance total, I got 10800 with capital missing figure at 5050.
The good thing is the accounts percentile is always low so InshAllah everyone will get a good grade.

I think you made a mistake there in question 1
Capital was: 3000
Capital Employed was: 6500

And the trial balance balanced at 15400. I think you made a mistake in recording some of the items on the wrong side. Yes, you are right. Percentile would be low on some questions so don't worry.

 

[a.b94]

I believe it was the money measurement concept. my balance sheet balanced at 157,710, like my friends. manufacturing account had 202,000.

 

[ssaint]

finally,somebody said money measurement!
it cant be materiality,its not a viable answer because goodwill has a high measure of materiality.
prudence still makes sense and so does historical cost concept.

 

[ssaint]

finally,somebody said money measurement!
it cant be materiality,its not a viable answer because goodwill has a high measure of materiality.
prudence still makes sense and so does historical cost concept.

 

[hammadthepcgeek]

finally,somebody said money measurement!
it cant be materiality,its not a viable answer because goodwill has a high measure of materiality.
prudence still makes sense and so does historical cost concept.

Yes my friend wrote money measurement too. It does make sense and anyways I can count upon what my friend wrote, since he is the best among us in Accounts

 

[Sijan92]

Guys the answer to the first question was 3000 for both owners capital and capital employd which can be calculated by bank plus stock minus loan. In case if u havnt noticd the question askd for the owners capital and capital employd at 1st april ( not the end of the year). Therefore both figure would be same. And for concept i wrote prudence and going concern, the later being wrong. Only concepts which wud b corect is money measurement and produce. No other. Because non of the other makes sense when applied to goodwill not being recorded.