- Messages
- 646
- Reaction score
- 39
- Points
- 38
Discussion after 24hrs. Until then, take part in the poll!
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Accounting Poll
- Thread starter WayneRooney10
- Start date
- Messages
- 51
- Reaction score
- 92
- Points
- 18
Hope high......expectation....still high 
- Messages
- 646
- Reaction score
- 39
- Points
- 38
lolHope high......expectation....still high
- Messages
- 646
- Reaction score
- 39
- Points
- 38
Yeah sure
- Messages
- 70
- Reaction score
- 52
- Points
- 28
Tinks!
-The Revised Profit was $20000.
-The total residual profit was $70000.
Share of Gyasz was (70000*40%/2) + (70000*60%*3/5) = $39200
Share of Kayal was (70000*40%/2) + (70000*60%*2/5) = $30800
-The Revised Profit was $20000.
-The total residual profit was $70000.
Share of Gyasz was (70000*40%/2) + (70000*60%*3/5) = $39200
Share of Kayal was (70000*40%/2) + (70000*60%*2/5) = $30800
- Messages
- 70
- Reaction score
- 52
- Points
- 28
-In the 3rd question, profit was 99000 - 46200= $52800.
-there are "of" (own figure) marks, so you'll get atleast half the marks of the question if your method is correct.
-there are "of" (own figure) marks, so you'll get atleast half the marks of the question if your method is correct.
- Messages
- 53
- Reaction score
- 14
- Points
- 18
46200 the fixed costs were 23100
78k? You wrote off the goodwill?Tinks!
-The Revised Profit was $20000.
-The total residual profit was $70000.
Share of Gyasz was (70000*40%/2) + (70000*60%*3/5) = $39200
Share of Kayal was (70000*40%/2) + (70000*60%*2/5) = $30800
Sorry I meant 70k*
- Messages
- 70
- Reaction score
- 52
- Points
- 28
When the treatment is not mentioned, then goodwill is not retained in the books, so Grosz credited with 40k and Grosz & Kayal debited with 24k & 16k respectively.
How are you sure about this? I've done questions where the treatment is not mentioned and we had to show it in the balance sheet. And where if not they usually tell us it is not to be shown in the books of accounts.When the treatment is not mentioned, then goodwill is not retained in the books, so Grosz credited with 40k and Grosz & Kayal debited with 24k & 16k respectively.
- Messages
- 26
- Reaction score
- 7
- Points
- 13
He is right. Goodwill had to be NOT opened .. Yeah,in the previous papers goodwill was shown but from now on you had to write it off .. Also,if it was purchased goodwill then You MAY have shown it in the books of account but this was not purchased goodwill and i'm sure that you had to write it off.