Accounting !!

[ashhadazam]

Accounts Paper is on our head now and i have seen only about two or three people here who are taking accounts !! People report in here who are taking accounts so that we may discuss our problems as well as our paper !!!

P.S !! I pray that our balance sheet got balanced even though it doesnt carry much marks but the feeling.. AAh

 

[SpoonyVoid]

I'm doing Accounts!
Insha allah, All of our sums will balance

 

[khizarr]

i'm taking accounts as well!

 

[khalid]

i m also doin accounts... i m from pakistan.. varient iz 12

 

[weesha]

i am also taking accounts

 

[NATASHA BARLAS]

Is there any hints about the ppr . plz do PM me

 

[username!]

im doing accounts too! can someone help me with partnership dissolution and business purchase? if a business purchases a partnership that already has a goodwill, will be goodwill of the partnership come under the purchaser's balance sheet? plz help

 

[Steph]

wel yeah in the purchaser's balance sheet goodwill wud b included, coz when a partnership is dissolved dat is, being sold, the purchaser has to pay for the goodwill of the business. This amount for the purchased goodwil wil b included in the purchase consideration.

 

[ashhadazam]

OK guys i have a question.. Its Q1 from nov 08 , pretty long question so i am stating only part of my problem here. .!! We have to calculate the share of profits available to partners each year from the information given. This is the equation i formed..

Fixed Assets + Current Assets - Current liabilities = Capital Accounts + Opening Current Account + Salaries + Share of Profits - Drawings

Making Profit as the subject would give me : ADD drawings LESS salaries but in the marking scheme they have added both. WHY ??(((

 

[Steph]

K THIS IS BECAUSE IN THE QUESTION IT IS STATED THAT MICHAEL WITHDRE HIS SALARY IN CASH FORM THE BUSINESS PLUS DIS WAS NOT INCLUDED IN THE DRAWINGS FIGURE. SO THATSY U HAV TO ADD IT....TREAT IT LYK DRAWINGS..

 

[Steph]

withdrew*
from*

 

[Steph]

HEY GUYS CAN U HELP ME OUT IN DIS Q, K ITS FROM O/N 09, PAPER 21
I JUS WANT TO KNW HOW TO CALCULATE THE DEPRECIATION ON FURNITURE AND FITTINGS.
K C I GET IT V WUD HAVE TO SUBTRACT THE C/S BAL OF THR FURNITURE AND FITTINGS FROM THE OPENING BALANCE OF IT, BUT Y DO V HAV TO DEN ADD 2150 AGAIN ? (THE PURCHASE OF THE PARTICULAR F & f )

 

[ashhadazam]

Thanx man

 

[ashhadazam]

Paper day after tomorrow... tensed

 

[Hanieya]

hey da answer in da markin scheme iz wrong ..
salary is never treated as drawings...
@ashhad aina told me

 

[ashhadazam]

hahah hanieya tum yahan agai woh b accounting k topic mai ;D

 

[happyme]

you taking A level accounting paper 2? i was looking for tips.... please tell me!!!!

 

[ashhadazam]

Yes accounts p2 tomoroorw ( I need tips too.. I am a newb in accounts

 

[happyme]

help me with marginal and absorption costing please... O/N08 Q3 (b) where they get 900 for production variable costs?
i tought marginal costing does have to include variable costs?

 

[borat]

help me with marginal and absorption costing please... O/N08 Q3 (b) where they get 900 for production variable costs?
i tought marginal costing does have to include variable costs?

first of all, variable cost is in both costing concepts.... they are included in total as well as marginal costing...
as for where that 900 came from.....

the production of that period is 45000 units... ( purchases + opening stock - sales = Closing stock )

the total variable cost is 20.... so the production overhead is (45000 * 20)= 900000

hope this is helpful...