Accounts paper 4 (discussion)

Messages
21
Reaction score
8
Points
13
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
 
Messages
20
Reaction score
3
Points
3
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.
 
Messages
20
Reaction score
3
Points
3
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.
 
Messages
20
Reaction score
3
Points
3
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
 
Messages
21
Reaction score
8
Points
13
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
 
Messages
2
Reaction score
1
Points
3
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
 
Messages
21
Reaction score
8
Points
13
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
 
Top