AS ACCOUNTING P12.... howd it go??

[Numnum]

Capital was 40,000
Good will was 60,000
First we'd divide the good will in old profit sharing ratio.
And then write off in new profit sharing ratio, this means that it'd be 28,000
As when writing off, it was coming, 18,000
40,000 - 18,000 = 22000

That's what I'm saying it said 'Goodwill is valued at 6k' not 'Goodwill is valued at 6k, it is not to be shown in the books of accounts'

 

[Numnum]

Guys why is c (ii) under-absorbed? Shouldn't it be over? http://papers.xtremepapers.com/CIE/...AS Level/Accounting (9706)/9706_w12_ms_21.pdf

 

[MONJUR HASAN NISHAD]

Capital was 40,000
Good will was 60,000
First we'd divide the good will in old profit sharing ratio.
And then write off in new profit sharing ratio, this means that it'd be 28,000
As when writing off, it was coming, 18,000
40,000 - 18,000 = 22000

My teacher said if not mentioned otherwise goodwill should be written off according to prudence. Non purchased goodwill is NOT shown in the financial statements unless it's stated clearly in the question to show goodwill as a non current asset. Btw the last one was June and June, ie B, right?

 

[SalmanPakRocks]

That's what I'm saying it said 'Goodwill is valued at 6k' not 'Goodwill is valued at 6k, it is not to be shown in the books of accounts'

Sorry I mis-interpreted you.

 

[Lostsoul]

Sorry I mis-interpreted you.

I am getting very confused, why cant 18000 be the final answer?

 

[SalmanPakRocks]

I am getting very confused, why cant 18000 be the final answer?

$18000 was the goodwill.

 

[MONJUR HASAN NISHAD]

FGS, can someone please clarify the answer of the last mcq? The cash budget "June-July-April.....blah blah" one :/

 

[SalmanPakRocks]

FGS, can someone please clarify the answer of the last mcq? The cash budget "June-July-April.....blah blah" one :/

it should be June June because the cash payment was made in june. In cash accounting, we record an entry as soon as cash inflow or outflow takes place.

 

[MONJUR HASAN NISHAD]

it should be June June because the cash payment was made in june. In cash accounting, we record an entry as soon as cash inflow or outflow takes place.

But the machine was delivered in April. So are'nt we supposed to record transactions when the legal transfer of goods takes place? Are you sure it's June June?

 

[SalmanPakRocks]

But the machine was delivered in April. So are'nt we supposed to record transactions when the legal transfer of goods takes place? Are you sure it's June June?

110% sure it's june june. I tell you again, it's not accrual account but cash accounting in 'cash budget'. Refer to randall.

 

[MONJUR HASAN NISHAD]

110% sure it's june june. I tell you again, it's not accrual account but cash accounting in 'cash budget'. Refer to randall.

At the last moment I changed my answer and gave B!

 

[MONJUR HASAN NISHAD]

Can anyone remember question number 9. I remember that I had a confusion in that question but I can't remember what it was about.

 

[SalmanPakRocks]

Can anyone remember question number 9. I remember that I had a confusion in that question but I can't remember what it was about.

It was credit controller one.

 

[MONJUR HASAN NISHAD]

It was credit controller one.

Ya, I got that right! My accounting paper was awesome but I screwed up Maths p1 big time. The invigilator gave me the paper 5 minutes after the end of accounting paper and I failed to divert my mind from accounting to maths and messed up 16+ in Maths! :'( The time clash ruined my life!!

 

[abrar]

can anyone tell me from where to prepare for the new thing in accounting syllabus the cash budget thing , similar to what came in question no 30. please it would be really helpful.

 

[razahayat777]

What was the answer to the that limiting factor question?

 

[sundalwahid]

/hey guys any guesses for acc p2 ..???

 

[amandeep04]

Question No. 24
Answer Please?

 

[Numnum]

Question No. 24
Answer Please?

I did B it was C.

 

[SalmanPakRocks]

Question No. 24
Answer Please?

It was C.