Economics, Accounting & Business: Post your doubts here!

[Bushrafareed]

true indeed*

 

[WaleedUQ]

I selected B for 1, which was $32800. Lemme tell you the reason for difference in values. The question said the car he took had a NBV of $4600, but Z agreed to take it at $4000. So the people (including me) who got B calculated the difference as Revaluation Loss of $600, divided equally in the 3 at $200. So you subtract $200 from $33000 to get $32800 as the amount he'll receive. I dunno if I am right or wrong, but that was the logic...

You know what this question matches with dissolution..
My sir gave me some pharo questions and he told me that when partners retire they take some assets WHEN ( i repeat) When the business is not able to pay his share fully... we have to credit the machinery on machinery account and debit it to the partners account, remember when we make realization account we account for vehicles against partners name if they are taking but its dissolution take some little logic of it down below.
He took the vehicle at 4000 the remaining 600 was loss,
just relate it with part exchange though we are exchanging vehicles but still we report loss incurred by the old asset.
Now bring lil bit of ^^ here to partnership..
It didnt said that when the partner left assets were revalued infact it was taken by the old partners.. Revaluation comes into play when we have the asset in our hands but here we are loosing it we just cant devalue it was X who said that listen partners i dont care what this vehicle cost in your books, but in markets its not more than 4000 and I want my whole share I dont care
partners have to report loss against the vehicle which was given and the loss will be adjusted to the current accounts of the business

 

[Bushrafareed]

one more logic i applied to this question was of dissolution ac , that when partners takeover any asset, the difference that loss from realisation is transfered to partner's account. and i was getting same ans 32800

I selected B for 1, which was $32800. Lemme tell you the reason for difference in values. The question said the car he took had a NBV of $4600, but Z took it at an agreed value of $4000. So the people (including me) who got B calculated the difference as Revaluation Loss of $600, divided equally in the 3 at $200. So you subtract $200 from $33000 to get $32800 as the amount he'll receive. I dunno if I am right or wrong, but that was the logic...

 

[WaleedUQ]

one more logic i applied to this question was of dissolution ac , that when partners takeover any asset, the difference that loss from realisation is transfered to partner's account. and i was getting same ans 32800

but it is when we are closing the balance, u just said about the half step
what happens further is that we close the capital acc through bank adj and that reflection of assets is countered against bank account

 

[youzair]

redapple20
2pac
Sara H
Iqra nadeem
Saiyan
wajiman

Question# 1
November 2011 variant1

Analyse the advantages and disadvantages for LPC of being heavily dependent on the sales of books written by Abbas Khan. [10]

how to begin this answer?
What definition to write in this question?:/

 

[2pac]

redapple20
2pac
Sara H
Iqra nadeem
Saiyan
wajiman

Question# 1
November 2011 variant1

Analyse the advantages and disadvantages for LPC of being heavily dependent on the sales of books written by Abbas Khan. [10]

how to begin this answer?
What definition to write in this question?:/

When I did this question today,I asked myself the same thing and the ms wasn't helpful either.I think for questions like these its better to start the question with a logical reasoning.Just start by saying that when a business dependent of a factor may have its pros and cons but in the end should not be overdependent.
I know,it wasn't much of great help but in the end questions like these should be tackled logically instead of the standard definitions.That being said,this paper was very difficult and yet it had a GT of 62.Fingers crossed for an easy and direct paper tomorrow.

 

[Sara H]

redapple20
2pac
Sara H
Iqra nadeem
Saiyan
wajiman

Question# 1
November 2011 variant1

Analyse the advantages and disadvantages for LPC of being heavily dependent on the sales of books written by Abbas Khan. [10]

how to begin this answer?
did you check the mark scheme and the examiners' report? i think theyre very helpful.. and regarding the def. thing, i really think that most questions will require a def. but not all, in this case you simply just refer 1st that 30% of LPC's sales are made by Khan's books.
good luck.

 

[youzair]

When I did this question today,I asked myself the same thing and the ms wasn't helpful either.I think for questions like these its better to start the question with a logical reasoning.Just start by saying that when a business dependent of a factor may have its pros and cons but in the end should not be overdependent.
I know,it wasn't much of great help but in the end questions like these should be tackled logically instead of the standard definitions.That being said,this paper was very difficult and yet it had a GT of 62.Fingers crossed for an easy and direct paper tomorrow.

Exactly MS is of no use for this que....
and yeah i also answered in a same way that LPC dependency on AK is 30% due to blah blah...
No the GT for all the variant was same :/ i.e 62!
em expecting easy but logical paper with proper application! and i think i am weak in relating to case study after reading the ER!
wish u Best of Luck!

did you check the mark scheme and the examiners' report? i think theyre very helpful.. and regarding the def. thing, i really think that most questions will require a def. but not all, in this case you simply just refer 1st that 30% of LPC's sales are made by Khan's books.
good luck.

Jazak'ALLAH Khair and Good Luck to u too!

Yeah yeah i have checked ms and er for this pap several times..
but ms just state the points it doesnt tell the prper way of starting the answer and i also find ms as inadequate in telling the application trick and tips....

 

[MnMz]

Heyy Y'all how did your exam go...I knw im like really late bt yea anyways....how did it go WaleedUQ Saad Ghori redapple20 wajiman Saiyan and all the rest ....

 

[2pac]

Exactly MS is of no use for this que....
and yeah i also answered in a same way that LPC dependency on AK is 30% due to blah blah...
No the GT for all the variant was same :/ i.e 62!
em expecting easy but logical paper with proper application! and i think i am weak in relating to case study after reading the ER!
wish u Best of Luck!



Jazak'ALLAH Khair and Good Luck to u too!

Yeah yeah i have checked ms and er for this pap several times..
but ms just state the points it doesnt tell the prper way of starting the answer and i also find ms as inadequate in telling the application trick and tips....

Good luck to you too.We really need it

 

[youzair]

Good luck to you too.We really need it

what is ur variant? and is ur paper at AM or PM?

 

[2pac]

what is ur variant? and is ur paper at AM or PM?

32 afternoon

 

[youzair]

32 afternoon

hmm great...my is also same!

 

[2pac]

hmm great...my is also same!

do u have the new business book,the second edition one?If so,can you help me with CPA question in the book.Its on page 472,want to check my answers if possible.
EDIT:
Node 1= 0,0
2=10,28
3=20,48
4=20,20
5=34,62
6=22,64
7=59,59
8=42,70
9=74,74
10=82,82
Note-Est first and Lft second.

 

[Sara H]

Exactly MS is of no use for this que....
and yeah i also answered in a same way that LPC dependency on AK is 30% due to blah blah...
No the GT for all the variant was same :/ i.e 62!
em expecting easy but logical paper with proper application! and i think i am weak in relating to case study after reading the ER!
wish u Best of Luck!



Jazak'ALLAH Khair and Good Luck to u too!

Yeah yeah i have checked ms and er for this pap several times..
but ms just state the points it doesnt tell the prper way of starting the answer and i also find ms as inadequate in telling the application trick and tips....

i see. what i learned from my teacher and reading the examiners reports is that we should do the following regarding paper 3 questions:
1-spend the beginning of the examination time reading the case carefully, underline any key words like: public limited co., multinational, lean production, motivation. etc.
2-go through the questions (screen them) and also underline the key words: state, explain, analyse, discuss, evaluate, etc.
3- read the case again but referring to the questions. for example, if the 1st question comes asking about motivation issues, refer to the, let's say, human resource problems part in the case study.
4- definition if appropriate.
5- after every paragraph you give, give an evaluation.
6- at the end of your answer, give a general conclusion stating what solution you think is the most suitable.
7- APPLY, APPLY, AND APPLY. paper 3 is all about application since questions will be based on the case study itself. it doesn't suffice that you only include the business's name in your answer, you have to link the general info. you learned throughout the whole year to the case study specifically.
these are the things you could do during the exam. Now, go through the textbook cause we really need quality info. and we have to bring back some definitions and points that we might have forgotten. memorize all the definitions precisely and don't forget to keep in your mind some examples of international or local business organisations, for example McDonald's.
and most importantly, pray
may allah help us all.

 

[WaleedUQ]

Lol @ B.s

 

[sharfa riyaz]

do we have to study AS???

 

[Saad Ghori]

yes they have to
their pensions their benefits
its a report covering all aspect i posted a image read it again..
directors have to mention their name their responsibilities..
They are running the business just like ceo n etc...
shareholders must know what their directors are doing how they are running how much salary they are earning how much benefits are associated with them

Theres a difference between what the partners are earning and what their activities are. Khair dekhi jaigi whoes right

 

[Saad Ghori]

Heyy Y'all how did your exam go...I knw im like really late bt yea anyways....how did it go WaleedUQ Saad Ghori redapple20 wajiman Saiyan and all the rest ....

Super awesome. Though im doubtful about a few questions. Yeah

 

[MnMz]

Sooo Tomorrow....we're gna start the eco p3 discussion .... cz I really can't wait to get over with it!!