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tell me about it!Tensed for Economics Paper2!
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tell me about it!Tensed for Economics Paper2!
how do you get 1000 then?Its B.
the rent from (april-oct) i.e 7 months will be 3500(500 each month)...which is to be posted in the p/l acc.
bt the quarterly payment of (6000/4) 1500 on october includes prepaid rent ffor nov. n dec. also. the advance income rent of 1000 is liability
mcq no.8:
as overdraft should be credit, we will credit the bank account with double the amount. first to cancel the debit entry and second to record the debit entry and debit the suspense account by $200. as purchases are understated by 10, we will debit purchases and credit suspense account, giving us the balance of credit $190
here, first we record the goodwill by crediting partner's cap a/c on old ratio and debiting goodwill and in second entry write off the goodwill:
goodwill $30,000
Partner cap a/c x: $15,000
y: $15,000
Partner cap a/c x: $10,000
y: $10,000
z: $10,000
goodwill: $30,000
now before, when Z is admitted, X and Y receive $15,000 and on writing off the goodwill every faces a cost of $10,000 but X and Y initially got $15,000 so they have there accounts increased due to admission of Z as there net capital is now on $5,000
yea thats what i was confused about.... their net increase shall be 5000.
n Z's capital will actually decrease right ?
how do you get 1000 then?
current ratio = CA/CLcan someone please tell me the answer for accounting q22 on paper 1 variant 11 may june 2010
Is the answer A...for q30
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