How was accounting p42?

[pakhee]

Yeah, I got a loss for the second 6 month period.

in current a/c,did two of them have balance c/d on cr side and another on dr side?

 

[ayushUcchil]

in current a/c,did two of them have balance c/d on cr side and another on dr side?

I don't remember balances exactly. I remember that 2 partners had a profit and one of them had a loss.

 

[EhteshamHaider24]

Not sure, I definitely didn't get those numbers man!

Capital balance was like 108000, 68000, 67000 in Q2.

 

[zunipari]

E="zunipari, post: 918730, member: 145318"]Is the error carried forward for example if retained profit figure is wrong so will marks be deducted for share of profit figure too if the appropriation of profits is done appropriately???[/QUOTE]
Someone please let me know!!

 

[Eman Tasneem]

Capital balance was like 108000, 68000, 67000 in Q2.

OMG YES! So basically you took 57000 as total profit for revaluation in the capital account? ( 100000-157000) ?

 

[EhteshamHaider24]

OMG YES! So basically you took 57000 as total profit for revaluation in the capital account? ( 100000-157000) ?

The profit on revaluation was 54000 right?

 

[Abdul Basit Arif]

The profit on revaluation was 54000 right?

How 54000. The 60000 worth of property from total was depreciated and the total NBV in the previous 6 months was. 92800.. So 154000-92800=61200

 

[EhteshamHaider24]

How 54000. The 60000 worth of property from total was depreciated and the total NBV in the previous 6 months was. 92800.. So 154000-92800=61200

But didn't they mention that it was revalued based on the original property? I did remember that they mentioned "Original"

 

[Abdul Basit Arif]

But didn't they mention that it was revalued based on the original property? I did remember that they mentioned "Original"

Yeah I know....but how does it make sense that revalue a particular asset without debiting its depreciation.

 

[Abdul Basit Arif]

Yes the revaluation is 54000 on the asset but also u have to debit the depreciation of the asset which is 7200 which makes the total revaluation gain of 61200.

 

[EhteshamHaider24]

Well I guess you're right. Damned exam.

 

[ayushUcchil]

Yes the revaluation is 54000 on the asset but also u have to debit the depreciation of the asset which is 7200 which makes the total revaluation gain of 61200.

Isn't 7200 the depreciation for the whole year? You've got to charge the depreciation for only 6 months.

 

[Abdul Basit Arif]

Isn't 7200 the depreciation for the whole year? You've got to charge the depreciation for only 6 months.

Yeah 6600.. should be the depreciation...my bad.

 

[uzair shahid]

dont worry people, threshold will be low inshaAllah..
expected threshold 85?

 

[Eman Tasneem]

Yeah 6600.. should be the depreciation...my bad.

DOOMED.

 

[job wilson]

In q1 what do we had to do with the depreciation? Do wehad to subtract from the admin or admin expenses had only to be increased by that ???

 

[pakhee]

was irr 23. something and arr 33.3?

 

[pakhee]

Does anyone know if a whole solved paper is available like we have in maths?