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HOW TO SCORE ATLEAST 70-80 MARKS IN ACCOUNTS IN CLASS 12TH WHEN YOU ARE NOT GOOD IN ACCOUNTS ?

Posted by Suryaditya Sathe (Jul 26, 2017 10:49 a.m.) (Question ID: 6950)

  • Dear Suryaditya, the key to becoming good is conceptual clarity and practice. Clarify your concepts, and then practise till your approach becomes perfect. There is no alternative to practise and hard work.

    Happy Learning!

    Posted by Gurjeet Singh (Jul 26, 2017 1:27 p.m.)
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When there is need of calculating goodwill 

Posted by Asma Sheikh (Jul 22, 2017 5:38 p.m.) (Question ID: 6836)

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  • Goodwill is calculated at the time of reconstitution of partnership. It is also calculated at the time of sale of a business enterprise to another business/individual, i.e., when the ownership of the firm/company changes.

    Answered by Poornika Aggarwal (Jul 22, 2017 6:38 p.m.)
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When there is need of  calculating goodwill 

 

Posted by Asma Sheikh (Jul 22, 2017 5:37 p.m.) (Question ID: 6835)

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  • The valuation of the Goodwill of a sole proprietorship is done when the business is being sold, but in case of a partnership firm and a joint stock company goodwill can be sold to some another business entity without selling the whole business. Hence when you are going to sell the goodwill of your business, you should be assured of the value of your goodwill at that particular time.

    In case of a Partnership firm, there is a need for the valuation of Goodwill of the Firm in the following cases:  

    • In the case of a change in the profit sharing ratio of the firm
    • In case of admission of a new partner;
    • Incase of retirement or death of an old partner;
    • In case of Sale / amalgamation of the firm.

    In case of a Joint Stock Company, Goodwill is valued in the following circumstances:

    • In case of amalgamation of two or more companies;
    • In case of taking over of business of a company by another company;
    • In case of taking over the business of the company by Government;
    • Incase of conversion of shares of one class into another;
    • If a company wants to acquire conrol of another company;

     

    Answered by Payal Singh (Jul 22, 2017 6:56 p.m.)
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  • Please give me answer 

    Answered by Asma Sheikh (Jul 22, 2017 5:46 p.m.)
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X, Y and Z are partners sharing profit 2:3:5 goodwill is apearing in books X rituires of the X retires goodwill is valued 45000 Y and Z Dissed future profit equaly pass necessary journal entry 

Posted by Yogesh Kathade (Jul 16, 2017 11:18 p.m.) (Question ID: 6701)

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  • Y A/c..................Dr 9000

             To X A/c                  9000

    (Being Goodwill shared betweem Y and Z in their gaining ratio)

     

    Working Notes

    Gaining Ratio

    Y = 1/2 - 3/10 = 2/10

    Z =  1/2 - 5/10 = NIL

     

    Assumption: No Goodwill is raised in the books of accounts of Y and Z. If this assumption changes, then the answer will be

        Goodwill A/c.............Dr 45000

                To X A/c                           9000

                To Y A/c                          13500

                To Z A/c                          22500

    (Being Goodwill raised in the books of accounts of Y And Z)

    Answered by Mrinal Kumar (Jul 19, 2017 1:18 p.m.)
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  • Y A/c..................Dr 9000

             To X A/c                  9000

    (Being Goodwill shared betweem Y and Z in their gaining ratio)

     

    Working Notes

    Gaining Ratio

    Y = 1/2 - 3/10 = 2/10

    Z =  1/2 - 5/10 = NIL

    Answered by Mrinal Kumar (Jul 19, 2017 1:14 p.m.)
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A and B are partners are share in profit ratio 3:2,they admit C for 1/4 th share as new partner.the new profit share in ratio A and B are 2:1.calculation sacrificing ratio of A and B

Posted by Anindya Mallick (Jul 03, 2017 11:18 p.m.) (Question ID: 6356)

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  • Let us assume profit = 1

    Remaining Share = 1- 1/4 = 3/4 

    New Share of A = 3/4 x 2/3 = 6/12 and B = 3/4 x 1/3 = 3/12   and C 1/4 Or 3/12

    New Share = 6:3:3 OR 2:1:1

    Sacrifice = A = 3/5 - 2/4 = 2/20 and B 2/5 - 1/4 = 3/20

    Sacrifice 2:3

    Answered by Vinod Kumar (Jul 14, 2017 4:30 p.m.)
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A and B are partners share in profit ratio 3:2.They admit C, 1/4 th share of profit as new partner.The new profit share in ratio A and B are 2:1. Calculation Sacrificing ratio A and B

Posted by Anindya Mallick (Jul 03, 2017 4:46 p.m.) (Question ID: 6339)

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  • Let us assume profit = 1

    Remaining Share = 1- 1/4 = 3/4 

    New Share of A = 3/4 x 2/3 = 6/12 and B = 3/4 x 1/3 = 3/12   and C 1/4 Or 3/12

    New Share = 6:3:3 OR 2:1:1

    Sacrifice = A = 3/5 - 2/4 = 2/20 and B 2/5 - 1/4 = 3/20

    Sacrifice 2:3

    Answered by Vinod Kumar (Jul 14, 2017 4:30 p.m.)
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A and B are partner share in profit ratio 3:2,they admit C as new partner.A give 1/3 th of his share while B gives 1/10 from his share .Calculation new profit sharing ratio.

Posted by Anindya Mallick (Jul 02, 2017 5:32 p.m.) (Question ID: 6319)

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  • A's old share = {tex}{3\over 5}{/tex};

    A surrender in favour of C ={tex} {3\over 5} \times {1\over 3}={ 1\over 5}{/tex}

    A's new share ={tex}{3\over5} - {1\over 5} ={2\over 5}{/tex}

    B's old share = {tex}2\over 5{/tex};

    B surrender in favour of C = {tex}{2\over 5} \times {1\over 10 }={1\over 25}{/tex}

    B's new share = {tex}{2\over 5} -{ 1\over 25}= {9\over 25}{/tex}

    C's old share = 0

    C's new share = {tex}0+{1\over 5}+{1\over 25}= {6\over 25}{/tex}

    New ratio = {tex}{2\over 5}:{9\over 25}:{6\over 25}{/tex}= 10:9:6

    Answered by Payal Singh (Jul 02, 2017 5:51 p.m.)
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What is Goodwill

Posted by Anindya Mallick (Jul 02, 2017 4:25 p.m.) (Question ID: 6318)

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  • Goodwill is an intangible asset that arises as a result of the acquisition of one company by another for a premium value. The value of a company's brand name, solid customer base, good customer relations, good employee relations and any patents or proprietary technology represent goodwill.

    Answered by Payal Singh (Jul 02, 2017 5:44 p.m.)
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A,B and C are partners share in profit ratio 3:2:1.A surrender 1/3 th of his share and B surrender 1/4 th of his profit in favore of C .calculation new profit Sharing ratio.

Posted by Anindya Mallick (Jul 02, 2017 2:57 p.m.) (Question ID: 6316)

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  • A's old share = {tex}{3\over 6}{/tex};

    A surrender in favour of C ={tex} {3\over 6} \times {1\over 3}={ 1\over 6}{/tex}

    A's new share ={tex}{3\over6} - {1\over 6} ={2\over 6}{/tex}

    B's old share = {tex}2\over 6{/tex};

    B surrender in favour of C = {tex}{2\over 6} \times {1\over 4 }={1\over 12}{/tex}

    B's new share = {tex}{2\over 6} -{ 1\over 12}= {1\over 4}{/tex}

    C's old share = {tex}1\over 6{/tex}

    C's new share = {tex}{1\over 6}+{1\over 6}+{1\over 12}= {5\over 12}{/tex}

    New ratio = {tex}{2\over 6}:{1\over 4}:{5\over 12}{/tex}= 4:3:5

    Answered by Payal Singh (Jul 02, 2017 4:57 p.m.)
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A,B and C are partners share in profit and loss ratio 3:2:1.A surrender 1/3 th of his share and B surrender 1/4 th of his profit. Calculation new profit sharing ratio

Posted by Anindya Mallick (Jul 01, 2017 4:44 p.m.) (Question ID: 6292)

  • Plz solve this problem ASAP

    Posted by Anindya Mallick (Jul 01, 2017 7:07 p.m.)
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  • A's old share = {tex}{3\over 6}{/tex};

    A surrender ={tex} {3\over 6} \times {1\over 3}={ 1\over 6}{/tex}

    A's new share ={tex}{3\over6} - {1\over 6} ={2\over 6}{/tex}

    B's old share = {tex}2\over 6{/tex};

    B surrender  = {tex}{2\over 6} \times {1\over 4 }={1\over 12}{/tex}

    B's new share = {tex}{2\over 6} -{ 1\over 12}= {1\over 4}{/tex}

    C's share = {tex}1\over 6{/tex}

    New ratio = {tex}{2\over 6}:{1\over 4}:{1\over 6}{/tex}= 4:3:2

    Answered by Payal Singh (Jul 02, 2017 4:51 p.m.)
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Ram and shyam were partners in ratio of 2:1 . mohan was admitted as a partner . ram and shyam surrender their 1\2 share to mohan . find new profit sharing ratio ?

 

Posted by Riya Johar (Jun 29, 2017 9:16 p.m.) (Question ID: 6257)

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  • NPSR of

    Ram     2/6

    Sohan  1/6

    Mohar 3/6

    Answered by Richa Aggarwal (Jul 19, 2017 7:49 p.m.)
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A and B are partners share in profit and loss ratio 3:2,they admited C as a new partner. A gives 1/3th of his share while B gived 1/10 th of his share. Calculate new profit sharing ratio.

Posted by Anindya Mallick (Jun 29, 2017 3:05 p.m.) (Question ID: 6250)

  • Hope it helps! 

    Posted by Nirwan Goel (Jun 29, 2017 4:52 p.m.)
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  • A:B= 3:2

    A gives 1/3 of his share, which implies, 3/5x1/3= 3/15

    3/5-3/15= 6/15 or 30/75 

    B gives 1/10 of his share, which implies, 2/5x1/10=2/50 or 1/25 or 

    2/5-1/25= 9/25 or 27/75

    C= 3/15+1/25=15/75+3/75=18/75

    30/75:27/75:18/75

    30:27:18

     

     

    Answered by Nirwan Goel (Jun 29, 2017 4:49 p.m.)
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What is joint venture

Posted by Anindya Mallick (Jun 29, 2017 1:46 p.m.) (Question ID: 6248)

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  • A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.

    Answered by Payal Singh (Jun 29, 2017 2:14 p.m.)
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Sir patents/copyrights/workmen compensation fund/premises

Inko samjha dijiye

Inka meaning kya hota hai in accounts

Posted by Kundan Kumar (Jun 16, 2017 8:29 p.m.) (Question ID: 5953)

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  • Sorry that was previous question answer here posted by mistake. I apologise.

     

    Answered by Tannu Chauhan (Jun 17, 2017 12:20 a.m.)
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  • Combination -

     Cao+h2o=ca(oh)2

    C+o2=co2

    2mg+o2=2mgo 

    2h2+o2=2h2o 

    2co+o2=2co2 

    Decomposition -

    Caco3=cao+co2 

    2agbr=2ag+br2 

    2agcl=2ag+cl2 

    2feso4=fe2o3+so2+so3 

    2h2o=2h2+o2 

    Displacement-

    Mg+cuso4=mgso4+cu 

    Fe+cuso4=feso4+cu 

    Zn+cuso4=znso4+cu 

    Cuo+mg=mgo+cu 

    2na+2h2o=2naoh+h2 

    Double displacement -

    Na2so4+bacl2=2nacl+baso4 

    Naoh+hcl=nacl+h2o 

    Agno3+nacl=nano3+agcl 

    Bacl2+cuso4=baso4+cucl2 

    Cuso4+h2s=cus+h2so4 

    Redox-

    h2s+cl2=s+2hcl 

    Cuo+h2=cu+h2o 

    So2+2h2s=2h2o+3s 

    H2s+I2=2hi+s 

    2pbo+c=2pb+co2 

     

     

     

     

     

    Answered by Tannu Chauhan (Jun 17, 2017 12:18 a.m.)
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Rs. 2000 out of total creditors rs 20000 are not to be paid

Posted by Abhishek Nag (Jun 16, 2017 8:22 a.m.) (Question ID: 5930)

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  • Creditors are a liability, thus having credit balance. Since here they are not to be paid Rs. 2,000, the liability stands reduced by Rs. 2,000. To reduce a liability, we must debit it to reduce its balance. Also, this is a gain to the firm, thus revaluation account should be credited (being a nominal account in nature). Hemce the folowing journal entry:

    Creditors a/c      Dr.      2,000

        To Revaluation a/c            2,000

    (Being creditors of 2,000 not to be paid)

    Answered by Poornika Aggarwal (Jul 22, 2017 6:43 p.m.)
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What is the concept behind making partner capital account

 

Posted by Manvi Agrawal (Jun 11, 2017 3:35 p.m.) (Question ID: 5854)

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  • To know the perfect and particular amount of each partners .

    Answered by Richa Aggarwal (Jul 19, 2017 7:50 p.m.)
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L and M are partners in a firm sharing profits in the ratio of 5:3. They admit N and decide that the profit - sharing ratio between M and N shall be same as existing between L and M. Calculate new profit sharing ratio and sacrificing ratio

Posted by Sakshi Shree (Jun 10, 2017 2:01 p.m.) (Question ID: 5831)

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  • As there is mentioned that M and N will be sharing profit as it is between L and M so L and M ratio is 5:3. Then M and N will share 5:3 so for 5 share Mhas 3 then for 3 share how much for N by cross multiplication it will come to 3/5*3=1.8

    5:3:1.8=25:15:9 is the new ratio and sacrifice will be old ratio - new ratio

    L= 5/8-25/49 =(245-200)/392=45/392

    M=3/8-15/49 = (147-120)/392 = 27/392

    sacrifice is 45:27=5:3

     

    Answered by Taher Sadikot (Jul 23, 2017 1:46 p.m.)
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dissolution of partnership firm

 

Posted by Harshit Bansal (Jun 08, 2017 7:13 a.m.) (Question ID: 5742)

  • Please, elaborate your question. Do you want notes or something else.

    Posted by Swami Jee (Jun 08, 2017 8:23 a.m.)
  • Please, elaborate your question. Do you want notes or something elase.

    Posted by Swami Jee (Jun 08, 2017 8:22 a.m.)
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why preare revaluation accont

 

Posted by Sumit Shukla (Jun 05, 2017 11:34 a.m.) (Question ID: 5683)

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  • Ans. Revaluation account is prepared on historic cost concept and present value is not taken for consideration. but when a partner is admitted old partners need to show through revaluation account the assets and liability at present value.

    Answered by Naveen Sharma (Jun 05, 2017 11:40 a.m.)
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  1. Why goodwill already appeared in the bòoks is debited to old partners capital account ?
Posted by Vinita Sadhwani (May 15, 2017 3:47 p.m.) (Question ID: 5317)

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  • Goodwill is debited so as to write off the goodwill. As it shouldn't have to be shown in the current year balance sheet. For the same, goodwill should be distributed among the partner.

    Answered by Richa Aggarwal (May 23, 2017 5:40 p.m.)
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Is Profit and Loss appropriation account particularly made for partners or firm??

Posted by Richa Aggarwal (Apr 08, 2017 11:09 a.m.) (Question ID: 4775)

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  • Final accounts is always prepared for Firm. The P&L appropriation account is nothing but distribution of final profit among partners and some profit is also diverted towards Reserves.

     

    Answered by Mrinal Kumar (Jul 19, 2017 1:20 p.m.)
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  • Final accounts is always made for Firm. The P&L appropriation account is nothing but distribution of final profit among partners and some profit is also diverted towards Reserves.

     

    Answered by Mrinal Kumar (Jul 19, 2017 1:20 p.m.)
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Net decrease in working capital will increase/decrease / not change cash flow from operating activities? Give reason

Posted by Mansi Mittal (Mar 30, 2017 4:01 p.m.) (Question ID: 4613)

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  • Increase 

    -because WC =CA-CL 

    -To reduce the WC either CA have to be reduced or CL have to be increased 

    -So in both the cases amt is added to the cash flow statement 

    Answered by Riya Girdhar (Mar 31, 2017 12:06 p.m.)
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The paper today was lenghty as well as tricky...the paper was not according to blue print...the debenture which carries a weightage of 7 marks only came out for 16 marks today

One question of debenture was out of course

The thing i just wanted to know that is there a provision of bonus marking or easy checking?

According to the student community the paper was really lenghty

 

Posted by Ishita Shah (Mar 29, 2017 8:24 p.m.) (Question ID: 4599)

  • which question was out of syllabus

    Posted by Anuj Goel (Mar 30, 2017 3:34 p.m.)
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List the categories of individuals who cannot be admitted by existing partners ?

Posted by Nitin Dubey (Mar 29, 2017 4:53 p.m.) (Question ID: 4591)

  • insolent person and those who are mentally unsound

    Posted by Anuj Goel (Mar 30, 2017 3:36 p.m.)
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when it is given in the partnership deed that to allow interest on partners' capital .But rate of interest is not given. The firm is incurring loss. Whether interest will be allowed or not.If yes at what percentage?

Posted by Prasanta Dash (Mar 28, 2017 9:08 p.m.) (Question ID: 4576)

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  • Yes . Interest will be given. Percentage will be 6%.

    Answered by Richa Aggarwal (May 25, 2017 8:24 p.m.)
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Under which sub head and major head will bill discounted but not matured will come?

Posted by Jasgul Bambah (Mar 28, 2017 6:58 p.m.) (Question ID: 4574)

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What is meant by securities premium?

Posted by Neha Jha (Mar 28, 2017 10:58 a.m.) (Question ID: 4562)

  • securities premium is an account which is credited at the time of issue of share of debenture at price more than its face value.

    Posted by Jasgul Bambah (Mar 28, 2017 7:02 p.m.)
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What share of profit would a sleeping partner who has contributed 75%of tha totalcapital get in absence of a deed

Posted by Harendra Singh (Mar 28, 2017 10:42 a.m.) (Question ID: 4561)

  • he will get equal share

    Posted by Jasgul Bambah (Mar 28, 2017 7:03 p.m.)
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What is mean by Partner's Loan Account?

 

Posted by Gandhirajan K (Mar 27, 2017 9:45 a.m.) (Question ID: 4545)

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It is cumpolsry to make accountancy formats  with the help of pencil during exams?

Posted by Khushi Sharma (Mar 26, 2017 2:48 p.m.) (Question ID: 4524)

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  • Yes it is

    Answered by Sanskrita Gupta (Mar 27, 2017 11 a.m.)
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