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Accounting Treatment of Goodwill on the Admission of a New Partner. There may be three situations related to treatment of goodwill (premium) at the time of admission of a new partner : (1) When the amount of goodwill (premium) is paid privately. (2) When the new partner brings his share of goodwill (premium) in Cash.

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What is the difference between equity share and preference share?

Posted by Nihal Mani Tiwari 7 years, 3 months ago

CBSE > Class 12 > Accountancy

2 answers

Arsalan Khan 7 years, 3 months ago

yes this is right because the equity share is small unit of capital

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Kartikay Sharma 7 years, 3 months ago

Equity share are non redeemable whereas preference shares are redeemable. Prefrence are paid dividend before equity. Equity shareholders have authority to take decisions whereas preference shares do not have such authority (except in some cases).

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Claim on account of workmen compensation claim was Rs 40000 and in balance sheet workmen compensation reserve already includedwith Rs 60000

Posted by Mahak Khan 7 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Kartikay Sharma 7 years, 3 months ago

In this case we will divide the WCF(amt. appearing in the b/s) into two parts. One is the claim amount & other is the left over amount. First the claim amount will be transferred to the new balance sheet with the name 'Claim on WCF' as the amount is not yet paid it is just claimed so its still our liability. Then the remaining amount will be distributed to old partners in the old ratio in the Partner's Capital A/C (CR.side). THAT WILL BE ALL.

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Principles name

Posted by Akash Pandey 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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Use of current ac when goodwill is not brought in cash Except when capital is fixed

Posted by Ishmeet Kaur 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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Partner capital a/c

Posted by Jitendra Ganjhu 7 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Param Solanki 7 years, 3 months ago

Partners' capital accounts are tracked on an accumulated basis. Each year you should begin with the beginning of year capital account amount and then add or subtract the appropriate transactions noted above. You then will reach the end of year capital account amount.

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Calculate goodwill on the basis of 2 years purchase of last three years average profits : Year ended 31st March 2010 Profits rs. 20,000 ( Including insurance claim received 40,000) Year ended 31st March 2011 Losses rs. 80,000 ( Including voluntary retirement compensation paid 1,10,000) Year ended 31st March 2012 Profits rs 1,05,000 ( Including a profit of 25,000 on sale of plant)

Posted by Yash Jindal 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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Question 58 of apc ch. Death of partner

Posted by Rahul Garg 5 years, 8 months ago

CBSE > Class 12 > Accountancy

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Throry of chapter 1

Posted by Asha Negi 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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Meaning of premium.

Posted by Rohit Sao 7 years, 3 months ago

CBSE > Class 12 > Accountancy

2 answers

Param Solanki 7 years, 3 months ago

an extra payment

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Sonali Aggarwal 7 years, 3 months ago

Premium is an amount paid periodically to the insurer by the insured for covering his risk.For taking this risk, the insurer charges an amount called the premium.

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Goodwill?

Posted by Rishabh Agarwal 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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Dhriti Jain 7 years, 3 months ago

Goodwill is an attractive force that brings old customer back to old place of business . If goodwill is internally generated so it is not shown as an asset in balance sheet . But if a business is purchased , so goodwill is external hence, is shown as an asset in balance sheet

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Sonali Aggarwal 7 years, 3 months ago

The established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold.

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A machine having a book value of 140000 , what means that is accumulated depreciaton is adjusted or not

Posted by Sunny Ranjan 7 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Saanvi Wadhwa 7 years, 3 months ago

Not adjusted

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How many thing which come debit site in format

Posted by Zaid Khan 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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State whether the ‘Issue of Debentures as Collateral Security’ will result in inflow, outflow or no flow of cash?

Posted by Pooja Khandei 7 years, 3 months ago

CBSE > Class 12 > Accountancy

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What is provision

Posted by Aryan Mishra 7 years, 3 months ago

CBSE > Class 12 > Accountancy

1 answers

Arpit Gupta 7 years, 3 months ago

Debt

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Capitalof the firm of sharmaand verma is 200000and market rateof interst is15%.annual salary to partneris 12000each.the profit for the last 3 year were 60000,72000and 84000.good will is to be valued at 2 years purchase of last 3year average profit.calculate goodwill of the firm

Posted by Ravi Kumar Yadav 7 years, 3 months ago

CBSE > Class 12 > Accountancy

2 answers

Hiten Raj 7 years, 3 months ago

Avg profit = 60,000+72,000+84,000/3 = 72,000 Adj. Avg profit =72,000-12,000 =60,000 Normal profit= 2,00,000×15/100 = 30,000 Super Profit = 60,000-30,00 = 30,000 Goodwill = 30,000×2= 60,000

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Sanjana Tiwari 7 years, 3 months ago

May be 60000-goodwill

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