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Partnership - Revaluation and Memorandum revaluation
Accountancy
answered on 15-Dec-20 04:58
Sir... Let.. Old partner be A,B Incoming partner C Asset value before admission is 1L Current market value of that asset is 1cr. Admission of C happens Revaluation is made only because C should not enjoy the profits...... Upto this understood..... My doubt: If the Question tells that "value of assets and liabilities should remains unchanged" Is that means the incoming partner is having also having right to enjoy the profits arising out of the increase in value of land?
latest answer
When value is not changed, the incoming partner bears a part of the revaluation profits. Credited to old partners in Old PSR Debited to old+new in new PSR.
Girinath A
CA Inter
★ 765
1
501
Dept accounts
Accountancy
answered on 17-Dec-20 18:12
In video 3 ,y have u taken 1500000 as total sales and not sales Ã?units ???
latest answer
Can you elaborate your question?
Reetikaa R
CA Final
★ 7K+
1
480
Query
Accountancy
answered on 17-Dec-20 18:17
If expense ratio ,on wat basis should it be calculated: sales ratio or equally ???
latest answer
If on expense ratio, it has to be done on the basis of ratio of expense.
Reetikaa R
CA Final
★ 7K+
5
494
Query
Accountancy
answered on 15-Dec-20 05:02
Is this covered in ur dept account videos ?? ToPIC :: INTER DEPARTMENTAL TRANFER AT MARKET PRICE ??
latest answer
Full chapter is covered.
Reetikaa R
CA Final
★ 7K+
1
516
Cash flow statement
Accountancy
answered on 15-Dec-20 05:02
Why is premium on redemption of preference shares added to net profit in some problems and not added in some problems
latest answer
Can you share the question.
Gvs Shekhar
ACCA Skill
★ 17K+
1
530
Query
Accountancy
answered on 15-Dec-20 05:03
In dept accounts ,,do we have stock reserve ONLY ON CLOSING STOCK ??? Y NOT ON OPENING STOCK ??
latest answer
we would have on both.
Reetikaa R
CA Final
★ 7K+
1
518
Inventory
Accountancy
answered on 14-Dec-20 17:14
Here We are deducting the consignment stock...what if the consignment sale is included in normal sale
latest answer
YOu need to exclude it from sales.
aishwariya P
CA Inter
★ 180
1
518
Capital or revenue expenditure
Accountancy
answered on 13-Dec-20 20:19
Travel expense of directors to purchase machinery is capital or revenue expenditure?
latest answer
Guess it's easy.... Capital bcoz purchasing assets
Srinivasa Gopalan
CA Inter
★ 760
3
577
Query
Accountancy
answered on 15-Dec-20 05:05
We don't have journal entries in dept accounts in our syllabus or in real life itself ????
latest answer
When you visit a store, the person at counter scans a bar code and generates invoice. If the invoice system is linked to accounting system, the entry for sale and updation of inventory happens automatically.
Reetikaa R
CA Final
★ 7K+
3
498
Query
Accountancy
answered on 14-Dec-20 17:22
In departmental accounts,to find profit on closing stock ,2800 if gp ratio is 22.92%,can I fo this way ?? 2800 * 22.92 ÷ 122.92
latest answer
Then your approach is right.
Reetikaa R
CA Final
★ 7K+
3
573