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Partnership Accounts
Accountancy
answered on 09-Mar-20 21:18
In P/L Appropriation A/c, while giving interest, salary or commission to partner/s, is it necessary to show them in a particular order or they can be shown in any order? and transfer to reserves will be made only after appropriation of above entries?
latest answer
Actually this is my opinion, correct me if I am wrong As per partnership act there is no provision for int on cap,salaries,commission and provision is for int on partners loan @6% p.a Therefore, first deduct interest on partners loan After that Interest on capital is given for capital contribution and Salaries and commission will be given for hard labour these are only provided only if there is profit. Which should be deducted first should be made clause in agreement if not as per law no int and no salaries/commission and profit will be shared equally. After that if question mentions gen reserve should be provided after int on loan,salaries/commission ,int on cap it should be transferred to gen reserve after that profit will be shared b/w partners. Hope it helps!!!
Deepak Gupta
CA Inter
★ 1K+
1
823
Inventory
Accountancy
answered on 07-Mar-20 11:13
Sales tax is not allowed to cost of inventory and also packing and transporting charges should not be included in the cost of invt as they do not include in other cost
latest answer
When you purchase goods, sales tax paid (currently GST) will form part of cost of inventory if credit of tax is not allowed. Also the cost incurred in packaging and transportation (on purchased goods) to bring the inventory to your location would be a cost of inventory.
Dimple Keziya
CA Inter
★ 4K+
1
887
Investment accounts
Accountancy
answered on 13-May-20 10:18
Sir, in below problem in question given that interest is received on 30th September. Then if we sold debentures in october how interest will come.
latest answer
Business purchase account is prepared to incorporate assets and liabilities and settle the purchase consideration. You will learn it in depth in Amalgamation of companies chapter.
Star Ca
CA Inter
★ 3K+
3
931
Investment accounts
Accountancy
answered on 07-Mar-20 17:01
Sir, when convertiable debentures are converted into equity shares, why we credit investment in equity sharesa/c . In invenstment in bonds ledger a/c
latest answer
No we don't credit , the journal entry is Investment in equity shares A/c debit To bond/debentures AC
Star Ca
CA Inter
★ 3K+
1
816
Doubt
Accountancy
answered on 07-Mar-20 12:10
What is 7 8 and 9 points and how can I solve that 3 points can any one explain so that it would be helpful Thanks in advance
latest answer
7) interest received includes 1000 rs which is actually cash received from debtors , so you need to credit debtors account and deduct 1000 from interest received . 8) you need to create a liability for interest outstanding i.e 100000 Ã? 12 % As well as create a asset as interest receivable in balance sheet . 9) you need to prepare a debtors account and create 5% provision. this provision amount will be debited in profit and loss account and in balance sheet you will deduct this provisions from gross debtors
sai t
CA Foundation
★ 2K+
1
871
Live
Accountancy
answered on 06-Mar-20 20:33
Live streaming for accounting standards .. what about starting time and ending time sir
latest answer
4 pm to 5 : 30 pm march 7
Shanmukha Chippada
CA Inter
★ 520
1
826
Notes
Accountancy
answered on 03-Mar-20 17:31
Can any one send me the notes of principle and practice of accounting(full notes) so that It would be help me to prepare for upcoming exams Thanks in advance
latest answer
Pls download from notes section. It is available for free.
sai t
CA Foundation
★ 2K+
1
958
Bills of exchange
Accountancy
answered on 03-Mar-20 03:04
Is bills of exchange possible in real life?
latest answer
Hope it helps!!!
Logesh Sampathkumar
CA Inter
★ 0
4
974
Accounting standards
Accountancy
answered on 02-Mar-20 14:35
As 1
latest answer
Whats your query?
V Ajith Kumar
CA Inter
★ 2K+
1
887
Confused
Accountancy
answered on 03-Mar-20 17:33
Hi friends I am just confused about insurance premium and where should I enter insurance premium in trading a/c or p&l a/c because in 2nd screen shot custom and insurance was entered in expense side of trading a/c Can u any suggest me so that it would be helpful Because I am basically from b-tech background so I am not aware aware of the concept
latest answer
Sometimes along with carriage inwards, transit insurance is paid on goods brought into the factory. So such insurance charges are charged to trading account.
sai t
CA Foundation
★ 2K+
8
1K+