ADMISSION OF PARTNER

answered on 16-Jan-24 13:50

IN CASE WHEN NEW PARTNER IS ADMITTED TO THE FIRM AND THE PARTNER SAYS THAT HE IS READY TO ACCEPT EXISITING LIABILITIES OF THE FIRM THEN THE ACCOUNTING TRATMENT WILL BE THAT THE REVALUATION PROFIT/LOSS WILL BE SHARED IN ALL THE PARTNERS RIGHT????

latest answer

No.

Prathmesh Kharul

US CMA All

★ 6K+

6

290

RETIREMENT OF PARTNER

answered on 11-Dec-23 14:00

IS P&L ADJUSTMENT A/C AND REVALUATION A/C SAME??

latest answer

Use revaluation account for exams.

Prathmesh Kharul

US CMA All

★ 6K+

1

247

RETIREMENT OF PARTNER

answered on 11-Dec-23 14:01

B and C agreed, as between themselves, to continue the business, sharing profits in the ratio of 3:2 and decided to retain the fixtures on the books at the revised value, and to increase the provision for doubtful debts to 6%. PARTNER CAPITAL A/C------DR TO B CAPTIAL A/C TO C CAPITAL A/C IS THIS THE CORRECT ENTRY FOR THE ABOVE ADJUSTMENT??

latest answer

You need to route this through revaluation account.

Prathmesh Kharul

US CMA All

★ 6K+

1

263

Cash flow

answered on 11-Dec-23 14:21

Please help to find out cash flow from operating activities

latest answer

Got the answer Sir 😊. Thank you for your response.

Sumayya S B

CA Final

★ 7K+

2

217

Dec mtp

answered on 09-Dec-23 08:26

In this question how they calculated purchase

latest answer

3,20,000-5,150-7,000-1,650=3,06,200

Devi sri K

CA Foundation

★ 7K+

1

238

Capital and Revenue Expenditure

answered on 11-Dec-23 15:34

1.Inauguration expenses incurred on opening a new business for the first time is Capital expenditure? 2.Inauguration expenditure incurred on opening a new unit of an existing business is revenue expenditure?

latest answer

👍

Nidhi S

CA Inter

★ 4K+

9

374

BRS

answered on 08-Dec-23 08:10

70 question Option wrong correct answer? 82300/85300

latest answer

Yes your ans is correct, ignore previous replay

Sai G

CA Inter

★ 6K+

5

240

BRS

answered on 08-Dec-23 08:49

Can we write cashbook for short as C.B as well as P.B

latest answer

Thanks 🤍

Rjrnrhrhr Ndhdhdb

CA Foundation

★ 2K+

3

192

Accounting Policy and Principles

answered on 05-Dec-23 19:20

What do you mean by Accounting Policy and Principles? Also provide me some examples for better understanding.

latest answer

Accounting policies refers to specific accounting principles and methods of applying those in the preparation of F.S In this way accounting principles are sub set of accounting policies Eg: of accounting policies using fifo or weighted average for inventory valuation Using different depreciation methods on PPEs

Harish Chandar T

CA Inter

★ 5

2

191

Partnership

answered on 06-Dec-23 01:43

What will be Accounting treatment for retirement or death of partner when the partner says amount payable to him should be paid in equal installments just like pension every month??? And is it allowed as per law??

latest answer

Will be treated as loan to the Firm ( will be paid every month or as instructed)

Prathmesh Kharul

US CMA All

★ 6K+

2

210