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Partnership accounts

In mtp oct 20 or rtp may 20 . Why the amount to be drawn was calculated in that way any logic behind it

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Satya  Shashank

Satya Shashank

CA Inter

13K+

07-Nov-20 19:56

38

Answers (24)

Best Answer

That's not my question I have already mentioned regarding drawings computation

When partners draw, the draw against profits or interest on capital. The question has asked to retain profits in PSR. You can refer to the computation attached for better and alternate understanding.

Attachments

Screenshot 2020-11-10 at 4.17.01 PM.png


Suraj Lakhotia

Suraj Lakhotia

Admin

10-Nov-20 16:17

No answers yet!


Satya  Shashank

Satya Shashank

CA Inter

13K+

08-Nov-20 19:33

No answers yet!

This is what appears when i am clicking on the inage you posted.

Attachments

Screenshot_20201108-205340_Gallery.jpg


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

08-Nov-20 20:54

This is what appears when i am clicking on the inage you posted.

Its of rtp may 2020 question regarding sale of partnership


Satya  Shashank

Satya Shashank

CA Inter

13K+

08-Nov-20 20:56

Its of rtp may 2020 question regarding sale of partnership

Will check and revert


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

08-Nov-20 23:36

Its of rtp may 2020 question regarding sale of partnership

Was such kind of sum taught in class? I dont recall so. I cant help you with this this. I want to know from the faculty that such sum may be asked in exam? If yes, why wasnt it taught in class.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

09-Nov-20 00:16

It's totally new kind of sum


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 07:15

It's totally new kind of sum

The moderators are deliberately ignoring. Maybe sum is not that important for exam purpose


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

09-Nov-20 08:52

The moderators are deliberately ignoring. Maybe sum is not that important for exam purpose

Yes, they're ignoring but we can't say anything can come in the exam


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 09:05

The moderators are deliberately ignoring. Maybe sum is not that important for exam purpose

Yes, they're ignoring but we can't say anything can come in the exam


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 09:05

I think whatever we withdraw it must be in psr and hence here we have int on capital which is not in psr and it should also be withdrawn we deducted it for knowing exclusive drawings and apportioned it in psr and added back ioc and then deducted the drawings already made to know the additional drawings to be made as per psr. Is that so, atleast reply to this sir


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 09:18

Yes, they're ignoring but we can't say anything can come in the exam

Relating to That Ram, Wazir, Adil 1st Q from Rtp may 20, i have a query can you help? In Working Notes, they have credited Patent and Trademarks with Realisation 4000 i.r.o remaining patents realized which is 10000 - 6000. Shouldn't the entry be Realisation a/c Dr 2000 Bank a/c Dr 2000 To Patents & Trademarks 4000 ?? Surprisingly when I saw their Realisation account, they credited it with Patents Rs 2000 Hwo is this possible? Wheres the remaining 2000 in realisation?


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

09-Nov-20 10:21

Yes I'll check


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 10:27

Yes I'll check

Ah, nah. Silly of me. Silly of me. I am sorry. Got it now.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

09-Nov-20 10:33

Ah, nah. Silly of me. Silly of me. I am sorry. Got it now.

Ok


Satya  Shashank

Satya Shashank

CA Inter

13K+

09-Nov-20 10:33

Ok

Damn, all these sums from Partnership which appeared in rtp may 20 are solid time consumers, what say? With the exception of the conversion of Partnership to company sum (which is there in ICAI study mat), the other two are unique.


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

09-Nov-20 10:40

The image you posted for doubt is not available. If you have asked as to why shares have been issued in the manner in which they have been issued, - The question requires interest earnings to be maintained. To maintained the interest earnings, preference share capital is issued. - To maintain the profit sharing, equity shares are issued in profit sharing ratio. If your doubt was pertaining to something else, let us know. The questions which are very long will not be asked in the exams. These are for your practice to understand the concepts.


Suraj Lakhotia

Suraj Lakhotia

Admin

09-Nov-20 17:03

Image is not appearing

What is the error?


Suraj Lakhotia

Suraj Lakhotia

Admin

11-Nov-20 16:21

What is the error?

See attached

Attachments

Screenshot_20201111-170715_Gallery.jpg


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

11-Nov-20 17:07

See attached

.

Attachments

Screenshot_20201112-093740_Gallery.jpg


Satya  Shashank

Satya Shashank

CA Inter

13K+

12-Nov-20 09:38

.

Thanks


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

12-Nov-20 09:52