Qualification > Commerce

How did Accounting paper 3went?

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immortal:
4 partnership question,i used da profit sharing ratio & shared both revaluation & gudwill between 2 partners,da l\new partner 0(ma frnds said this waz wrong but i think its correct because it waz specifically mentioned dat da amount given waz 4 gudwill, so % of it wont b added back 2 da new partner..)
I dont remimber da Q on WIP,if u give it ill try 2 ans it.

ahaseebmirza:

--- Quote from: bilal920 on June 11, 2010, 12:03:09 pm ---Ok i have a question thts killin me.... Wat anser did u get in the partnership question the one tht had a new partner coming in and revaluation took place?

Also wat was the anser of how to calculate work in progress?

--- End quote ---

For partership i distributed the realisation and goodwill in old partners ratio and then charged them in the new ratio..it was option D i guess..and for work in progress i did prime cost+overhead absorption at normal production

bilal920:
So u mean tht in the Pship question u chose the one tht had nil in Z's account??

immortal:

--- Quote from: bilal920 on June 12, 2010, 09:02:37 am ---So u mean tht in the Pship question u chose the one tht had nil in Z's account??

--- End quote ---
I got da value wit Nill, but ahaseebmirza re distributed da gudwill wit new ratio which MIGHT b wrong..
Dr new partner  & Cr old partners in goodwill a/c..so it cancels off each other, so no need 2 ues new ratio..this is wat i think.
 

ahaseebmirza:
I guess i was not able to explain my self i did it this way..
33000 was paid by z for goodwill so total goodwill would be 33000 x 3=99000
add 60,000 revaluation that is 99,000+60,000=159,000/2=79500 for both the old partners...
then subtract 33000 each to give 46500 for both and 0 for Z...:D
Is that what u did immortal??

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