How did Accounting paper 3went?

[890er]

Guys how was ur Accounting p3.I think it was difficult and technical

[pastyear]

ya some
but plz do not discuss within this 24 hrs.

[bilal920]

it was good

but do discuss this after 24 hrs not like accouting p4 thread where no1 posted anythin the last time i went

[immortal]

Ya,dats true..specially in commerce subjects ver der r few of us...dont feel like discussing after a day...
Cie shud change this 24hrs rule because da papers r finished long b4 dat..
Anywayz my p32 waz gud,Alhamdulillah

[bilal920]

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?

[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]

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?

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]

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

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...
Is that what u did immortal??

[immortal]

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...
Is that what u did immortal??

Ya, u got it right, but y did u multiply it 33000 by 3,althogh da ans is correct small part of ur working is wrong..

[bilal920]

yea immortal is rite i dint do the multiplication either... but watever in the end wat matters is tht i got it rite 

[ahaseebmirza]

so what was the answer for the work in progress one...??

[bilal920]

i got it as the something adding the actual production

[pastyear]

me too choose the one with actual production.