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Answered on 10 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

C.a. Kumar

Tutor

Due to admission of a new partner, old partners have to share their part in their value of goodwill created till date. Hence they (old) partners wants contribution from new partner for their compromise in the value of goodwill for new partner. New partner would compensate to old partners in their sacrificing... read more

Due to admission of a new partner, old partners have to share their part in their value of goodwill created till date. Hence they (old) partners wants contribution from new partner for their compromise in the value of goodwill for new partner. New partner would compensate to old partners in their sacrificing ratio.

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Answered on 19 Jun CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Red Buddies Academy

IAS 7
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Answered on 09 Jun CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Sourav Paul

Accounts master

It depends on the type of organisation let me illustrate with an example hospitals that are runned by state government or any NGO or trust does not profit motive hence they will prepare Income and expenditure A/C and hospitals those are opened by private companies or public companies which have profit... read more

It depends on the type of organisation let me illustrate with an example hospitals that are runned by state government or any NGO or trust does not profit motive hence they will prepare Income and expenditure A/C and hospitals those are opened by private companies or public companies which have profit motive like Apollo, llelavati hospital etc will prepare profit and loss A/C bcoz thr motive is to earn profit and maximize the wealth of shareholders 

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Answered on 28 Apr CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Excellent Tuitions

Training Centre

No partner is entitled to a salary if Partnership Deed is silent on it. It doesnt make any difference if he works more than others, if Partnership Deed is silent on it.
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Answered on 02 Jun CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Hemant Madhukar Shevde

ROI is25 % i.e. we get 25 % onOur capital invested. But we pay interest on loan 15 % so we get net gain of 10 %. Income tax rate is60% So on 10% we have to pay 10x 60/100 = 6 % so our net gain is 10 - 6 =4 %
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Answered on 10 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

Prem Choudhary

Tutor

First two should mention in current Account and last one should mention in Capital Account.
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Answered on 14 Mar CBSE/Class 12/Commerce/Accountancy Tuition/Class XI-XII Tuition (PUC)

A and B are partners sharing profits on capital ratio. Their capitals were Rs 5,00,000 and Rs 7,00,000... read more
A and B are partners sharing profits on capital ratio. Their capitals were Rs 5,00,000 and Rs 7,00,000 respectively. They withdraw Rs 50,000 and 70,000 for the year ending 31st March 2006. Interest on drawings was provided at 8% p.a . Journalise. read less

CA Sahil Goyal

Tutor

A's cap .....dr.2000 B's cap .....dr.2800 To Interest on Drawings 4800 (on average basis i.e 6/12 if withdrwan during the year).
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