CPT Accounts Query

hie

see u cant treat these as sales...coz in advertisement u are not selling the items..u cant take it as a part of ur profit....drawings too cant be treated as sales coz there must be 2 parties for the sake of making a sale contract....so for both the transactions in order to reduce the stock, we credit the purcahses account coz there is no profit in these transactions..we just nullify the purcahse at its cost price..

q. no 2... answer will be a i think...as there is no other info...

see entry should be

cash a/c dr. 1500

             to rent a/c 1500

but entry made

cash a/c dr. 1500

rent a/c dr. 1500

so the debit side will be 3000 higher than the credit side..

Thanks very much sneha for ur timely help.......... god bless........

and yeah ur ans is right and now i got it......

Hii,
am bhargava
am doin my +2 in kendriya vidyalaya...

i want to become a CA..
i have a doubt...
 

i heard tat..
icai is offering coaching classes for cpt, ipcc( group 1 and)
is icai a better option for acquring coaching??

ppllzz tell mee

wh't is d treatment of closing stock is given in trial balance????

plzzz give suggnstion

Sachin,

Any item of Trial Balance is to be shown in one statement only. It can either be Trading A/c or P & L A/c or Balance Sheet.

If Closing Stock is appearing in the Trial Balance, it must be treated as an asset and accordingly taken to Assets Side of the Balance Sheet.

I hope you got the point.

in partnership accounts..

when there is no profit sharing ratio and the deed is not silent on this issue how to appropriate the profits without the ratio..

maybe its a silly doubt... please tell me

@ bhargava sarma: though deed is not silent but if no ratio is mentioned in the question then sharing will be always equally

thanks

premium method is used for goodwill treatment in case of

a) retirement of partner

b) admission of  partner

c) dissolution of partnership firm

d) sales of partnership to a company

The Ans is b

Premium method is used for treatment of goodwill in case of Admission of a Partner.

thank you so much bro

X and Y are partners 

• in a firm sharing
• profits and lossesn
• in the ration of
• 4:3.They admitted 
• Z 
  • for share 1/8.
  • Z brought capital of rs 20000 and goodwill of rs.7000
  • for his 1/8 share of goodwill subsequemtly
  • subsequently*.  The 3 partners
    • decided to show goodwill in the books at 40000rs
    • .Show necessary journal entries in the books of
    • X, Y and Z
      
      
      pllzz solve this question 
      ppllzzzz