In the partnership question, i made journal entries for revaluation. I transferred revaluation profits to capital accounts and prepared the balance sheet.. prepared 3 partners capital accounts combined together and balance sheet got tallied. I did all the adjustments correctly.. But in the practice manual the method done is very different.. Will I get any marks for this question? Please tell me
What about banking question? Investment book value was not given in the question.. so shud we take it in the profit and loss account? Please reply to both my comments :(
Assume there is no change in value of investment..
Yes. Thats what i did. So it wont affect the profit and loss account right? they just gave it to confuse us.. :O
Liquiation ques is in Study Material
Most of the Paper was PM/SM based. But it was too damn lengthy. 1) a) It was AS 4 but there were 5 parts of the same. All in all question 1 had 9 sub parts. Although easy, it still takes time to write and not all have same writing speed. My partnership is wrong, liquidation difference of 1lac in deficiency ac and yes in banking there was no value of investment so solved the question without P/L on revaluation of investments.
I did it using a different method.. For the partnership question, i used a different method to find the capital adjustments.. and the answer seems to be correct. Will i lose marks for not complying with practice manual answering method?
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Chirag P Shah & Co. Chartered Accountant
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