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16 09, 2019

OTQs – Accounting for Debentures

‘Premium on Redemption of Debentures Account’ is a personal account since it is payable to Debenture holders.
16 09, 2019

OTQs – Accounting for Share Capital

Subscribed Capital is a part of Issued Capital which the company has issued for cash or for consideration other than cash.
15 09, 2019

OTQs – Dissolution of Partnership Firm

No one is allowed to disobey the law of the country hence if any firm is engaged in unlawful business then it must be compulsory dissolved.
15 09, 2019

OTQs – Retirement/Death of Partner

Profit or loss that arises before the retirement or death of a partner is shared by all the partners in their profit – sharing ratio because it had arisen before the partner retired or died.
15 09, 2019

OTQs – Admission of New Partner

Capital accounts of partners can be maintained following either Fixed Capital Accounts Method or Fluctuating Accounts Capital Method.
15 09, 2019

OTQs – Change in Profit Sharing Ratio

General Revenue existing in the Balance Sheet is transferred to Capital Accounts of partners in old profit-sharing ratio as it is from the effort of the partners before the reconstitution of partnership firm.
15 09, 2019

OTQs – Valuation of Goodwill

According to AS-26 only purchased goodwill is accounted in the books of account. Self-generated goodwill is not accounted as its value is subjective in nature.
15 09, 2019

OTQs – Fundamentals of Partnership Accounting

It is one of the essential characteristic of Partnership that it is a relation between persons who have agreed to share profits of business carried on by all or any of them acting for all.
15 09, 2019

OTQs – Financial Statements of NPO

Life Membership Fee is a one-time payment received by a NPO from a person to avail the membership of an organisation to avail benefit/services for life without further payment of subscription. Hence it is Capital Receipt
14 09, 2019

Blueprint and Format of Accountancy Paper 2020

For Accountancy, students should not think that there will be theory questions only rather there can be detailed and numerical type questions .
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