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Category: Accountancy

Define accounting.

Class 11 accounts
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What is a suspense account? Is it necessary that suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?

Class 11 accounts
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Methods of preparing Trial Balance.

Class 11 accounts
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Give two examples of errors of principle.

Class 11 accounts
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How will you deal with the accumulated profits and losses and reserves on the admission of a new partner?

Class 12 Accountancy accounts
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Explain various methods for the treatment of goodwill on the admission of a new partner?

Class 12 Accountancy accounts
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Explain how will you deal with goodwill when a new partner is not in a position to bring his share of goodwill in cash.

Class 12 Accountancy accounts
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If it is agreed that the capital of all the partners should be proportionate to the new profit sharing ratio, how will you work out the new capital of each partner? Give examples and state how necessary adjustments will be made.

Class 12 Accountancy accounts
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Explain various methods of valuation of goodwill.

Class 12 Accountancy accounts
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What is goodwill? What factors affect goodwill?

Class 12 Accountancy accounts
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Do you advise that assets and liabilities must be revalued at the time of admission of a partner? If so, why? Also, describe how is this treated in the book of account?

Class 12 Accountancy accounts
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Why there is a need for the revaluation of assets and liabilities on the admission of a partner?

Class 12 Accountancy accounts
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