Intermedieate accounting
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40
Part-A
Answer brief ten questions:- Marks- 1Í10=10
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6| IFRS- Gi c~Y©iæc wK?
7| Av`vqKiY
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9| GAAP- Gi c~Y©iæc wK?
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Part- C
Answer three questions Marks- 3Í10=30
1. Rubel & Hasan are partners in a firm sharing profit and losses
in the ratio 2:1. The balance sheet of the firm as on Dec.31, 2016 in as
follows:
Assetes
|
Tk.
|
Liability
|
Tk.
|
Cash
Account Receivable
Stock
Motor van
Machinery
Building
|
4,000
12,000
20,000
17,000
30,000
21,000
104,000
|
Account payable
Note payable
Reserve fund
Capital Account:-
Rubel- 40,000
 Hasan- 30,000 |
15,000
10,000
9,000
 70,000 104,000 |
They admit Sabbir as a partner from
Jan.1, 2017 for ¼ share no the following
terms.
I.
That he should
bring in Tk. 6,000 as goodwill and Tk. 20,000 as his capital.
II.
That machinery
and motor van be depreciated by 10%.
III.
That the value of
stock reduce to Tk. 15,000.
IV.
That a reserve
for 5% be created for Doubtful Debts.
V.
That the value of
land having appreciated be brought upto Tk. 31,000
Required:-
a) Journal entry.
b) Partners Capital.
c) Balance sheet after admission.
2.
(Treatment of
goodwill, Revaluation of assets; payment of outgoing partners capital balance.)
A, B & C were in partnership sharing profits and
losses equally. On 1st , January 2016, C retired when the firms
balance sheet was as under:
Assets are revalued as under
on the date of retirement; Building Tk.7,000; Plant and machinery Tk. 8,000;
Investment Tk. 4,000; Besides goodwill was then valued at Tk. 6000. C accepted
the investment at revalued figure of Tk. 4000 and B paid Tk. 6000 as further
capital and C was paid off the balance sheet of his account.
Pass journal
entries and prepare revaluation account, partners capital accounts and opening
balance sheet of A and B.
3. Eastern construction Co.
purchase a Mixture machine on January 1, 2008 for Tk. 290,000. The machine is expected to have useful
life of 5 Years and a residual value of Tk. 20,000. The company engineers
estimated that the mixture machine will have useful life of 7500 hours. It was
used 1500 hour in 2008, 2625 hour in 2009, 2250 hour in 2010, 750 hours in 2011
and 375 hours in 2012.
Required:-
a) Production method.
b) Double decline balance
method.
Editor by : Abdullah Al Numan
Sabbir
Tilakpur, Akkelpur,
Joypurhat.
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