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Want Info Regarding Partnership & Exams

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Ravi Gupta

Student of CA-IPCC CS and M.COM

243 Points Joined September 2010

Dear friends and sir plz answer this regarding Partnership. If partens are maintaining Fixed Capital A/c then The Fresh Capital introduced by a partner in Cash is where posted.? Whether in Partner Current A/c or in Partner Capital A/c.. 2nd question is that is it necessary to write Narration in Journal entries, I am asking this due to time constrants.. 3rd question, How should I attempt the Pcc Accounts Paper.? I mean any strategy or which questions should be Answered first.. Plz anyone help me and give expert advise on my all 3 questions.. Thanx in advance..

Replies (1)

Faiz Ahmed

Article Trainee

1731 Points Joined June 2010

Answers to your questions:-

1-- It will be posted in Partner's Capital A/c.

2-- Writing narration is compulsory both in exams and in practical life also. If you don't write in exam, you will be penalized. Practice more problems to gain grip over concepts. If any question comes , you will be easily able to complete it with full presentation.

3--Simple Strategy:- Attempt those questions first which you know 100 %. Give necessary notes and working notes(if required). Question should be complete in all respects. Suppose if any point is not to be taken in calculations, give your reasons for not taking it. Write the paper as if you are explaining to fool. Your paper will look good as per professional standards.

Write each answer in fresh page with proper numbering.