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Lesson Posted on 30/06/2020 Learn Definition, Meaning and Nature of Partnership

Essentials Tips to Calculate Sacrificing Ratio & Goodwill in Admission of Partner in Partnership Firm

Aditya

I have been teaching at Aptech Computer Institute since one and a half year. I am good in MS-Office and...

In a partnership firm, whenever there is any change in terms of partnership deed, there is a need for reconstitution of the partnership firm. A change in a partnership deed can be due to various reasons like: a) Change in Profit Sharing Ratio b) Admission/ Retirement of Partner c) Death of Partner Mostly,... read more

In a partnership firm, whenever there is any change in terms of partnership deed, there is a need for reconstitution of the partnership firm. A change in a partnership deed can be due to various reasons like:

a) Change in Profit Sharing Ratio

b) Admission/ Retirement of Partner

c) Death of Partner

Mostly, admission of a new partner is the main criteria on which, reconstitution of partnership firm happens. While the admission of a new partner, the following points need to be taken down by the students:

a) New Profit Sharing Ratio b) Sacrificing Ratio c) Valuation & Adjustment of Goodwill

d) Revaluation of Assets & Reassessment of Liabilities

e) Distribution of Accumulated Profits

f) Adjustment of Partner's Capital

Point D to F is only possible if points A to C is correctly recorded. Sacrificing Ratio & Goodwill Valuation forms the basic concept to learn admission/retirement/death of partners, in general. So in this lesson, I will present you the essence of Sacrificing Ratio & Adjustment of Goodwill

A. Sacrificing Ratio

Sacrificing ratio is the ratio at which existing partners contribute or surrender their share of profit for the new admission of partner(s). For instance, A & B are partners sharing profit equally (1:1) for ABC Traders. They decide to admit C as a partner, for which A sacrifices 1/4th of his share & B sacrifices 2/4th of his share, thus, sacrificing ratio for A: B is 1:2. The formula for Sacrificing Ratio= Old Ratio - New Ratio

Note: 1. The base of the denominator of the ratio MUST be the same. Read the question correctly. If the base is not the same, you cannot conclude the answer correctly.

Note 2. Sometimes, only one partner makes the sacrifice of his/her share of profit. Thus, if that is the scenario, directly apply the formula to the partner who sacrificed his/her share.

Note 3. If there is no specific information given related to NEW RATIO or contribution made by the partners, it is implied and assumed that SACRIFICING RATIO = OLD PARTNER'S RATIO

Note 4. 75% of the times, new partners profit is the 1/nth (n= numbers) of the partner's shares. Dont rush to apply formula. Multiple with their ratio & then according to the information in the problem, solve it.

VALUATION OF GOODWILL

As per AS26, Intangible Assets are invisible & non-monetary assets which help to build the reputation of the company due to which it attains extra profit. Goodwill is the most used asset by any business organisation.

Goodwill is the reputation of the firm, on which it is recognised as brand equity. It helps an individual to attain SUPER profit over normal profit. For instance, ABC Diary is well known for its milk. Without branding or advertisement, if its selling price is INR 22/- per litre, while another substitute cost is INR 20/-, then that EXTRA INR 2/- it earned due to their GOODWILL in the market.

Goodwill can be calculated using three methods:

a) Average Profit Method

b) Super Profit Method

c) Capitalisation Method

Usually, university dont ask sums to solve based on goodwill, but the theory is critical. While solving problems related to Treatment of Goodwill, keep in mind the following points:

Note 1. Always note whether the new partner brings goodwill or not. It will help you to ascertain whether to transfer Goodwill amount to Partners Capital account or Partners Current Account.

Note 2. The Sacrificing ratio is used for distribution of goodwill,when new partner brings in the amount calculated for goodwill.

Note 3. In case, the goodwill account already exists in books of accounts. First, we need to write off in Partners Capital Account, in their old profit sharing ratio, and then account for goodwill brought by a new partner in sacrificing ratio.

Note 4. In case, the new partner doesn't bring goodwill, then the amount calculated for his/her share of goodwill will be distributed to old partners capital account in their sacrificing ratio.

Note 5. Always take care of Hidden Goodwill. 95% of the times, goodwill is brought by the new partner. In case it is not mentioned, we need to inferred it from the capital & profit sharing ratio

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Lesson Posted on 04/06/2020 Learn Programming Languages +3 Basics of Programming and Data Structures C Language C Language Programming

Dynamic Memory Allocation in C using malloc()

Sankhadeep Pujaru

I can teach each and every topics very easily and make it stronger for the students.

#include <stdio.h>#include <conio.h>//#include <malloc.h> OR#include <stdlib.h>void main(){ int *ptr, i, n, sum = 0; printf("how many elements ? "); scanf("%d", &n); ptr = (int *)malloc(n * sizeof(int)); if (ptr == NULL) printf("\n Memory not allocated.\n");... read more

#include <stdio.h>
#include <conio.h>
//#include <malloc.h> OR
#include <stdlib.h>
void main()
{
int *ptr, i, n, sum = 0;
printf("how many elements ? ");
scanf("%d", &n);
ptr = (int *)malloc(n * sizeof(int));

if (ptr == NULL)
printf("\n Memory not allocated.\n");
else
{
printf("\nEnter the elements : \n");
for (i=0; i<n; i++)
{
scanf("%d", (ptr+i));
sum += *(ptr + i); // sum will calculate the summation of n numbers
}
printf("\n\nSum = %d, and elements : ", sum);
for (i=0; i<n; i++)
printf("\n %d", *(ptr + i));
}

free(ptr); //deallocates the memory previously allocated by a call to malloc()

printf("\n\nSum = %d, and elements : ", sum);
for (i = 0; i<n; i++)
printf("\n\n %d", *(ptr + i)); // it will print garbage values as we have deallocated the memory // using free() call
getch();
}

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Lesson Posted on 08/04/2020 Learn Accounts +3 Accountancy Commercial Laws Unit 1-Financial Accounting(Part A)Theoretical Framework

Accountancy

Prabhjeet

Tips for scoring good marks in accounts:1. Always be attentive during the sessions2. Raise your doubts to clarify it immediately ao that it does not become your permanent doubt.3. Practice hard because of its a scoring Subject4. Be logical not a learner like in other subjects. If your tutor is making... read more

Tips for scoring good marks in accounts:
1. Always be attentive during the sessions
2. Raise your doubts to clarify it immediately ao that it does not become your permanent doubt.
3. Practice hard because of its a scoring Subject
4. Be logical not a learner like in other subjects. If your tutor is making you learn, so he is making a foul out of you.

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Lesson Posted on 16/02/2020 Learn Banking Regulations +3 Railway Exam UPSC Exams Coaching Kerala Public Service Commission (Kerala PSC)

Time and Work Test for SSC,UPSC,RAIL,BANK

Prasanta Mishra

I like to share my knowledge. Dear aspirants, Competitive exams are not just 3/4 months cash course preparation....

Q1. A and B can complete a work in 12 days together, B and C can complete the same work in 15 days together and A and C can complete that work in 20 days together. In how many days A can complete the same work alone? (a) 30 days(b) 40 days(c) 25 days(d) 50 days(e) 55 daysQ2. Twenty-four... read more

(a) 30 days
(b) 40 days
(c) 25 days
(d) 50 days
(e) 55 days

Q2. Twenty-four men can complete a work in sixteen days. Thirty-two women can complete the same work in twenty-four days. Sixteen men and sixteen women started working and worked for twelve days. How many more men are to be added to complete the remaining work in 2 days?
(a) 48
(b) 24
(c) 36
(d) 30
(e) 32

Q3. A man swimming in a stream which flows 1.5 kmph finds that in a given time he can swim twice as far with the sream as he can against it. At what rate does he swim?
(a)3.5 kmph
(b)4 kmph
(c)4.5 kmph
(d)5 kmph
(e)8 kmph

Q4. ‘A’ alone can complete a piece of work in 8 days. Work done by B alone in one day is half of the work done by A alone in one day. In how many days can the work be completed, if A and B work together?
(a) 19/3
(b) 17/3
(c) 16/3
(d) 20/3
(e) None of these

Q5. Three horses A, B and C start running around a circular fence and complete a single round in 24, 36 and 30 seconds respectively. After how many minutes will they meet again at the starting point?
(a) 12
(b) 6
(c) 8
(d) 15
(e) 18

Q6. Three persons A, B and C can do a job in 12 days, 18 days and 24 days respectively. They started working together and after working 4 days A and C leave the Job. Find in how many days B will complete the remaining job?
(a) 6 days
(b) 5 days
(c) 7 days
(d) 8 days
(e) 10 days

Q7. A train-A passes a stationary train B and a pole in 18 sec and 6 sec respectively. If the speed of train A is 54 kmph what will be the length of train B?
(a) 190 m
(b) 160 m
(c) 180 m
(d) 210 m
(e) 250 m

Q8. Two persons P and Q can do a job in 24 days together. P can do the same job in 60 days alone. In what time Q can complete the same job alone?
(a) 50 days
(b) 40 days
(c) 45 days
(d) 65 days
(e) 60 days

Q9. Two persons P and Q can complete a Job in 26 days and 39 days respectively. In what time they will finish the work if they started working together?
(a) 18.6 days
(b) 15.6 days
(c) 12.6 days
(d) 13 days
(e) 17 days

Q10. Ram can do a job in 12 days alone and Shyam can do the same job in 15 days alone. A third person Ravi whose efficiency is two-third of efficiency of both Ram and Shyam together, can do the same job in how many days alone?
(a) 12 days
(b) 10 days
(c) 8 days
(d) 16 days
(e) 20 days

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Lesson Posted on 10/01/2020 Learn Basics of Programming and Data Structures

Python versus JavaScript

Krishna Priya Thirukkural Arasu

I am currently working at home on student queries for various Engineering subjects. Also, I have the...

Python works on server-side programming. Also, it is an object-oriented programming language. JavaScript is a client-side programming language. It is not object-oriented. It works on both server-side and client-side programming language. read more

Python works on server-side programming. Also, it is an object-oriented programming language.

JavaScript is a client-side programming language. It is not object-oriented. It works on both server-side and client-side programming language.

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Answered on 04/12/2019 Learn IT +1 IT Courses

Hi, which is best course after b.com ,mba F&M and has job oppotunity for fresher ?

Premlata B.

Image Consultant with over 5 years experienced into Life Skills, Business Consultant, PD

It depends on what you want to do in life. First of all you must start building your personality and develop decent communication skills.

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Answered on 13/11/2019 Learn IT +3 IT Courses SAP Analytics products

Which is the best course after B.com ,MBA F&M ,SAP MM Consultant level Training and having 5yrs exp... read more

Which is the best course after B.com ,MBA F&M ,SAP MM Consultant level Training and having 5yrs exp into SAP MM End user ?

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UWonder Institute

Only digital marketing can get you to your dream job in next 4 months

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Answered on 09/11/2019 Learn GK & Current Affairs

Which is the newest country in the world?

Seema Malik

Wonders of wisdom

South Sudan

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Answers 18 Comments

Lesson Posted on 10/09/2019 Learn Machine Learning +1 Software Engineering

Essential Architectural Patterns for a Data Scientist

Sayan Mukhopadhyay

I have 13+ yrs experience in organizations like Credit-Suisse, Paypal, CSC, CA Technology, Mphasis, TCG-Digital,...

Data is not an isolated entity. It needs to collect from some application or system, and then needs to be stored in some storage with the efficient format and after building the model on it, that model also needs to be exposed as an API to integrate with other systems. Sometimes this API needs to be... read more

Data is not an isolated entity. It needs to collect from some application or system, and then needs to be stored in some storage with the efficient format and after building the model on it, that model also needs to be exposed as an API to integrate with other systems. Sometimes this API needs to be available within specific latency around the globe. So there is much engineering involved in building an effective intelligent system and in today startup world which itself is a billion dollar sector, an organization cannot effort to hire so many experts to build an original feature in his product. So the data scientist needs to be a full stack analytic professional in the startup world. So in this chapter, we discuss some essential architectural patterns which every data scientist should know.

Potato Anti Pattern:

Tom is hired as a data scientist to an online company to build a real-time analytics product. So the very first step is to collect the data from their application. They make their storage auto-scaled using the cloud, and from the application, they push the data directly to the database. Everything looks beautiful in the test environment. They use a TCP connection to make sure there should not be any data loss. However, when they go live though they do not make any change in the main application, it goes down. The company faces a massive loss within half an hour, and Tom gets real-time feedback for his first step of the real-time analytic system, he is fired.

Now, the question is why the main application goes down when there is no change in it. If we look at it’s from classic computer science points o view, this is known as a busy consumer problem. Here the main application is the sender of data, and the database is the consumer. Now when the consumer is busy, which is a widespread scenario in any database lots of query running in it, it is unable to process the incoming data. Now, as TCP connection grantees the delivery data, the sender sends the data again and again and which load back the sender and here It is the main application. The situation is very similar when one person giving a potato to another person and receiver sending back to the sender and it is happening iteratively. That’s why it is called Potato Anti-Pattern. Below sequence diagram explain the situation visually.

The problem has two aspects. If the data which flows between sender and receiver is not necessary, then we can use UDP protocol which drops the data is unable to deliver. It is one reason why all network monitoring protocol like SNMP, Net-flow based on UDP. It does not load the device to do monitor. However, if the data is essential like the financial sector, then we have to put a messaging queue between sender and receiver. It acts as a buffer to track data when the receiver unable to process. However, if the queue memory becomes full, then it loses the data or put the load in the sender. There is a something called zero messaging queues or ZMQ which is nothing but UDP socket.

There are many readymade solutions in cloud platforms; we discuss detail in our chapter “Essential Cloud Pattern for Data Scientist. Below Node JS code is an example of a collector using Rabit-MQ exposed as REST API to sender and here receiver is Google Big Query.

Proxy Pattern and Layering:

Tom joins a new company. The company is big, so no job insecurity. Here he does not take the risk of collecting the data. Data is in a MySql server. Before that, Tom has no idea about the database. Very enthusiastically, he learned MySql. Write many queries in his code. The owner of the database is some other team and their manager like much R&D. So every Monday Tom gets a call the database changes to Mysql to Mongo then Mongo to SQL Server, and Tom has to make changes all over the code. Now Tom is not jobless, but every day he returns from office at 12 o clock night.

I think everyone says the solution is to organize the code correctly. However, I think the knowledge of Proxy and Layering pattern is handy. In the proxy pattern, instead of using raw Mysql or Mongo connector in your code, use a wrapper class as a proxy. In layering pattern, organize your code in multiple layers where a layer use method only form it’s the next lower layer. In this case, database configuration things should come in the lowest layers or core layer. In above that database utility layer which contains the queries to the database. Above that business entity layer which uses those database queries. Below python code give you a more clear picture. Now Tom know if there are any changes in database level, he has to look into core layer, if there are any changes in query he has to look into database utility layer and if there are any changes in business actors he has to look into entity layer. So his life is easy now.

Before We End:

Before we end, we put a footnote for Tom’s manager for which database is suitable for which kind of scenario. When data is highly structured, and entities have a clear and strict relationship, then relational database (Mysql, Oracle, SQL Server) is a better choice. However, when data is unstructured and unorganized, Mongo is a better choice. When data has a long textual field, and we are firing lot search in a substring of that Elastic text Search, or Solr is a better choice. Elastic Search also provides a free data visualization tool Kibana and ETL tool Logstash with it. So it is fashionable to become a full stack solution for data analytics. Sometimes data needs to be model as a graph. In that case, we require a graph database. Neo4j is very popular in the graph database as it also provides a lot of utility tool with it at a little cost. Some time we need application is speedy. In that case, we can use the in-memory database like SQLite. However, if you need to update your database from remote host SQLite does not support that. . If you want more detail please read the book “Advance Data Analytics in Python” written by Sayan Mukhopadhyayay,(link) we have a separate chapter with details of these DBs.

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Answered on 09/07/2019 Learn Software Programming +1 Software Engineering

I am currently pursuing Mtech in Microwave and Antenna technology and want to learn technology/language... read more

I am currently pursuing Mtech in Microwave and Antenna technology and want to learn technology/language to start my career. Which language will be suitable for the fresher? read less

Arun Kumar

I suggest you start by learning Python which is learner-friendly and try to understand the basic programming concepts (assuming you don't have them) and then you can explore different applications of it like Web application development, Data Analysis, Machine Learning etc. Let me know if I can help you... read more

I suggest you start by learning Python which is learner-friendly and try to understand the basic programming concepts (assuming you don't have them) and then you can explore different applications of it like Web application development, Data Analysis, Machine Learning etc. Let me know if I can help you in any way.

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