J, a partner of a general professional partnership, showed the following income and losses: Net income from trading business - as sole proprietor. Share from the net loss of the partnership P500,000 200,000 How much is the net taxable income of J? a P720.000
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- developed in part a(3). etd 189fc64d53a0a6a71 PROBLEM C.11 Dividing Partnership Profit and LossLOC-10 Rothchild Furnishings, Inc., has three partners-Axle, Brandt, and Conrad. At the beginning of the current year their capital balances were: Axle, $180,000; Brandt, $140,000; and Conrad, $80,000. The partnership agreement provides that partners shall receive salary allowances as follows: Axle, $10,000; Brandt, $50,000; and Conrad, $28,000. The partners shall also be allowed 12 percent interest annually on their capital balances. Residual profit or loss is to be divided: Axle, one-half; Brandt, one-third; and Conrad, one-sixth. Instructions Prepare separate schedules showing how income will be divided among the three partners in each of the following cases. The figure given in each case is the annual partnership net income or loss to be allocated among the partners. Round calculations to the nearest dollar. a. Income of $526,000. b. Income of $95,000. c. Loss of $32,000. PROBLEM C.12 Who…QUESTION 23. * X, Y; and Z were in partnership sharing profits or losses as follows; X 0.40, Y 0.35 and Z 0.25 Statement of financial position as at 31/12/2011 TZS “000" Non current assets Premises 37,500 Plant & Machinery ( note 1) 26,000 63,500 Current assets Inventory 21,000 14,000 33,500 68,500 Debtors Bank Total assets 132,000 Capital and liabilities Capital accounts 45,000 25,000 X Y 15,000 85,000 Current accounts 6,000 4,000 Y 3,000 Loan: Y 15,000 Creditors 19,000 47,000 Total capitals and liabilities 132,000 Y retired on 31/12/2011 and X and Z continues in partnership sharing or losses 0.6 and 0.4 respectively. Half of Y' S loan was repaid on 1/1/2012 and it was also agreed that TZS 40,000,000 of the balance remaining due to him should remain as a loan to the partnership It was also agreed that adjustments were to made to the statement of financial position on 31/12/2011 in respect of the following. v a) Plan & machinery was revalued at TZS 29,000,000 and premise also revalued…The partnership of Irdina and Irfan commenced on 1 April 2013 and accounts are prepared to 31 December annually. The partnership agreement provided for the following: i. Interest on capital is 10% per annum for each partner. Irdina's capital contribution Irfan's capital contribution RM70,000 RM105,000 ii. Salary Irdina RM2,000 per month. RM2,500 per month Irfan Share of divisible income/(loss) Irdina 2/5 Irfan 3/5 On 30* September 2014, Irdina left the partnership and withdrew her accumulated capital and profits up to that date. On 1 October 2014, Iftina joined the partnership and the new partnership provided the following: i. Interest on capital is 10% per annum for each partner. Irfan's capital contribution Iftina's capital contribution RM100,000 RM100,000 ii. Salary Irfan RM2,500 per month Iftina RM2,500 per month B.
- QUESTION 3 E, C and G were in partnership sharing profits and losses in the ratio 3:2:1 respectively. A summary of the statement of financial position of the partnership as at 30th September 2009 is as follows: GH¢ 21,000 23,700 18,300 GH¢ Capital and Liabilities: Capital: E C Non-Current Assets Current Assets 22,200 14,400 9,900 6,000 10,500 63,000 Bank Account Loan Account C Trade Payables Total Assets 63,000 Capital & Liabilities The partners decided to dissolve the firm as at their last accounting date. The asset realised GH¢61,480. You are required to: Close the books of the firm.Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,500 to Ramer and $44,400 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. ces Required: 1. Determine each partner's share given a first-year net income of $109,800 2. Determine each partner's share given a first-year net loss of $27,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net loss of $27,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners < Required 1…Question 1: Calculate the contribution, profit and loss sharing (Chapter 12) John Contribution-- $120,000 William Contribution-- $180,000 John received salary from the partnership $80,000 William received salary from the partnership $90,000 Capital allocation to each partner 12% Reminding profit and loss sharing equally. 50% to john 50% to William Equity Statement Net Income John William Total $650,000
- PROBLEM 1 Melvin Tan Jr. and Edgar Esparaguera are partners who have capital balances and profit and loss ratio to be shared as follows: Capital Balances P350,000 P400,000 P/L Ratio 3/5 M. Tan Jr. 2/15 E. Esparaguera Mr. Wilfredo Carreon was admitted in the partnership by buying 2 of the interest of Esparaguera for P300,000. Required: Prepare a journal entry to record the admission of Mr. Carreon in the partnership.Who will receive the proceeds from the sale? Answer: 3 How much is the personal gain or loss assuming that Jamili pays Abuzo for P200,000? Answer: 4. How much is the capital credit of Jamili upon admission? Answer: 5. Assuming, Jamili pays Abuzo in the amount of P170,000, how much is the personal gain or loss of Abuzo? Answer:Problem 3. The A,B,C partnership agreement specifies that partnership net income be allocated as follows: A B C Salary allowance P30,000 P10,000 P40,000Interest on ave. capital balance 10% 10% 10% Remainder 40% 40% 20% The average capital balances for the current year were P50,000 for A, P30,000 for B, and P20,000 FOR c. Assuming a current year net income of P150,000, what amount should be allocated to each partner? Assuming a current year net income of P50,000, what amount should be allocated to each partner?
- QUESTION 16 AT Pet Spa is a partnership owned equally by Travis and Ashley. The partnership had the following revenues and expenses this year Revenues Salary expense (nonpartners) Charitable contributions Supplies expense Insurance expense Depreciation (no Sec. 179 amounts) Dividend income Long-term capital gain What is the partnership's ordinary income? A) $150,000 OB) $117,000 OC) $160,000 OD) $147,000 h $500,000 250,000 1,000 40,000 50,000 10,000 2,000 30,000QUESTION THREE Pat, Matilda & Sammy were in partnership sharing profits in the ratio 3.2:1 respectively. A summary of the statement of financial position of the partnership as at September 31, 2022 is as follows: PAT, MATILDA & SAMMY Statement of Financial Position of the Partnership as at December 31, 2022 GHC Assets Plant & Machinery Moto vehicle Furniture & fittings Current Assets Inventory Trade receivables Cash and Bank Current Liabilities Trade payables Working Capital THE Represented By Capital account US Current account Non-Current Liability Pat Matilda Sammy Pat Matilda Sammy Loan account- Matilda Show Transcribed Text S You are required to prepare: i. The realization accounts ii. The Cash and Bank Account 10,000 3,600 7.400 Page 5 of 7 10,200 13,500 18.300 Ć 42,000 10.500 15,000 9,000 6.000 7,200 5,400 3.900 Due to a disagreement between Pat & Sammy, the partners decided to dissolve the partnership and the following decisions were taken in relation to the dissolution. GHO 7-0…Problem 1: Interest on capital and bonus A and B formed a partnership. The partnership agreement stipulate the following: a. Monthly salary of P5,000 for A. b. 20% bonus to A, before deductions for salary, interest, and bonus. c. 10% interest in the weighted average capital of B. d. Salary, bonus and interest are considered partnership expenses. The result of operations show the following: Revenues P150,000 Expenses (including salary, interest and bonus) (120,000) Profit P30,000 The weighted average capital balance of B's capital account is P100,000 Required: How much is the bonus of A?