joseph becomes bankrupt before the due date of his acceptance and David rece dividend of 40 per cent in the rupee in full satisfaction. Write up the lournal and Ledger entries in the books of both the parties

the early part of 2021, the partners of HughJacobs, and Thomas sought assistance from a local accountant. They had begun a new business in 2020 but had never used an accountant's services Hugh and Jacobs began the partnership by contributing $150,000 and $100,000 in cash, respectivelyHugh was to work occasionally at the business, and Jacobs was to be employed full-time. They decided that year-end profits and losses should be assigned as follows: Each partner was to be allocated 10 percent interest computed on the beginning capital balances for the period A compensation allowance of $5,000 was to go to Hugh with a $25,000 amount assigned to Jacobs Any remaining income would be split on a 4:6 basis to Hugh and Jacobs, respectively 2020, revenues totaled $175,000, and expenses were $146,000 (not including the partnerscompensation allowance)Hugh withdrew cash of $9,000 during the year, and Jacobs took out $14,000. In addition, the business paid $7,500 for repairs made to Hugh's home and…

A married couple has a net short-term capital loss of $2,000 and a net long-term capital loss of $3,000 for the year. If the couple has no other gains or losses, what, if anything, carries over to the next year? 1) $2,000 short-term capital loss 2) $2,000 long-term capital loss 3) $2,000 short-term capital loss; $3,000 long-term capital loss 4) $500 short-term capital loss; $1,500 long-term capital loss 5) The couple has no capital loss carryover

M, N and O are partners sharing profits in the ratio of 2: 2: 2. N dies on 30th Jun 2020 due to ill health. The company profits for the last 3 years was OMR 20,000, OMR 20,000 and OMR 20,000. Calculate the profit share of N? O a. None of the options are correct O b. OMR 3333.33 O c. OMR 20,000 d. OMR 10,000