Khalid, Khamis and Majid started a partnership firm on January 1, 2019. They contributed RO. 100,000, RO. 80,000 and RO. 60,000 respectively as their capitals and decided to share profits in the ratio of 3:2:1. The partnership deed provided that Khalid is to be paid salary of RO. 2,000 p.m. and Khamis is to be paid a commission of RO. 10,000. It also provided that interest on capital be allowed @ 6% p.a. The drawings for the year were: Khalid RO. 12,000, Khamis RO. 8,000 and Majid RO. 2,000. Interest on drawings was RO. 540 for Khalid, RO. 360 for Khamis and RO. 180 for Majid. The net amount of profit as per the profit and loss account for the year ended 2019 was RO. 71,320. Required: Prepare the necessary journal entries relating to Profit and Loss Appropriation and Partners’ Capital Account.

Amal, Asma and Maali started a Partnership Firm on January 1, 2021 with capital OMR 30,000 OMR 20,000 and OMR 10,000 respectively and share profits in the ratio of 3:2:1. The Partnership Deed provided that Asma is to be paid Salary of OMR 200 p.m. and Amal Commission of OMR 1,000. It also provided that Interest on Capital be allowed @ 5% p.a. The Drawings for the year were: Amal OMR 1,000, Asma OMR 5,000 and Maali OMR 3,000. Interest on Drawings was OMR 100 for Amal, OMR 50 for Asma and OMR 30 for Maali. The net amount of profit as per the Profit and Loss Account for the year ended 2021 was OMR 24,000. You are required to record the necessary journal entries relating to appropriation of profit and prepare the profit and loss appropriation account and the partners' capital accounts.

At the beginning of 2023, Rami and Ali invested $200,000 and $300,000 cash in a partnership respectively. The partnership agreement provides that profits are to be allocated as follows: 1. Annual salaries of $50,000 and $50,000 are granted to Rami and Ali, respectively. 2. Ali is entitled to a bonus of 25% of net income after salaries, bonus, and interest. 3. Each partner is to receive an interest credit of 30% on the original capital investment. 4. The remaining profits are allocated equally. At the end of the year the net income before salaries, interest, and bonus of $200,000. Instruction: Allocate partnership profit. 20 202

Nancy and Peter enter into a partnership and decide to share profits and losses as follows: 1 The first allocation is a salary allowance with Nancy receiving $16,000 and Peter receiving $14,000. 2. The second allocation is 20% of the partners' capital balances at year end. On December 31, 2019, the capital balances for Nancy and Peter are $88,000 and $25,000, respectively 3. Any remaining profit or loss is allocated equally. For the year ending December 31, 2019, the partnership reported a net loss of $95,000. What is Peter's share of the net loss? OA. $40,200 OB. $7,300 OC. $21,200 OD. $19,000

1. On May 1, 2019, Gonzaga and Balace formed a partnershipandagreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 P10,000 C. d. P18,000

1. On May 1, 2019, Gonzaga and Balace formed a partnership and agreed to share profits and losses in the ratio of 3:7, respectively. Gonzaga contributed a parcel of land that cost P10,000. Balace contributed P40,000 cash. The land was sold for P18,000 on May 1,2019, immediately after formation of the partnership. What amount should be recorded in Gonzaga's capital account on formation of the partnership? a. P15,000 b. P17,400 C. P10,000 d. P18,000

On May 1, 2021, Cobb and Mott formed a partnership and agreed to share profits and losses in the ratio for 3:7, respectively. Cobb contributed a parcel of land that cost him P 10,000. Mott contributed P 40,000 cash. The land was sold for P 18,000 on May 1, 2021, immediately after formation of the partnership. What amount should be recorded in Cobb's capital account on formation of the partnership? A 10,000 В 18,000 C 15,000 17,400

2. Malaluan and Baral are in partnership. They share profits in the ratio 3:2 and close their accounts on June 30 each year. On Jan. 1, 2019, Castro joined the partnership. The profit-sharing ratio was revised to become Malaluan 50%, Baral 25% and Castro 25%, after providing for annual salaries as follows: Baral, P20,000 and Castro, P12,000. The partnership profit for the year ended June 30, 2019 was P480,000, accruing evenly over the year. What are the partners’ total share in profits for the year ended June 30, 2019?

Kimble, Sykes, and Gerard open an accounting practice on January 1, 2019, in Chicago, Illinois, to be operated as a partnership. Kimble and Sykes will serve as the senior partners because of their years of experience. To establish the business, Kimble, Sykes, and Gerard contribute cash and other properties valued at $328.000. $240.000, and $152.000, respectively. An articles of partnership agreement is drawn up stipulating the following: ⚫ Personal drawings are allowed annually up to an amount equal to 10 percent of the partner's beginning capital balance for the year. Profits and losses are allocated according to the following plan: 1. Each partner receives an annual salary allowance of $55 per billable hours worked. 2. Interest is credited to the partners' capital accounts at the rate of 12 percent of the beginning capital balance for the year. 3. Kimble and Sykes are eligible for an annual bonus of 10 percent of net income after subtracting the bonus, salary allowance, and interest.…

35. Help me selecting the right answer. Thank you