M, N and O are partners sharing profit and losses in the ratio 2:1:1. N died on 1st Jun 2020. The sales from 1st January 2020 to 1st Jun 2020 was OMR 90,000. Sales for 2019 OMR 120,000 Profit for 2019 was OMR 28,000. Calculate N's share of profit on the basis of turnover. a. None of the options b. OMR 20,997.00 c. OMR 5,249.25 d. OMR 26,246.25
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- 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 10,000John, Savannah and Channing are partners sharing profits on a 5:3:2 ratio. On January 1, 2020, Amanda was admitted with a 20% share in profit. The old partners continue to participate in profits in their original ratios. For the year 2020, the partnership book showed a net income of P25,000. It was disclosed, however, that the following errors were committed. 2019 2020 Accrued Expenses not recorded at year-end 1,200 Inventory Overstated 3,100 Purchases not recorded, for which goods goods have been received and inventories 2,000 Income Received in…Incredible and Joyful are partners who share profit on a 60:40 ratio. At the end of 2021, the partnership books showed a net income of P150,000. It was disclosed however that the following errors and omissions were noted (see image below). How much is the corrected net income in 2021?
- X, Y and Z are partners sharing profits in the ratio 3:21, respectively Capital accounts are P 500,000, P300,000 and P 200,000 for X, Y and Z, respectively on December 31, 2021, when Z decided to withdraw. It is agreed to pay P 300,000 for Z's interest. Profits after the retirement of Z are to shared equally Assuming the use of bonus method, how much is the capital balance of X after the retirement of 2Loren and Carmela share profits after the provision of annual salary allowances of P14,400 and P13,200, respectively in the ratio of 6:4. However, its partnership’s net income is insufficient to provide for said allowances in full amount, the net income shall be divided equally between the partners. In 2020, the following errors were discovered: Depreciation for 2020 is understated by P2,100, and the inventory on December 31, 2020 is overstated by P11,400. The partnership net income for 2020 was reported to be P19,500.The capital accounts of the partners should be increased (decreased) by:a. Loren, P (6,540); Carmela, P (6,540) c. Loren, P (6,960); Carmela, P 6,540b. Loren, P 3,000; Carmela, P 3,000 d. Loren, P (6,750); Carmela, P (6,750)The Partnership of Rose and Dailine is being dissolved, and the assets and equities at book value and fair value and profit and loss ratios at January 1, 2021 are as follows:Book Value Fair ValueCash P20,000 P20,000Accounts Receivables – net 100,000 100,000 Inventories 50,000 200,000Plant Assets – net 100,000 120,000P270,000 P440,000Accounts Payable P50,000 P50,000Rose, Capital 120,000Dailine, Capital 100,000P270,000 Rose and Dailine agreed to admit Janyla into the partnership for one-third interest. Janyla invests P95,000 cash and a building to be used in the business with a book value to Janyla for P100,000 and a fair value of P120,000.Compute the capital balance of Dailine after the admission assuming that the assets are revalued and goodwill is recognized.a. P175,000 c. P195,000b. 155,000 D. 205,000
- Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and P110,000, respectively. Determine the partners' participation in the 2019 profit of P420,000 under each of the following independent assumptions: a.) No agreement concerning division of profit. b.) Divided in the ratio of original capital investment. c.) Interest at the rate of 8% allowed on original investments and the remainder divided in the ratio of 2:3. d.) Salary allowances of P50,000 and P70,000, respectively, and the balance to be divided equally. e.) Allowance of interest at the rate of 8% on original investments, salary allowances of P50,000 and P70,000, respectively, and the remainder to be divided equally.Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December 31, 2020, just before the retirement of Nix, are as follows: Nix Capital (30%) 128,000 Man Capital (30%) 140,000 Per Capital (40%) 160,000 Total 428,000 On January 2, 2021, Nix is paid $170,000 cash upon his retirement. Prepare the journal entry(s) to record Nix’s retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the partnership books.Elizabeth, Arden and Hugo are partners sharing profits in the ratio 3:2:1, respectively. Capital accounts are P 500,000, P 300,000 and P 200,000 for Elizabeth, Arden and Hugo, respectively on December 31, 2019, when Hugo decided to withdraw. It is agreed to pay P 300,000 for Hugo's interest. Profits after the retirement of Hugo are to shared equally. Assuming the use of bonus method, how much is the capital balance of Elizabeth after the retirement of Hugo?
- On January 1, 2021, A and B, both sole proprietors, decided to form a partnership to expand both of their businesses. According to their agreement, they will split profits and losses 75:25 and their initial capital ratio will also reflect that ratio.The following are A and B’s Statements of Financial Position (Attached in the photo): The values reflected in the Statement of Financial Position are already at fair values, except for the following accounts: - A's Accounts Receivable is now 20,000 less than what is stated in his Statement of Financial Position.- Both Inventories of A and B are now 90,000 and 70,000 respectively.- Equipment for B has an assessed value of 275,000, appraised value of 250,000 and book value of 200,000.- Additional accrued expenses are to be established in the amount of 10,000 for B only while additional accounts payable in the amount of 5,000 for A- It is also agreed that all liabilities will be assumed by the partnership, except for the notes payable of B…On January 1, 2021, A and B, both sole proprietors, decided to form a partnership to expand both of their businesses. According to their agreement, they will split profits and losses 75:25 and their initial capital ratio will also reflect that ratio.The following are A and B’s Statements of Financial Position (Attached in the photo): The values reflected in the Statement of Financial Position are already at fair values, except for the following accounts: - A's Accounts Receivable is now 20,000 less than what is stated in his Statement of Financial Position.- Both Inventories of A and B are now 90,000 and 70,000 respectively.- Equipment for B has an assessed value of 275,000, appraised value of 250,000 and book value of 200,000.- Additional accrued expenses are to be established in the amount of 10,000 for B only while additional accounts payable in the amount of 5,000 for A- It is also agreed that all liabilities will be assumed by the partnership, except for the notes payable of B…Bam and Daniel formed a joint venture. They agreed to share profit or loss on the ratio of 70% and 30%, respectively. The results pf operations for 2022 taxable year were provided below: Joint Venture Bam Daniel Gross Income 5,000,000.00 3,000,000.00 2,000,000.00 Business expenses 3,000,000.00 2,000,000.00 1,000,000.00 The income tax due of Bam is? a. 288,000 b. 0 c. 97,000 d. 600,000