Q.5. Ashish, Bhola and Chanu were partners in a firm sharing profits and losses in the ratio of 5:3:2. Their books are closed on March 31st every year. Bhola died on 1st August, 2019. The executors of Bhola are entitled to his share of profit up to his date of death on the basis of sales till date of death. Sales for the year ended March 31, 2019 was 720,00,000 and profit for the same year was 74,00,000. Sales show a growth trend of 25% and percentage of profit earning is increased by 4%. Pass necessary Journal Entry for Bhola's share of profit

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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

Paul is an employee, but also has a small business. For the year ended 31st March 2024 his sales were £2, 500 and his running expenses were £460. He also bought a second-hand computer for use in his business for £200. His taxable trading income for the year will be: Question 14Select one: a. £2,500 b. £2, 040 c. £1,840 d. £1,500

Cc. 187.

Gross Income:   Joey incurred $100 in expenses from selling sports memorabilia. He received $800 in cash sales from this activity.  Suzy owns 10 shares of Apple stock, which she purchased 6 years ago for $81 per share. It was worth $190 per share on December 31, 2023.     Other income received by the couple: Interest income from their TD Bank savings account - $50 Joey’s share of income from a real estate partnership (per Schedule K-1) - $1,000. The name of the partnership is Annapurna LLC, FEIN 24-1306521.  Joey, a limited partner, owns a 10% interest in the partnership.  Note: This should be reported on Schedule E, Part II Ordinary dividend income from various stocks - $350 Suzy received a $1,200 reimbursement of medical expenses from her employer-purchased health and accident insurance policy. She did not deduct these expenses in a prior year.   Earned income   Suzy received the following compensation from her employer during 2023:   Payor Gross Income Federal Income Tax…

On July 1, 2020, Wency and William agreed to form a partnership from their respective proprietorship businesses and to share profits equally. Wency and William’s balance sheet before the formation were:   Wency William Cash P     6,000 P   15,000 Accounts receivable 36,000 21,000 Merchandise inventory 99,000 126,000 Prepaid rent   12,000 Store equipment 120,000 90,000 Accum. Depreciation (  45,000) (    54,000) Building 375,000   Accum. Depreciation (75,000)   Land    180,000               -   Totals P 696,000 P 210,000 Accounts payable P   22,500 P     9,000 Mortgage payable 180,000 - Capital    493,500    201,000   Totals P 696,000 P 210,000   The fair values of Wency’s and William’s assets were:   Wency William Merchandise inventory P   81,000 P 135,000 Prepaid rent - 0 Store equipment 45,000 19,500 Building 750,000 -…

Alford, Beeson, and Carlton have operated a coffee shop for a number of years as a partnership. At the beginning of 2024, capital balances were as follows: Alford Beeson Carlton Due to a cash shortage, Alford invests an additional $10,000 in the business on April 1, 2024. Each partner is allowed to withdraw $600 cash each month. The partners have used the same method of allocating profits and losses since the business's inception: • Each partner is given the following compensation allowance for work done in the business: Alford, $14,000; Beeson, $30,000; and Carlton, $4,000. $ 94,000 74,000 20,000 • Each partner is credited with interest equal to 20 percent of the average monthly capital balance for the year without regard for normal drawings. • Any remaining profit or loss is allocated 5.3.2 to Alford, Beeson, and Carlton, respectively. The net income for 2024 is $27,000. Each partner withdraws the allotted amount each month. Required: Prepare a schedule showing calculations for the…

Eugene and Alfred are partners in their Ghost Fighting business. Alfred is the managing partner. As of December 2020, their capital account showed the following: Eugene Capital Dr. 1-Jul 45,000 Dr. 1-Dec 30,000 Cr. Jan. 1- 300,000 Cr. Nov. - 105,000 Cr. Apr. - 30,000 1-Jan Alfred Capital Dr. 1-Apr 90000 Cr. Jan - 450000 Dr. 1-Dec - 105000 Cr. Jun - 150000 Cr. oct.- 195000 CASE I: Assuming the partnership earned a net profit of P360,000. CASE II: Assuming the partnership incurred a net loss of P68,000 Required: On your answer sheet (yellow pad), using the following agreements, distribute the profit and losses in Case I & II to Eugene & Alfred. Make a journal entry after your computation. 1) Equally 2) 2:4 ratio to Eugene and Alfred, respectively 3) 60% 40% ratio respectively

please answer all parts within 30 minutes..