Schedule M-1, Reconciliation of Income per Books With Income per Return, reconciles financial net income with the ordinary business income (loss) reported by the partnership on Form 1065, page 1. O True False
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- Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Robert, Noble, and Finn, respectively. Cash Assets $50400 Accounts receivable 133000 Inventory O $286740. O $311100. O $204000. O $520500. 437900 $621300 Liabilities and Owner's Equity. Accounts payable $125200 Robert, Capital Noble, Capital Finn, Capital 137400 47600 311100 $621300 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $510000. The amount of cash that would ultimately be distributed to Finn would bek The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torves, Capital Total Profit and loss percentages Preliquidation capital balances Loss absorption potential (capital balances/loss percent) Decrease highest LAP to next highest Debit $ 7,808 34,000 24,808 99,908 Decrease LAPs to next highest: $ 164,908 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $110,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $110,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Required: Prepare a cash distribution plan as of June 30, 20X1,…pie 6TT UOI: Use the following account balance information for Granobfin Partnership with income ratios of 2:4:4 for Granger, Noble, and Finn, respectively. Assets Liabilities and Owner's Equity Cash $ 56300 Accounts payable $ 126100 Accounts Granger, Capital $138600 receivable 131500 Noble, Capital 48300 Inventory 437400 Finn, Capital 312200 $625200 $625200 Assume that, as part of liquidation proceedings, Granobfin sells its noncash assets for $509900. The amount of cash that would ultimately be distributed to Finn would be $288600. $312200. $512600. $203960.
- 9- Which one of the following item will be debited in profit and loss appropriation account? a. Interest on drawings b. Interest on loan c. Interest on deposits d. Bonus to partnersJ.K. SHAH CLAS SES CA FOUNDATION- ACCOUNTANCY Required: Prepare necessary journal entries. Q.4 Calculate gain ratio in following cases Case -1 A. B and C are partners sharing profits and losses in the ratio of 1/2, 3/10 and 1/5 respectively. B retires from the firm and A&C decide to share future profits and losses in the ratio of 3:2. Case-2 W, A, B and C are partners sharing profits and losses in the ratio of 1/3, 1/6, 1/3 and 1/6 respectively. B retires and W, A and C decide to share future profits and losses equally. Case-3 B and C are partners sharing profits and losses in the ratio of 25:15:9. B retires and it is decided that profit sharing ratio between A&C will be the same as existing between B and C. Case-4 A, B and Care partners sharing profits and losses in the ratio of 4/9, 1/3 and 2/9. B retires and surrenders 1/9th of his share in favour of A and remaining in favour of C. Q.5 A partner's loan stands at ? 30,000 being amount payable to partner on retirement and that it has…The following information relates to partner for the year ended 29 February 2020: Current account credit balance on 29 February 2020 20 000 Profit share 50 000 Salaries 180 000 Interest on capital 24 000 Drawings 220 000 Interest on drawings 2 000 What is the balance in the Current account of the partner on 01 March 2019? OA. R12 000 DR. B. R116 00O DR OC. R52 000 CR D. R12 000 CR S Type here to search
- Which of the following is not a component of the formula used to distribute income? Salary allocation to those partners working B Interest on the average capital investments Interest on notes to partners D After all other allocation, the remainder divided according to the profit and loss sharing ratio5 Required information Phil Williams and Liz Johnson are 60% and 40% partners, respectively, in Williams & Johnson Partnership. Their beginning basis is $33,000 for Phil and $31,000 for Liz. The partnership had the following activity during the year: Income Interest income Dividend income (qualified) Long-term capital gains Total revenue Expenses Salaries and wages (nonpartners) Guaranteed payments Williams Johnson Depreciation (MACRS-includes $9,000 $ 179 expense) Interest expense Taxes and licenses Meals (100%) Auto Insurance (nonpartner health) Accounting and legal Repairs Charitable contributions Payroll penalties Total expenses Net income $ 336,123 1,259 4,586 13,458 $ 355,426 $ 47,000 Williams & Johnson Partnership's non-financial information is as follows: • Name: Williams and Johnson Partnership 75,000 50,000 41,888 5,220 15,548 15,257 5,254 6,000 2,800 1,200 2,500 500 $ 268,167 $ 87,259 Check m28--Service revenue received in advance before work has been performed is an example for: a. Accrued revenue b. Unearned revenue c. Outstanding expense d. Prepaid expense 26-Salary expense has been incurred but not yet paid to employees will be: a. Added to partners' capital b. Added to corresponding expense in the income statement c. Added to share of profits of partners d. Added to current assets in the balance sheet Clear my choice
- receivable Debt 570 Retained Earnings XXX 331 Payables to Partners Hs. XXX 540 Legal Reserves Hs. XXX Which transaction does the journal entry belong to? A) Payment of dividends to partners B) Distribution of Net Profit C) Accrual of corporate tax D) Payment of tax debt from bank account E) Withholding income taxPartners' share of net income is recognized in the accounts through Accrual entries a. O b. Adjusting entries O c. Closing entries O d. Correcting entriesin the year ended the partner withdrawal closed in Select one: a. parter capital b. income statement c. expenses d. partner loan
